ORIC Pharmaceuticals, Inc., a clinical-stage biopharmaceutical company focused on cancer therapies, reported significant financial developments in its recent 10-Q filing for the quarter ending September 30, 2024. The company’s cash and cash equivalents increased to $44.2 million, up from $23.4 million at the end of 2023. Total current assets rose to $279.4 million from $212.6 million, contributing to total assets of $302.1 million, compared to $252.0 million at the end of the previous fiscal year.

Despite these increases in assets, ORIC Pharmaceuticals continues to face substantial operating losses. For the three months ended September 30, 2024, the company reported a net loss of $34.6 million, compared to a loss of $25.5 million for the same period in 2023. The net loss for the nine months ended September 30, 2024, was $91.5 million, up from $72.4 million in the prior year. Operating expenses for the quarter were $38.3 million, a notable increase from $28.7 million in the same quarter of 2023, driven primarily by rising research and development costs, which reached $31.2 million, compared to $22.4 million in the prior year.

The company’s accumulated deficit has grown to $526.5 million as of September 30, 2024, up from $434.9 million at the end of 2023. This increase reflects ongoing investments in clinical trials for its product candidates, including ORIC-114, ORIC-944, and ORIC-533, which are in various stages of development. ORIC-944 has recently entered combination trials with established therapies, while ORIC-533 is completing a Phase 1b trial for multiple myeloma.

In terms of financing, ORIC Pharmaceuticals successfully raised $125.0 million through a private placement in January 2024 and $85.0 million in June 2023. The company has also entered into an at-the-market sales agreement to sell up to $200 million of common stock, indicating a proactive approach to securing additional funding for its operations.

The workforce as of September 30, 2024, consisted of 112 full-time employees, with 83 dedicated to research and development. The company has not yet generated revenue and does not anticipate doing so until it receives regulatory approval for its product candidates. The management has indicated that the current cash resources are expected to fund operations into late 2026, although substantial additional funding will be necessary for ongoing product development and commercialization efforts.