ORIC Pharmaceuticals Inc (ORIC, Financial), a clinical stage oncology company, released its financial results and operational updates for the third quarter ended September 30, 2023. The company reported strong progress across its pipeline with steady enrollment across its three clinical trials and the first presentation of clinical data for ORIC-114.
Operational Highlights
ORIC presented initial data from the ongoing Phase 1b dose escalation trial for patients with EGFR or HER2 exon 20 mutated non-small cell lung cancer (NSCLC) at the ESMO Congress 2023. The company also reported ongoing enrollment in a Phase 1b trial of ORIC-533 in patients with relapsed/refractory multiple myeloma and a Phase 1b trial of ORIC-944 in patients with advanced prostate cancer.
Financial Results
As of September 30, 2023, ORIC's cash, cash equivalents, and investments totaled $256.2 million. The company expects this to be sufficient to fund its current operating plan into late 2025. Research and development (R&D) expenses were $22.4 million for Q3 2023, compared to $14.7 million for Q3 2022, an increase of $7.7 million. General and administrative (G&A) expenses were $6.3 million for Q3 2023, compared to $6.0 million for Q3 2022, an increase of $0.3 million.
Balance Sheet and Statements of Operations
According to the company's condensed balance sheets, total assets as of September 30, 2023, were $274.3 million, compared to $247.2 million as of December 31, 2022. Total liabilities were $26.9 million, and total stockholders' equity was $247.4 million. The statements of operations and comprehensive loss showed a net loss of $25.5 million for Q3 2023, compared to a net loss of $24.8 million for Q3 2022.
CEO's Commentary
CEO Jacob M. Chacko commented on the company's progress, stating,
We continued making strong progress across our pipeline in the third quarter of 2023 with steady enrollment across our three clinical trials and the first presentation of clinical data for ORIC-114."He also expressed eagerness to continue advancing ORIC-114 and presenting initial clinical data for ORIC-533 in multiple myeloma and for ORIC-944 in prostate cancer over the coming quarters.
Explore the complete 8-K earnings release (here) from ORIC Pharmaceuticals Inc for further details.
