Oric Pharmaceuticals Inc
For the period ended Sep 30, 2024. Filed Nov 12, 2024.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Sep 30, 2024 · Filed Nov 12, 2024
ORIC$8.82+3.9%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-06-30; filed 2024-08-12.
0000950170-24-095467
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-09-30; filed 2024-11-12.
0000950170-24-125471
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 104 previous paragraphs and 104 current paragraphs.
88 unchanged; 16 reworded; 0 added; 0 removed; 0 previous and 0 current paragraphs rearranged.
Tables are not compared: 3 previous and 3 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Reworded paragraphs (16)
Previous wording
We have incurred significant losses since the commencement of our operations. Our net loss for the six months ended June 30, 2024 was $57.0 million and we had an accumulated deficit of $491.9 million as of June 30, 2024. Our losses and accumulated deficit have resulted primarily from costs incurred in connection with research and development activities including in-licensing and to a lesser extent from general and administrative costs associated with our operations. We expect to incur significant losses for the foreseeable future, and we anticipate these losses will increase significantly as we continue our development of ORIC-114 and ORIC-944 and any future product candidates from discovery through preclinical development and into clinical trials as we seek regulatory approval for these product candidates. Our net losses may fluctuate significantly from period to period, depending on the timing of and expenditures on our planned research and development activities.
Current wording
We have incurred significant losses since the commencement of our operations. Our net loss for the nine months ended September 30, 2024 was $91.5 million and we had an accumulated deficit of $526.5 million as of September 30, 2024. Our losses and accumulated deficit have resulted primarily from costs incurred in connection with research and development activities including in-licensing and to a lesser extent from general and administrative costs associated with our operations. We expect to incur significant losses for the foreseeable future, and we anticipate these losses will increase significantly as we continue our development of ORIC-114 and ORIC-944 and any future product candidates from discovery through preclinical development and into clinical trials as we seek regulatory approval for these product candidates. Our net losses may fluctuate significantly from period to period, depending on the timing of and expenditures on our planned research and development activities.
Previous wording
On June 24, 2023, we entered into a securities purchase agreement with a select group of institutional and accredited healthcare specialist investors for the private placement of 9,285,710 shares of common stock at a price of $7.00 per share and pre-funded warrants to purchase 2,857,142 shares of common stock at a purchase price of $6.9999 per pre-funded warrant, resulting in gross proceeds of $85.0 million. The purchase price per share represents a premium to the market price at the time of sale. After deducting offering expenses related to the private placement of $0.2 million, the net proceeds we received from the private placement were $84.8 million. The private placement closed on June 27, 2023. On July 8, 2024, all pre-funded warrants were exercised at an exercise price of $0.0001 per share.
Current wording
On June 24, 2023, we entered into a securities purchase agreement with a select group of institutional and accredited healthcare specialist investors for the private placement of 9,285,710 shares of common stock at a price of $7.00 per share and pre-funded warrants to purchase 2,857,142 shares of common stock at a purchase price of $6.9999 per pre-funded warrant, resulting in gross proceeds of $85.0 million. The purchase price per share represents a premium to the market price at the time of sale. After deducting offering expenses related to the private placement of $0.2 million, the net proceeds we received from the private placement were $84.8 million. The private placement closed on June 27, 2023. On July 8, 2024, all pre-funded warrants were exercised at an exercise price of $0.0001 per share, resulting in the issuance of 2,857,104 shares of common stock pursuant to a net exercise mechanism under the pre-funded warrants.
Previous wording
Comparison of the Three and Six Months Ended June 30, 2024 and 2023
Current wording
Comparison of the Three and Nine Months Ended September 30, 2024 and 2023
Previous wording
Research and development expenses were $28.9 million for the three months ended June 30, 2024, compared to $18.8 million for the same period in 2023, an increase of $10.2 million. The increase was driven by a net increase in external expenses of $8.5 million and higher personnel costs of $1.6 million, including additional non-cash stock-based compensation of $0.6 million. The net increase in external expenses was related to the advancement of ORIC-114 and ORIC-944, offset by lower preclinical, other unallocated and discontinued costs.
Current wording
Research and development expenses were $31.2 million for the three months ended September 30, 2024, compared to $22.4 million for the same period in 2023, an increase of $8.8 million. The increase was driven by a net increase in external expenses of $7.2 million and higher personnel costs of $1.7 million, including additional non-cash stock-based compensation of $0.5 million. The net increase in external expenses was related to the advancement of ORIC-114 and ORIC-944, offset by lower ORIC-533 costs and lower preclinical, other unallocated and discontinued costs.
Previous wording
For the six months ended June 30, 2024, research and development expenses were $50.9 million, compared to $38.3 million for the same period in 2023, an increase of $12.6 million. The increase was primarily driven by a net increase in external expenses of $9.3 million and higher personnel costs of $3.3 million, including additional non-cash stock-based compensation of $1.2 million. The net increase in external expenses was related to the advancement of ORIC-114 and ORIC-944, offset by lower preclinical, other unallocated and discontinued costs and lower ORIC-533 costs.
Current wording
For the nine months ended September 30, 2024, research and development expenses were $82.1 million, compared to $60.7 million for the same period in 2023, an increase of $21.4 million. The increase was primarily driven by a net increase in external expenses of $16.5 million and higher personnel costs of $4.9 million, including additional non-cash stock-based compensation of $1.7 million. The net increase in external expenses was related to the advancement of ORIC-114 and ORIC-944, offset by lower preclinical, other unallocated and discontinued costs and lower ORIC-533 costs.
Previous wording
The following table summarizes our external and internal costs for the three and six months ended June 30, 2024 and 2023 (in thousands):
Current wording
The following table summarizes our external and internal costs for the three and nine months ended September 30, 2024 and 2023 (in thousands):
Previous wording
General and administrative expenses were $7.1 million for the three months ended June 30, 2024, compared to $6.2 million for the same period in 2023, an increase of $0.9 million. The increase was primarily due to higher personnel costs, including additional non-cash stock-based compensation of $0.6 million.
Current wording
General and administrative expenses were $7.1 million for the three months ended September 30, 2024, compared to $6.3 million for the same period in 2023, an increase of $0.8 million. The increase was primarily due to higher personnel costs, including additional non-cash stock-based compensation of $0.7 million.
Previous wording
For the six months ended June 30, 2024, general and administrative expenses were $14.1 million, compared to $12.4 million for the same period in 2023, an increase of $1.7 million. The increase was primarily due to higher personnel costs, including additional non-cash stock-based compensation of $1.3 million.
Current wording
For the nine months ended September 30, 2024, general and administrative expenses were $21.2 million, compared to $18.7 million for the same period in 2023, an increase of $2.6 million. The increase was primarily due to higher personnel costs, including additional non-cash stock-based compensation of $2.0 million.
Previous wording
We previously entered into an ATM sales agreement with Jefferies LLC as our sales agent, to sell shares of our common stock. On March 11, 2024, pursuant to the terms of the ATM sales agreement, we filed a Form S-3ASR and prospectus supplement, to allow us to sell from time to time up to $200 million of shares of our common stock in negotiated transactions or transactions deemed to be an ATM offering.
Current wording
We previously entered into an ATM sales agreement with Jefferies LLC as our sales agent, to sell shares of our common stock. On March 11, 2024, pursuant to the terms of the ATM sales agreement, we filed a Form S-3ASR and prospectus supplement, to allow us to sell from time to time up to $200.0 million of shares of our common stock in negotiated transactions or transactions deemed to be an ATM offering.
Previous wording
On June 24, 2023, we entered into a securities purchase agreement with a select group of institutional and accredited healthcare specialist investors for the private placement of 9,285,710 shares of common stock at a price of $7.00 per share and pre-funded warrants to purchase 2,857,142 shares of common stock at a purchase price of $6.9999 per pre-funded warrant, resulting in gross proceeds of $85.0 million. The private placement closed on June 27, 2023. On July 8, 2024, all pre-funded warrants were exercised at an exercise price of $0.0001 per share of common stock.
Current wording
On June 24, 2023, we entered into a securities purchase agreement with a select group of institutional and accredited healthcare specialist investors for the private placement of 9,285,710 shares of common stock at a price of $7.00 per share and pre-funded warrants to purchase 2,857,142 shares of common stock at a purchase price of $6.9999 per pre-funded warrant, resulting in gross proceeds of $85.0 million. The private placement closed on June 27, 2023. On July 8, 2024, all pre-funded warrants were exercised at an exercise price of $0.0001 per share of common stock, resulting in the issuance of 2,857,104 shares of common stock pursuant to a net exercise mechanism under the pre-funded warrants.
Previous wording
Net cash used in operating activities during the six months ended June 30, 2024, of $55.8 million was attributable to our net loss of $57.0 million and $4.8 million in changes to working capital related to the timing of payments, offset by non-cash expenses of $6.0 million, which were primarily driven by stock-based compensation and accretion of discount on investments.
Current wording
Net cash used in operating activities during the nine months ended September 30, 2024, of $84.6 million was attributable to our net loss of $91.5 million and $2.4 million in changes to working capital, offset by non-cash expenses of $9.3 million, which were primarily driven by stock-based compensation and accretion of discount on investments.
Previous wording
Net cash used in operating activities during the six months ended June 30, 2023, of $41.8 million was attributable to our net loss of $46.9 million and $0.7 million in changes to working capital related to the timing of payments, offset by non-cash expenses of $5.8 million, which were primarily driven by stock-based compensation.
Current wording
Net cash used in operating activities during the nine months ended September 30, 2023, of $61.4 million was attributable to our net loss of $72.4 million, offset by non-cash expenses of $8.0 million, which were primarily driven by stock-based compensation and accretion of discount on investments, and $2.9 million in changes to working capital.
Previous wording
Net cash used in investing activities during the six months ended June 30, 2024, of $43.6 million was primarily attributable to purchases of investments, net of maturities.
Current wording
Net cash used in investing activities during the nine months ended September 30, 2024, of $20.5 million was primarily attributable to purchases of investments, net of maturities.
Previous wording
Net cash used in investing activities during the six months ended June 30, 2023, of $6.5 million was primarily attributable to purchases of investments, net of maturities.
Current wording
Net cash used in investing activities during the nine months ended September 30, 2023, of $64.4 million was primarily attributable to purchases of investments, net of maturities.
Previous wording
Net cash provided by financing activities during the six months ended June 30, 2024, of $125.8 million was primarily attributable to net proceeds received from our private placement in January 2024 of $124.8 million and proceeds received from common stock issued under our ESPP and stock option exercises.
Current wording
Net cash provided by financing activities during the nine months ended September 30, 2024, of $126.0 million was primarily attributable to net proceeds received from our private placement in January 2024 of $124.8 million and proceeds received from stock option exercises and common stock issued under our ESPP.
Previous wording
Net cash provided by financing activities during the six months ended June 30, 2023, of $85.2 million consisted of net proceeds received from our private placement in June 2023 of $84.8 million and proceeds from common stock issued under our ESPP.
Current wording
Net cash provided by financing activities during the nine months ended September 30, 2023, of $85.2 million consisted of net proceeds received from our private placement in June 2023 of $84.8 million and proceeds received from common stock issued under our ESPP and stock option exercises.