Oric Pharmaceuticals (ORIC) Q1 2026 earnings summary

Executive summary

• Advanced rinzimetostat to Phase 3 dose selection (400 mg daily with darolutamide) for the Himalayas-1 global trial in post-abiraterone mCRPC, with trial initiation expected in 1H 2026.

• Rinzimetostat demonstrated a highly differentiated safety profile and landmark rPFS rates superior to standard of care therapies in mCRPC, with promising durability and ctDNA reductions.

• Completed enrollment in Phase 1b trial of enozertinib for advanced NSCLC with EGFR exon 20 insertion mutations; additional trials ongoing and promising CNS activity observed.

• No revenue generated; operations funded by equity offerings and private placements.

• Strategic pipeline prioritization and 20% workforce reduction completed in Q4 2025, incurring a one-time $1.9 million cost.

Financial highlights

• Net loss for Q1 2026 was $35.8 million, up from $30.0 million in Q1 2025, driven by increased R&D expenses.

• Cash, cash equivalents, and investments totaled $419.7 million at quarter-end, including $59.9 million raised during Q1 2026.

• R&D expenses increased to $31.4 million in Q1 2026, mainly due to higher external costs for lead programs.

• General and administrative expenses remained stable at $8.2 million.

• Weighted-average shares outstanding increased to 105.5 million in Q1 2026.

Outlook and guidance

• Cash and investments expected to fund operations into the second half of 2028 and beyond the anticipated primary endpoint readout from the first Phase 3 rinzimetostat trial.

• Plans to initiate Himalayas-1 Phase 3 trial for rinzimetostat in 1H 2026 and provide multiple enozertinib data updates in 2H 2026.

• Anticipates continued significant losses as clinical development progresses.