The company exhibits no operating leverage as a pre-revenue entity, with quarterly R&D expenditures fluctuating between $22.0 million and $31.4 million while generating no offsetting commercial revenue.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 320K | 1.22M | 1.11M | 1.03M | 0 | 0 | 0 | 1M | 900K | 900K |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Gross Profit | -320K | -1.22M | -1.11M | -1.03M | 0 | 0 | 0 | -1M | -900K | -900K |
| Gross Margin % | - | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | -10.21% | -7.27% | - | - | - | 100% | -11.11% | 0% | - |
| Operating Expenses | 149.59M | 141.78M | 141.79M | 109.75M | 91.77M | 78.87M | 74.19M | 27.57M | 22.37M | 21.64M |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 33.29M | 33.19M | 28.82M | 25.61M | 25.09M | 22.01M | 13.42M | 4.72M | 3.35M | 2.52M |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Research & Development | 116.61M | 109.82M | 114.07M | 85.17M | 61.68M | 56.86M | 60.76M | 22.84M | 19.03M | 19.13M |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -320K | -1.22M | -1.11M | -1.03M | 5M | 0 | 0 | 0 | 233K | 0 |
| Operating Income | -149.91M | -143M | -142.9M | -110.78M | -91.77M | -78.87M | -74.19M | -28.57M | -22.37M | -22.54M |
| Operating Margin % | - | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | -0.08% | -28.99% | -20.72% | -16.35% | -6.32% | -159.67% | -27.71% | 0.75% | - |
| EBITDA | -148.72M | -141.78M | -141.79M | -109.75M | -90.8M | -77.97M | -73.22M | -27.57M | -21.47M | -21.64M |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | -2.23% | 0% | -29.19% | -20.87% | -16.45% | -6.5% | -165.57% | -28.4% | 0.79% | - |
| D&A (Non-Cash Add-back) | 1.19M | 1.22M | 1.11M | 1.03M | 966K | 897K | 970K | 1M | 900K | 900K |
| EBIT | -141.78M | -129.47M | -127.85M | -110.78M | -86.77M | -78.87M | -49.34M | -26.88M | -22.37M | -22.54M |
| Net Interest Income | 0 | 0 | 0 | 10.08M | 0 | 141K | 306K | 1.4M | 775K | 0 |
| Interest Income | 0 | 0 | 0 | 10.08M | 2.65M | 141K | 306K | 1.4M | 775K | 251K |
| Interest Expense | 0 | 0 | 0 | 0 | 2.65M | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 14.69M | 13.54M | 15.05M | 10.08M | 2.65M | 156K | 483K | 1.69M | 1.01M | 512K |
| Pretax Income | -135.21M | -129.47M | -127.85M | -100.7M | -89.12M | -78.72M | -73.7M | -26.88M | -21.36M | -22.03M |
| Pretax Margin % | - | - | - | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| Net Income | -135.21M | -129.47M | -127.85M | -100.7M | -89.12M | -78.72M | -73.7M | -26.88M | -21.36M | -22.03M |
| Net Margin % | - | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | -1.77% | -1.27% | -26.96% | -12.99% | -13.22% | -6.8% | -174.16% | -25.84% | 3.02% | - |
| Net Income (Continuing) | -135.21M | -129.47M | -127.85M | -100.7M | -89.12M | -78.72M | -73.7M | -26.88M | -21.36M | -22.03M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.28 | -1.47 | -1.83 | -1.96 | -2.25 | -2.07 | -3.36 | -1.40 | -12.32 | -15.62 |
| EPS Growth % | 22.99% | 19.67% | 6.63% | 12.89% | -8.7% | 38.39% | -140% | 88.64% | 21.13% | - |
| EPS (Basic) | - | -1.47 | -1.83 | -1.96 | -2.25 | -2.07 | -3.36 | -1.40 | -12.32 | -15.62 |
| Diluted Shares Outstanding | 105.47M | 87.79M | 69.73M | 51.45M | 39.66M | 37.95M | 21.94M | 19.14M | 1.73M | 1.41M |
| Basic Shares Outstanding | 105.47M | 87.79M | 69.73M | 51.45M | 39.66M | 37.95M | 21.94M | 1.9M | 1.73M | 1.41M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Clinical trial funding shortfall
As reported in recent financial statements, ORIC's quarterly R&D expenditures have consistently fluctuated between $22.0 million and $31.4 million, reflecting a high-intensity clinical development phase that currently lacks any offsetting commercial revenue streams to mitigate the ongoing operational cash outflow for the company's pipeline.
The company's cost structure is almost entirely comprised of R&D, which is typical for a clinical-stage biotechnology firm but leaves little room for operational flexibility. Investors should monitor the efficiency of these expenditures, as the lack of revenue means every dollar spent directly depletes the limited cash reserves.
Based on the provided income statement data, ORIC consistently records stock-based compensation ranging from $3.9 million to $6.9 million per quarter, which effectively obscures the true cash-based operating expenses and complicates the assessment of the company's underlying burn rate during this pre-revenue development stage.
While stock-based compensation is a standard non-cash expense in the biotech sector, its magnitude relative to the total operating loss warrants caution. Analysts should adjust for these non-cash items to better understand the actual cash runway remaining for the firm's clinical programs.
According to the historical income statement data, ORIC exhibits no operating leverage as the company remains entirely pre-revenue, with quarterly operating losses consistently exceeding $30 million, indicating that the firm is currently in a pure investment phase without any scalable commercial infrastructure to support its operations.
The absence of revenue means that operating margins are effectively undefined, and the company's financial health is entirely dependent on external capital. Any future scaling will require a fundamental shift in the business model from clinical development to commercialization, which remains a significant hurdle.
Based on the reported $45.7 million cash position and quarterly operating losses frequently approaching $40 million, the company appears to face a precarious liquidity situation that may necessitate dilutive financing in the near term to sustain its ongoing clinical trial activities and research operations.
The current cash-to-burn ratio suggests that the company's runway is extremely limited, potentially forcing management to seek capital under unfavorable market conditions. Investors should be wary of the risk that clinical progress may be stalled if the company fails to secure additional funding in a timely manner.
Quick answers to the most common questions about buying ORIC stock.
For fiscal year 2025, ORIC Pharmaceuticals, Inc. (ORIC) reported total revenue of $0.0M.
ORIC Pharmaceuticals, Inc. (ORIC) reported a net loss of $129.5M for the fiscal year ending 2025.