Executive Summary

Q1 2025 EPS of $(0.42) beat Wall Street consensus of $(0.505) by $0.085, with lower total operating expenses versus Q4 driving sequential improvement; revenue remains pre-commercial with consensus at $0.0 *.
Cash, cash equivalents and investments were $223.8M, and guidance for the cash runway was extended into 2027 based on focused registrational plans and favorable enrollment across lead programs .
Management outlined registrational development paths: ORIC-944 Phase 3 in mCRPC targeted for 1H 2026; ORIC-114 registrational development in 1L NSCLC expected to begin in 2026, including a new J&J collaboration on subcutaneous amivantamab .
Near-term catalysts: multiple clinical data updates across both programs over the next 15 months (ORIC-944 combo dose escalation/optimization; ORIC-114 1L EGFR exon 20 and atypical cohorts), positioning the stock for data-driven moves .

What Went Well and What Went Wrong

What Went Well

“We remain on track to initiate the first Phase 3 trial of ORIC-944 in mCRPC in the first half of 2026, with registrational development of ORIC-114 in first-line NSCLC expected to begin later that year,” said CEO Jacob M. Chacko .
Extended cash runway into 2027 (from late 2026) via refined registrational focus and favorable enrollment trends, improving capital visibility .
Early ORIC-944 combo data in mCRPC showed PSA responses (3/6 PSA50, including two PSA90, durable ≥12 weeks), supporting best-in-class PRC2 profile and combination strategy with AR inhibitors .

What Went Wrong

YoY R&D rose to $24.6M (from $22.0M) and G&A rose to $8.1M (from $7.0M), increasing quarterly cash burn; net loss widened YoY to $(30.0)M from $(25.0)M .
Cash balance stepped down sequentially from $256.0M at year-end to $223.8M at March 31, reflecting normal operating usage despite runway extension .
No revenue reported (pre-commercial stage), leaving valuation and stock reaction largely dependent on clinical readouts and partnership execution rather than near-term P&L *.

Financial Results

Income Statement and Cash (Quarterly)

Metric	Q3 2024	Q4 2024	Q1 2025
Total Operating Expenses ($USD Millions)	$38.318	$39.570	$32.718
Net Loss ($USD Millions)	$(34.566)	$(36.307)	$(30.021)
Net Loss per Share (Basic & Diluted) ($)	$(0.49)	$(0.51)	$(0.42)
Other Income, net ($USD Millions)	$3.752	$3.263	$2.697
Cash, Cash Equivalents & Investments ($USD Millions)	$282.4	$256.0	$223.8

Notes: ORIC is pre-commercial; revenue not reported in these releases; consensus revenue estimates are $0.0*.

Results vs Estimates

Metric	Q4 2024 Consensus	Q4 2024 Actual	Q1 2025 Consensus	Q1 2025 Actual
EPS ($)	$(0.508)	$(0.51)	$(0.505)	$(0.42)
# EPS Estimates	10	—	8	—
Revenue ($USD Millions)	$0.0	—	$0.0	—

Values marked without citations are retrieved from S&P Global*. EPS beat in Q1 2025 by $0.085; revenue remains at $0.0 consensus*.

KPIs (Clinical Program Indicators)

KPI	Detail	Period
ORIC-944 PSA Responses	3 of 6 achieved confirmed PSA50; 2 achieved confirmed PSA90; durable responses ≥12 weeks, including PSA90 ongoing at 38 weeks	Data cutoff 12/10/2024 reported 1/13/2025
Safety Profile (ORIC-944 combos)	Primarily Grade 1–2 TRAEs; one Grade 3 fatigue; no DLTs or safety-related discontinuations in first two apalutamide dose levels	1/13/2025

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Cash Runway	Corporate	Late 2026	Into 2027	Raised/Extended
ORIC-944 Phase 3 Start (mCRPC)	Clinical	Early 2026 (prior directional)	1H 2026 (explicit)	Clarified/Narrowed
ORIC-944 Combo Dose Optimization Data	Clinical	4Q25 or 1H26	4Q25 / 1Q26 (accelerated/narrowed)	Accelerated
ORIC-114 Registrational Development (1L NSCLC)	Clinical	2H25 (potential registration studies)	Initiation in 2026; focus on 1L settings; combo with SC amivantamab initiated	Refocused/Deferred
Near-term Data Readouts	Clinical	Seven readouts over 18 months	Five readouts over 15 months; comprehensive 2H25 NSCLC data incl. 1L EGFR exon 20	Updated cadence

Earnings Call Themes & Trends

Note: A Q1 2025 earnings call transcript was not available in the system and could not be located via external sources; themes below reflect management disclosures from press releases and 8-Ks.

Topic	Previous Mentions (Q3 2024, Q4 2024)	Current Period (Q1 2025)	Trend
Registrational Pathways	Plan for registrational studies next year; ENA preclinical support for ORIC-114; collaborations for ORIC-944 combos	Explicit 1H 2026 Phase 3 for ORIC-944; 2026 registrational focus for ORIC-114 in 1L NSCLC	Clearer, time-bound commitments
Partnerships	Bayer and J&J collaborations for ORIC-944	J&J collaboration for ORIC-114 (SC amivantamab) initiated	Expanding into 1L NSCLC
R&D Execution	R&D up QoQ/QoY; expansion cohorts initiated	Dose escalation/optimization timelines tightened for ORIC-944; comprehensive ORIC-114 update set for 2H25	Accelerated cadence
Cash Runway	Into late 2026	Extended into 2027	Improved visibility
Clinical Efficacy Signals	Preclinical best-in-class data; program initiations	Early PSA responses with ORIC-944 combos reinforcing combo strategy	Strengthening signal

Management Commentary

“We remain on track to initiate the first Phase 3 trial of ORIC-944 in mCRPC in the first half of 2026, with registrational development of ORIC-114 in first-line NSCLC expected to begin later that year.” – Jacob M. Chacko, M.D., President & CEO .
“Based on the initial data we have generated with ORIC-944 and ORIC-114 and recent clinical data reported with other programs in mCRPC and NSCLC, we have refined our registrational plans to focus on the most promising opportunities for both programs… With these focused registrational plans, we have extended our projected cash runway into 2027.” – Jacob M. Chacko, M.D. .
“2024 was a year of significant advancements… we secured $125 million in financing, which extends our cash runway into late 2026.” – Jacob M. Chacko, M.D. .

Q&A Highlights

The Q1 2025 earnings call transcript was not available; no Q&A themes or clarifications could be sourced from a call transcript. This recap relies on the 8-K, press release, and other relevant ORIC communications .

Estimates Context

Q1 2025 EPS: consensus $(0.505) vs actual $(0.42) – bold beat driven by lower total operating expenses versus Q4 and stable other income; YoY net loss widened due to higher R&D/G&A consistent with clinical progression *.
Q1 2025 Revenue: consensus $0.0; company remains pre-commercial; revenue not disclosed in press materials *.
of EPS estimates: 8; # of revenue estimates: 9*.

Values retrieved from S&P Global*.

Key Takeaways for Investors

ORIC delivered a notable EPS beat in Q1 2025 with improved sequential P&L efficiency; near-term stock moves will hinge on clinical data cadence across ORIC-944 and ORIC-114 * .
The J&J collaboration for ORIC-114 (SC amivantamab) and focus on first-line NSCLC broaden the strategic optionality and potential commercial opportunity, albeit pushing registrational initiation to 2026 .
Early ORIC-944 combo PSA responses, plus tightened dose optimization timing, de-risk the combination path ahead of Phase 3 planning in mCRPC (1H 2026 target) .
Cash runway extended into 2027 provides funding through key readouts and into registrational activities; cash decreased sequentially as expected with clinical execution .
R&D and G&A upward drift reflects higher external spend and personnel costs—investors should monitor opex trajectory versus milestone delivery to gauge burn-rate discipline .
With no revenue and limited near-term P&L catalysts, the narrative is clinical: upcoming readouts (1H/2H 2025, 4Q25/1Q26) are likely the principal trading catalysts .
Absence of a Q1 call transcript limits visibility into nuanced guidance; watch for subsequent conference appearances and 10-Q updates to refine expectations .

References:

Q1 2025 press release and financial detail: .
Q1 2025 8-K (Item 2.02), exhibit, and financial tables: .
Q4 2024 press release and 8-K: .
Q3 2024 press release and 8-K: .
ORIC-944 early combo data (Jan 13, 2025): .
Focused registrational plans and runway extension (Feb 25, 2025): .

Estimates: Values retrieved from S&P Global*.

Oric Pharmaceuticals, Inc. (ORIC)·Q1 2025 Earnings Summary