Oric Pharmaceuticals Reports $127.8 Million Net Loss for 2024, Driven by Increased R&D Expenses

Oric Pharmaceuticals, Inc. reported a net loss of $127.8 million for the year ended December 31, 2024, compared to a net loss of $100.7 million in 2023. This increase in net loss is primarily attributed to a rise in research and development expenses, which totaled $114.1 million in 2024, up from $85.2 million in 2023. The increase in research and development costs stemmed from increased external expenses related to the advancement of ORIC-114 and ORIC-944, partially offset by decreased costs for ORIC-533 and a preclinical PLK4 program. General and administrative expenses also increased to $28.8 million in 2024 from $25.6 million in 2023, mainly due to higher personnel costs and stock-based compensation.

The company's clinical-stage product candidates, ORIC-114 and ORIC-944, are key drivers of its operations. ORIC-114, licensed from Voronoi Inc., is undergoing Phase 1b trials in patients with advanced solid tumors, showing both systemic and intracranial activity. Two provisional recommended Phase 2 doses have been selected, and further dose expansion cohorts are underway. Additionally, a Phase 1b trial evaluating ORIC-114 in combination with amivantamab (Janssen Research & Development) has commenced. ORIC-944, licensed from Mirati Therapeutics, completed Phase 1b single-agent trials in advanced prostate cancer and is now being evaluated in combination with apalutamide and darolutamide in Phase 1b trials, in collaboration with Johnson & Johnson and Bayer.

Significant developments during the year included the completion of two private placements, raising a total of $210 million in net proceeds. The company also entered into clinical trial collaboration and supply agreements with Janssen Research & Development, LLC (a Johnson & Johnson company), and Bayer Consumer Care AG to evaluate ORIC-944 and ORIC-114 in combination with their respective products. As of December 31, 2024, Oric Pharmaceuticals employed 115 full-time employees, 86 of whom were involved in research and development.

The company's cash, cash equivalents, and investments totaled $256 million as of December 31, 2024. Based on its current operating plan, the company anticipates that these resources will fund operations into late 2026. However, the company acknowledges the need for substantial additional capital to finance its operations and achieve its development and commercialization goals. The company's future funding requirements will depend on various factors, including the progress and costs of clinical trials, regulatory approvals, and commercialization efforts.

The company's 10-K filing includes extensive disclosures regarding risk factors, including those related to its financial position, product development, regulatory approvals, competition, intellectual property, and dependence on third parties. The filing also details the company's accounting policies and significant judgments and estimates, as well as disclosures related to cybersecurity, contractual obligations, and executive compensation. Forward-looking statements are included throughout the filing, emphasizing the inherent uncertainties associated with the biopharmaceutical industry.