ORIC Pharmaceuticals reported a net loss of $32.6 million for the third quarter of 2025, a modest improvement from the $34.6 million loss recorded in the same period last year. The company’s cash and investments totaled $413 million, a figure that the management team says will fund operations through the second half of 2028 and beyond the anticipated primary endpoint readouts from its first Phase 3 trials for ORIC‑944 and enozertinib (ORIC‑114). The narrowing loss reflects disciplined cost management, including a $2.4 million reduction in research and development spending compared with Q3 2024, driven largely by lower manufacturing costs for ORIC‑944 and the discontinuation of a non‑core program.
Operating expenses for the quarter were $36.7 million, with R&D spending at $28.8 million and general‑administrative costs at $7.9 million. The R&D expense decline from $31.2 million in Q3 2024 was offset by higher personnel costs associated with the accelerated development of enozertinib, illustrating the company’s shift toward late‑stage investment while maintaining overall cost discipline.
Clinically, ORIC completed the dose‑exploration portion of its ORIC‑944 Phase 1b trial. Among 20 patients, 55 % achieved a PSA50 response (11/20) and 20 % achieved PSA90 (4/20). Circulating tumor DNA (ctDNA) reductions greater than 50 % were observed in 76 % of the 17 patients tested (13/17), and ctDNA clearance occurred in 59 % (10/17). These data support the drug’s best‑in‑class efficacy and safety profile and provide a strong foundation for the upcoming dose‑optimization readout in Q1 2026.
The company also announced the appointment of Dr. Kevin Brodbeck as Chief Technical Officer. Dr. Brodbeck’s background in translational oncology and experience scaling early‑stage programs will help accelerate the transition of ORIC‑944 and enozertinib toward Phase 3 and, ultimately, registration.
Looking ahead, ORIC expects to report four clinical data readouts across its ORIC‑944 and enozertinib programs through mid‑2026, with the potential initiation of registrational Phase 3 trials for both assets in 2026. The combination of encouraging early‑stage data and a robust cash runway positions the company to advance its lead programs without immediate financing pressure.
Analysts have responded positively to the results, upgrading the stock to “strong buy” and citing the extended runway and promising ORIC‑944 data as key drivers of the upgrade. The median 12‑month target price has risen to $19.50, reflecting confidence in the company’s pipeline and financial resilience.
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