ORIC Pharmaceuticals, Inc. (ORIC): Business Model Canvas [Dec-2025 Updated]

You're looking at a biotech that's made some tough but necessary calls to focus its firepower, and honestly, the Business Model Canvas for ORIC Pharmaceuticals, Inc. right now is all about clinical execution and financial runway. After streamlining operations, the game plan hinges on pushing their two main assets, ORIC-944 and enozertinib, into registrational trials in 2026, which is a big deal for overcoming cancer resistance. What really stands out from a financial perspective is that strong cash position-they reported $413.0 million as of Q3 2025, giving them a projected runway well into the second half of 2028, which buys them time to hit those critical milestones. Let's break down exactly how this pre-revenue model is structured, from their key pharma collaborations to their cost base dominated by R&D expenses, so you can see the near-term risk and opportunity clearly.

ORIC Pharmaceuticals, Inc. (ORIC) - Canvas Business Model: Key Partnerships

You're looking at the external relationships that power ORIC Pharmaceuticals, Inc.'s development engine. These aren't just handshake deals; they involve material supply and shared clinical execution, which is critical when you're advancing novel mechanisms of resistance reversal.

Clinical Collaboration with Janssen for ORIC-944/Apalutamide Combination

ORIC Pharmaceuticals, Inc. entered a clinical trial collaboration and supply agreement with Janssen Research & Development, LLC, a Johnson & Johnson company, to evaluate ORIC-944 in combination with ERLEADA (apalutamide) for metastatic castration-resistant prostate cancer (mCRPC). ORIC Pharmaceuticals, Inc. sponsors and conducts the ongoing Phase 1b trial, while Janssen supplies the apalutamide. ORIC Pharmaceuticals, Inc. retains full global development and commercial rights to ORIC-944. Preliminary efficacy data reported as of the May 2025 cutoff showed a 59% PSA50 response rate and a 24% PSA90 response rate in mCRPC patients. An update in November 2025, based on 20 patients, showed a 55% PSA50 response rate and a 20% PSA90 response rate.

Clinical Collaboration with Bayer for ORIC-944/Darolutamide Combination

A similar clinical trial collaboration and supply agreement exists with Bayer to study ORIC-944 alongside NUBEQA (darolutamide) in the same Phase 1b mCRPC trial. Bayer provides the darolutamide for the study, with ORIC Pharmaceuticals, Inc. maintaining all commercial rights for ORIC-944. The combination cohorts showed comparable results to the apalutamide combination; the November 2025 data showed PSA responses across all ORIC-944 dose levels when combined with darolutamide. The expected timing for the dose optimization data for this combination was narrowed to 4Q25 or 1Q26.

Co-development Trial with Johnson & Johnson for Enozertinib/Amivantamab

ORIC Pharmaceuticals, Inc. established a clinical trial collaboration and supply agreement with Johnson & Johnson to evaluate enozertinib (ORIC-114) combined with subcutaneous amivantamab for the first-line (1L) treatment of non-small cell lung cancer (NSCLC) patients with EGFR exon 20 insertion mutations. ORIC Pharmaceuticals, Inc. sponsors the Phase 1b trial, and Johnson & Johnson supplies the amivantamab. The trial was expected to initiate in Q1 2025. Initial data from this combination trial is anticipated by mid-2026. Two provisional Recommended Phase 2 Dose (RP2D) levels for ORIC-114 were selected: 80 mg and 120 mg once daily (QD).

Partnerships with Academic Medical Centers for Clinical Trial Execution

ORIC Pharmaceuticals, Inc. relies on external sites to execute its clinical programs, which involves numerous academic medical centers across the US. These partnerships are essential for patient enrollment and trial site management for both the ORIC-944 and ORIC-114 programs.

The reliance on these external sites is reflected in the cash runway projections, which, as of Q1 2025, were extended into 2027, supported by cash and investments of approximately $224 million.

The structure of these agreements dictates that ORIC Pharmaceuticals, Inc. retains the development and commercial rights for its lead assets, which is a significant financial leverage point.

• ORIC Pharmaceuticals, Inc. maintains full global development and commercial rights to ORIC-944.
• ORIC Pharmaceuticals, Inc. retains development and commercial rights to ORIC-114.
• Expected initiation of the first Phase 3 trial for ORIC-944 in mCRPC is in 1H 2026.
• Registrational development for ORIC-114 in 1L NSCLC is anticipated to start in 2026.

ORIC Pharmaceuticals, Inc. (ORIC) - Canvas Business Model: Key Activities

You're managing a biotech firm that has made the tough but necessary call to focus resources on late-stage assets. For ORIC Pharmaceuticals, Inc., the key activities in late 2025 are all about driving the two lead candidates-ORIC-944 and enozertinib-across the finish line toward potential Phase 3 initiation.

Executing Phase 1b/2 clinical trials for ORIC-944 and enozertinib

The core activity is advancing the Phase 1b trials for both lead compounds, gathering the necessary data to support registrational studies. For ORIC-944, the focus is on combination data in metastatic castration-resistant prostate cancer (mCRPC) patients, while enozertinib is being tested across various non-small cell lung cancer (NSCLC) settings.

Key trial data points as of late 2025 include:

• ORIC-944: Completed dose exploration portion of the Phase 1b trial in November 2025.
• ORIC-944: Provisional recommended Phase 2 doses (RP2Ds) selected for dose optimization cohort.
• Enozertinib: 2L+ dose optimization cohorts for single-agent use are fully enrolled as of November 2025.
• Enozertinib: Comprehensive data update expected in the second half of 2025 across multiple cohorts, including first-line (1L) and second-line-plus (2L+) settings.

Here's a look at the efficacy seen with ORIC-944 in combination with AR inhibitors as of the November 2025 data cutoff:

For enozertinib in NSCLC patients with HER2 Exon 20 mutations, data presented in December 2025 showed tumor responses in both 80 mg QD and 120 mg QD cohorts, including patients with baseline brain metastases. As of August 29, 2025, 49 patients were dosed in this specific cohort.

Preparing for potential Phase 3 registrational trial initiation in 2026

The entire focus of the clinical execution is geared toward the planned initiation of the first Phase 3 registrational trials next year. This is a major shift in operational tempo for ORIC Pharmaceuticals, Inc.

• ORIC-944: First global Phase 3 registrational trial in mCRPC expected to initiate in the first half of 2026 (1H 2026).
• Enozertinib: Registrational trial(s) planned for initiation in 2026, focusing on first-line (1L) NSCLC settings.
• ORIC-944 dose optimization data is anticipated in the fourth quarter of 2025 (4Q 2025) or first quarter of 2026 (1Q 2026), preceding the Phase 3 start.
• Initial data from enozertinib's 1L trials are expected in mid-2026.

Strategic pipeline prioritization and 20% workforce reduction

To finance this late-stage focus and extend capital resources, ORIC Pharmaceuticals, Inc. executed a significant restructuring in August 2025. This was defintely a move to conserve cash and direct spending.

The financial and personnel impact of this prioritization includes:

• Workforce Reduction: Approximately 20% of the workforce was eliminated, primarily by winding down the discovery research group.
• One-Time Cost: The company expected to incur a one-time charge of approximately $1.9 million in the third quarter of 2025 for termination benefits.
• Cash Runway Extension: The revised operating plan, coupled with financing, extended the cash runway to fund operations into the second half of 2028 (2H 2028), beyond the anticipated primary endpoint readouts from the first Phase 3 trials.

The company's cash position was strengthened by recent financing activity; as of the end of June 2025, cash and investments totaled $327.7 million, which included proceeds from a $125 million private placement financing in May 2025.

Chemistry, Manufacturing, and Controls (CMC) scale-up for lead candidates

Transitioning from Phase 1b to Phase 3 registrational trials requires a substantial increase in manufacturing capability and quality control. This activity is critical to ensure a reliable supply of clinical trial material for the larger patient populations in 2026.

The key activities here involve:

• Scaling up the Chemistry, Manufacturing, and Controls (CMC) processes for both ORIC-944 and enozertinib.
• Supporting the transition to late-stage development, which is further supported by the appointment of a Chief Technical Officer (CTO) in November 2025.

Finance: draft 13-week cash view by Friday.

ORIC Pharmaceuticals, Inc. (ORIC) - Canvas Business Model: Key Resources

You're looking at the core assets that keep ORIC Pharmaceuticals, Inc. (ORIC) running and funding its late-stage pipeline. For a clinical-stage biotech, these resources are everything-they are the science, the cash to execute, and the legal shield around the innovation.

Financial Strength

The immediate, most tangible resource is the balance sheet. As of the third quarter of 2025, ORIC Pharmaceuticals, Inc. reported a strong position with $413.0 million in cash and investments. This capital is critical because it directly dictates operational longevity. Based on their current spending rate, this cash position is projected to extend the company's runway well into the second half of 2028 (2H 2028). Honestly, that runway is a huge resource; it means they can fund the anticipated primary endpoint readouts from their first Phase 3 trials for both lead programs without needing an immediate, dilutive capital raise. Here's the quick math: even with a net loss reported at $32.6M in Q3 2025, that cash buffer buys them crucial time to hit those 2026 trial initiation milestones.

Proprietary Drug Candidates and Mechanisms

The true value lies in the proprietary small molecule drug candidates themselves, which are designed specifically to overcome known resistance pathways. These are the engines of future revenue.

• ORIC-944: An allosteric inhibitor targeting the PRC2 complex via the EED subunit. This approach is designed to offer benefits over traditional EZH2 inhibitors, which can face resistance via EZH1 bypass compensation or acquired mutations. The recommended Phase 2 doses selected for further testing are 400 mg and 600 mg once daily when combined with androgen receptor inhibitors.
• Enozertinib (ORIC-114): A brain-penetrant inhibitor selectively targeting EGFR exon 20, EGFR atypical, and HER2 exon 20 mutations. For the HER2 exon 20 NSCLC population (80 mg QD cohort), early data showed a 35% Overall Response Rate (ORR) and a 100% Disease Control Rate (DCR). The 80 mg once daily (QD) dose has been selected for potential Phase 3 development.

You can see the clinical progress reflected in the data, which is a resource in itself:

Intellectual Property (IP) Protection

The legal framework protecting these novel mechanisms is a foundational resource. ORIC Pharmaceuticals, Inc. is focused on securing the rights to its differentiated approaches to resistance. While specific patent expiration dates are not public here, the company's filings acknowledge the importance of intellectual property protection for its product candidates. The core IP value is tied directly to the novel targets and design advantages:

• Protection around the allosteric inhibition of PRC2 via the EED subunit for ORIC-944, designed to be superior to EZH2 inhibitors.
• Protection covering the exquisite kinome selectivity and brain-penetrant nature of enozertinib for treating specific EGFR/HER2 mutations.

One data point available regarding the patent portfolio indicates 0 Patents (Medical) associated with ORIC Pharmaceuticals, Inc. in one specific database view, [cite: 1 in second search] which contrasts with the stated focus on IP protection and suggests the primary value is currently held in pending applications or trade secrets related to the novel mechanisms themselves.

Finance: draft 13-week cash view by Friday.

ORIC Pharmaceuticals, Inc. (ORIC) - Canvas Business Model: Value Propositions

ORIC Pharmaceuticals, Inc. focuses its value creation on developing treatments designed to address the core challenge of therapeutic resistance in oncology. This mission is supported by a focused clinical pipeline, evidenced by the company's financial prioritization, which included securing $244 million in financing during the second quarter of 2025, extending the cash runway into 2H 2028 from that point.

The company's value propositions are anchored in two lead clinical candidates, each designed with a differentiated approach to overcome resistance mechanisms:

• Overcoming therapeutic resistance in cancer (the core mission).
• ORIC-944: Potential best-in-class PRC2 inhibitor for mCRPC.
• Enozertinib: Brain-penetrant inhibitor with strong CNS activity in NSCLC.
• Differentiated mechanism of action targeting innate and acquired resistance.

ORIC-944: Potential best-in-class PRC2 inhibitor for mCRPC

ORIC-944, an allosteric inhibitor of the polycomb repressive complex 2 (PRC2) via the EED subunit, is positioned as a potential best-in-class agent for metastatic castration-resistant prostate cancer (mCRPC). The preliminary efficacy data from the ongoing Phase 1b trial in combination with androgen receptor (AR) inhibitors showed substantial clinical activity. The company expects to initiate its first Phase 3 trial for ORIC-944 in mCRPC in the 1H 2026. Goldman Sachs estimates peak sales for ORIC-944 at $2.6 billion.

The safety profile observed in this trial was compatible with long-term dosing, with the vast majority of adverse events being Grade 1 or 2. The most common treatment-related adverse event was diarrhea, occurring in 53% of patients (9/17) across all dose levels as of April 22, 2025.

Enozertinib: Brain-penetrant inhibitor with strong CNS activity in NSCLC

Enozertinib (ORIC-114) is a brain-penetrant inhibitor targeting EGFR exon 20, HER2 exon 20, and EGFR atypical mutations in non-small cell lung cancer (NSCLC). Its design specifically addresses the limitation of available therapies by aiming for high brain penetrance. Preliminary data from the Phase 1b trial in 1L EGFR PACC patients, using the selected dose of 80 mg QD oral enozertinib, showed compelling activity. The company reported a 100% intracranial Overall Response Rate (ORR) in patients with measurable CNS disease.

The preliminary systemic activity for these patients was 80% ORR. Furthermore, the ORR in median 3L EGFR PACC patients reached 36%, which is noted to exceed competitor benchmarks. As of the November 18, 2025 cutoff date, 60% of the 10 efficacy evaluable patients dosed with 80 mg QD had brain metastases at baseline, all of which were active and untreated.

Differentiated mechanism of action targeting innate and acquired resistance

ORIC Pharmaceuticals' value is rooted in developing agents that target the specific mechanisms driving resistance. For ORIC-944, preclinical data demonstrated synergistic activity and improved progression-free survival when combined with AR pathway inhibitors. For enozertinib, the profile is differentiated by its selectivity and brain penetration, which mitigates common off-target toxicities associated with many tyrosine kinase inhibitors (TKIs). The company is advancing both programs toward potential registrational studies, with ORIC-114 expected to begin in the latter half of 2025 and ORIC-944 in early 2026.

The company reported total operating expenses for Q3 2025 were $36.7 million, with Research & Development costs at $28.8 million.

ORIC Pharmaceuticals, Inc. (ORIC) - Canvas Business Model: Customer Relationships

You're managing a clinical-stage oncology pipeline, so your relationships with investigators and investors are everything right now. For ORIC Pharmaceuticals, Inc. (ORIC), these connections are highly structured, focusing on data dissemination and strategic alignment.

High-touch engagement with clinical investigators and sites is critical for advancing your pipeline candidates, ORIC-944 and enozertinib (ORIC-114). The engagement level is reflected in the trial execution data. For instance, as of the August 29, 2025 cutoff date for the enozertinib Phase 1b trial, 49 patients were dosed across the study cohorts, with 26 patients receiving 80 mg QD oral enozertinib and 23 patients receiving 120 mg QD. This level of patient enrollment requires close coordination with clinical sites. Furthermore, data from the ORIC-944 trial in metastatic castration-resistant prostate cancer (mCRPC) showed encouraging responses, with a 59% PSA50 response rate and a 24% PSA90 response rate as of the May 2025 cutoff dates. Favorable enrollment trends in the ORIC-944 trial also suggest strong investigator buy-in.

The company maintains active direct investor relations via conferences and webcasts to keep the financial community informed about these clinical milestones. Management actively participates in key industry events to discuss strategy and pipeline progress. Here's a look at the scheduled investor interactions in the latter half of 2025:

Webcasts of these fireside chats are made available, and replays are accessible for 90 days following the event, ensuring broad stakeholder access.

Scientific communication through peer-reviewed publications and congresses validates the underlying science. ORIC Pharmaceuticals presented key data at the ESMO Asia Congress 2025 in December 2025. Specifically, data from a Phase 1b trial of enozertinib (ORIC-114) in previously treated NSCLC patients with HER2 exon 20 mutations were presented at a poster session. Furthermore, compelling preliminary data in 1L NSCLC patients with EGFR P-loop and alpha C-helix compressing (PACC) mutations were disclosed. Preclinical work also saw presentation time, with posters on ORIC-944 presented at the EORTC-NCI-AACR International Conference on Molecular Targets and Cancer Therapeutics in October 2025. The company also presented ORIC-944 data at the 2025 American Association for Cancer Research (AACR) Annual Meeting in April 2025.

The management of relationships with strategic pharma partners for combination trials is a core part of the development strategy, allowing ORIC Pharmaceuticals to maintain full economic ownership while leveraging partner resources. A key relationship is the clinical trial collaboration and supply agreement with Johnson & Johnson (J&J) to evaluate ORIC-114 in combination with subcutaneous amivantamab for the first-line treatment of NSCLC patients with EGFR exon 20 insertion mutations. The company also leverages strategic collaborations with Bayer. Initial data from this J&J combination trial, along with ORIC-114 monotherapy data in 1L EGFR atypical mutations, are expected in mid-2026. The ORIC-944 program also involves combination studies with AR inhibitors like apalutamide and darolutamide.

Finance: draft 13-week cash view by Friday.

ORIC Pharmaceuticals, Inc. (ORIC) - Canvas Business Model: Channels

The Channels block for ORIC Pharmaceuticals, Inc. centers on disseminating critical clinical progress and maintaining financial transparency with stakeholders while actively managing its global clinical footprint.

Global network of clinical trial sites in North America and Europe

ORIC Pharmaceuticals, Inc. utilizes a network of clinical trial sites to advance its lead candidates, ORIC-944 and enozertinib (ORIC-114). The company is currently enrolling studies across multiple indications, which necessitates a geographically distributed site network, primarily in North America and Europe, given the typical scope of US-headquartered biopharma trials.

• Currently enrolling Phase 1b study of ORIC-944 in prostate cancer with AR inhibitors.
• Currently enrolling Phase 1b/2 study of single-agent enozertinib in EGFR/HER2 mutated NSCLC.
• Currently enrolling Phase 1b study of enozertinib in combination with subcutaneous amivantamab in NSCLC with EGFR exon 20 mutations.

The operational focus is on advancing these programs, supported by $413.0M in cash, cash equivalents, and investments as of the third quarter of 2025. This financial position is projected to fund the operating plan into 2H 2028.

Investor Relations website for financial and pipeline updates

The primary digital channel for investor communication is the Investor Relations section of the corporate website, www.oricpharma.com. This channel delivers formal financial disclosures and pipeline milestones, such as the Q3 2025 financial results reported on November 13, 2025.

Here's a look at the recent financial and pipeline context delivered through this channel:

Scientific and medical conferences for data dissemination

Conferences serve as the crucial channel for disseminating primary clinical data to the scientific and medical community. ORIC Pharmaceuticals, Inc. actively presents at key industry events to build scientific credibility for its assets.

• Presented enozertinib (ORIC-114) data at the ESMO Asia Congress 2025 (December 5-7).
• Participated in the 8th Annual Evercore Healthcare Conference on November 24, 2025.
• Management participated in one-on-one meetings at the Guggenheim\'s 2nd Annual Healthcare Innovation Conference (November 11, 2025) and the Jefferies London Healthcare Conference (November 19, 2025).

The data presented at ESMO Asia 2025 included an Overall Response Rate (ORR) of 35% in the enozertinib 80 mg QD cohort for previously treated NSCLC patients with HER2 exon 20 mutations.

Future channel: Specialty pharmaceutical distributors upon commercialization

This channel is currently prospective, contingent upon successful progression through planned late-stage trials. The company is planning to initiate registrational trials for both lead programs in 2026. Upon potential regulatory approval, ORIC Pharmaceuticals, Inc. will need to establish relationships with specialty pharmaceutical distributors to manage the supply chain and market access for its targeted oncology therapies.

ORIC Pharmaceuticals, Inc. (ORIC) - Canvas Business Model: Customer Segments

The customer segments for ORIC Pharmaceuticals, Inc. (ORIC) are defined by the specific patient populations targeted by its clinical pipeline candidates, ORIC-944 and enozertinib (ORIC-114), as well as potential strategic partners.

Oncologists and hematologists treating advanced cancers are key decision-makers and prescribers. Their adoption is influenced by clinical trial results and the potential for best-in-class profiles. As of the third quarter ended September 30, 2025, ORIC Pharmaceuticals had a market capitalization of $1.2B, with a stock price of $12.38 as of November 5, 2025. The company reported cash, cash equivalents and investments totaling $327.7 million as of June 30, 2025. This financial position is expected to fund the operating plan into 2H 2028.

Patients with metastatic castration-resistant prostate cancer (mCRPC) are the target for ORIC-944, a PRC2 inhibitor being tested in combination with androgen receptor pathway inhibitors like apalutamide (ERLEADA) or darolutamide (NUBEQA). The global prostate cancer market is projected to reach $29.2 billion by 2035, with approximately 10% to 20% of all prostate cancers classified as castration-resistant.

Efficacy data from the ongoing Phase 1b trial of ORIC-944 in combination with AR inhibitors for mCRPC patients, with a cutoff date of September 22, 2025, demonstrates the potential value proposition for this segment:

This data is based on patients previously treated with a median of three lines of prior therapy.

Patients with NSCLC having specific EGFR/HER2 exon 20 or atypical mutations are the focus for enozertinib (ORIC-114). The prevalence of these mutations defines the addressable patient pool:

• HER2 exon 20 insertion mutations: observed in approximately 1.5% of all NSCLC patients.
• Atypical EGFR mutations: observed in approximately 2.9% of all NSCLC patients.

For previously treated NSCLC patients with HER2 exon 20 mutations, data presented as of an August 29, 2025 cutoff showed activity:

Enrollment for the HER2 exon 20 mutation population is complete, with no further development planned in that specific group. The 80 mg QD dose was selected for potential Phase 3 development based on data across other EGFR exon 20 and atypical mutation populations. Approximately 47% of the HER2 exon 20 patients at baseline had brain metastases.

Large pharmaceutical companies for potential future licensing/M&A represent a segment for potential non-dilutive financing or commercialization partnerships. ORIC Pharmaceuticals established three strategic partnerships with major pharmaceutical companies as of February 2025. Following a strategic pipeline prioritization, the Company announced it will explore potential partnering of its preclinical programs.

Finance: draft 13-week cash view by Friday.

ORIC Pharmaceuticals, Inc. (ORIC) - Canvas Business Model: Cost Structure

You're looking at the core burn rate for ORIC Pharmaceuticals, Inc. (ORIC) as of late 2025, and honestly, it's what you expect for a clinical-stage biotech: it's almost entirely driven by science.

The Cost Structure for ORIC Pharmaceuticals, Inc. (ORIC) is overwhelmingly dominated by Research & Development (R&D) expenses, which is the engine fueling their pipeline advancement. For the third quarter of 2025, the Total Operating Expenses were reported at \$36.671 million. This figure reflects the necessary investment to push ORIC-944 and enozertinib through their respective clinical stages.

Here's a quick look at how that total operating spend broke down for the quarter ended September 30, 2025:

Digging into that R&D spend, you see where the money is actually going to the bench and the bedside. The R&D expenses for the quarter were \$28.8 million. A significant portion of that external spend was dedicated to the enozertinib program, with \$9.0M specifically attributed to external R&D costs for enozertinib in Q3 2025. The internal R&D costs, which include personnel and stock-based compensation, were \$10.3 million for the quarter, and ORIC-944 manufacturing costs were \$5.6 million externally, plus \$3.8 million for preclinical/other external costs. It's all about program advancement, so you need to track those external costs closely.

General and Administrative (G&A) expenses were \$7.9 million in Q3 2025, a slight increase from the prior year, reflecting higher personnel and services costs as the company streamlined operations. Furthermore, this quarter included a specific, non-recurring cost related to that streamlining effort: a one-time charge of \$1.9 million recognized for termination benefits following the workforce reduction. This kind of opex friction is common when a company narrows its focus to lead programs.

You can see the key cost drivers clearly:

• R&D expenses were \$28.8 million for the quarter.
• External costs for enozertinib totaled \$9.0 million.
• G&A was \$7.9 million.
• A one-time charge of \$1.9 million hit the books.

Finance: draft 13-week cash view by Friday.

ORIC Pharmaceuticals, Inc. (ORIC) - Canvas Business Model: Revenue Streams

ORIC Pharmaceuticals, Inc. is currently operating in a pre-revenue phase, meaning product sales are not yet a source of income. For the quarter ended September 30, 2025, the reported Actual Revenue was N/A, which aligns with the reported net loss of $32.6 million for the last quarter.

The primary focus for future revenue generation is centered on the successful clinical progression and eventual commercialization of its two lead product candidates. The company is actively advancing these programs toward potential registrational studies, which is the critical step before generating sales revenue.

Future potential revenue streams are tied directly to these clinical assets:

• ORIC-944: An allosteric inhibitor of the polycomb repressive complex 2 (PRC2), being developed for prostate cancer.
• Enozertinib (ORIC-114): A brain-penetrant inhibitor targeting specific EGFR and HER2 mutations, being developed for multiple genetically defined cancers, including lung cancer.

ORIC Pharmaceuticals expects to report four clinical data readouts across both the ORIC-944 and enozertinib programs through mid-2026, with a potential initiation of registrational trials for both programs targeted in 2026. The World Health Organization has officially recognized 'enozertinib' as its generic name.

Potential milestone payments from strategic licensing or co-development deals represent another non-sales revenue component. While specific deal terms aren't public, the company's focus on advancing these programs to registrational studies suggests that achieving these key clinical milestones could trigger pre-agreed payments from any existing or future partners.

Interest income is derived from the significant balance of cash and investments held on the balance sheet. As of September 30, 2025, ORIC Pharmaceuticals reported cash, cash equivalents, and investments totaling approximately $413 million. This substantial balance is projected to fund the revised operating plan into the second half of 2028 (2H 2028) and beyond the anticipated primary endpoint readouts from the first Phase 3 trials.

Here's a quick look at the financial position supporting this runway:

The company has made a prudent decision to substantially reduce investment in discovery research to direct financial resources toward these lead clinical programs.