ORIC Pharmaceuticals Reports Second Quarter 2023 Financial Results and Operational Updates
10 Agosto 2023 - 3:05PM
ORIC Pharmaceuticals, Inc. (Nasdaq: ORIC), a clinical stage
oncology company focused on developing treatments that address
mechanisms of therapeutic resistance, today reported financial
results and operational updates for the quarter ended June 30,
2023.
“ORIC made meaningful progress in the second
quarter of 2023 with steady enrollment in our three clinical trials
and the completion of an $85 million private placement financing by
top-tier healthcare investors,” said Jacob M. Chacko, MD, chief
executive officer. “The additional cash extends our runway and
allows us to aggressively advance our pipeline as the competitive
profiles of our clinical programs begin to emerge. We look forward
to presenting the initial clinical data from our three clinical
programs over the coming quarters.”
Second Quarter 2023 and Other Recent
Highlights:
Corporate Highlights:
- Strengthened cash position with $85 million private placement
financing by Nextech, EcoR1 Capital, Frazier Life Sciences, Venrock
Healthcare Capital Partners, and Boxer Capital.
ORIC-114:
a brain penetrant, orally bioavailable, irreversible
EGFR/HER2 inhibitor
- Ongoing enrollment in a Phase 1b
trial of ORIC-114 in patients with advanced solid tumors with EGFR
and HER2 exon 20 alterations or HER2 amplifications, including
patients with CNS metastases that are either treated or untreated
but asymptomatic.
- Two abstracts have been accepted
for poster presentations at the upcoming European Society for
Medical Oncology (ESMO) Congress being held October 20 - 24, 2023
in Madrid, Spain: 1) initial safety, PK/PD, and preliminary
antitumor activity data from the Phase 1b clinical trial, and 2)
new preclinical data demonstrating potency against atypical EGFR
mutations.
ORIC-533:
a highly potent, orally bioavailable small molecule
inhibitor of CD73
- Ongoing enrollment in a Phase 1b
trial of ORIC-533 in patients with relapsed/refractory multiple
myeloma.
- Expect to report initial safety,
PK/PD, and preliminary antitumor activity data in the fourth
quarter of 2023.
ORIC-944:
a potent and selective allosteric inhibitor of
PRC2
- Ongoing enrollment in a Phase 1b
trial of ORIC-944 in patients with advanced prostate cancer.
- Presented preclinical data
highlighting a comprehensive biomarker strategy for the ongoing
Phase 1b trial in metastatic prostate cancer at the 2023 AACR
Annual Meeting.
- Expect to report initial safety,
PK/PD, and preliminary antitumor activity data in the first quarter
of 2024.
Discovery
Pipeline:
- Presented preclinical data
confirming the therapeutic potential of highly selective PLK4
inhibition as a synthetic lethal therapy for TRIM37 amplified
breast cancers at the 2023 AACR Annual Meeting.
Second Quarter 2023 Financial
Results
- Cash, Cash Equivalents and
Investments: Cash, cash equivalents and investments
totaled $273.7 million as of June 30, 2023, which the company
expects will be sufficient to fund its current operating plan into
late 2025.
- R&D
Expenses: Research and development (R&D) expenses
were $18.8 million for the three months ended June 30, 2023,
compared to $13.8 million for the three months ended June 30, 2022,
an increase of $5.0 million. For the six months ended June 30,
2023, R&D expenses were $38.3 million, compared to $30.7
million for the six months ended June 30, 2022, an increase of $7.6
million. The increases were due to a net increase in external
expenses related to the advancement of product candidates and
discovery programs, as well as higher personnel costs.
- G&A
Expenses: General and administrative (G&A)
expenses were $6.2 million for the three months ended June 30,
2023, compared to $6.9 million for the three months ended June
30, 2022, a decrease of $0.7 million. For the six months ended June
30, 2023, G&A expenses were $12.4 million, compared to $13.3
million for the six months ended June 30, 2022, a decrease of $0.9
million. The decreases were primarily due to a decrease in
professional fees.
About ORIC Pharmaceuticals,
Inc.
ORIC Pharmaceuticals is a clinical stage
biopharmaceutical company dedicated to improving patients’ lives
by Overcoming Resistance In Cancer. ORIC’s
clinical stage product candidates include (1) ORIC-114, a brain
penetrant inhibitor designed to selectively target EGFR and HER2
with high potency against exon 20 insertion mutations, being
developed across multiple genetically defined cancers, (2)
ORIC-533, an orally bioavailable small molecule inhibitor of CD73,
a key node in the adenosine pathway believed to play a central role
in resistance to chemotherapy- and immunotherapy-based treatment
regimens, being developed for multiple myeloma, and (3) ORIC-944,
an allosteric inhibitor of the polycomb repressive complex 2 (PRC2)
via the EED subunit, being developed for prostate cancer. Beyond
these three product candidates, ORIC is also developing multiple
precision medicines targeting other hallmark cancer resistance
mechanisms. ORIC has offices in South San Francisco and San Diego,
California. For more information, please go
to www.oricpharma.com, and follow us
on Twitter or LinkedIn.
Cautionary Note Regarding
Forward-Looking StatementsThis press release contains
forward-looking statements as that term is defined in Section 27A
of the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Statements in this press release that are not
purely historical are forward-looking statements. Such
forward-looking statements include, among other things, statements
regarding ORIC’s development plans and timelines; the potential
advantages of ORIC’s product candidates and programs; plans
underlying ORIC’s clinical trials and development; the expected
timing of reporting initial data from the ORIC-114, ORIC-533 and
ORIC-944 clinical trials; plans underlying any of ORIC’s other
programs; the period over which ORIC estimates its existing cash,
cash equivalents and investments will be sufficient to fund its
current operating plan; and statements by the company’s chief
executive officer. Words such as “believes,” “anticipates,”
“plans,” “expects,” “intends,” “will,” “goal,” “potential” and
similar expressions are intended to identify forward-looking
statements. The forward-looking statements contained herein are
based upon ORIC’s current expectations and involve assumptions that
may never materialize or may prove to be incorrect. Actual results
could differ materially from those projected in any forward-looking
statements due to numerous risks and uncertainties, including but
not limited to: risks associated with the process of discovering,
developing and commercializing drugs that are safe and effective
for use as human therapeutics and operating as an early clinical
stage company; ORIC’s ability to develop, initiate or complete
preclinical studies and clinical trials for, obtain approvals for
and commercialize any of its product candidates; changes in ORIC’s
plans to develop and commercialize its product candidates; the
potential for clinical trials of ORIC-114, ORIC-533, ORIC-944 or
any other product candidates to differ from preclinical, initial,
interim, preliminary or expected results; negative impacts of the
COVID-19 pandemic on ORIC’s operations, including clinical trials;
the risk of the occurrence of any event, change or other
circumstance that could give rise to the termination of ORIC’s
license and collaboration agreements; ORIC’s ability to raise any
additional funding it will need to continue to pursue its business
and product development plans; regulatory developments in the
United States and foreign countries; ORIC’s reliance on third
parties, including contract manufacturers and contract research
organizations; ORIC’s ability to obtain and maintain intellectual
property protection for its product candidates; the loss of key
scientific or management personnel; competition in the industry in
which ORIC operates; general economic and market conditions; and
other risks. Information regarding the foregoing and additional
risks may be found in the section entitled “Risk Factors” in ORIC’s
Quarterly Report on Form 10-Q filed with the Securities and
Exchange Commission (the “SEC”) on August 10, 2023, and ORIC’s
future reports to be filed with the SEC. These forward-looking
statements are made as of the date of this press release, and ORIC
assumes no obligation to update the forward-looking statements, or
to update the reasons why actual results could differ from those
projected in the forward-looking statements, except as required by
law.
Contact:Dominic Piscitelli,
Chief Financial Officerdominic.piscitelli@oricpharma.com
info@oricpharma.com
ORIC PHARMACEUTICALS, INC. CONDENSED
BALANCE SHEETS(in thousands, except share and per share
amounts) |
|
|
June 30, 2023 |
|
|
December 31, 2022 |
|
|
(unaudited) |
|
|
|
|
Assets |
|
Current assets: |
|
|
|
|
|
Cash, cash equivalents and short-term investments |
$ |
264,159 |
|
|
$ |
206,272 |
|
Prepaid expenses and other current assets |
|
4,199 |
|
|
|
4,185 |
|
Total current assets |
|
268,358 |
|
|
|
210,457 |
|
|
|
|
|
|
|
Long-term investments |
|
9,575 |
|
|
|
21,951 |
|
Property and equipment, net |
|
3,250 |
|
|
|
3,253 |
|
Other assets |
|
10,633 |
|
|
|
11,517 |
|
Total assets |
$ |
291,816 |
|
|
$ |
247,178 |
|
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
|
Current liabilities: |
|
|
|
|
|
Accounts payable |
$ |
3,191 |
|
|
$ |
1,320 |
|
Accrued liabilities |
|
11,343 |
|
|
|
14,068 |
|
Total current liabilities |
|
14,534 |
|
|
|
15,388 |
|
|
|
|
|
|
|
Other long-term liabilities |
|
8,483 |
|
|
|
9,439 |
|
Total liabilities |
|
23,017 |
|
|
|
24,827 |
|
|
|
|
|
|
|
Total stockholders'
equity |
|
268,799 |
|
|
|
222,351 |
|
Total liabilities and stockholders' equity |
$ |
291,816 |
|
|
$ |
247,178 |
|
ORIC PHARMACEUTICALS, INC.STATEMENTS OF
OPERATIONS AND COMPREHENSIVE
LOSS(Unaudited)(in thousands, except
share and per share amounts) |
|
|
Three Months
EndedJune 30, |
|
|
Six Months
EndedJune 30, |
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
Research and development |
$ |
18,787 |
|
|
$ |
13,834 |
|
|
$ |
38,303 |
|
|
$ |
30,662 |
|
General and administrative |
|
6,205 |
|
|
|
6,862 |
|
|
|
12,367 |
|
|
|
13,292 |
|
Total operating expenses |
|
24,992 |
|
|
|
20,696 |
|
|
|
50,670 |
|
|
|
43,954 |
|
Loss
from operations |
|
(24,992 |
) |
|
|
(20,696 |
) |
|
|
(50,670 |
) |
|
|
(43,954 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
Other
income, net |
|
2,048 |
|
|
|
409 |
|
|
|
3,781 |
|
|
|
508 |
|
Net
loss |
$ |
(22,944 |
) |
|
$ |
(20,287 |
) |
|
$ |
(46,889 |
) |
|
$ |
(43,446 |
) |
Other
comprehensive (loss) income: |
|
|
|
|
|
|
|
|
|
|
|
Unrealized (loss) gain on investments |
|
(68 |
) |
|
|
(429 |
) |
|
|
724 |
|
|
|
(1,128 |
) |
Comprehensive loss |
$ |
(23,012 |
) |
|
$ |
(20,716 |
) |
|
$ |
(46,165 |
) |
|
$ |
(44,574 |
) |
Net loss
per share, basic and diluted |
$ |
(0.50 |
) |
|
$ |
(0.51 |
) |
|
$ |
(1.03 |
) |
|
$ |
(1.10 |
) |
Weighted-average shares outstanding, basic and diluted |
|
45,654,208 |
|
|
|
39,481,628 |
|
|
|
45,373,745 |
|
|
|
39,456,812 |
|
Oric Pharmaceuticals (NASDAQ:ORIC)
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