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ORIC Pharmaceuticals, Inc. (ORIC) Stock Plunged 31.96% Today, Here’s Why

ORIC Pharmaceuticals, Inc. (ORIC) stock plummeted 31.96% in the current-market trading session at the price of $4.54 after announcing its financial results for the fourth quarter and year 2021.

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ORI is a clinical-stage biopharma corporation committed to enhancing patients’ lives by fighting cancerORIC-533, an oral molecule inhibitor of CD73, is the company’s clinical-stage product candidate.

ORIC Q4 2021 Earnings Report

On 21st March 2022, ORIC published its operational updates and financial results for the quarter, and the year ended 31st December 2021. The company also revealed to discontinue ORIC-101. ORIC conducted scheduled analyses of the phase-1b study and concluded that the study did not show the required clinical activity to deserve further development.

ORIC calculated cash and cash equivalents of US$280.4M as of 31st December 2021. For Q4 of 2021, R&D costs totaled US$16.7M. It represents a $4.6M gain from US$12.1M for Q4 of 2020. G&A expenses totaled US$6.1M for Q4 of 2021, representing a $1.8 surge from US$4.3M for Q4 of the prior year.

For the year ended 31st December 2021, ORIC has R&D costs of US$56.9M. It represents a growth of US$20.9M from US$35.9M for the year 2020. The company has G&A expenses of US$22.0M for the year 2021, representing an $8.6M gain from US$13.4M for 2020.

Management Comments

Chief medical officer of ORIC, Pratik S. Multani, commented that they are dissatisfied with their ORIC-101 studies results. They believe that both clinical studies were well organized to solve a critical clinical problem. With the decision to terminate ORIC-101, he thanked the investigators, the ORIC team, site staff, and patients who had taken part in the trials.

CEO of ORIC, Jacob M. Chacko, remarked that they have always been dedicated to data-driven decision-making and distributing their resources efficiently. With the discontinuation of ORIC-101, they project the cash runway to expand into the second half of 2024, well beyond the scheduled initial data disclosures from these clinical trials.

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