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Oric Pharmaceuticals, Inc. (ORIC)·Q4 2024 Earnings Summary

Executive Summary

  • Q4 2024 reflected continued clinical advancement: R&D $32.0M, G&A $7.6M, net loss $(36.3)M, EPS $(0.51); cash and investments ended at $256M with runway guided into late 2026 .
  • Strategic progress: collaboration with Johnson & Johnson to evaluate ORIC-114 with subcutaneous amivantamab in 1L EGFR exon 20 NSCLC; encouraging early safety/efficacy data for ORIC-944 combinations in mCRPC; seven data readouts planned over 18 months; potential registrational trials targeted for 2H25/early 2026 .
  • Sequential trend: operating expenses rose quarter-over-quarter (Q2→Q3→Q4) as programs transitioned into expansion/combination cohorts; cash declined with planned funding of trials .
  • Post-quarter update: ORIC refined registrational plans to focus ORIC-114 on first-line NSCLC and confirmed initiation of ORIC-944’s first Phase 3 in 1H 2026; cash runway extended into 2027—key catalysts ahead of late-2025/2026 data readouts .

What Went Well and What Went Wrong

  • What Went Well

    • Partnership momentum: J&J combo with SC amivantamab for ORIC-114 1L EGFR exon 20; Bayer and J&J supply/collaboration agreements for ORIC-944 combinations in mCRPC .
    • Positive program signals: early safety/efficacy in ORIC-944 combination dose escalation; preclinical data reinforce potential best-in-class properties of ORIC-114 across atypical EGFR mutations and EGFR/HER2 exon 20 .
    • Capital strength: $125M private placement secured in 2024, supporting multi-cohort execution and cash runway into late 2026 at year-end .
    • “2024 was a year of significant advancements…We anticipate seven data readouts…working towards potential registration studies for ORIC-114…in latter half of 2025 and for ORIC-944 in early 2026.” — Jacob M. Chacko, M.D., President & CEO .

  • What Went Wrong

    • Higher operating loss: total operating expenses rose YoY and sequentially (Q2 $36.0M; Q3 $38.3M; Q4 $39.6M), widening net loss to $(36.3)M in Q4 .
    • Cash drawdown as trials advanced: cash and investments decreased from $308.5M (Q2) to $282.4M (Q3) to $256.0M (Q4) with broader clinical activity and collaborations .
    • No product revenue and continued losses typical of clinical-stage biotech; program value realization depends on upcoming clinical data and successful registrational starts .

Financial Results

MetricQ2 2024Q3 2024Q4 2024
EPS (basic & diluted, $)$(0.45) $(0.49) $(0.51)
Total Operating Expenses ($M)$36.0 $38.3 $39.6
Other Income, net ($M)$4.1 $3.8 $3.3
Net Loss ($M)$(32.0) $(34.6) $(36.3)
Cash & Investments (period-end, $M)$308.5 $282.4 $256.0

Notes:

  • ORIC did not report product revenue in these releases; operating results were driven by R&D and G&A expenditures .

Segment breakdown: Not applicable; ORIC is a clinical-stage company without commercial segments .
KPIs:

  • R&D ($M): $28.9 (Q2) , $31.2 (Q3) , $32.0 (Q4)
  • G&A ($M): $7.1 (Q2) , $7.1 (Q3) , $7.6 (Q4)
  • Runway statement: into late 2026 at YE 2024

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Cash runwayCompany-level“Into late 2026” (YE 2024) “Extended into 2027” (refined operating plan) Raised runway
ORIC-114 registrational focus2026 startPotential registrational in 2H25 Phase 3 in 1L NSCLC in 2026; do not pursue 2L EGFR / 2L+ HER2 registrational trials near term Refocused to 1L; shifted timing
ORIC-944 registrational start1H 2026Potential initiation early 2026 First Phase 3 in mCRPC in 1H 2026 Maintained/clarified
ORIC-114 1L EGFR exon 20 combo (SC amivantamab)Mid-2026 dataCombo milestone mid-2026 Combo recently initiated; initial data mid-2026 Maintained timing
Planned data readouts volume12–18 monthsSeven readouts over next ~18 months Five readouts over next ~15 months (Q1 2025 update) Narrowed scope

Earnings Call Themes & Trends

TopicPrevious Mentions (Q2 2024)Previous Mentions (Q3 2024)Current Period (Q4 2024)Trend
ORIC-114 clinical progressPhase 1b escalation completed; expansion cohorts initiated; 1L EGFR exon 20 extension cohort; data in 1H25 Preclinical best-in-class properties reinforced at ENA; updated Phase 1b data in 1H25 J&J collaboration for 1L EGFR exon 20 combo; seven readouts over 18 months; potential registrational 2H25 Building toward comprehensive 2H25 dataset and 2026 registrational focus
ORIC-944 combinations in mCRPCInitiated dosing with darolutamide and apalutamide; Bayer/J&J agreements Continued combination progress; collaboration support Encouraging early safety/efficacy in combination dose escalation; potential registrational early 2026 Advancing through dose escalation/optimization toward Phase 3 in 1H 2026
PartnershipsBayer & J&J for ORIC-944 combinations Continued collaborations J&J for ORIC-114 combo; multiple strategic partnerships Strengthened partner network to support registrational path
Financing & runwayCash $308.5M; runway late 2026 Cash $282.4M; runway late 2026 Cash $256.0M; $125M raise; runway late 2026 Post-quarter extended to 2027 under refined plan

Management Commentary

  • “Key achievements included initiation of multiple cohorts for ORIC-114 in non-small cell lung cancer and ORIC-944 in metastatic castration-resistant prostate cancer…secured $125 million in financing…We anticipate seven data readouts…working towards potential registration studies for ORIC-114 in the latter half of 2025 and for ORIC-944 in early 2026.” — Jacob M. Chacko, M.D., President & CEO .
  • Corporate highlights reiterated collaboration strategy and financings supporting the operating plan and timelines .

Q&A Highlights

  • No Q4 2024 earnings call transcript was available in the document set reviewed; analysis relies on the full 8-K press release and related company press releases [List returned none; press releases read: 4, 11, 10, 18].

Estimates Context

  • Wall Street consensus EPS and revenue estimates from S&P Global for Q4 2024 were unavailable; as a clinical-stage company without reported product revenue, investor focus appropriately centers on operating expenses, cash runway, and clinical/regulatory milestones. Values retrieved from S&P Global were unavailable due to access constraints.

Key Takeaways for Investors

  • The core investment drivers near term are clinical data readouts: comprehensive ORIC-114 datasets in 2H 2025 (including atypical EGFR and exon 20) and ORIC-944 combination data through 4Q25/1Q26—these are potential stock-moving catalysts ahead of registrational starts .
  • Registrational strategy has been refined: ORIC-114 prioritizes 1L NSCLC where unmet need and commercial potential are higher; ORIC-944 is positioned to enter Phase 3 in mCRPC in 1H 2026, supported by early combo signals and partner supply agreements—reducing execution risk via aligned trial designs .
  • Operating spend is rising with program maturation; investors should monitor dose-optimization and tox profiles (particularly for ORIC-944 combos) as differentiators versus comparator PRC2 approaches noted by management .
  • Capital runway was extended to 2027 post-quarter, offering funding visibility through initial Phase 3 milestones—de-risking near-term capital needs amid a challenging biotech financing backdrop .
  • Partnership leverage (J&J, Bayer) supports access to AR inhibitors and amivantamab for combination strategies—critical for trial execution and future commercialization pathways in targeted oncology settings .
  • With no product revenue and continued net losses, valuation sensitivity will hinge on clinical efficacy, safety/tolerability differentiation (e.g., CNS activity for ORIC-114; toxicity profile for ORIC-944), and clarity of registrational timelines .
  • Near-term trading implication: anticipate event-driven volatility around interim readouts in 2H 2025 and optimization updates around 4Q25/1Q26; medium-term thesis centers on successful progression to Phase 3 and maintaining a clean safety profile versus competitors .

Sources

  • Q4 2024 8-K press release and financial tables .
  • Q3 2024 8-K press release and financial tables .
  • Q2 2024 8-K press release and financial tables .
  • EORTC-NCI-AACR preclinical poster announcement (ORIC-114) .
  • Focused registrational plan press release (Feb 25, 2025) .
  • Company website press release copies (redundant confirmation) .