ORIC Pharmaceuticals reported its financial results for the second quarter ended June 30, 2025. For the six months ended June 30, 2025, the company incurred a net loss of $66.4 million, contributing to an accumulated deficit of $629.2 million. Research and development expenses for this period totaled $55.2 million, an increase of $4.3 million from the prior year, primarily due to the advancement of ORIC-114.
As of June 30, 2025, ORIC held a robust $327.7 million in cash, cash equivalents, and investments. This strong liquidity position was significantly enhanced by $244 million in gross proceeds, comprising a $125 million private placement in May 2025 and $119 million from At-The-Market (ATM) issuances between July 1 and August 12, 2025, which concluded the company's anticipated ATM facility usage.
In a strategic pivot, ORIC revised its operating plan to substantially reduce investment in discovery research, including the elimination of its discovery research group and an approximately 20% workforce reduction, expected to incur a one-time cost of $1.9 million mostly in Q3 2025. This reprioritization and additional financing have extended the company's cash runway into the second half of 2028, providing funding beyond anticipated primary endpoint readouts from the first Phase 3 trials for ORIC-944 and ORIC-114 (enozertinib).
Operational highlights included the reporting of potentially best-in-class clinical efficacy and safety data from the ongoing Phase 1b trial of ORIC-944 in combination with AR inhibitors for mCRPC. Upcoming milestones include ORIC-944 dose optimization data in the second half of 2025 and a comprehensive data update for ORIC-114 in the second half of 2025, covering various monotherapy cohorts and initial combination trial data in mid-2026.
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