ORIC Pharmaceuticals Reports First Quarter 2023 Financial Results and Operational Updates
May 08 2023 - 4:05PM
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 March 31,
2023.
“We continue to execute and make strong progress
in advancing our novel oncology pipeline,” said Jacob M. Chacko,
MD, chief executive officer. “At the 2023 AACR meeting, we
presented promising preclinical data highlighting our comprehensive
biomarker strategy for ORIC-944, our allosteric PRC2 inhibitor, and
preclinical data for our PLK4 program, demonstrating the potential
of highly selective PLK4 inhibition as a synthetic lethal approach
for TRIM37 amplified cancers. Our three clinical programs are
enrolling steadily and we look forward to reporting initial
clinical data from our ongoing studies in the second half of
2023.”
First Quarter 2023 and Other Recent
Highlights
ORIC-533: a highly
potent, orally bioavailable small molecule inhibitor of
CD73
- Enrolling a Phase 1b trial of
ORIC-533 as a single-agent, in patients with relapsed/refractory
multiple myeloma.
- Expect to report initial Phase 1b
data for ORIC-533 in the second half of 2023.
ORIC-114: a brain
penetrant, orally bioavailable, irreversible EGFR/HER2
inhibitor
- Enrolling a Phase 1b trial of
ORIC-114 as a single-agent, 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.
- Expect to report initial Phase 1b
data for ORIC-114 in the second half of 2023.
ORIC-944: a potent and
selective allosteric inhibitor of PRC2
- Enrolling a Phase 1b trial of
ORIC-944 as a single-agent, 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 Phase 1b
data for ORIC-944 in the second half of 2023.
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.
First Quarter 2023 Financial
Results
- Cash, Cash Equivalents and
Investments: Cash, cash equivalents and investments
totaled $208.9 million as of March 31, 2023, which the company
expects will be sufficient to fund its operating plan into the
first half of 2025.
- R&D
Expenses: Research and development (R&D) expenses
were $19.5 million for the three months ended March 31, 2023,
compared to $16.8 million for the three months ended March 31,
2022, an increase of $2.7 million. The increase was 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 March
31, 2023, compared to $6.4 million for the three months ended
March 31, 2022, a decrease of $0.3 million.
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-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, (2) 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, 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-533, ORIC-114 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-533, ORIC-114, 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 May 8, 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) |
|
|
March 31, 2023 |
|
|
December 31, 2022 |
|
|
(unaudited) |
|
|
|
|
Assets |
Current assets: |
|
|
|
|
|
|
|
Cash, cash equivalents and short-term investments |
$ |
189,629 |
|
|
$ |
206,272 |
|
Prepaid expenses and other current assets |
|
3,535 |
|
|
|
4,185 |
|
Total current assets |
|
193,164 |
|
|
|
210,457 |
|
|
|
|
|
|
Long-term investments |
|
19,309 |
|
|
|
21,951 |
|
Property and equipment, net |
|
3,112 |
|
|
|
3,253 |
|
Other assets |
|
11,063 |
|
|
|
11,517 |
|
Total assets |
$ |
226,648 |
|
|
$ |
247,178 |
|
|
|
|
|
|
Liabilities and Stockholders' Equity |
Current liabilities: |
|
|
|
|
Accounts payable |
$ |
1,930 |
|
|
$ |
1,320 |
|
Accrued liabilities |
|
12,937 |
|
|
|
14,068 |
|
Total current liabilities |
|
14,867 |
|
|
|
15,388 |
|
|
|
|
|
|
Other long-term liabilities |
|
8,969 |
|
|
|
9,439 |
|
Total liabilities |
|
23,836 |
|
|
|
24,827 |
|
|
|
|
|
|
Total stockholders'
equity |
|
202,812 |
|
|
|
222,351 |
|
Total liabilities and stockholders' equity |
$ |
226,648 |
|
|
$ |
247,178 |
|
ORIC PHARMACEUTICALS, INC. |
STATEMENTS OF OPERATIONS AND COMPREHENSIVE
LOSS |
(Unaudited) |
(in thousands, except share and per share amounts) |
|
|
|
|
Three Months Ended |
|
|
March 31, |
|
|
2023 |
|
|
2022 |
|
Operating expenses: |
|
|
|
|
|
Research and development |
$ |
19,516 |
|
|
$ |
16,828 |
|
General and administrative |
|
6,162 |
|
|
|
6,430 |
|
Total operating expenses |
|
25,678 |
|
|
|
23,258 |
|
Loss from operations |
|
(25,678 |
) |
|
|
(23,258 |
) |
|
|
|
|
|
|
Other income: |
|
|
|
|
|
Interest income, net |
|
1,733 |
|
|
|
99 |
|
Total other income |
|
1,733 |
|
|
|
99 |
|
Net loss |
$ |
(23,945 |
) |
|
$ |
(23,159 |
) |
Other comprehensive income
(loss): |
|
|
|
|
|
Unrealized gain (loss) on investments |
|
792 |
|
|
|
(699 |
) |
Comprehensive loss |
$ |
(23,153 |
) |
|
$ |
(23,858 |
) |
Net loss per share, basic and
diluted |
$ |
(0.53 |
) |
|
$ |
(0.59 |
) |
Weighted-average shares
outstanding, basic and diluted |
|
45,090,166 |
|
|
|
39,431,722 |
|
|
|
|
|
|
|
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