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Oric Pharmaceuticals, Inc. (ORIC)·Q2 2025 Earnings Summary

Executive Summary

  • Q2 2025 focused on clinical execution and corporate prioritization: ORIC extended cash runway into 2H 2028, announced a 20% workforce reduction to redirect spend to lead assets (ORIC-944 and enozertinib), and concluded ATM usage after raising ~$244M gross across a $125M private placement and $119M ATM issuances .
  • EPS of -$0.47 missed Wall Street consensus of -$0.44444; Q1 had been a beat (-$0.42 actual vs -$0.505 consensus). Revenue remains at $0 given development-stage status. Consensus for Q3 implies continued improvement toward -$0.40019* .
  • Clinical momentum: ORIC-944 showed “broad and deep” PSA responses (59% PSA50, 24% PSA90; most AEs Grade 1–2) in mCRPC combinations; enozertinib continued enrolling 1L and 2L+ NSCLC cohorts and received WHO INN approval for “enozertinib” .
  • Key catalyst path: updated Phase 1b data readouts across ORIC-944 and enozertinib in 2H 2025; first registrational trials expected in 2026, with cash runway beyond anticipated primary endpoint readouts for initial Phase 3 trials .

What Went Well and What Went Wrong

What Went Well

  • “Best-in-class” potential for ORIC-944: 59% PSA50 (confirmed 47%), 24% PSA90 in mCRPC; majority of patients ongoing and approaching one year; safety largely Grade 1–2. “The data generated to date continue to demonstrate the potential of ORIC-944 to be a best-in-class PRC2 inhibitor…” — CEO Jacob Chacko .
  • Enrolment and naming progress for enozertinib: active Phase 1b single-agent and SC amivantamab combination cohorts; WHO approved “enozertinib” as the INN .
  • Balance sheet strength: cash, cash equivalents and investments increased to $327.7M at 6/30; pro forma $436.4M after July ATM, extending runway into 2H 2028 .

What Went Wrong

  • EPS miss vs consensus: Q2 EPS of -$0.47 vs -$0.44444 consensus; net loss widened YoY due to higher R&D and G&A with pipeline advancement * .
  • Increased operating expenses: R&D rose to $30.5M (from $28.9M YoY); G&A to $8.5M (from $7.1M YoY), reflecting personnel costs and enozertinib activity .
  • Organizational disruption: strategic pipeline prioritization eliminated discovery research with ~20% workforce reduction and a one-time ~$1.9M charge expected in Q3 2025 .

Financial Results

Quarterly Trend vs prior periods

MetricQ4 2024Q1 2025Q2 2025
Net Loss ($USD Millions)$36.307 $30.021 $36.355
Diluted EPS ($USD)$(0.51) $(0.42) $(0.47)
R&D Expense ($USD Millions)$31.970 $24.640 $30.549
G&A Expense ($USD Millions)$7.600 $8.078 $8.515
Cash, Cash Equivalents & Investments ($USD Millions)$256.0 $223.8 $327.7

EPS vs Wall Street consensus

MetricQ1 2025Q2 2025Q3 2025 (Next)
EPS Actual ($USD)$(0.42) $(0.47) —
Primary EPS Consensus Mean ($USD)$(0.505)*$(0.44444)*$(0.40019)*
Primary EPS – # of Estimates8*9*11*

Values with an asterisk are retrieved from S&P Global.

Revenue context

MetricQ1 2025Q2 2025Q3 2025 (Next)
Revenue Consensus Mean ($USD Millions)$0.0*$0.0*$0.0*
Revenue – # of Estimates9*10*10*

Values with an asterisk are retrieved from S&P Global.

Q2 2025 YoY comparison (vs Q2 2024)

MetricQ2 2024Q2 2025
R&D Expense ($USD Millions)$28.940 $30.549
G&A Expense ($USD Millions)$7.077 $8.515
Net Loss ($USD Millions)$31.963 $36.355
Diluted EPS ($USD)$(0.45) $(0.47)
Other Income, net ($USD Millions)$4.054 $2.709
Weighted Avg Shares70,348,414 78,126,257

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Cash RunwayCorporateInto 2H 2027 Into 2H 2028 Raised/Extended
ATM UsageCorporateActive ATM with issuances Concluded ATM usage; no near-term use expected Policy change
Workforce ReductionQ3 2025—~20% reduction; one-time ~$1.9M charge in Q3 New
Registrational Trials2026ORIC-944 1H 2026; ORIC-114 in 2026 Maintained timing for 2026 initiations Maintained
Milestone Updates2H 2025 / Mid-2026Multiple Phase 1b data updates ORIC-944 and enozertinib data in 2H 2025; additional 2026 readouts Clarified timing

Earnings Call Themes & Trends

TopicPrevious Mentions (Q4 2024, Q1 2025)Current Period (Q2 2025)Trend
R&D executionDose escalation/expansion progress for ORIC-114; ORIC-944 combinations initiated Continued Phase 1b enrolment for enozertinib; updated ORIC-944 combination data Improving
Product performance (ORIC-944)Early safety/efficacy; synergy preclinical data 59% PSA50, 24% PSA90; safety broadly Grade 1–2 Strengthening
PartnershipsJ&J SC amivantamab combo; Bayer for ORIC-944 SC amivantamab combo enrolment continued Maintained
Cash runway & financing$256M cash; private placement extends runway into late 2026/2027 $327.7M at 6/30; pro forma $436.4M; runway into 2H 2028 Strengthened
Organization/PrioritizationFocus on registrational plans Discovery research eliminated; 20% reduction; ~$1.9M charge Strategic shift
Regulatory/Identity—WHO approved INN “enozertinib” New

Note: A Q2 2025 earnings call transcript was not available in our document set; themes above are derived from company press releases and 8-Ks.

Management Commentary

  • CEO on strategic focus and runway: “As our clinical programs have progressed closer to registrational studies, it necessitates that we increase our focus and direct our expenditures solely on those programs… This reprioritization and additional financing further extend our cash runway into the second half of 2028.” .
  • CMO on ORIC-944 efficacy/safety: “These ORIC-944 combination data demonstrate substantial clinical activity… and a safety profile consisting almost entirely of mild to moderate GI related adverse events, making it highly suitable for potential long term dosing.” .
  • CEO on ORIC-944’s positioning: “The data generated to date continue to demonstrate the potential of ORIC-944 to be a best-in-class PRC2 inhibitor…” .
  • CEO on Q1 progress: “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.” .

Q&A Highlights

  • A Q2 2025 earnings call was held (webcast/phone), but a transcript is not available in our sources; historical Q&A details are therefore unavailable. The May 28 data call webcast included live Q&A access instructions, indicating investor/analyst interest around trial design, efficacy endpoints, safety profile, dose optimization, and the registrational path for ORIC-944 .
  • Management clarified ongoing enrolment for enozertinib (1L and 2L+ cohorts), the SC amivantamab combo program, and milestone timing across 2H 2025 and 2026 .
  • Corporate clarifications included the cessation of ATM usage, cash runway extension, and the one-time Q3 charge tied to workforce reduction .

Estimates Context

  • Q2 2025 EPS missed consensus: actual -$0.47 vs -$0.44444 consensus; Q1 2025 had beaten consensus: -$0.42 actual vs -$0.505 consensus * *.
  • Revenue consensus is $0 across Q1–Q3 2025, consistent with development-stage status; consensus for Q3 EPS is -$0.40019, reflecting gradual improvement expectations*.

Values with an asterisk are retrieved from S&P Global.

Key Takeaways for Investors

  • Balance sheet and funding runway now extend into 2H 2028, de-risking execution through initial Phase 3 primary endpoint readouts for ORIC-944 and enozertinib; near-term financing overhang reduced by ATM cessation .
  • ORIC-944 efficacy/safety profile continues to firm up, with robust PSA responses and tolerability across apalutamide and darolutamide combinations; upcoming dose optimization data may serve as catalysts ahead of 2026 registrational initiation .
  • Enozertinib maintains enrolment momentum in 1L and 2L+ NSCLC cohorts, including the SC amivantamab combination; WHO INN approval supports brand identity in future registrational and commercial phases .
  • Operating model pivot (eliminating discovery research) concentrates capital on Phase 3 preparation; expect Q3 recognition of ~$1.9M restructuring charge and potential opex mix shift thereafter .
  • Near-term trading: watch for 2H 2025 data updates from both programs; further validation of ORIC-944 could tighten timelines and improve probability-of-success assumptions in models .
  • Medium-term thesis: two shots on goal in large oncology markets (mCRPC, NSCLC) with differentiated mechanisms; execution risk remains around dose optimization, registrational trial design, and regulatory interactions, but capital runway mitigates financing risk .
  • Estimates may need modest adjustment after Q2 miss on EPS; consensus already anticipates incremental improvement in Q3 (-$0.40019 EPS*), aligned with scaling R&D for registrational planning and higher share count dynamics *.