ORIC® Pharmaceuticals Reports Second Quarter 2026 Financial Results and Operational Updates

Rhea-AI Summary

ORIC Pharmaceuticals (Nasdaq: ORIC) reported second quarter 2026 results, highlighting advancement of its oncology pipeline and a solid cash position. The company initiated Himalayas-1, a global Phase 3 registrational trial of rinzimetostat in mCRPC, targeting about 600 patients across more than 250 sites in 25 countries.

ORIC entered a collaboration and supply agreement with Bayer, under which Bayer will provide NUBEQA (darolutamide) at no cost for the trial while ORIC retains full global rights to rinzimetostat. Cash, cash equivalents and investments totaled $387.6 million as of June 30, 2026, expected to fund operations into 2H 2028. Q2 2026 R&D expenses were $36.3 million and G&A expenses were $9.0 million, leading to a Q2 net loss of $41.5 million or $0.38 per share.

Positive

• Initiated global Phase 3 Himalayas-1 trial enrolling ~600 mCRPC patients in 25 countries
• Bayer to supply NUBEQA (darolutamide) at no cost for Himalayas-1
• Cash, cash equivalents and investments of $387.6 million as of June 30, 2026
• Cash runway expected to fund operating plan into 2H 2028
• Raised $59.9 million net via ATM from healthcare specialist funds in Q1 2026
• Other income increased to $3.8 million in Q2 2026 from $2.7 million a year earlier

Negative

• Q2 2026 net loss of $41.5 million versus $36.4 million in Q2 2025
• Six-month 2026 net loss rose to $77.3 million from $66.4 million in 2025
• Q2 2026 R&D expenses increased to $36.3 million from $30.5 million year over year
• Total operating expenses for first half 2026 climbed to $84.9 million from $71.8 million
• Weighted-average shares outstanding rose to 108.0 million in Q2 2026 from 78.1 million in Q2 2025
• Recorded Q2 2026 unrealized loss on investments of $0.7 million, up from $0.02 million

News Explained

The release adds that ORIC had already raised $59.9 million in net proceeds during the first quarter through its at-the-market program. That structure lets an issuer sell new shares gradually at prevailing market prices, so this financing increased ORIC’s cash while creating the possibility of a larger share base and reduced proportional ownership for existing holders.

Market Context

Across five tag-matched earnings events, ORIC recorded 3 aligned and 2 divergent reactions. That his...

Analysis

Across five tag-matched earnings events, ORIC recorded 3 aligned and 2 divergent reactions. That history frames the current Phase 3 and financial update; recent insider context was Net Selling, a risk to monitor alongside execution.

Key Figures

Trial enrollment: approximately 600 patients Rinzimetostat dose: 400 mg once daily Cash and investments: $387.6 million +5 more

8 metrics

Trial enrollment approximately 600 patients Himalayas-1 Phase 3 trial

Rinzimetostat dose 400 mg once daily Himalayas-1 Phase 3 trial

Cash and investments $387.6 million As of June 30, 2026

ATM net proceeds $59.9 million Raised during the first quarter

Cash runway 2H 2028 Expected funding period for the operating plan

R&D expenses $36.3 million vs. $30.5 million; increase of $5.7 million Three months ended June 30, 2026 vs. June 30, 2025

Net loss $41.492 million vs. $36.355 million Three months ended June 30, 2026 vs. June 30, 2025

Net loss per share $0.38 loss vs. $0.47 loss Basic and diluted, three months ended June 30

Previous Earnings Reports

5 past events · Latest: May 04 (Positive)

Same Type Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
May 04	Q1 earnings report	Positive	-0.6%	Reported clinical progress and cash runway, followed by a -0.62% reaction.
Feb 23	Q4 earnings report	Positive	+14.6%	Reported financing, cash runway, and planned 2026 clinical readouts, followed by a 14.6% reaction.
Nov 13	Q3 earnings report	Positive	+0.5%	Reported clinical data and cash runway, followed by a 0.49% reaction.
Aug 12	Q2 earnings report	Positive	+3.3%	Reported financing, clinical results, and workforce reduction, followed by a 3.26% reaction.
May 05	Q1 earnings report	Positive	-11.6%	Reported cash, collaboration, and clinical plans, followed by a -11.58% reaction.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Tag-matched earnings reactions were aligned in three cases and divergent in two.

Key Terms

mcrpc, radiographic progression-free survival, at-the-market, egfr exon 20 insertion mutations, +1 more

5 terms

mcrpc medical

"Initiated Himalayas-1 global Phase 3 trial in patients with mCRPC"

mCRPC stands for metastatic castration‑resistant prostate cancer, a form of prostate cancer that has spread beyond the prostate and keeps progressing despite treatments that lower male hormones. It matters to investors because this stage is harder to treat, drives demand for new therapies, and often involves large, expensive clinical trials and regulatory decisions that can strongly influence a drug maker’s future revenue and stock value—think of it as a stubborn problem that creates both medical need and commercial opportunity.

radiographic progression-free survival medical

"The primary endpoint is radiographic progression-free survival"

The length of time during which a patient’s cancer does not get worse on medical imaging scans; it is measured from the start of treatment until scans show tumor growth or new lesions. Investors care because it’s a common measure used in clinical trials to signal whether a therapy is working — like a stopwatch showing how long a treatment keeps disease stable — and strong results can influence regulatory approval, sales potential and stock value.

at-the-market financial

"under the ATM (at-the-market) program"

"At-the-market" is a method for companies to sell new shares of stock directly into the open market over time, rather than all at once. It allows companies to raise money gradually, similar to selling slices of a pie instead of the entire pie at once, which can help manage the sale's impact on the stock price. This approach gives investors a steady supply of shares while providing companies with flexible funding options.

egfr exon 20 insertion mutations medical

"targeting EGFR exon 20 insertion mutations"

EGFR exon 20 insertion mutations are a specific type of genetic change where extra DNA pieces are inserted into exon 20 of the EGFR gene, altering the protein that helps regulate cell growth. For investors, they matter because these mutations define a distinct patient group and can determine whether a drug, test, or clinical trial will work, similar to how a unique lock requires a matching key in drug development and diagnostics.

prc2 medical

"a potent and selective allosteric inhibitor of PRC2"

PRC2 is a protein complex that helps control which genes are turned on or off by placing chemical tags on the proteins that package DNA, acting like a dimmer switch for gene activity. Investors watch PRC2 because drugs that alter its function can change cell behavior in diseases such as cancer, making it a focal point for drug development, clinical trial outcomes, and potential therapeutic value.

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Initiated Himalayas-1 global Phase 3 trial in patients with mCRPC previously treated with abiraterone

Entered into a clinical trial collaboration and supply agreement with Bayer to provide darolutamide for Himalayas-1

Anticipate rinzimetostat program update in 2H 2026 and enozertinib clinical updates in 2H 2026 ahead of potential initiation of a registrational trial

Cash and investments of approximately $388 million expected to provide runway into 2H 2028 and beyond anticipated primary endpoint readout from first Phase 3 trial for rinzimetostat

SOUTH SAN FRANCISCO, Calif. and SAN DIEGO, Aug. 03, 2026 (GLOBE NEWSWIRE) -- ORIC Pharmaceuticals, Inc. (Nasdaq: ORIC), a clinical stage oncology company focused on developing and commercializing treatments that address mechanisms of therapeutic resistance, today reported financial results and provided operational updates for the quarter ended June 30, 2026.

“The recent initiation of Himalayas-1, a global Phase 3 registrational trial, brings us closer to delivering a potentially practice-changing therapy for patients with prostate cancer,” said Jacob M. Chacko, M.D., president and chief executive officer. “With rinzimetostat now in Phase 3 and enozertinib approaching a key clinical update in the second half of the year, ORIC has become a diversified, late-stage oncology company with multiple opportunities to create meaningful value for patients while advancing our mission of Overcoming Resistance In Cancer.”

Second Quarter 2026 and Other Recent Highlights

Rinzimetostat: a potent and selective allosteric inhibitor of PRC2

• Finalized the trial protocol and initiated the Himalayas-1 global Phase 3 registrational trial following End-of-Phase 1 interactions with the FDA and other global health authorities. The Himalayas-1 trial is expected to enroll approximately 600 patients from over 250 sites in 25 countries, randomized 1:1 to receive 400 mg once daily rinzimetostat (with or without food) in combination with darolutamide versus physician’s choice of an androgen receptor (AR) inhibitor or docetaxel. The primary endpoint is radiographic progression-free survival and the key secondary endpoint is overall survival.
• Entered into a clinical trial collaboration and supply agreement with Bayer to provide darolutamide for Himalayas-1. Under the terms of the agreement, the company will conduct and sponsor the Himalayas-1 trial and Bayer will provide their AR inhibitor, NUBEQA^® (darolutamide), at no cost for use in the trial in combination with rinzimetostat. This agreement does not grant Bayer any license, option, or other rights to rinzimetostat and ORIC retains full global development and commercial rights to rinzimetostat.
• Presented preclinical data at AACR showing PRC2 inhibition reduces prostate 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
Enozertinib is currently being evaluated in Phase 1b trials across the following first-line patient populations with advanced NSCLC:

• As a single-agent in patients with EGFR atypical mutations.
• As a single-agent in patients with EGFR exon 20 insertion mutations.
• In combination with subcutaneous (SC) amivantamab and in combination with chemotherapy in patients with EGFR exon 20 insertion mutations.
  

Anticipated Program Milestones:

ORIC anticipates the following upcoming milestones:

• Rinzimetostat in mCRPC:
  • 2H 2026: Program update
• Enozertinib in NSCLC:
  • October 2026: 1L EGFR atypical monotherapy data to be presented at ESMO Congress 2026
  • 2H 2026: 1L EGFR exon 20 insertion monotherapy data and combination data with SC amivantamab
    

Second Quarter 2026 Financial Results

• Cash, Cash Equivalents and Investments: Cash, cash equivalents and investments totaled $387.6 million as of June 30, 2026, which includes $59.9 million in net proceeds raised from healthcare specialist funds during the first 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 $36.3 million for the three months ended June 30, 2026, compared to $30.5 million for the three months ended June 30, 2025, an increase of $5.7 million. For the six months ended June 30, 2026, R&D expenses were $67.7 million, compared to $55.2 million for the six months ended June 30, 2025, an increase of $12.5 million. The increases were primarily due to an increase in external expenses related to the advancement of rinzimetostat, offset by lower enozertinib costs due to timing of manufacturing and clinical costs as well as lower preclinical costs.
  
• G&A Expenses: General and administrative (G&A) expenses were $9.0 million for the three months ended June 30, 2026, compared to $8.5 million for the three months ended June 30, 2025, an increase of $0.5 million. For the six months ended June 30, 2026, G&A expenses were $17.2 million, compared to $16.6 million for the six months ended June 30, 2025, an increase of $0.6 million. The increases were primarily due to higher personnel costs and professional services.
  

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; 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; the period over which ORIC estimates its existing cash 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 ORIC’s limited operating history; 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, expected or prior clinical trial 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 August 3, 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)
	June 30, 2026				December 31, 2025
	(unaudited)
Assets
Current assets:
Cash, cash equivalents and short-term investments	$	264,761			$	281,488
Prepaid expenses and other current assets		8,934				6,978
Total current assets		273,695				288,466
Long-term investments		122,799				110,762
Property and equipment, net		2,242				2,415
Other assets		5,949				7,247
Total assets	$	404,685			$	408,890
Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable	$	3,873			$	3,824
Accrued liabilities		16,883				16,593
Total current liabilities		20,756				20,417
Other long-term liabilities		2,673				4,111
Total liabilities		23,429				24,528
Total stockholders' equity		381,256				384,362
Total liabilities and stockholders' equity	$	404,685			$	408,890

ORIC PHARMACEUTICALS, INC. STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) (in thousands, except share and per share amounts)
	Three Months Ended June 30,								Six Months Ended June 30,
	2026				2025				2026				2025
Operating expenses:
Research and development	$	36,296			$	30,549			$	67,733			$	55,189
General and administrative		9,000				8,515				17,182				16,593
Total operating expenses		45,296				39,064				84,915				71,782
Loss from operations		(45,296	)			(39,064	)			(84,915	)			(71,782	)
Other income, net		3,804				2,709				7,656				5,406
Net loss	$	(41,492	)		$	(36,355	)		$	(77,259	)		$	(66,376	)
Other comprehensive loss:
Unrealized loss on investments		(728	)			(22	)			(1,804	)			(192	)
Comprehensive loss	$	(42,220	)		$	(36,377	)		$	(79,063	)		$	(66,568	)
Net loss per share, basic and diluted	$	(0.38	)		$	(0.47	)		$	(0.72	)		$	(0.89	)
Weighted-average shares outstanding, basic and diluted		108,012,388				78,126,257				106,749,594				74,602,994

FAQ

What were ORIC (NASDAQ: ORIC) key financial results for Q2 2026?

ORIC reported a Q2 2026 net loss of $41.5 million, or $0.38 per share. According to ORIC, R&D expenses were $36.3 million, G&A expenses were $9.0 million, and other income was $3.8 million for the quarter ended June 30, 2026.

How much cash does ORIC Pharmaceuticals (ORIC) have and what is its runway?

ORIC held $387.6 million in cash, cash equivalents and investments as of June 30, 2026. According to ORIC, this balance, including $59.9 million raised via its ATM program, is expected to fund the company’s operating plan into the second half of 2028.

What is the Himalayas-1 Phase 3 trial that ORIC initiated in Q2 2026?

Himalayas-1 is a global Phase 3 registrational trial of rinzimetostat in mCRPC patients previously treated with abiraterone. According to ORIC, about 600 patients will be randomized 1:1 to rinzimetostat plus darolutamide versus physician’s choice of AR inhibitor or docetaxel, with radiographic progression-free survival as primary endpoint.

What is the nature of ORIC’s collaboration with Bayer for the Himalayas-1 trial?

ORIC entered a clinical trial collaboration and supply agreement where Bayer provides NUBEQA (darolutamide) at no cost for Himalayas-1. According to ORIC, ORIC sponsors and conducts the trial and retains full global development and commercial rights to rinzimetostat without granting Bayer licenses or options.

How did ORIC’s R&D and G&A expenses change year over year in Q2 2026?

In Q2 2026, R&D expenses rose to $36.3 million from $30.5 million, while G&A increased to $9.0 million from $8.5 million. According to ORIC, higher R&D reflected rinzimetostat advancement, and G&A growth was mainly from personnel and professional services costs.

What upcoming clinical milestones did ORIC (ORIC) guide for 2H 2026?

ORIC plans a rinzimetostat program update in mCRPC and multiple enozertinib data readouts in 2H 2026. According to ORIC, these include October 2026 first-line EGFR atypical monotherapy data at ESMO and first-line EGFR exon 20 monotherapy and combination data in second-half 2026.

What is ORIC’s pipeline focus following its Q2 2026 update?

ORIC’s clinical pipeline centers on rinzimetostat for prostate cancer and enozertinib for NSCLC with EGFR mutations. According to ORIC, rinzimetostat is now in a global Phase 3 trial, and enozertinib is being evaluated in Phase 1b first-line NSCLC settings as mono- and combination therapy.