ORIC Pharmaceuticals Reports $35.8 Million Net Loss in Q1 2026, Increases R&D Spending

ORIC Pharmaceuticals, Inc. reported a net loss of $35.8 million for the first quarter of 2026, compared to a net loss of $30.0 million for the same period in 2025, reflecting an increase of $5.8 million. The company's total operating expenses rose to $39.6 million, up from $32.7 million year-over-year, primarily driven by increased research and development costs associated with its lead clinical programs, rinzimetostat and enozertinib. Research and development expenses alone increased to $31.4 million from $24.6 million, largely due to heightened external costs related to these product candidates.

In terms of financial position, ORIC's total assets increased to $436.8 million as of March 31, 2026, compared to $408.9 million at the end of 2025. The company reported cash and cash equivalents of $56.4 million, up from $45.7 million at the end of the previous fiscal year. The increase in cash was bolstered by net proceeds of approximately $59.9 million from an at-the-market (ATM) offering, which allowed the company to sell shares of common stock. This was a significant development, as there were no proceeds from ATM offerings in the same quarter of the previous year.

Strategically, ORIC has focused its resources on advancing its two lead clinical programs, rinzimetostat and enozertinib, following a pipeline prioritization announced in August 2025. This decision led to a workforce reduction of approximately 20%, resulting in a one-time cost of about $1.9 million related to termination benefits. The company has also entered into clinical trial collaborations with Johnson & Johnson and Bayer to evaluate rinzimetostat in combination with their respective androgen receptor inhibitors, which is expected to enhance the development of this product candidate.

Operationally, ORIC's employee headcount has decreased due to the workforce reduction, but the company continues to engage in significant clinical activities. As of March 31, 2026, the company had 103.5 million shares outstanding, an increase from 98.5 million shares at the end of 2025. The company anticipates that its current cash reserves will be sufficient to fund operations into the second half of 2028, although it may seek additional financing to support ongoing development efforts. The outlook remains cautious, with expectations of continued losses as the company advances its clinical trials and seeks regulatory approvals for its product candidates.