$ORIC
Oric Pharmaceuticals, Inc.

2024 Q3 Form 10-Q Financial Statement

#000095017024095467 Filed on August 12, 2024

View on sec.gov

Income Statement

Concept 2024 Q3 2024 Q2
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $7.116M $7.077M
YoY Change 13.13% 14.05%
% of Gross Profit
Research & Development $31.20M $28.94M
YoY Change 39.37% 54.04%
% of Gross Profit
Depreciation & Amortization $270.0K $272.0K
YoY Change 3.85% 5.02%
% of Gross Profit
Operating Expenses $38.32M $36.02M
YoY Change 33.6% 44.11%
Operating Profit -$38.32M -$36.02M
YoY Change 33.6% 44.11%
Interest Expense $3.752M $4.054M
YoY Change 17.25% 97.95%
% of Operating Profit
Other Income/Expense, Net $3.752M $4.054M
YoY Change 17.1% 97.95%
Pretax Income -$34.57M -$31.96M
YoY Change 35.66% 39.31%
Income Tax
% Of Pretax Income
Net Earnings -$34.57M -$31.96M
YoY Change 35.67% 39.31%
Net Earnings / Revenue
Basic Earnings Per Share -$0.49 -$0.45
Diluted Earnings Per Share -$0.49 -$0.45
COMMON SHARES
Basic Shares Outstanding 70.54M 67.42M
Diluted Shares Outstanding 70.54M 70.35M

Balance Sheet

Concept 2024 Q3 2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $272.4M $286.4M
YoY Change 19.83% 8.42%
Cash & Equivalents $44.23M $49.83M
Short-Term Investments $228.1M $236.6M
Other Short-Term Assets $7.059M $8.193M
YoY Change 44.06% 95.12%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $279.4M $294.6M
YoY Change 20.32% 9.78%
LONG-TERM ASSETS
Property, Plant & Equipment $3.091M $2.878M
YoY Change 0.95% -11.45%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $9.998M $22.13M
YoY Change -65.4% 131.08%
Other Assets $9.553M $9.303M
YoY Change -6.07% -12.51%
Total Long-Term Assets $22.64M $34.31M
YoY Change -46.22% 46.25%
TOTAL ASSETS
Total Short-Term Assets $279.4M $294.6M
Total Long-Term Assets $22.64M $34.31M
Total Assets $302.1M $328.9M
YoY Change 10.11% 12.71%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.249M $2.309M
YoY Change 13.73% -27.64%
Accrued Expenses $17.00M $17.23M
YoY Change 11.78% 51.9%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $21.25M $19.54M
YoY Change 12.16% 34.44%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $6.828M $6.967M
YoY Change -14.4% -17.87%
Total Long-Term Liabilities $6.828M $6.967M
YoY Change -14.4% -17.87%
TOTAL LIABILITIES
Total Short-Term Liabilities $21.25M $19.54M
Total Long-Term Liabilities $6.828M $6.967M
Total Liabilities $28.08M $26.51M
YoY Change 4.29% 15.16%
SHAREHOLDERS EQUITY
Retained Earnings -$526.5M -$491.9M
YoY Change 29.49% 29.07%
Common Stock $799.7M $794.6M
YoY Change 22.21% 22.15%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $274.0M $302.4M
YoY Change
Total Liabilities & Shareholders Equity $302.1M $328.9M
YoY Change 10.11% 12.71%

Cashflow Statement

Concept 2024 Q3 2024 Q2
OPERATING ACTIVITIES
Net Income -$34.57M -$31.96M
YoY Change 35.67% 39.31%
Depreciation, Depletion And Amortization $270.0K $272.0K
YoY Change 3.85% 5.02%
Cash From Operating Activities -$28.80M -$25.63M
YoY Change 46.55% 21.19%
INVESTING ACTIVITIES
Capital Expenditures $418.0K $333.0K
YoY Change 497.14% -17.78%
Acquisitions
YoY Change
Other Investing Activities $23.49M $18.61M
YoY Change -140.67% -198.44%
Cash From Investing Activities $23.07M $18.28M
YoY Change -139.89% -194.65%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 126.0K 816.0K
YoY Change 215.0% -99.04%
NET CHANGE
Cash From Operating Activities -28.80M -25.63M
Cash From Investing Activities 23.07M 18.28M
Cash From Financing Activities 126.0K 816.0K
Net Change In Cash -5.601M -6.529M
YoY Change -92.77% -114.6%
FREE CASH FLOW
Cash From Operating Activities -$28.80M -$25.63M
Capital Expenditures $418.0K $333.0K
Free Cash Flow -$29.22M -$25.96M
YoY Change 48.15% 20.45%

Facts In Submission

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CY2023Q2 us-gaap Restricted Cash And Cash Equivalents
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CY2024Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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us-gaap Nature Of Operations
NatureOfOperations
<p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">1. </span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;text-decoration:underline;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">Description of the Business</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">ORIC Pharmaceuticals, Inc. (ORIC or the Company) is a clinical-stage biopharmaceutical company dedicated to improving patients’ lives by </span><span style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">O</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">vercoming </span><span style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">R</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">esistance </span><span style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">I</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">n </span><span style="color:#000000;white-space:pre-wrap;text-decoration:underline;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">C</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">ancer</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">. 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:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">one</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> segment.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">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. (Mirati) 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. (Voronoi) 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:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">As of June 30, 2024, the Company had an accumulated deficit of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">491.9</span><span style="color:#ff0000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">million. Through June 30, 2024, all of the Company’s financial support has been provided by proceeds from the issuance of common stock and convertible preferred stock.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">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:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> </span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">At-The-Market Sales Agreement and Offering</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">The Company previously entered into an “at the market” (ATM) sales agreement with Jefferies LLC as the Company’s sales agent, to sell shares of the Company’s common stock. On March 11, 2024, pursuant to the terms of the ATM sales agreement, the Company filed a Form S-3ASR and prospectus supplement, to allow the Company to sell from time to time up to $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">200</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million of shares of the Company’s common stock in negotiated transactions or transactions deemed to be an ATM offering.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Private Placements</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">On January 20, 2024, the Company entered into a securities purchase agreement with a select group of institutional and accredited </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">healthcare specialist investors for the private placement of </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">12,500,000</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> shares of common stock at a price of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">10.00</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> per share, resulting in gross proceeds of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">125.0</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million. The purchase price per share represents a premium to ORIC's 5-day trailing average stock price at the time of sale. After deducting expenses related to the private placement of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">0.2</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million, the net proceeds to the Company from the private placement were $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">124.8</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million. The private placement closed on January 23, 2024. On January 26, 2024, the Company filed a Form S-3 registering the shares sold in the private placement. The Form S-3 was declared effective by the SEC on February 2, 2024.</span></p><p style="text-indent:6.667%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">On June 24, 2023, the Company entered into a securities purchase agreement with a select group of institutional and accredited healthcare specialist investors for the private placement of </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">9,285,710</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> shares of common stock at a price of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">7.00</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> per share and pre-funded warrants to purchase </span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">2,857,142</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> shares of common stock at a purchase price of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">6.9999</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> per pre-funded warrant, resulting in gross proceeds of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">85.0</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million.</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> The purchase price per share represents a premium to the market price at the time of sale. After deducting expenses related to the private placement of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">0.2</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million, the net proceeds to the Company from the private placement were $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">84.8</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> million. The private placement closed on June 27, 2023. </span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">On December 15, 2023, the Company filed a Form S-3 registering the shares sold and the shares underlying the pre-funded warrants sold in the private placement. The Form S-3 was declared effective by the SEC on December 28, 2023. On July 8, 2024, all pre-funded warrants were exercised at an exercise price of $</span><span style="font-size:10pt;font-family:Times New Roman;color:#000000;white-space:pre-wrap;min-width:fit-content;">0.0001</span><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;"> per share of common stock.</span></p>
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CY2024Q2 us-gaap Property Plant And Equipment Gross
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CY2024Q2 oric Accrued Clinical And Manufacturing Costs
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636000
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797000
CY2024Q2 us-gaap Accrued Liabilities Current
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17230000
CY2023Q4 us-gaap Accrued Liabilities Current
AccruedLiabilitiesCurrent
19514000
CY2024Q2 oric Fair Value Assets Level3 To Level1 Transfers Amount
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0
CY2024Q2 oric Fair Value Assets Level2 To Level3 Transfers Amount
FairValueAssetsLevel2ToLevel3TransfersAmount
0
CY2024Q2 oric Fair Value Assets Level3 To Level2 Transfers Amount
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0
CY2024Q2 oric Fair Value Assets Level1 To Level3 Transfers Amount
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CY2024Q2 oric Fair Values Assets Level1 To Level2 Transfers Amount
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CY2024Q2 oric Fair Values Assets Level2 To Level1 Transfers Amount
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CY2024Q2 us-gaap Allocated Share Based Compensation Expense
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us-gaap Allocated Share Based Compensation Expense
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us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
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oric Pre Funded Warrants Remained Outstanding
PreFundedWarrantsRemainedOutstanding
All pre-funded warrants remained outstanding as of June 30, 2024
CY2024Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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CY2023Q2 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
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