$ORIC
Oric Pharmaceuticals, Inc.

2021 Q3 Form 10-Q Financial Statement

#000095017021001185 Filed on August 10, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2021 Q2 2020 Q2
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $5.557M $5.540M $3.400M
YoY Change 46.24% 62.94% 157.58%
% of Gross Profit
Research & Development $12.90M $15.52M $7.723M
YoY Change 46.06% 100.92% 53.23%
% of Gross Profit
Depreciation & Amortization $217.0K $221.0K $250.0K
YoY Change -9.58% -11.6% 0.0%
% of Gross Profit
Operating Expenses $18.46M $21.06M $11.12M
YoY Change -27.91% 89.31% 75.03%
Operating Profit -$18.46M -$21.06M -$11.12M
YoY Change -27.91% 89.31% 75.03%
Interest Expense $30.00K $33.00K $25.00K
YoY Change 200.0% 32.0% -92.11%
% of Operating Profit
Other Income/Expense, Net $30.00K $48.00K $99.00K
YoY Change -44.44% -51.52% -74.62%
Pretax Income -$18.43M -$21.01M -$11.02M
YoY Change -27.88% 90.64% 84.59%
Income Tax
% Of Pretax Income
Net Earnings -$18.43M -$21.01M -$11.02M
YoY Change -27.88% 90.58% 84.81%
Net Earnings / Revenue
Basic Earnings Per Share -$0.47 -$0.57
Diluted Earnings Per Share -$472.4K -$0.57 -$368.3K
COMMON SHARES
Basic Shares Outstanding 39.32M 36.70M
Diluted Shares Outstanding 39.01M 36.70M

Balance Sheet

Concept 2021 Q3 2021 Q2 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $289.5M $261.1M $196.6M
YoY Change 55.15% 32.79%
Cash & Equivalents $241.1M $170.1M $196.6M
Short-Term Investments $48.39M $90.99M
Other Short-Term Assets $3.330M $3.884M $2.600M
YoY Change 38.75% 49.38%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $292.8M $265.0M $199.2M
YoY Change 54.9% 33.01%
LONG-TERM ASSETS
Property, Plant & Equipment $1.825M $1.828M $1.978M
YoY Change -3.59% -7.58%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $6.956M
YoY Change
Other Assets $12.55M $1.447M $300.0K
YoY Change 1665.12% 382.33%
Total Long-Term Assets $21.33M $3.275M $2.300M
YoY Change 719.16% 42.39%
TOTAL ASSETS
Total Short-Term Assets $292.8M $265.0M $199.2M
Total Long-Term Assets $21.33M $3.275M $2.300M
Total Assets $314.2M $268.2M $201.5M
YoY Change 63.92% 33.12%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $419.0K $838.0K $1.400M
YoY Change -73.78% -40.14%
Accrued Expenses $11.48M $9.066M $4.389M
YoY Change 115.46% 106.56%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $11.90M $9.904M $5.800M
YoY Change 71.81% 70.76%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $10.74M $0.00 $500.0K
YoY Change 2585.25% -100.0%
Total Long-Term Liabilities $10.74M $0.00 $500.0K
YoY Change 2585.25% -100.0%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.90M $9.904M $5.800M
Total Long-Term Liabilities $10.74M $0.00 $500.0K
Total Liabilities $22.64M $9.904M $6.300M
YoY Change 210.75% 57.21%
SHAREHOLDERS EQUITY
Retained Earnings -$222.3M -$203.9M -$112.6M
YoY Change 60.97% 81.08%
Common Stock $513.9M $462.2M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $291.5M $258.3M $195.2M
YoY Change
Total Liabilities & Shareholders Equity $314.2M $268.2M $201.5M
YoY Change 63.92% 33.1%

Cashflow Statement

Concept 2021 Q3 2021 Q2 2020 Q2
OPERATING ACTIVITIES
Net Income -$18.43M -$21.01M -$11.02M
YoY Change -27.88% 90.58% 84.81%
Depreciation, Depletion And Amortization $217.0K $221.0K $250.0K
YoY Change -9.58% -11.6% 0.0%
Cash From Operating Activities -$12.14M -$16.21M -$9.580M
YoY Change 26.74% 69.26% 74.18%
INVESTING ACTIVITIES
Capital Expenditures -$233.0K -$137.0K -$210.0K
YoY Change 366.0% -34.76% -46.15%
Acquisitions
YoY Change
Other Investing Activities $35.30M $82.50M $0.00
YoY Change -128.33%
Cash From Investing Activities $35.07M $82.36M -$200.0K
YoY Change -128.13% -41281.0% -48.72%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 48.59M -285.0K 127.0M
YoY Change -14390.0% -100.22% 154.34%
NET CHANGE
Cash From Operating Activities -12.14M -16.21M -9.580M
Cash From Investing Activities 35.07M 82.36M -200.0K
Cash From Financing Activities 48.59M -285.0K 127.0M
Net Change In Cash 71.52M 65.86M 117.2M
YoY Change -153.13% -43.81% 166.14%
FREE CASH FLOW
Cash From Operating Activities -$12.14M -$16.21M -$9.580M
Capital Expenditures -$233.0K -$137.0K -$210.0K
Free Cash Flow -$11.91M -$16.08M -$9.370M
YoY Change 24.96% 71.59% 83.37%

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<p style="text-indent:0.0pt;font-size:10.0pt;margin-top:6.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="color:rgba(0,0,0,1);font-weight:bold;font-size:10.0pt;font-family:Times New Roman;">1. </span><span style="color:rgba(0,0,0,1);font-weight:bold;text-decoration:underline;font-size:10.0pt;font-family:Times New Roman;">Description of the Business</span></p><p style="text-indent:36.0pt;font-size:10.0pt;margin-top:6.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">ORIC Pharmaceuticals, Inc. (ORIC or the Company) is a clinical-stage biopharmaceutical company dedicated to improving patients’ lives by </span><span style="color:rgba(0,0,0,1);font-weight:normal;text-decoration:underline;font-size:10.0pt;font-family:Times New Roman;font-style:italic;">O</span><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;font-style:italic;">vercoming </span><span style="color:rgba(0,0,0,1);font-weight:normal;text-decoration:underline;font-size:10.0pt;font-family:Times New Roman;font-style:italic;">R</span><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;font-style:italic;">esistance </span><span style="color:rgba(0,0,0,1);font-weight:normal;text-decoration:underline;font-size:10.0pt;font-family:Times New Roman;font-style:italic;">I</span><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;font-style:italic;">n </span><span style="color:rgba(0,0,0,1);font-weight:normal;text-decoration:underline;font-size:10.0pt;font-family:Times New Roman;font-style:italic;">C</span><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;font-style:italic;">ancer</span><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">. The Company was incorporated in Delaware in August 2014 and has offices in South San Francisco and San Diego, California. The Company’s principal operations are in the United States and the Company operates in </span><span style="font-size:10.0pt;font-family:Times New Roman;color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">one</span><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> segment.</span></p><p style="text-indent:36.0pt;font-size:10.0pt;margin-top:6.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">Since inception, the Company has devoted its primary efforts to raising capital, internal research and development activities and business development efforts, and has incurred significant operating losses and negative cash flows from operations. In August 2020, the Company licensed from Mirati Therapeutics, Inc. development and commercialization rights to an allosteric inhibitor program directed towards the polycomb repressive complex 2 (PRC2) and in October 2020, the Company licensed from Voronoi, Inc. development and commercialization rights to a brain penetrant, orally bioavailable, irreversible inhibitor designed to selectively target epidermal growth factor receptor (EGFR) and human epidermal growth factor receptor 2 (HER2) with high potency against exon 20 insertion mutations.</span></p><p style="text-indent:36.0pt;font-size:10.0pt;margin-top:6.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">As of June 30, 2021, the Company had an accumulated deficit of $</span><span style="font-size:10.0pt;font-family:Times New Roman;color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">203.9</span><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> million. Through June 30, 2021, all of the Company’s financial support has been provided by proceeds from the issuance of common stock and from the sale of convertible preferred stock.</span></p><p style="text-indent:36.0pt;font-size:10.0pt;margin-top:6.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">As the Company continues its expansion, it may seek additional financing and/or strategic investments, however, there can be no assurance that any additional financing or strategic investments will be available to the Company on acceptable terms, if at all. If events or circumstances occur such that the Company does not obtain additional funding, it will most likely be required to reduce its plans and/or certain discretionary spending, which could have a material adverse effect on the Company’s ability to achieve its intended business objectives. The accompanying financial statements do not include any adjustments that might be necessary if it were unable to continue as a going concern. Management believes that it has sufficient working capital on hand to fund operations through at least the next twelve months from the date of the issuance of these financial statements.</span><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> </span></p><p style="text-indent:36.0pt;font-size:10.0pt;margin-top:6.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="color:rgba(0,0,0,1);font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;">At-The-Market Sales Agreement and Offering</span></p><p style="text-indent:36.0pt;font-size:10.0pt;margin-top:6.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">On May 6, 2021, the Company entered into an "at the market" (ATM) sales agreement with Jefferies LLC as the Company's sales agent, under which the Company may offer and sell from time to time up to $</span><span style="font-size:10.0pt;font-family:Times New Roman;color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">150</span><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> million of shares of the Company's common stock in negotiated transactions or transactions that are deemed to be an ATM offering. On July 8, 2021, the Company raised gross proceeds of $</span><span style="font-size:10.0pt;font-family:Times New Roman;color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">50.0</span><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> million through the sale of </span><span style="font-size:10.0pt;font-family:Times New Roman;color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">2,597,402</span><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> shares in an ATM offering, with participation based on unsolicited interest received from a healthcare specialist fund. The Company sold such shares at a purchase price per share of $</span><span style="font-size:10.0pt;font-family:Times New Roman;color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">19.25</span><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">, a premium to the market price at the time of sale.</span></p><p style="text-indent:36.0pt;font-size:10.0pt;margin-top:6.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="color:rgba(0,0,0,1);font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;">Secondary Public Offering</span></p><p style="text-indent:36.0pt;font-size:10.0pt;margin-top:6.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">On November 17, 2020, the Company completed a secondary public offering selling </span><span style="font-size:10.0pt;font-family:Times New Roman;color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">5,796,000</span><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> shares of common stock, which included the full exercise by the underwriters of their option to purchase up to </span><span style="font-size:10.0pt;font-family:Times New Roman;color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">756,000</span><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> additional shares, at a price of $</span><span style="font-size:10.0pt;font-family:Times New Roman;color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">23.00</span><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> per share, resulting in gross proceeds of $</span><span style="font-size:10.0pt;font-family:Times New Roman;color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">133.3</span><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> million. After deducting underwriting discounts and commissions and other offering expenses related to the secondary public offering of approximately $</span><span style="font-size:10.0pt;font-family:Times New Roman;color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">8.5</span><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> million, the net proceeds to the Company from the transaction were $</span><span style="font-size:10.0pt;font-family:Times New Roman;color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">124.8</span><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> million.</span></p><p style="text-indent:36.0pt;font-size:10.0pt;margin-top:6.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="color:rgba(0,0,0,1);font-weight:bold;font-size:10.0pt;font-family:Times New Roman;font-style:italic;">Initial Public Offering and Related Transaction</span></p><p style="text-indent:36.0pt;font-size:10.0pt;margin-top:6.0pt;line-height:1.3;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">On April 28, 2020, the Company completed an initial public offering (IPO) selling </span><span style="font-size:10.0pt;font-family:Times New Roman;color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">8,625,000</span><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> shares of common stock, which included the full exercise by the underwriters of their option to purchase up to </span><span style="font-size:10.0pt;font-family:Times New Roman;color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">1,125,000</span><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> additional shares, at a price of $</span><span style="font-size:10.0pt;font-family:Times New Roman;color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">16.00</span><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> per share resulting in gross proceeds of $</span><span style="font-size:10.0pt;font-family:Times New Roman;color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">138.0</span><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> million. After deducting underwriting discounts and commissions and other offering expenses related to the IPO of $</span><span style="font-size:10.0pt;font-family:Times New Roman;color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">12.8</span><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> million, the net proceeds to the Company from the transaction were $</span><span style="font-size:10.0pt;font-family:Times New Roman;color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">125.2</span><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> million. In connection with the IPO, all shares of convertible preferred stock outstanding at the time of the IPO converted into </span><span style="font-size:10.0pt;font-family:Times New Roman;color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">19,278,606</span><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> shares of common stock. On April 21, 2020, the Company amended its certificate of incorporation to effect a </span><span style="font-size:10.0pt;font-family:Times New Roman;"><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">one-for-</span><span style="font-size:10.0pt;font-family:Times New Roman;"><span style="-sec-ix-hidden:F_4b0fa30f-2050-4f6b-9060-5c56672f256c;"><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;">four</span></span></span><span style="font-size:10.0pt;font-family:Times New Roman;"/></span><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> reverse stock split of its issued and outstanding common and convertible preferred stock. The accompanying financial statements and related notes give retroactive effect, where applicable, to the reverse stock split.</span><span style="color:rgba(0,0,0,1);font-weight:normal;font-size:10.0pt;font-family:Times New Roman;"> </span></p>
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1
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1
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us-gaap Operating Lease Cost
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CY2021Q2 us-gaap Lessee Operating Lease Liability Payments Due
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OperatingLeaseLiability
1614000
CY2020Q4 us-gaap Operating Leases Future Minimum Payments Due Current
OperatingLeasesFutureMinimumPaymentsDueCurrent
1942000
CY2020Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
686000
CY2020Q4 us-gaap Operating Leases Future Minimum Payments Due
OperatingLeasesFutureMinimumPaymentsDue
2628000

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0000950170-21-001185.txt Edgar Link pending
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oric-20210630_pre.xml Edgar Link unprocessable
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