Oric Pharmaceuticals, Inc. (ORIC)

Price$12.83Cached quoteAs of 2026-09-04 16:23 UTC

AI: Fair-priced

Price checkThe valuation fairly balances substantial cash against meaningful expectations for unapproved cancer drugs.

Using 103.6 million shares, the observed quote implies a market value near $1.25 billion. Subtracting $387.6 million of cash and investments and adding $3.3 million of debt leaves roughly $863 million assigned to the drug pipeline. That is about 3.2 times cash and investments despite no approved product or revenue. The funded late-stage prostate program supports a premium, but uncertain approval odds prevent calling that premium clearly cheap or excessive.

Big pictureORIC has no sales and will keep consuming cash while late-stage trials expand.

ORIC reported no revenue and a $129.5 million net loss in 2025, versus $127.8 million in 2024. Free cash flow—cash left after operations and equipment spending—was negative by about $111.7 million in 2025 and $64.4 million during the first half of 2026. Management expects available funds to last into the second half of 2028, although prostate-trial spending is rising. This business is not conventionally cyclical; its results instead swing around clinical readouts, regulatory decisions, and financing windows.

Business strengthA strong balance sheet funds two focused programs, although repeated share sales dilute owners.

Cash and investments of $387.6 million greatly exceeded June liabilities of $23.4 million, providing unusual flexibility for a company without sales. ORIC concentrated spending on rinzimetostat and enozertinib, while Bayer supplies darolutamide for the prostate trial at no cost and ORIC retains full ownership of rinzimetostat. However, outstanding shares rose from 71.0 million at 2024 year-end to 103.6 million by June 2026, a 46% increase. First-quarter 2026 market share sales supplied another $59.9 million but reduced each older share's ownership.

What could change the storyUpcoming lung-cancer data and the prostate trial can validate or erase the market’s optimism.

The strongest case is that rinzimetostat’s early durability and tolerability survive a randomized 600-patient trial while enozertinib shows competitive first-line lung-cancer activity. October 2026 atypical-mutation data and additional second-half lung and prostate updates offer nearer evidence. The bear case is that results from only 18 evaluable prostate patients weaken with longer follow-up or fail against a control group. Because roughly $863 million is assigned to the pipeline, the valuation requires at least one program to produce convincing late-stage evidence and a credible path to approval.

AI: News

Early prostate signalEarly prostate-cancer results supported a larger trial, but the sample and follow-up remained small.

On March 31, ORIC reported that 84% of 18 evaluable patients remained free from visible cancer progression at five months after median follow-up of 4.9 months. Seven of 15 patients had prostate-specific antigen fall by at least half, while 10 of 14 showed large reductions in tumor DNA found in blood. These uncontrolled results justified further testing, but comparisons with the company’s cited 60%–75% historical benchmarks cannot establish superiority.

Late-stage trial beginsORIC started its first late-stage trial, moving its lead drug closer to approval-quality evidence.

ORIC announced the Himalayas-1 trial on July 14. It plans to enroll about 600 patients at more than 250 sites across 25 countries, comparing rinzimetostat plus darolutamide against a physician-selected treatment. The main test is how long patients avoid cancer progression on scans; overall survival is a key secondary measure. Bayer will provide darolutamide without charge, lowering one trial input cost, while ORIC keeps full development and commercial rights to rinzimetostat.

Runway reaches key resultsFresh financing and existing investments now fund planned work through important clinical results.

On August 3, ORIC reported $387.6 million of cash and investments at June 30, including $59.9 million raised through first-quarter share sales. Management expects this to fund operations into the second half of 2028 and beyond the prostate trial’s anticipated main-result readout. However, second-quarter research spending increased to $36.3 million from $30.5 million, and the quarterly loss widened to $41.5 million from $36.4 million. Financing pressure eased, but cash consumption and dilution remain material.

Loading local price history

Revenue

2022

2023

2024

2025

Net income

2018

2019

2020

2021

2022

2023

2024

2025

Free cash flow

2018

2019

2020

2021

2022

2023

2024

2025

Total cash / debt

CashTotal debt

2018

2019

2020

2021

2022

2023

2024

2025

Financial statements

	2025	2024	2023	2022	2021	2020	2019	2018
Revenue	$0	$0	$0	$0	—	—	—	—
Research & development	$109.8M	$114.1M	$85.2M	$61.7M	$56.9M	$35.9M	$22.8M	$19.0M
Operating expenses	$143.0M	$142.9M	$110.8M	$91.8M	$78.9M	$74.2M	$28.6M	$22.4M
Operating income	−$143.0M	−$142.9M	−$110.8M	−$91.8M	−$78.9M	−$74.2M	−$28.6M	−$22.4M
EBITDA	−$141.8M	−$141.8M	−$109.7M	−$90.8M	−$78.0M	−$73.2M	−$27.5M	−$21.5M
Net income	−$129.5M	−$127.8M	−$100.7M	−$89.1M	−$78.7M	−$73.7M	−$26.9M	−$21.4M
Basic EPSper basic share	-$1.47	-$1.83	-$1.96	-$2.25	-$2.07	-$3.36	-$14.15	-$12.32
Diluted EPSper diluted share	-$1.47	-$1.83	-$1.96	-$2.25	-$2.07	-$3.36	-$14.15	-$12.32

Review official source filings ↗

Owners

Reported shareholders

Reference date Jun 30, 2026

6.91%of listed shares

Nextech Invest Ltd.7.16M shares · Jun 30, 2026

View holders

Top 20 reported holders of ORIC
Holder	% owned
Nextech Invest Ltd.	6.91%7.16M shares
BlackRock, Inc.	6.58%6.82M shares
EcoR1 Capital, LLC	6.49%6.73M shares
PRICE T ROWE ASSOCIATES INC /MD/	6.39%6.62M shares
VIKING GLOBAL INVESTORS LP	4.95%5.13M shares
STATE STREET CORP	4.72%4.89M shares
SR One Capital Management, LP	4.45%4.62M shares
Venrock Adviser, LLC	4.17%4.32M shares
NEA Management Company, LLC	3.97%4.12M shares
VANGUARD CAPITAL MANAGEMENT LLC	3.81%3.95M shares
AIHC Capital Management Ltd	3.69%3.83M shares
ALKEON CAPITAL MANAGEMENT LLC	3.61%3.74M shares
Column Group LLC	3.42%3.54M shares
Siren, L.L.C.	2.89%3M shares
FMR LLC	2.54%2.64M shares
CITADEL ADVISORS LLC	2.50%2.6M shares
GOLDMAN SACHS GROUP INC	2.37%2.45M shares
GEODE CAPITAL MANAGEMENT, LLC	2.02%2.09M shares
First Turn Management, LLC	1.95%2.02M shares
ORBIMED ADVISORS LLC	1.94%2.02M shares

Percentages use 103.64M shares of this listed class outstanding on Jun 30, 2026.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys2$263.0K disclosed value

Sells (SEC code S)24$5.27M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Feb 24, 2026Form 4 · 10b5-1	Piscitelli DominicChief Financial Officer	SellCommon Stock	52.0K	$13.51	$702.5K	68.1K
Jan 16, 2026Form 4 · 10b5-1	Heyman Richard A.Director	SellCommon Stock · indirect	3.2K	$12.00	$38.4K	213.1K
Jan 16, 2026Form 4 · 10b5-1	Heyman Richard A.Director	SellCommon Stock	3.5K	$12.00	$42.0K	41.8K
Dec 16, 2025Form 4	Piscitelli DominicChief Financial Officer	SellCommon Stock	10.7K	$9.06	$97.1K	68.1K
Dec 16, 2025Form 4	Chacko JacobPRESIDENT AND CEO	SellCommon Stock	33.4K	$9.06	$302.4K	581.7K