ORIC® Pharmaceuticals Reports First Quarter 2026 Financial Results and Operational Updates
Rhea-AI Summary
ORIC (Nasdaq: ORIC) reported Q1 2026 operational updates and cash of $419.7 million as of March 31, 2026. The company selected rinzimetostat 400 mg once daily as the RP3D with darolutamide for the Himalayas-1 Phase 3 in post-abiraterone mCRPC, expected to initiate in 1H 2026.
Rinzimetostat 400 mg showed mostly Grade 1 TRAEs, one Grade 3 TRAE, rare dose modifications, landmark rPFS of 93%, 84%, 84% at 3, 4, 5 months (median follow-up ~4.9 months), and PSA50 in 47% (7/15). Enozertinib Phase 1b enrollment completed for EGFR exon 20 insertion first-line; multiple 2H 2026 clinical updates expected.
Positive
- Selected rinzimetostat 400 mg QD as RP3D for Himalayas-1 Phase 3
- Reported landmark rPFS 93%/84%/84% at 3/4/5 months (median follow-up ~4.9 months)
- Cash and investments of $419.7M, expected runway into 2H 2028
- Completed enrollment in Phase 1b enozertinib first-line EGFR exon 20 insertion cohort
Negative
- Small rinzimetostat dataset: efficacy endpoints reported on 15 patients for PSA50 and 14 patients for ctDNA
- R&D expenses increased to $31.4M in Q1 2026, up $6.8M YoY
News Market Reaction – ORIC
On the day this news was published, ORIC declined 0.62%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
ORIC was down 1.11% pre‑announcement while the only peer in momentum data, NUVB, was modestly up (0.23%). Other close peers show small gains, pointing to a stock‑specific move rather than a sector‑wide biotech shift.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Feb 23 | FY25 results | Positive | +14.6% | Reported FY25 results, $392.3M cash and funds into 2H 2028 with major progress. |
| Nov 13 | Q3 2025 earnings | Positive | +0.5% | Q3 2025 update with strong rinzimetostat data and $413.0M cash funding into 2H 2028. |
| Aug 12 | Q2 2025 earnings | Positive | +3.3% | Q2 2025 results, $244M financing and robust ORIC-944 Phase 1b efficacy metrics. |
| May 05 | Q1 2025 earnings | Positive | -11.6% | Q1 2025 results with $223.8M cash and plans for Phase 3 trials across programs. |
| Feb 18 | FY24 results | Positive | +1.1% | FY24 update highlighting $256M cash, financings, and advancing registrational‑stage plans. |
Earnings and financial updates have generally seen modestly positive price reactions, with one notable negative move despite similar cash runway and pipeline progress messaging.
Across the last five earnings/financial updates since Feb 2024, ORIC has consistently highlighted strong cash positions (often funding into 2H 2028), substantial financings, and advancing rinzimetostat and enozertinib toward Phase 3. Price reactions were mostly positive, particularly the Feb 23, 2026 update with a 14.6% move, though the Q1 2025 release saw an 11.58% decline. Today’s Q1 2026 release continues this pattern of emphasizing runway and late‑stage clinical transition.
Historical Comparison
Past five earnings‑type releases averaged a +1.58% move, typically on strong cash runway and late‑stage pipeline progress similar to today’s Q1 2026 update.
Earnings updates show a steady build: from early ORIC‑944 data and growing cash in 2024 to repeated financings in 2025 that extended runway into 2H 2028 and positioned rinzimetostat and enozertinib for planned Phase 3 trials in 2026.
Market Pulse Summary
This announcement combines Q1 2026 financials—highlighting $419.7M in cash and investments and runway into 2H 2028—with confirmation of rinzimetostat’s Phase 3 dose and encouraging mCRPC biomarker data. It also details continued Phase 1b progress for enozertinib in NSCLC. Historically, earnings updates have emphasized similar themes of financing strength and pipeline advancement, while investors should watch upcoming 2026 data milestones and execution on the planned registrational trial.
Key Terms
mCRPC medical
PRC2 medical
androgen receptor medical
ctDNA medical
NSCLC medical
exon 20 insertion medical
at-the-market (ATM) program financial
AI-generated analysis. Not financial advice.
Announced selection of rinzimetostat RP3D in combination with darolutamide for Himalayas-1 Phase 3 global registrational trial in post-abiraterone mCRPC, expected to initiate in 1H 2026
Reported rinzimetostat data in post-abiraterone mCRPC supporting potential best-in-disease profile, including a highly differentiated safety profile and landmark rPFS consistent with competitor PRC2 inhibitor and substantially better than standard of care therapies in mCRPC
Reported early rinzimetostat data in post-AR inhibitor mCRPC, demonstrating promising durability and reinforcing rinzimetostat’s potential to restore and sustain the benefit derived from AR inhibitors
Anticipate rinzimetostat program update in 2H 2026 and several enozertinib clinical updates in 2H 2026 ahead of potential initiation of a registrational trial
Cash and investments of approximately
SOUTH SAN FRANCISCO and SAN DIEGO, May 04, 2026 (GLOBE NEWSWIRE) -- ORIC Pharmaceuticals, Inc. (Nasdaq: ORIC), a clinical stage oncology company focused on developing treatments that address mechanisms of therapeutic resistance, today reported financial results and provided operational updates for the quarter ended March 31, 2026.
“The first quarter marked a pivotal step for ORIC as we selected our Phase 3 dose for rinzimetostat, reported data supporting a potential best-in-disease profile, and moved toward the initiation of Himalayas-1, our first registrational trial,” said Jacob M. Chacko, M.D., president and chief executive officer. “With a strong cash position and multiple enozertinib clinical updates expected later this year, we see a clear path to building ORIC into a multi-asset, late-stage oncology company.”
First Quarter 2026 and Other Recent Highlights
Rinzimetostat: a potent and selective allosteric inhibitor of PRC2
- Announced the selection of rinzimetostat 400 mg once daily as the Recommended Phase 3 Dose (RP3D) in combination with darolutamide for the Himalayas-1 Phase 3 global trial in post-abiraterone mCRPC.
- Reported rinzimetostat dose optimization data in post-abiraterone mCRPC supporting potential best-in-disease profile. As of the March 2026 presentation cutoff dates, rinzimetostat 400 mg once daily in combination with darolutamide demonstrated compelling safety and efficacy across multiple endpoints:
- The vast majority of treatment-related adverse events (TRAEs) were Grade 1 in severity and consistent with PRC2 and androgen receptor (AR) inhibition. A single Grade 3 TRAE was observed, and no Grade 4 or 5 AEs were attributed to rinzimetostat or darolutamide. Dose modifications were rare (one interruption and one discontinuation), with no dose reductions required.
- With a median follow up of 4.9 months, landmark rPFS rates of
93% ,84% , and84% at 3, 4, and 5 months, respectively, are consistent with the competitor PRC2 inhibitor currently in Phase 3 in post-abiraterone mCRPC patients and superior to available standard-of-care therapies, including Xtandi®, Jevtana®, Taxotere®, and Pluvicto®. For reference, the 5-month landmark rPFS for these approved therapies ranges from approximately60% to75% . 47% of patients (7/15) achieved a PSA50 response, with33% (5/15) confirmed.- Impressive ctDNA reductions observed across a range of AR mutations, with
71% of patients (10/14) achieving >50% ctDNA reduction.
- Reported early rinzimetostat dose optimization data in patients with mCRPC previously treated with AR inhibitors. Rinzimetostat 400 mg once daily in combination with the AR inhibitor darolutamide demonstrated compelling landmark rPFS rates of
93% ,85% , and85% at 3, 4, and 5 months, respectively, with a median follow-up of 4.8 months. For reference, the clinical benefit of androgen receptor pathway inhibitors in this setting is limited; for example, Zytiga® has demonstrated a median rPFS of 3.4 months. - Presented preclinical data at AACR showing PRC2 inhibition reduces tumor adaptability and sustains the benefit derived from AR inhibition, with potential advantages of EED over EZH2 inhibition.
Enozertinib: a brain-penetrant, selective inhibitor targeting EGFR exon 20 insertion mutations and EGFR atypical mutations
- Completed enrollment in the Phase 1b trial of enozertinib as a single-agent in first-line patients with advanced NSCLC harboring EGFR exon 20 insertion mutations.
- Continue to enroll Phase 1b trial of enozertinib as a single-agent in first-line patients with advanced NSCLC harboring EGFR atypical mutations.
- Continue to enroll Phase 1b trial of enozertinib in combination with subcutaneous (SC) amivantamab in first-line patients with advanced NSCLC harboring EGFR exon 20 insertion mutations.
Anticipated Program Milestones:
ORIC anticipates the following upcoming milestones:
- Rinzimetostat in mCRPC:
- 1H 2026: Initiate Himalayas-1 global Phase 3 registrational trial in post-abiraterone mCRPC
- 2H 2026: Program update
- Enozertinib in NSCLC:
- 2H 2026: 1L EGFR atypical monotherapy data
- 2H 2026: 1L EGFR exon 20 insertion monotherapy data and combination data with SC amivantamab
First Quarter 2026 Financial Results
- Cash, Cash Equivalents and Investments: Cash, cash equivalents and investments totaled
$419.7 million as of March 31, 2026, which includes$59.9 million in net proceeds raised from healthcare specialist funds during the quarter under the ATM (at-the-market) program. The company expects its cash and investments to fund the operating plan into 2H 2028. - R&D Expenses: Research and development (R&D) expenses were
$31.4 million for the three months ended March 31, 2026, compared to$24.6 million for the three months ended March 31, 2025, an increase of$6.8 million . The increase was primarily due to an increase in external expenses related to the advancement of rinzimetostat and enozertinib, offset primarily by lower preclinical costs. - G&A Expenses: General and administrative (G&A) expenses were
$8.2 million for the three months ended March 31, 2026, relatively consistent with$8.1 million for the three months ended March 31, 2025.
About ORIC Pharmaceuticals, Inc.
ORIC Pharmaceuticals is a clinical stage biopharmaceutical company dedicated to improving patients’ lives by Overcoming Resistance In Cancer. ORIC’s clinical stage product candidates include (1) rinzimetostat, an allosteric inhibitor of the polycomb repressive complex 2 (PRC2) via the EED subunit, being developed for prostate cancer, and (2) enozertinib, a brain-penetrant inhibitor targeting EGFR exon 20 insertion and EGFR atypical mutations, being developed for NSCLC. ORIC has offices in South San Francisco and San Diego, California. For more information, please go to www.oricpharma.com, and follow us on X or LinkedIn.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements as that term is defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements in this press release that are not purely historical are forward-looking statements. Such forward-looking statements include, among other things, the continued clinical development of rinzimetostat and enozertinib; the potential advantages of rinzimetostat and enozertinib; clinical outcomes, which may materially change as patient enrollment continues or more patient data become available; statements regarding the potential best-in-disease profile of rinzimetostat; the development plans and timelines for rinzimetostat and enozertinib; plans underlying ORIC’s clinical trials and development; anticipated program milestones, including timing of program and data updates and the initiation of a registrational trial; the period over which ORIC estimates its existing cash, cash equivalents and investments will be sufficient to fund its current operating plan; and statements by the company’s chief executive officer. Words such as “believes,” “anticipates,” “plans,” “expects,” “intends,” “will,” “goal,” “potential” and similar expressions are intended to identify forward-looking statements. The forward-looking statements contained herein are based upon ORIC’s current expectations and involve assumptions that may never materialize or may prove to be incorrect. Actual results could differ materially from those projected in any forward-looking statements due to numerous risks and uncertainties, including but not limited to: risks associated with the process of discovering, developing and commercializing drugs that are safe and effective for use as human therapeutics and operating as an early clinical stage company; ORIC’s ability to develop, initiate or complete preclinical studies and clinical trials for, obtain approvals for and commercialize any of its product candidates; changes in ORIC’s plans to develop and commercialize its product candidates; the potential for clinical trials of rinzimetostat, enozertinib or any other product candidates to differ from preclinical, initial, interim, preliminary or expected results; negative impacts of health emergencies, economic instability or international conflicts on ORIC’s operations, including clinical trials; the risk of the occurrence of any event, change or other circumstance that could give rise to the termination of ORIC’s license and collaboration agreements or its clinical trial collaboration and supply agreements; the potential market for ORIC’s product candidates, and the progress and success of competing therapeutics currently available or in development; ORIC’s ability to raise any additional funding it will need to continue to pursue its business and product development plans; regulatory developments in the United States and foreign countries; ORIC’s reliance on third parties, including contract manufacturers and contract research organizations; ORIC’s ability to obtain and maintain intellectual property protection for its product candidates; the loss of key scientific or management personnel; competition in the industry in which ORIC operates; general economic and market conditions; and other risks. Information regarding the foregoing and additional risks may be found in the section entitled “Risk Factors” in ORIC’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission (the SEC) on May 4, 2026, and ORIC’s future reports to be filed with the SEC. These forward-looking statements are made as of the date of this press release, and ORIC assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those projected in the forward-looking statements, except as required by law.
Contact:
Dominic Piscitelli, Chief Financial Officer
dominic.piscitelli@oricpharma.com
info@oricpharma.com
All registered trademarks are the property of their respective owners.
| ORIC PHARMACEUTICALS, INC. CONDENSED BALANCE SHEETS (in thousands) | |||||||
| March 31, 2026 | December 31, 2025 | ||||||
| (unaudited) | |||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash, cash equivalents and short-term investments | $ | 281,932 | $ | 281,488 | |||
| Prepaid expenses and other current assets | 8,301 | 6,978 | |||||
| Total current assets | 290,233 | 288,466 | |||||
| Long-term investments | 137,779 | 110,762 | |||||
| Property and equipment, net | 2,147 | 2,415 | |||||
| Other assets | 6,603 | 7,247 | |||||
| Total assets | $ | 436,762 | $ | 408,890 | |||
| Liabilities and Stockholders' Equity | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 2,895 | $ | 3,824 | |||
| Accrued liabilities | 14,876 | 16,593 | |||||
| Total current liabilities | 17,771 | 20,417 | |||||
| Other long-term liabilities | 3,434 | 4,111 | |||||
| Total liabilities | 21,205 | 24,528 | |||||
| Total stockholders' equity | 415,557 | 384,362 | |||||
| Total liabilities and stockholders' equity | $ | 436,762 | $ | 408,890 | |||
| ORIC PHARMACEUTICALS, INC. STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) (in thousands, except share and per share amounts) | |||||||
| Three Months Ended March 31, | |||||||
| 2026 | 2025 | ||||||
| Operating expenses: | |||||||
| Research and development | $ | 31,437 | $ | 24,640 | |||
| General and administrative | 8,182 | 8,078 | |||||
| Total operating expenses | 39,619 | 32,718 | |||||
| Loss from operations | (39,619 | ) | (32,718 | ) | |||
| Other income, net | 3,852 | 2,697 | |||||
| Net loss | $ | (35,767 | ) | $ | (30,021 | ) | |
| Other comprehensive loss: | |||||||
| Unrealized loss on investments | (1,076 | ) | (170 | ) | |||
| Comprehensive loss | $ | (36,843 | ) | $ | (30,191 | ) | |
| Net loss per share, basic and diluted | $ | (0.34 | ) | $ | (0.42 | ) | |
| Weighted-average shares outstanding, basic and diluted | 105,472,766 | 71,040,580 | |||||
