Highlights

  • Net loss for the second quarter of 2026 was $41,492 thousand, or $0.38 per share, compared with $36,355 thousand a year earlier.
  • At June 30, 2026, cash and cash equivalents were $37,483 thousand and short-term investments were $227,278 thousand.
  • The company announced in July 2026 that it initiated Himalayas-1, a global Phase 3 registrational trial of rinzimetostat with darolutamide.
  • Management expects current cash, cash equivalents and investments to fund its operating plan into the second half of 2028.

ORIC Pharmaceuticals, Inc. (NASDAQ: ORIC) shares were trading at USD 9.02 on October 27, 2026, up 0.75%, with a relative volume at time of 2.98. The clinical-stage oncology company entered a clinical trial collaboration and supply agreement with Bayer on July 7, 2026, for the Himalayas-1 Phase 3 trial, and filed its Form 10-Q for the quarter ended June 30, 2026, on August 3, 2026.

ORIC Pharmaceuticals was incorporated in Delaware in August 2014 and lists principal executive offices at 240 E. Grand Ave in South San Francisco, California. It has offices in South San Francisco and San Diego and operates in one segment. The company is a clinical-stage biopharmaceutical company focused on overcoming resistance in cancer. Its two lead clinical programs are rinzimetostat, a PRC2 inhibitor licensed from Mirati, and enozertinib, an EGFR inhibitor licensed from Voronoi. Its fiscal year ends December 31.

Second Quarter Results

For the three months ended June 30, 2026, net loss was $41,492 thousand, compared with $36,355 thousand in the second quarter of 2025. Net loss per share was $0.38. Research and development expenses were $36.3 million, compared with $30.5 million, an increase of $5.7 million that the company attributed to higher external expenses for rinzimetostat, offset mainly by lower enozertinib costs. General and administrative expenses were $9.0 million, compared with $8.5 million.

For the six months, net loss was $77.3 million, compared with $66,376 thousand in the prior-year period, and research and development expenses were $67.7 million, compared with $55.2 million. The accumulated deficit was $769.5 million at June 30, 2026. The company has not generated any revenue and said it expects to incur losses for the foreseeable future, with losses anticipated to increase as it develops rinzimetostat and enozertinib.

Pipeline and Collaborations

In July 2026, the company announced that it initiated Himalayas-1, its first global Phase 3 registrational trial for rinzimetostat in combination with darolutamide in post-abiraterone metastatic castration resistant prostate cancer. Under a July 7, 2026 agreement, Bayer will provide darolutamide at no cost for the trial, and the company will conduct and sponsor it and keep full economic ownership and control of rinzimetostat. In March 2026, the company reported Phase 1b dose optimization data and selected 400 mg QD of rinzimetostat in combination with darolutamide as the recommended Phase 3 dose.

Enozertinib is being evaluated in Phase 1b trials in non-small cell lung cancer with EGFR exon 20 insertion and PACC mutations. The company reported additional Phase 1b data in December 2025.

On August 12, 2025, the company announced a pipeline prioritization to focus on rinzimetostat and enozertinib, which resulted in an approximately 20% workforce reduction completed in the fourth quarter of 2025, at a one-time cost of approximately $1.9 million.

Liquidity and Capital

At June 30, 2026, cash and cash equivalents were $37,483 thousand, compared with $45,669 thousand at December 31, 2025. Short-term investments were $227,278 thousand, compared with $235,819 thousand, and long-term investments were $122,799 thousand, compared with $110,762 thousand. The company had 103,636,424 shares of common stock outstanding, compared with 98,528,949 at December 31, 2025.

Under its at-the-market sales agreement with Jefferies LLC, the company filed a prospectus supplement on February 23, 2026, to sell up to $200.0 million of common stock. It raised approximately $59.9 million in net proceeds in the six months through the sale of 4,698,400 shares at a weighted average price of $12.96, and no proceeds in the second quarter.

Outlook and Stated Risks

The company expects its current cash, cash equivalents and investments to fund its operating plan into the second half of 2028, and said this forecast involves risks and that actual results could vary. It said it will require additional capital to develop its product candidates and may need to reduce plans or discretionary spending if it does not obtain additional funding. It gave no financial guidance.