ORIC® Pharmaceuticals Reports Fourth Quarter and Full Year 2025 Financial Results and Operational Updates
Rhea-AI Summary
ORIC (Nasdaq: ORIC) reported Phase 1b data for rinzimetostat in mCRPC and enozertinib in NSCLC, selected provisional RP2Ds, and initiated dose optimization with AR inhibitors. The company raised net proceeds totaling $264 million, reported $392.3M cash and investments (proforma $412.3M) and expects runway into 2H 2028.
ORIC plans multiple 2026 readouts and anticipates a Phase 3 registrational start for rinzimetostat in 1H 2026.
Positive
- Proforma cash and investments $412.3M
- Selected provisional RP2Ds for rinzimetostat combinations
- Phase 1b data showed 55% PSA50 in mCRPC (11/20)
- 67–80% ORR preliminary 1L systemic activity for enozertinib
- 100% intracranial ORR reported in measurable CNS disease
Negative
- R&D expense reduction only $4.3M year-over-year
- G&A expenses increased $4.4M year-over-year
- Clinical programs still early-stage; registrational timelines conditional
News Market Reaction – ORIC
On the day this news was published, ORIC gained 14.60%, reflecting a significant positive market reaction. Argus tracked a peak move of +20.9% during that session. Our momentum scanner triggered 54 alerts that day, indicating high trading interest and price volatility. This price movement added approximately $171M to the company's valuation, bringing the market cap to $1.34B at that time. Trading volume was very high at 3.0x the daily average, suggesting strong buying interest.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
ORIC fell 1.94% while close biotech peers were mixed: NUVB +0.37%, MAZE -1.10%, RAPP +0.27%, ATNF +2.92%, ELVN +0.31%, suggesting a stock-specific reaction.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 13 | Q3 2025 earnings | Positive | -2.3% | Q3 2025 results, strong rinzimetostat data and cash runway into 2H 2028. |
| Aug 12 | Q2 2025 earnings | Positive | +3.3% | Q2 results, $244M financing, promising Phase 1b data and restructuring. |
| May 05 | Q1 2025 earnings | Positive | -11.6% | Q1 results, $223.8M cash, higher R&D and G&A expenses with pipeline progress. |
| Feb 18 | FY 2024 results | Positive | +1.1% | FY 2024 results, $256M cash and expanding clinical collaborations. |
| Nov 12 | Q3 2024 earnings | Positive | +0.1% | Q3 2024 results with preclinical ORIC-114 data and strong cash balance. |
Earnings updates have often coincided with modest negative moves despite generally constructive clinical and cash runway messages.
Across the last five earnings-style updates from Nov 2024 through Nov 2025, ORIC repeatedly highlighted advancing rinzimetostat and enozertinib and extending cash runway, with several releases citing funding into 2H 2028. Price reactions were mixed: some quarters saw declines despite positive clinical and financing news, while others had modest gains. Today’s Q4/FY 2025 report continues this pattern, combining strong Phase 1b data, a substantial cash position, and a multi-year runway with a small pre-news pullback.
Historical Comparison
In the past five earnings-type releases, ORIC’s average move was -1.88%. Today’s -1.94% pre-news decline sits very close to that pattern, suggesting a typical earnings-day setup.
Earnings updates since late 2024 show a steady march from early rinzimetostat and enozertinib data toward Phase 3 planning, alongside stepwise cash balance increases that extended runway from late 2026 into 2H 2028.
Market Pulse Summary
The stock surged +14.6% in the session following this news. A strong positive reaction aligns with the article’s blend of robust clinical data and a fortified balance sheet. Rinzimetostat and enozertinib both showed best-in-class style efficacy signals, while cash and investments of $392.3M (pro forma $412.3M) support runway into 2H 2028. Historically, earnings updates have produced mixed moves, so any outsized gain could be sensitive to future financing choices and execution on planned Phase 3 starts.
Key Terms
mcrpc medical
ctdna medical
prc2 medical
nsclc medical
egfr exon 20 medical
orr medical
cns medical
AI-generated analysis. Not financial advice.
Reported rinzimetostat (formerly ORIC-944) Phase 1b data that continue to demonstrate potential best-in-class efficacy and safety in mCRPC; selected provisional RP2Ds and initiated dose optimization in combination with AR inhibitors
Presented potential best-in-class enozertinib Phase 1b data demonstrating highly competitive systemic and intracranial activity in NSCLC patients with EGFR exon 20 and EGFR PACC mutations; selected Phase 3 monotherapy dose
Raised
Expect to report multiple clinical data readouts for rinzimetostat and enozertinib in 2026, ahead of potential initiation of multiple registrational trials
SOUTH SAN FRANCISCO, Calif. and SAN DIEGO, Feb. 23, 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 operational updates for the quarter and year ended December 31, 2025.
“2025 was a transformational year for ORIC highlighted by clinical data that further demonstrated the potential best-in-class profiles of rinzimetostat in prostate cancer and enozertinib in lung cancer,” said Jacob M. Chacko, M.D., president and chief executive officer. “Those data, along with substantially extended cash runway, position us well for 2026 and beyond as we advance our programs towards registrational studies.”
2025 Key Accomplishments
Rinzimetostat: a potent and selective allosteric inhibitor of PRC2
- Completed Phase 1b dose exploration in prostate cancer and selected provisional recommended Phase 2 doses (RP2Ds) of rinzimetostat to be tested in combination with the approved doses of darolutamide and apalutamide in dose optimization.
- Reported potential best-in-class efficacy and safety dose exploration data in combination with darolutamide and with apalutamide in patients with metastatic castration-resistant prostate cancer (mCRPC). Data demonstrated:
- PSA responses and ctDNA reductions across all rinzimetostat dose levels and at comparable rates in combination with apalutamide or with darolutamide.
- Broad and deep PSA responses that compare favorably to competitor PRC2 inhibitors, with
55% of patients (11/20) achieving a PSA50 response (confirmed in40% ), and20% of patients (4/20) achieving a PSA90 response (all confirmed). - Rapid and deep ctDNA responses across a breadth of AR mutations and other gene alterations, with
76% (13/17) achieving >50% ctDNA reduction, and59% (10/17) achieving ctDNA clearance, which is greater than clearance rates observed in precedent trials with standard of care agents in comparable mCRPC patient populations. - Both combination regimens demonstrated a clearly differentiated safety profile compatible with long-term dosing, with the vast majority of treatment-related adverse events (TRAEs) Grade 1 or 2 in severity and consistent with PRC2 and AR inhibition.
- Presented preclinical data at the EORTC-NCI-AACR Symposium on Molecular Targets and Cancer Therapeutics demonstrating potential utility of rinzimetostat combined with AR inhibition in castration-sensitive prostate cancer and combined with KRAS inhibition in KRAS G12C-mutant NSCLC and colorectal cancer models.
Enozertinib: a brain-penetrant inhibitor that selectively targets EGFR exon 20 and EGFR PACC mutations
- Reported potential best-in-class efficacy and safety data from a Phase 1b trial of enozertinib at the ESMO Asia Congress 2025 in NSCLC patients with EGFR exon 20 and EGFR PACC mutations. Data demonstrated:
- Systemic activity in 2L EGFR exon 20 and pretreated EGFR PACC exceeding competitor benchmarks.
- Highly competitive preliminary 1L systemic activity, with
67% ORR in EGFR exon 20 and80% ORR in EGFR PACC. - Convincing 1L CNS activity, with
100% intracranial ORR in EGFR exon 20 and100% intracranial ORR in EGFR PACC in patients with measurable CNS disease, including in patients with active brain metastases. - Competitive safety profile, with no significant off-target toxicity, resulting in low rate of treatment discontinuations.
- Announced a clinical trial collaboration and supply agreement with Johnson & Johnson to evaluate enozertinib in combination with amivantamab and hyaluronidase-lpuj subcutaneous injection (SC amivantamab) for the 1L treatment of NSCLC patients with EGFR exon 20 mutations.
- Announced publication in Cancer Research of preclinical data demonstrating enozertinib’s exquisite selectivity, strong potency, brain penetrance, and antitumor activity across a broad range of EGFR exon 20 and PACC mutant models.
Anticipated Program Milestones:
ORIC anticipates the following upcoming milestones:
- Rinzimetostat in mCRPC:
- 1Q 2026: Combination dose optimization data with AR inhibitor
- 1H 2026: Initiate first global Phase 3 registrational trial in mCRPC
- 2H 2026: Program update
- Enozertinib in NSCLC:
- 2H 2026: 1L EGFR exon 20 monotherapy data and combination data with SC amivantamab
- 2H 2026: 1L EGFR PACC monotherapy data
Fourth Quarter and Full Year 2025 Financial Results
- Cash, Cash Equivalents and Investments: Cash, cash equivalents and investments totaled
$392.3 million as of December 31, 2025, which includes net proceeds of$124.4 million from a private placement financing in May 2025 and$117.6 million from the company’s ATM program in 2025. Subsequent to the quarter ended December 31, 2025, the company raised an additional$20.0 million in net proceeds from a healthcare specialist fund under the ATM program resulting in proforma cash and investments of$412.3 million as of December 31, 2025. The company expects its cash and investments to fund the current operating plan into 2H 2028. - R&D Expenses: Research and development (R&D) expenses were
$25.9 million for the three months ended December 31, 2025, compared to$32.0 million for the three months ended December 31, 2024, a decrease of$6.1 million . For the year ended December 31, 2025, R&D expenses were$109.8 million compared to$114.1 million for the same period in 2024, a decrease of$4.3 million . The decreases were due to lower rinzimetostat drug manufacturing costs and lower costs from discontinued programs, offset by higher personnel costs, including additional non-cash stock-based compensation, and costs related to the advancement of enozertinib. - G&A Expenses: General and administrative (G&A) expenses were
$8.7 million for the three months ended December 31, 2025, compared to$7.6 million for the three months ended December 31, 2024, an increase of$1.1 million . For the year ended December 31, 2025, G&A expenses were$33.2 million compared to$28.8 million for the same period in 2024, an increase of$4.4 million . The increases were primarily due to higher personnel costs and professional services, including additional non-cash stock-based compensation.
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 (ORIC-944), 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 and EGFR PACC 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 (ORIC-944) 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-class properties of rinzimetostat and enozertinib; 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 registrational trials; 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 Annual Report on Form 10-K filed with the Securities and Exchange Commission (the SEC) on February 23, 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
| ORIC PHARMACEUTICALS, INC. CONDENSED BALANCE SHEETS (in thousands) | |||||||
| December 31, | |||||||
| 2025 | 2024 | ||||||
| Assets | |||||||
| Current assets: | |||||||
| Cash, cash equivalents and short-term investments | $ | 281,488 | $ | 255,960 | |||
| Prepaid expenses and other current assets | 6,978 | 6,290 | |||||
| Total current assets | 288,466 | 262,250 | |||||
| Long-term investments | 110,762 | — | |||||
| Property and equipment, net | 2,415 | 2,924 | |||||
| Other assets | 7,247 | 8,968 | |||||
| Total assets | $ | 408,890 | $ | 274,142 | |||
| Liabilities and Stockholders' Equity | |||||||
| Current liabilities: | |||||||
| Accounts payable | $ | 3,824 | $ | 1,548 | |||
| Accrued liabilities | 16,593 | 23,298 | |||||
| Total current liabilities | 20,417 | 24,846 | |||||
| Other long-term liabilities | 4,111 | 6,174 | |||||
| Total liabilities | 24,528 | 31,020 | |||||
| Total stockholders' equity | 384,362 | 243,122 | |||||
| Total liabilities and stockholders' equity | $ | 408,890 | $ | 274,142 | |||
| ORIC PHARMACEUTICALS, INC. STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) (in thousands, except share and per share amounts) | |||||||||||||||
| Three Months Ended December 31, | Twelve Months Ended December 31, | ||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||
| Operating expenses: | |||||||||||||||
| Research and development | $ | 25,856 | $ | 31,970 | $ | 109,818 | $ | 114,072 | |||||||
| General and administrative | 8,695 | 7,600 | 33,186 | 28,823 | |||||||||||
| Total operating expenses | 34,551 | 39,570 | 143,004 | 142,895 | |||||||||||
| Loss from operations | (34,551 | ) | (39,570 | ) | (143,004 | ) | (142,895 | ) | |||||||
| Other income, net | 4,046 | 3,263 | 13,536 | 15,048 | |||||||||||
| Net loss | $ | (30,505 | ) | $ | (36,307 | ) | $ | (129,468 | ) | $ | (127,847 | ) | |||
| Other comprehensive income (loss): | |||||||||||||||
| Unrealized gain (loss) on investments | 171 | (343 | ) | 407 | 121 | ||||||||||
| Comprehensive loss | $ | (30,334 | ) | $ | (36,650 | ) | $ | (129,061 | ) | $ | (127,726 | ) | |||
| Net loss per share, basic and diluted | $ | (0.30 | ) | $ | (0.51 | ) | $ | (1.47 | ) | $ | (1.83 | ) | |||
| Weighted-average shares outstanding, basic and diluted | 102,585,754 | 70,652,013 | 87,793,801 | 69,727,940 | |||||||||||
FAQ
What cash runway did ORIC (ORIC) announce on February 23, 2026?
What clinical progress did ORIC (ORIC) report for rinzimetostat in mCRPC on Feb 23, 2026?
What efficacy did ORIC (ORIC) report for enozertinib in NSCLC at the Feb 23, 2026 update?
When does ORIC (ORIC) expect to start a Phase 3 registrational trial for rinzimetostat?
How did ORIC (ORIC) fund operations and what financing was completed in 2025?
