Oric Pharmaceuticals, Inc. (ORIC)·Q3 2025 Earnings Summary

Executive Summary

• ORIC delivered a cleaner quarter operationally: net loss improved to $32.6M from $34.6M YoY; R&D fell due to lower ORIC-944 manufacturing costs while G&A rose modestly; cash and investments climbed to $413.0M, extending runway into 2H 2028 .
• EPS of $(0.33) beat S&P Global consensus of $(0.40), while Q2’s $(0.47) missed $(0.44) and Q1’s $(0.42) beat $(0.51)*; revenue remains zero, consistent with clinical-stage status .
• Clinical momentum: completion of ORIC-944 Phase 1b dose exploration with RP2Ds set; data showed 55% PSA50 and 59% ctDNA clearance, supporting potential best-in-class profile; enozertinib data slated for ESMO Asia in Dec-2025 .
• Guidance narrative tightened: runway raised in Q2 and maintained; Phase 3 initiations for ORIC-944 (1H 2026) and enozertinib (2026) reiterated; ESMO timeline narrowed to December 2025 .
• Near-term catalysts: Dec-2025 ESMO Asia readouts for enozertinib, Q1-2026 ORIC-944 dose optimization data—potential estimate revisions and stock reaction hinged on strength of efficacy/safety signals .

Values marked with * retrieved from S&P Global.

What Went Well and What Went Wrong

What Went Well

• Dose exploration completed for ORIC-944; RP2Ds selected across apalutamide and darolutamide combinations, de-risking dose for Phase 1b optimization and Phase 3 planning .
• Strong biomarker and efficacy signals: 55% PSA50 (confirmed in 40%), 20% PSA90 (all confirmed), and 59% ctDNA clearance—above precedent clearance rates in comparable mCRPC populations; safety largely Grade 1–2, only one Grade 3 TRAE, no Grade 4/5 .
• CEO reinforced late-stage trajectory: “Backed by compelling clinical data and a strong cash position, we remain focused on rapidly advancing these programs to registrational studies and, ultimately, commercialization.” .

What Went Wrong

• Persistent operating losses: net loss of $32.6M and EPS of $(0.33); while improved YoY, the company remains pre-revenue and dependent on external financing .
• G&A up YoY (Q3: $7.9M vs $7.1M), reflecting higher personnel/services amid transition to late-stage development .
• Strategic reprioritization impact: elimination of discovery group and ~20% workforce reduction; one-time $1.9M charge recognized in Q3 (termination benefits), highlighting near-term opex friction as focus narrows to lead programs .

Financial Results

Quarterly P&L and Key Items

EPS vs Consensus (S&P Global)

Values marked with * retrieved from S&P Global.

Cash and Investments

YoY Comparison (Q3 only)

Program Cost Mix (Q3)

Guidance Changes

Note: Q2 press indicated concluding ATM usage; company subsequently raised $108.7M under ATM in Q3, clarifying financing flexibility .

Earnings Call Themes & Trends

Management Commentary

• CEO framing late-stage pivot: “The ORIC-944 Phase 1b data announced today further support its potential best-in-class efficacy and safety profile… we remain focused on rapidly advancing these programs to registrational studies and, ultimately, commercialization.” — Jacob M. Chacko, M.D. .
• Competitive de-risking of PRC2: “Randomized data showed radiographic PFS of 14.3 months vs 6 months control; a lot of KOLs…were really waiting to see that… post ASCO GU update, there’s a lot of believers in the data and the mechanism.” — Management at Guggenheim .
• Differentiation rationale: “Our molecule was designed for prostate cancer… once daily therapy, really nice PK profile, lower Cmax, higher AUC… safer molecule that we can dose well.” .

Q&A Highlights

• PRC2 class validation and physician feedback: Management pointed to Pfizer randomized P2 data as de-risking the mechanism and indicated positive KOL sentiment toward PRC2 combinations post-ARPI resistance .
• Differentiation vs competitor: ORIC emphasized once-daily dosing, favorable PK, and lower AE burden compared to high-dose regimens; strategic flexibility to pair with apalutamide or darolutamide for Phase 3 .
• Phase 3 gating: Financing not a constraint post-PIPE/ATM; plan to proceed in 1H 2026 unless internal Q1-2026 update surprises; not waiting for competitor P3 readouts .
• Enozertinib benchmarks and combo rationale: Target ORRs ~55–65% in first-line cohorts; combo with SC amivantamab modeled on dual EGFR inhibition success in classical EGFR, with brain-penetrant TKI replacing lazertinib in exon 20 context .

Estimates Context

• Q3 EPS of $(0.33) beat consensus $(0.40); Q2 missed by $(0.03); Q1 beat by ~$0.09*. Revenue consensus is $0.0*, consistent with clinical-stage status .
• With cash runway maintained and biomarker strength in ORIC-944, near-term estimate adjustments likely hinge on Dec-2025 ESMO Asia data for enozertinib and Q1-2026 dose optimization update for ORIC-944 .

Values marked with * retrieved from S&P Global.

Key Takeaways for Investors

• Balance sheet strength: $413.0M cash/investments with runway into 2H 2028 provides multi-year funding for dual Phase 3 paths (ORIC-944 in 1H 2026; enozertinib in 2026) without immediate capital needs .
• ORIC-944 data quality improving: PSA and ctDNA signals plus benign safety profile support registrational readiness; RP2D selection reduces development risk .
• Enozertinib catalysts: Dec-2025 ESMO Asia readouts across multiple cohorts and mid-2026 first-line updates—watch for brain metastases outcomes given CNS penetration claims .
• Competitive positioning in PRC2: Class validated; ORIC’s dosing/PK differentiation may be a commercial lever even as a fast follower behind a large pharma entrant .
• Opex discipline: R&D mix shifting from ORIC-944 manufacturing toward enozertinib advancement and internal R&D; total opex trending down YoY in Q3 .
• Risk watch items: Pre-revenue profile, dependency on pivotal trial outcomes, and regulatory uncertainties; monitor workforce/prioritization execution and any safety signals in combinations .
• Trading setup: Near-term data catalysts (ESMO) and Q1-2026 ORIC-944 update can drive estimate revisions; beat/miss dynamics on EPS are largely driven by opex and other income—stock moves likely to track clinical readouts more than P&L prints .

KPIs (Clinical and Balance Sheet)

Segment Breakdown

ORIC operates in a single segment (R&D) per 10-Q; external cost mix in Q3 2025: ORIC-944 $5.6M; enozertinib $9.0M; preclinical/other $3.8M; internal R&D $10.3M .