0000950170-22-016894 | 10-Q | XBRL Viewer

License Agreements	6 Months Ended
Jun. 30, 2022
License Agreements [Abstract]
License Agreements	3. License Agreements Voronoi License Agreement On October 19, 2020, the Company entered into a license and collaboration agreement (Voronoi License Agreement) with Voronoi Inc. (Voronoi). The Voronoi License Agreement gives the Company access to Voronoi’s preclinical stage EGFR and HER2 exon 20 insertion mutation program, including a lead product candidate now designated as ORIC-114. Under the Voronoi License Agreement, Voronoi granted the Company an exclusive, sublicensable license under Voronoi’s rights to certain patent applications directed to certain small molecule compounds that bind to EGFR and HER2 with one or more exon 20 insertion mutations and certain related know-how, in each case, to develop and commercialize certain licensed compounds and licensed products incorporating any such compound in the ORIC Territory, defined as worldwide other than in the People’s Republic of China, Hong Kong, Macau and Taiwan. Under the Voronoi License Agreement, Voronoi has the right to perform certain mutually agreed upon development activities. Except for Voronoi's right to participate in such development activities, the Company is wholly responsible for development and commercialization of licensed products in the ORIC Territory. In addition, the Company is obligated to use commercially reasonable efforts to develop and commercialize at least one licensed product in certain major markets in the ORIC Territory. The Company’s financial obligations under the Voronoi License Agreement included an upfront payment of $5.0 million in cash and the issuance to Voronoi of 283,259 shares of the Company’s common stock, valued at approximately $6.8 million, issued pursuant to a stock issuance agreement entered into between the parties on October 19, 2020. The number of shares issued pursuant to the stock issuance agreement was based on a price of $28.24 per share, representing a premium of 25% to the 30-day trailing volume weighted average trading price of the Company’s common stock. The shares were issued in a private placement in reliance on Section 4(a)(2) of the Securities Act of 1933, as amended, for transactions by an issuer not involving any public offering. Under the Voronoi License Agreement, Voronoi was responsible for certain research and development costs up to a predetermined threshold. Upon achievement of the predetermined threshold during the quarter ended June 30, 2022, Voronoi has chosen to opt-out of participation in and funding of future development activities. The Company is also obligated to make milestone payments to Voronoi upon the achievement of certain events. Upon the achievement of certain development and regulatory milestones with respect to the first licensed product, the Company is obligated to pay Voronoi up to a maximum of $111.0 million. Upon the achievement of certain commercial milestones with respect to the first licensed product, the Company is obligated to pay Voronoi up to a maximum of $225.0 million. If the Company pursues a second licensed product, the Company could pay Voronoi up to an additional $272.0 million in success-based milestones. In addition, the Company is obligated to pay royalties on net sales of licensed products in the ORIC Territory. Unless earlier terminated, the Voronoi License Agreement will continue in effect until the expiration of all royalty payment obligations. Following the expiration of the Voronoi License Agreement, the Company will retain its licenses under the intellectual property Voronoi licensed to it on a royalty-free basis. The Company and Voronoi may each terminate the Voronoi License Agreement if the other party materially breaches the terms of such agreement, subject to specified notice and cure provisions, or enters into bankruptcy or insolvency proceedings. Voronoi may also terminate the agreement if the Company discontinues development of licensed products for a specified period of time. The Company also has the right to terminate the Voronoi License Agreement without cause by providing prior notice to Voronoi. If Voronoi terminates the Voronoi License Agreement for cause, or if the Company terminates the Voronoi License Agreement without cause, then the Company is obligated to grant a nonexclusive license to Voronoi under certain of the Company’s patents and know-how and to assign to Voronoi certain of its regulatory filings for licensed compounds and licensed products. Mirati License Agreement On August 3, 2020, the Company entered into a license agreement (Mirati License Agreement) with Mirati Therapeutics, Inc (Mirati). Under the Mirati License Agreement, Mirati granted the Company a worldwide, exclusive, sublicensable, royalty-free license under Mirati’s rights to certain patents and patent applications directed to certain small molecule compounds that bind to and inhibit PRC2 and certain related know-how, in each case, to develop and commercialize certain licensed compounds and licensed products incorporating any such compounds. Under the Mirati License Agreement, the Company is wholly responsible for development and commercialization of licensed products. In addition, the Company is obligated to use commercially reasonable efforts to develop and commercialize at least one licensed product in certain major markets. The Company’s financial obligation under the Mirati License Agreement was an upfront payment of 588,235 shares of ORIC common stock, valued at approximately $13.0 million based upon the closing price of the Company’s common stock on the acquisition date. The number of shares issued was based on a price of $34.00 per share, representing a premium of 10% to the 60-day trailing volume-weighted average trading price of the Company’s common stock. The shares were issued in a private placement in reliance on Section 4(a)(2) of the Securities Act of 1933, as amended, for transactions by an issuer not involving any public offering. During the eighteen-month period following the date of the agreement, Mirati is subject to certain transfer restrictions, and the parties agreed to negotiate and enter into a registration rights agreement, with respect to the shares. The Company is not obligated to pay Mirati milestones or royalties. Unless earlier terminated, the Mirati License Agreement will continue in effect on a country-by-country and licensed product-by-licensed product basis until the later of (a) the expiration of the last valid claim of a licensed patent covering such licensed product in such country or (b) ten years after the first commercial sale of such licensed product in such country. Following the expiration of the Mirati License Agreement, the Company will retain its licenses under the intellectual property Mirati licensed to it on a royalty-free basis. ORIC and Mirati may each terminate the Mirati License Agreement if the other party materially breaches the terms of such agreement, subject to specified notice and cure provisions, or enters into bankruptcy or insolvency proceedings. Mirati may terminate the agreement if the Company challenges any of the patent rights licensed to the Company by Mirati or it discontinues development of licensed products for a specified period of time. The Company also has the right to terminate the Mirati License Agreement without cause by providing prior notice to Mirati.

License Agreements

6 Months Ended

Jun. 30, 2022

3. License Agreements

Voronoi License Agreement

On October 19, 2020, the Company entered into a license and collaboration agreement (Voronoi License Agreement) with Voronoi Inc. (Voronoi). The Voronoi License Agreement gives the Company access to Voronoi’s preclinical stage EGFR and HER2 exon 20 insertion mutation program, including a lead product candidate now designated as ORIC-114. Under the Voronoi License Agreement, Voronoi granted the Company an exclusive, sublicensable license under Voronoi’s rights to certain patent applications directed to certain small molecule compounds that bind to EGFR and HER2 with one or more exon 20 insertion mutations and certain related know-how, in each case, to develop and commercialize certain licensed compounds and licensed products incorporating any such compound in the ORIC Territory, defined as worldwide other than in the People’s Republic of China, Hong Kong, Macau and Taiwan. Under the Voronoi License Agreement, Voronoi has the right to perform certain mutually agreed upon development activities. Except for Voronoi's right to participate in such development activities, the Company is wholly responsible for development and commercialization of licensed products in the ORIC Territory. In addition, the Company is obligated to use commercially reasonable efforts to develop and commercialize at least one licensed product in certain major markets in the ORIC Territory.

The Company’s financial obligations under the Voronoi License Agreement included an upfront payment of $5.0 million in cash and the issuance to Voronoi of 283,259 shares of the Company’s common stock, valued at approximately $6.8 million, issued pursuant to a stock issuance agreement entered into between the parties on October 19, 2020. The number of shares issued pursuant to the stock issuance agreement was based on a price of $28.24 per share, representing a premium of 25% to the 30-day trailing volume weighted average trading price of the Company’s common stock. The shares were issued in a private placement in reliance on Section 4(a)(2) of the Securities Act of 1933, as amended, for transactions by an issuer not involving any public offering.

Under the Voronoi License Agreement, Voronoi was responsible for certain research and development costs up to a predetermined threshold. Upon achievement of the predetermined threshold during the quarter ended June 30, 2022, Voronoi has chosen to opt-out of participation in and funding of future development activities. The Company is also obligated to make milestone payments to Voronoi upon the achievement of certain events. Upon the achievement of certain development and regulatory milestones with respect to the first licensed product, the Company is obligated to pay Voronoi up to a maximum of $111.0 million. Upon the achievement of certain commercial milestones with respect to the first licensed product, the Company is obligated to pay Voronoi up to a maximum of $225.0 million. If the Company pursues a second licensed product, the Company could pay Voronoi up to an additional $272.0 million in success-based milestones. In addition, the Company is obligated to pay royalties on net sales of licensed products in the ORIC Territory.

Unless earlier terminated, the Voronoi License Agreement will continue in effect until the expiration of all royalty payment obligations. Following the expiration of the Voronoi License Agreement, the Company will retain its licenses under the intellectual property Voronoi licensed to it on a royalty-free basis. The Company and Voronoi may each terminate the Voronoi License Agreement if the other party materially breaches the terms of such agreement, subject to specified notice and cure provisions, or enters into bankruptcy or insolvency proceedings. Voronoi may also terminate the agreement if the Company discontinues development of licensed products for a specified period of time. The Company also has the right to terminate the Voronoi License Agreement without cause by providing prior notice to Voronoi.

If Voronoi terminates the Voronoi License Agreement for cause, or if the Company terminates the Voronoi License Agreement without cause, then the Company is obligated to grant a nonexclusive license to Voronoi under certain of the Company’s patents and know-how and to assign to Voronoi certain of its regulatory filings for licensed compounds and licensed products.

Mirati License Agreement

On August 3, 2020, the Company entered into a license agreement (Mirati License Agreement) with Mirati Therapeutics, Inc (Mirati). Under the Mirati License Agreement, Mirati granted the Company a worldwide, exclusive, sublicensable, royalty-free license under Mirati’s rights to certain patents and patent applications directed to certain small molecule compounds that bind to and inhibit PRC2 and certain related know-how, in each case, to develop and commercialize certain licensed compounds and licensed products incorporating any such compounds. Under the Mirati License Agreement, the Company is wholly responsible for development and commercialization of licensed products. In addition, the Company is obligated to use commercially reasonable efforts to develop and commercialize at least one licensed product in certain major markets.

The Company’s financial obligation under the Mirati License Agreement was an upfront payment of 588,235 shares of ORIC common stock, valued at approximately $13.0 million based upon the closing price of the Company’s common stock on the acquisition date. The number of shares issued was based on a price of $34.00 per share, representing a premium of 10% to the 60-day trailing volume-weighted average trading price of the Company’s common stock. The shares were issued in a private placement in reliance on Section 4(a)(2) of the Securities Act of 1933, as amended, for transactions by an issuer not involving any public offering. During the eighteen-month period following the date of the agreement, Mirati is subject to certain transfer restrictions, and the parties agreed to negotiate and enter into a registration rights agreement, with respect to the shares. The Company is not obligated to pay Mirati milestones or royalties.

Unless earlier terminated, the Mirati License Agreement will continue in effect on a country-by-country and licensed product-by-licensed product basis until the later of (a) the expiration of the last valid claim of a licensed patent covering such licensed product in such country or (b) ten years after the first commercial sale of such licensed product in such country. Following the expiration of the Mirati License Agreement, the Company will retain its licenses under the intellectual property Mirati licensed to it on a royalty-free basis. ORIC and Mirati may each terminate the Mirati License Agreement if the other party materially breaches the terms of such agreement, subject to specified notice and cure provisions, or enters into bankruptcy or insolvency proceedings. Mirati may terminate the agreement if the Company challenges any of the patent rights licensed to the Company by Mirati or it discontinues development of licensed products for a specified period of time. The Company also has the right to terminate the Mirati License Agreement without cause by providing prior notice to Mirati.

Property and Equipment, Net (Tables)

6 Months Ended

Jun. 30, 2022

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment, Net

Property and equipment, net consisted of the following (in thousands):


	June 30, 2022			December 31, 2021
Lab equipment	$	5,922		$	5,305
Leasehold improvements		1,730			1,710
Computer hardware and software		296			247
Furniture and fixtures		508			140
Total property and equipment, gross		8,456			7,402
Less accumulated depreciation		(5,451	)		(4,989	)
Total property and equipment, net	$	3,005		$	2,413

License Agreements - Additional Information (Details) $ / shares in Units, $ in Thousands	Oct. 19, 2020 USD ($) Product $ / shares shares	Aug. 03, 2020 USD ($) Product $ / shares shares	Jun. 30, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares
License Agreements [Line Items]
Number of licensed products obliged to develop and commercialize \| Product	1	1
Upfront payment shares issued \| shares			39,575,454	39,430,120
Upfront payment value			$ 4	$ 4
Mirati Therapeutics, Inc
License Agreements [Line Items]
Number of period the agreement in effect		10 years
Mirati Therapeutics, Inc \| Private Placement \| Common Stock
License Agreements [Line Items]
Upfront payment shares issued \| shares		588,235
Upfront payment value		$ 13,000
Issue price per share \| $ / shares		$ 34.00
Premium percentage		10.00%
Stock transfer restrictions period		18 months
Voronoi Inc. \| Development And Regulatory Milestone
License Agreements [Line Items]
License agreement maximum milestone payment obligation to pay			111,000
Voronoi Inc. \| Commercial Milestone
License Agreements [Line Items]
License agreement maximum milestone payment obligation to pay			225,000
Voronoi Inc. \| Success Based Milestones
License Agreements [Line Items]
License agreement, additional milestone payment			$ 272,000
Voronoi Inc. \| Private Placement \| Common Stock
License Agreements [Line Items]
Upfront payment shares issued \| shares	283,259
Upfront payment value	$ 6,800
Issue price per share \| $ / shares	$ 28.24
Premium percentage	25.00%
Upfront cash payment	$ 5,000

Fair Value Measurements - Additional Information (Details) - USD ($)	Jun. 30, 2022	Dec. 31, 2021
Fair Value Disclosures [Abstract]
Transfer between level 1 to 2	$ 0	$ 0
Transfer between level 2 to 1	0	0
Transfer between level 2 to 3	0	0
Transfer between level 3 to 2	0	0
Transfer between level 1 to 3	0	0
Transfer between level 3 to 1	$ 0	$ 0

Basis of Presentation and Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	2. Basis of Presentation and Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and with the instructions of the Securities and Exchange Commission (SEC) on Form 10-Q and Rule 10-01 of Regulation S-X. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP, have been omitted. The accompanying unaudited financial statements include all known adjustments necessary for a fair presentation of the results as required by GAAP. These adjustments consist primarily of normal recurring accruals and estimates that impact the carrying value of assets and liabilities. Operating results for the interim period are not necessarily indicative of future results. In March 2020, the World Health Organization declared the novel coronavirus disease, or COVID-19, outbreak a global pandemic. Governments have taken various actions in response to the COVID-19 pandemic, including the issuance of stay-at-home orders and physical distancing guidelines. Accordingly, businesses have adjusted, reduced or suspended certain operating activities. Disruptions caused by the COVID-19 pandemic have impacted the Company, including the temporary suspension or delayed enrollment of patients in the Company’s clinical trials. The future impacts of the COVID-19 pandemic depend, in part, on the length and severity of the restrictions and other limitations on the Company’s ability to conduct business in the ordinary course. As a result, research and development expenses and general and administrative expenses may vary significantly if there is an increased impact from COVID-19 on the costs and timing associated with the conduct of the clinical trials and other related business activities. The accompanying unaudited financial statements should be read in conjunction with the audited financial statements and the related notes thereto for the year ended December 31, 2021, which are included in the Company’s Annual Report on Form 10-K filed with the SEC. Furthermore, the Company’s significant accounting policies are disclosed in the audited financial statements for the periods ended December 31, 2021 and 2020, included in the Company’s Annual Report on Form 10-K. Since the date of those financial statements, there have been no changes to its significant accounting policies, except as noted below. Stock-Based Compensation Stock-based compensation expense represents the grant date fair value of employee, officer, director and non-employee stock option and restricted stock unit grants, estimated in accordance with the applicable accounting guidance and recognized over the vesting period, which approximates the requisite service period of the awards. The Company recognizes forfeitures as they occur. The fair value of stock options is estimated using a Black-Scholes-Merton valuation model on the date of grant. This method requires certain assumptions be used as inputs, such as a risk-free interest rate, expected volatility of the Company’s common stock and expected term of the option before exercise. The risk-free interest rate is based on U.S. Treasury instruments with maturities similar to the expected term. The expected volatility is computed using historical volatility for a period equal to the expected term. Given the limited period of time the Company's stock has been traded, expected volatility is based on the Company's historical volatility and the historical volatility of a group of similar companies that are publicly traded. The expected term represents the length of time the stock options are expected to be outstanding. Because the Company does not have sufficient exercise behavior, it determines the expected term assumption using the simplified method, which is an average of the contractual term of the option and its vesting period. Options granted have a maximum contractual term of ten years and generally vest over a four year period. The fair value of restricted stock units is equal to the closing price of the Company's stock on the date of grant. Restricted stock units generally vest over a three year period. Recently Issued Accounting Pronouncements There are no recently issued accounting pronouncements that would materially impact the Company’s financial statements and related disclosures.

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 8,456	$ 7,402
Less accumulated depreciation	(5,451)	(4,989)
Total property and equipment, net	3,005	2,413
Lab Equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	5,922	5,305
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	1,730	1,710
Computer Hardware and Software
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	296	247
Furniture and Fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 508	$ 140

Equity Incentive Plans and Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 4,092	$ 3,213	$ 8,037	$ 5,957
Stock Options
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total unrecognized compensation expense related to outstanding unvested stock-based awards	35,800		$ 35,800
Total unrecognized compensation expense related to outstanding unvested stock-based awards expected to be recognized over weighted-average remaining service period			2 years 9 months 18 days
Stock-based compensation expense	3,800	3,200	$ 7,500	6,000
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total unrecognized compensation expense related to outstanding unvested stock-based awards	1,800		$ 1,800
Total unrecognized compensation expense related to outstanding unvested stock-based awards expected to be recognized over weighted-average remaining service period			2 years 6 months
Stock-based compensation expense	$ 200		$ 300
2020 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for future issuance	2,133,880		2,133,880
2022 Inducement Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for future issuance	500,000		500,000
Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 100	$ 0	$ 200	$ 0

Equity Incentive Plans and Stock-Based Compensation - Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Units	6 Months Ended
	Jun. 30, 2022 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares Outstanding, beginning of period \| shares	0
Granted \| shares	249,018
Vested \| shares	0
Forfeited \| shares	12,076
Shares Outstanding, end of period \| shares	236,942
Weighted-Average Grant-Date Fair Value, Beginning Balance \| $ / shares	$ 0
Weighted-Average Grant-Date Fair Value, Granted \| $ / shares	8.84
Weighted-Average Grant-Date Fair Value, Vested \| $ / shares	0
Weighted-Average Grant-Date Fair Value, Forfeited \| $ / shares	9.48
Weighted-Average Grant-Date Fair Value, Ending Balance \| $ / shares	$ 8.81

Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Accrued Liabilities, Current [Abstract]
Accrued clinical and manufacturing costs	$ 4,159	$ 5,678
Accrued compensation	2,765	4,798
Lease liabilities - short-term	2,613	1,926
Other accruals	844	863
Total accrued liabilities	$ 10,381	$ 13,265

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Details) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Dec. 31, 2021
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Options granted, maximum contractual term	10 years
Adjustment to opening balance of accumulated deficit	$ (288,554)	$ (245,108)
Share-based Payment Arrangement, Option [Member] \| Two Thousand Twenty Equity Incentive Plan And Two Thousand Fourteen Equity Incentive Plan [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Option vesting period	4 years
Restricted Stock Units (RSUs) [Member] \| Two Thousand Twenty Equity Incentive Plan And Two Thousand Fourteen Equity Incentive Plan [Member]
Basis Of Presentation And Summary Of Significant Accounting Policies [Line Items]
Restricted stock units	3 years

- Definition

The cumulative amount of the reporting entity's undistributed earnings or deficit.

+ References + Details

Equity Incentive Plans and Stock-Based Compensation - Summary of Fair Value of Stock Options Estimated Using Black-Scholes Merton Option Pricing Model Assumptions (Details) - Stock Option	3 Months Ended	6 Months Ended
	Mar. 31, 2021	Jun. 30, 2022	Jun. 30, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free interest rate, minimum		1.47%	0.60%
Risk-free interest rate, maximum		3.34%	1.15%
Expected volatility, minimum		82.98%	85.31%
Expected volatility, maximum		87.60%	88.43%
Expected dividend yield	0.00%	0.00%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)		5 years 6 months	5 years 6 months
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (in years)		6 years 29 days	6 years 29 days

STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net loss	$ (20,287)	$ (21,009)	$ (43,446)	$ (37,518)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation			498	451
Stock-based compensation expense			8,037	5,957
Loss on fixed asset disposals			0	3
(Accretion of discount) amortization of premium on investments, net			(52)	870
Changes in operating assets and liabilities:
Prepaid expenses and other assets			(2,112)	307
Accounts payable and accrued other liabilities			(3,419)	(1,185)
Net cash used in operating activities			(40,494)	(31,115)
Cash flows from investing activities:
Acquisitions of property and equipment			(1,390)	(317)
Purchases of investments			(145,473)	(25,171)
Maturities of investments			10,000	148,500
Net cash (used in) provided by investing activities			(136,863)	123,012
Cash flows from financing activities:
Issuance costs associated with financings			0	(339)
Proceeds from issuance of common stock under the Employee Stock Purchase Plan			354	0
Proceeds from stock option exercises			77	74
Net cash provided by (used in) financing activities			431	(265)
Net (decrease) increase in cash, cash equivalents and restricted cash			(176,926)	91,632
Cash, cash equivalents and restricted cash at beginning of period			226,474	78,446
Cash, cash equivalents and restricted cash at end of period	49,548	170,078	49,548	170,078
Cash and cash equivalents	49,080	170,078	49,080	170,078
Restricted cash included in other assets	468	0	468	0
Total cash, cash equivalents and restricted cash	$ 49,548	$ 170,078	$ 49,548	$ 170,078

Equity Incentive Plans and Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2022

Share-based Payment Arrangement [Abstract]

Summary of Option Activity

The following table summarizes the stock option activity for the six months ended June 30, 2022:


	Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2021		5,268,320		$	14.16
Granted		1,757,035			8.13
Exercised		(46,889	)		1.65
Forfeited and cancelled		(324,389	)		16.94
Outstanding at June 30, 2022		6,654,077		$	12.51		8.0	$	4,449
Exercisable at June 30, 2022		3,087,337		$	10.05		6.9	$	3,935

Summary of Outstanding Shares of Potential Dilutive Securities Excluded from Computation of Diluted Net Loss per Share

The following outstanding shares of potentially dilutive securities were excluded from the computation of diluted net loss per share attributable to common stockholders for the periods presented because including them would have been anti-dilutive:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Options to purchase common stock		6,654,077		5,206,688		6,654,077		5,206,688
Non-vested restricted stock units		236,942		—		236,942		—
Total		6,891,019		5,206,688		6,891,019		5,206,688

Summary of Fair Value of Stock Options Estimated Using Black-Scholes Merton Option Pricing Model Assumptions

The fair value of stock option awards to employees, executives, directors, and other service providers was estimated at the date of grant using the Black-Scholes-Merton option pricing model with the following assumptions:


	Six Months Ended June 30,
	2022	2021
Risk-free interest rate	1.47% - 3.34%	0.60% - 1.15%
Expected volatility	82.98% - 87.60%	85.31% - 88.43%
Expected term (in years)	5.50-6.08	5.50 - 6.08
Expected dividend yield	0%	0%

Summary of Total Stock-based Compensation Expense

The table below summarizes the total stock-based compensation expense included in the Company’s statements of operations and comprehensive loss for the periods presented (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Research and development	$	1,587	$	1,264	$	3,155	$	2,331
General and administrative		2,505		1,949		4,882		3,626
Total stock-based compensation expense	$	4,092	$	3,213	$	8,037	$	5,957

Summary of Restricted Stock Unit Activity

The following table summarizes the restricted stock unit activity for the six months ended June 30, 2022:


	Number of Shares			Weighted- Average Grant-Date Fair Value
Outstanding at December 31, 2021		—		$	—
Granted		249,018			8.84
Vested		—			—
Forfeited		(12,076	)		9.48
Outstanding at June 30, 2022		236,942		$	8.81

Investments (Tables)

6 Months Ended

Jun. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Schedule of Cost, Gross Unrealized Holding Gains, Gross Unrealized Holding Losses and Fair Value of Available for Sale Investments

The Company's available-for-sale investments consisted of the following (in thousands):


June 30, 2022	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
Short-term
U.S. treasury securities	$	177,275	$	—	$	(1,205	)	$	176,070
Certificates of deposit		1,925		—		(11	)		1,914
Short-term investments	$	179,200	$	—	$	(1,216	)	$	177,984

Long-term
U.S. treasury securities	$	9,807	$	—	$	—		$	9,807
Certificates of deposit		980		—		(15	)		965
Long-term investments	$	10,787	$	—	$	(15	)	$	10,772

December 31, 2021
Short-term
U.S. treasury securities	$	10,014	$	—	$	(1	)	$	10,013
Certificates of deposit		961		—		(1	)		960
Short-term investments	$	10,975	$	—	$	(2	)	$	10,973

Long-term
U.S. treasury securities	$	42,517	$	—	$	(98	)	$	42,419
Certificates of deposit		970		—		(3	)		967
Long-term investments	$	43,487	$	—	$	(101	)	$	43,386

Description of the Business

6 Months Ended

Jun. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Description of the Business

1. Description of the Business

ORIC Pharmaceuticals, Inc. (ORIC or the Company) is a clinical-stage biopharmaceutical company dedicated to improving patients’ lives by Overcoming Resistance In Cancer. 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 one segment.

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.

As of June 30, 2022, the Company had an accumulated deficit of $288.6 million. Through June 30, 2022, all of the Company’s financial support has been provided by proceeds from the issuance of common stock and convertible preferred stock.

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.

At-The-Market Sales Agreement and Offering

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 $150 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 $50.0 million through the sale of 2,597,402 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 $19.25, a premium to the market price at the time of sale. After deducting commissions and other offering expenses related to the ATM offering of $1.9 million, the net proceeds to the Company from the transaction were $48.1 million.

Investments

6 Months Ended

Jun. 30, 2022

Investments, Debt and Equity Securities [Abstract]

Investments

6. Investments

The Company's available-for-sale investments consisted of the following (in thousands):


June 30, 2022	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
Short-term
U.S. treasury securities	$	177,275	$	—	$	(1,205	)	$	176,070
Certificates of deposit		1,925		—		(11	)		1,914
Short-term investments	$	179,200	$	—	$	(1,216	)	$	177,984

Long-term
U.S. treasury securities	$	9,807	$	—	$	—		$	9,807
Certificates of deposit		980		—		(15	)		965
Long-term investments	$	10,787	$	—	$	(15	)	$	10,772

December 31, 2021
Short-term
U.S. treasury securities	$	10,014	$	—	$	(1	)	$	10,013
Certificates of deposit		961		—		(1	)		960
Short-term investments	$	10,975	$	—	$	(2	)	$	10,973

Long-term
U.S. treasury securities	$	42,517	$	—	$	(98	)	$	42,419
Certificates of deposit		970		—		(3	)		967
Long-term investments	$	43,487	$	—	$	(101	)	$	43,386

The Company has determined that there were no material declines in fair value of its investments due to credit-related factors as of June 30, 2022 and December 31, 2021. Credit loss is limited due to the nature of the investments.

Property and Equipment, Net

6 Months Ended

Jun. 30, 2022

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

4. Property and Equipment, net

Property and equipment, net consisted of the following (in thousands):


	June 30, 2022			December 31, 2021
Lab equipment	$	5,922		$	5,305
Leasehold improvements		1,730			1,710
Computer hardware and software		296			247
Furniture and fixtures		508			140
Total property and equipment, gross		8,456			7,402
Less accumulated depreciation		(5,451	)		(4,989	)
Total property and equipment, net	$	3,005		$	2,413

Accrued Liabilities (Tables)

6 Months Ended

Jun. 30, 2022

Accrued Liabilities, Current [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):



	June 30, 2022		December 31, 2021
Accrued clinical and manufacturing costs	$	4,159	$	5,678
Accrued compensation		2,765		4,798
Lease liabilities - short-term		2,613		1,926
Other accruals		844		863
Total accrued liabilities	$	10,381	$	13,265

Equity Incentive Plans and Stock-Based Compensation - Summary of Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	6 Months Ended
	Jun. 30, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Options outstanding, Beginning Balance	5,268,320
Options, Granted	1,757,035
Options, Exercised	(46,889)
Options, Forfeited and cancelled	(324,389)
Options outstanding, Ending Balance	6,654,077
Options, Exercisable	3,087,337
Weighted Average Exercise Price, Options outstanding Beginning Balance	$ 14.16
Weighted Average Exercise Price, Granted	8.13
Weighted Average Exercise Price, Exercised	1.65
Weighted Average Exercise Price, Forfeited and Cancelled	16.94
Weighted Average Exercise Price, Options outstanding Ending Balance	12.51
Weighted Average Exercise Price, Exercisable	$ 10.05
Weighted Average Remaining Contractual Term (in years), Options outstanding	8 years
Weighted Average Remaining Contractual Term (in years), Exercisable	6 years 10 months 24 days
Aggregate Intrinsic Value, Options outstanding	$ 4,449
Aggregate Intrinsic Value, Exercisable	$ 3,935

Equity Incentive Plans and Stock-Based Compensation - Summary of Total Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 4,092	$ 3,213	$ 8,037	$ 5,957
Research and development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	1,587	1,264	3,155	2,331
General and administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 2,505	$ 1,949	$ 4,882	$ 3,626

STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Operating expenses:
Research and development	$ 13,834	$ 15,517	$ 30,662	$ 27,214
General and administrative	6,862	5,540	13,292	10,396
Total operating expenses	20,696	21,057	43,954	37,610
Loss from operations	(20,696)	(21,057)	(43,954)	(37,610)
Other income:
Interest income, net	409	33	508	77
Other	0	15	0	15
Total other income	409	48	508	92
Net loss	(20,287)	(21,009)	(43,446)	(37,518)
Other comprehensive (loss) income:
Unrealized (loss) gain on investments	(429)	(14)	(1,128)	34
Comprehensive loss	$ (20,716)	$ (21,023)	$ (44,574)	$ (37,484)
Net loss per share, basic	$ (0.51)	$ (0.57)	$ (1.10)	$ (1.02)
Net loss per share, diluted	$ (0.51)	$ (0.57)	$ (1.10)	$ (1.02)
Weighted-average shares outstanding, basic	39,481,628	36,701,836	39,456,812	36,690,824
Weighted-average shares outstanding, diluted	39,481,628	36,701,836	39,456,812	36,690,824

Fair Value Measurements - Schedule of Assets Measured at Fair Value on Recurring Basis (Details) - Fair Value Measurements Recurring - USD ($)
$ in Thousands

Jun. 30, 2022

Dec. 31, 2021

Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]

Assets, Fair Value

$ 237,836

$ 280,365

Money Market Funds

Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]

Assets, Fair Value

^[1]

49,080

226,006

U.S. Treasury Securities

Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]

Assets, Fair Value

185,877

52,432

Certificates of deposit

Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]

Assets, Fair Value

2,879

1,927

Level 1

Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]

Assets, Fair Value

237,836

280,365

Level 1 | Money Market Funds

Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]

Assets, Fair Value

^[1]

49,080

226,006

Level 1 | U.S. Treasury Securities

Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]

Assets, Fair Value

185,877

52,432

Level 1 | Certificates of deposit

Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]

Assets, Fair Value

2,879

1,927

Level 2

Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]

Assets, Fair Value

Level 2 | Money Market Funds

Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]

Assets, Fair Value

^[1]

Level 2 | U.S. Treasury Securities

Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]

Assets, Fair Value

Level 2 | Certificates of deposit

Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]

Assets, Fair Value

Level 3

Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]

Assets, Fair Value

Level 3 | Money Market Funds

Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]

Assets, Fair Value

^[1]

Level 3 | U.S. Treasury Securities

Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]

Assets, Fair Value

Level 3 | Certificates of deposit

Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]

Assets, Fair Value

Fair Value

Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]

Assets, Fair Value

237,836

280,365

Fair Value | Money Market Funds

Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]

Assets, Fair Value

^[1]

49,080

226,006

Fair Value | U.S. Treasury Securities

Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]

Assets, Fair Value

185,877

52,432

Fair Value | Certificates of deposit

Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]

Assets, Fair Value

$ 2,879

$ 1,927

[1]	(1) Included in cash and cash equivalents in accompanying balance sheets.

Investments - Schedule of Cost, Gross Unrealized Holding Gains, Gross Unrealized Holding Losses and Fair Value of Available for Sale Investments (Details) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Short-term Investments
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 179,200	$ 10,975
Unrealized Gains	0	0
Unrealized Losses	(1,216)	(2)
Estimated Fair Value	177,984	10,973
Long Term Investments
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	10,787	43,487
Unrealized Gains	0	0
Unrealized Losses	(15)	(101)
Estimated Fair Value	10,772	43,386
U.S. Treasury Securities \| Short-term Investments
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	177,275	10,014
Unrealized Gains	0	0
Unrealized Losses	(1,205)	(1)
Estimated Fair Value	176,070	10,013
U.S. Treasury Securities \| Long Term Investments
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	9,807	42,517
Unrealized Gains	0	0
Unrealized Losses	0	(98)
Estimated Fair Value	9,807	42,419
Certificates of deposit \| Short-term Investments
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	1,925	961
Unrealized Gains	0	0
Unrealized Losses	(11)	(1)
Estimated Fair Value	1,914	960
Certificates of deposit \| Long Term Investments
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	980	970
Unrealized Gains	0	0
Unrealized Losses	(15)	(3)
Estimated Fair Value	$ 965	$ 967

Description of the Business - Additional Information (Details) $ / shares in Units, $ in Thousands			6 Months Ended
	Jul. 08, 2021 USD ($) $ / shares shares	May 06, 2021 USD ($)	Jun. 30, 2022 USD ($) Segments	Jun. 30, 2021 USD ($)	Dec. 31, 2021 USD ($)
Description Of Business [Line Items]
Number of operating segment \| Segments			1
Accumulated deficit			$ 288,554		$ 245,108
Proceeds from issuance of common stock			$ 354	$ 0
At-The-Market Sales Agreement and Offering
Description Of Business [Line Items]
Sale of Stock, Number of Shares Issued in Transaction \| shares	2,597,402
Proceeds from issuance of common stock	$ 50,000
Sale of Stock, Price Per Share \| $ / shares	$ 19.25
At-The-Market Sales Agreement and Offering \| Maximum
Description Of Business [Line Items]
Sale of Stock, Consideration Received on Transaction		$ 150,000
Common Stock \| At-The-Market Sales Agreement and Offering
Description Of Business [Line Items]
Underwriting discounts and commissions and other offering expenses	$ 1,900
Proceeds from issuance of common stock	$ 48,100

BALANCE SHEETS (Parenthetical) - $ / shares	Jun. 30, 2022	Dec. 31, 2021
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	200,000,000	200,000,000
Preferred stock, shares, issued	0	0
Preferred stock, shares, outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	1,000,000,000	1,000,000,000
Common stock, shares, issued	39,575,454	39,430,120
Common stock, shares, outstanding	39,575,454	39,430,120

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP) for interim financial information and with the instructions of the Securities and Exchange Commission (SEC) on Form 10-Q and Rule 10-01 of Regulation S-X. Certain information and note disclosures normally included in annual financial statements prepared in accordance with GAAP, have been omitted. The accompanying unaudited financial statements include all known adjustments necessary for a fair presentation of the results as required by GAAP. These adjustments consist primarily of normal recurring accruals and estimates that impact the carrying value of assets and liabilities. Operating results for the interim period are not necessarily indicative of future results. In March 2020, the World Health Organization declared the novel coronavirus disease, or COVID-19, outbreak a global pandemic. Governments have taken various actions in response to the COVID-19 pandemic, including the issuance of stay-at-home orders and physical distancing guidelines. Accordingly, businesses have adjusted, reduced or suspended certain operating activities. Disruptions caused by the COVID-19 pandemic have impacted the Company, including the temporary suspension or delayed enrollment of patients in the Company’s clinical trials. The future impacts of the COVID-19 pandemic depend, in part, on the length and severity of the restrictions and other limitations on the Company’s ability to conduct business in the ordinary course. As a result, research and development expenses and general and administrative expenses may vary significantly if there is an increased impact from COVID-19 on the costs and timing associated with the conduct of the clinical trials and other related business activities. The accompanying unaudited financial statements should be read in conjunction with the audited financial statements and the related notes thereto for the year ended December 31, 2021, which are included in the Company’s Annual Report on Form 10-K filed with the SEC. Furthermore, the Company’s significant accounting policies are disclosed in the audited financial statements for the periods ended December 31, 2021 and 2020, included in the Company’s Annual Report on Form 10-K. Since the date of those financial statements, there have been no changes to its significant accounting policies, except as noted below.
Stock-Based Compensation	Stock-Based Compensation Stock-based compensation expense represents the grant date fair value of employee, officer, director and non-employee stock option and restricted stock unit grants, estimated in accordance with the applicable accounting guidance and recognized over the vesting period, which approximates the requisite service period of the awards. The Company recognizes forfeitures as they occur. The fair value of stock options is estimated using a Black-Scholes-Merton valuation model on the date of grant. This method requires certain assumptions be used as inputs, such as a risk-free interest rate, expected volatility of the Company’s common stock and expected term of the option before exercise. The risk-free interest rate is based on U.S. Treasury instruments with maturities similar to the expected term. The expected volatility is computed using historical volatility for a period equal to the expected term. Given the limited period of time the Company's stock has been traded, expected volatility is based on the Company's historical volatility and the historical volatility of a group of similar companies that are publicly traded. The expected term represents the length of time the stock options are expected to be outstanding. Because the Company does not have sufficient exercise behavior, it determines the expected term assumption using the simplified method, which is an average of the contractual term of the option and its vesting period. Options granted have a maximum contractual term of ten years and generally vest over a four year period. The fair value of restricted stock units is equal to the closing price of the Company's stock on the date of grant. Restricted stock units generally vest over a three year period.
Recently Adopted Accounting Pronouncements	Recently Issued Accounting Pronouncements There are no recently issued accounting pronouncements that would materially impact the Company’s financial statements and related disclosures.

Fair Value Measurements

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Fair Value Measurements

7. Fair Value Measurements

The accounting guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair-value hierarchy, which prioritizes the inputs used in measuring fair value as follows:

Level 1: Observable inputs such as quoted prices in active markets;

Level 2: Inputs, other than the quoted prices in active markets, that are observable either directly or indirectly; and

Level 3: Unobservable inputs in which there is little or no market data, which require the reporting entity to develop its own assumptions.

The carrying amounts of the Company’s interest receivable, included in prepaid expenses and other current assets, accounts payable and accrued liabilities are generally considered to be representative of their fair value because of their short-term nature. The Company’s investments, which may include money market funds and available-for-sale investments consisting of U.S. treasury securities, certificates of deposit and high-quality, marketable debt instruments of corporations and government sponsored enterprises, are measured at fair value in accordance with the fair value hierarchy.

Following are the major categories of assets measured at fair value on a recurring basis (in thousands):


	Fair Value Measurements
	Fair Value		Level 1		Level 2		Level 3		Total
June 30, 2022
Money market funds (1)	$	49,080	$	49,080	$	—	$	—	$	49,080
U.S. treasury securities		185,877		185,877		—		—		185,877
Certificates of deposit		2,879		2,879		—		—		2,879
Total	$	237,836	$	237,836	$	—	$	—	$	237,836
December 31, 2021
Money market funds (1)	$	226,006	$	226,006	$	—	$	—	$	226,006
U.S. treasury securities		52,432		52,432		—		—		52,432
Certificates of deposit		1,927		1,927		—		—		1,927
Total	$	280,365	$	280,365	$	—	$	—	$	280,365

(1) Included in cash and cash equivalents in accompanying balance sheets.

No transfers between levels occurred during either of the reporting periods presented.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2022	Aug. 03, 2022
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Registrant Name	ORIC PHARMACEUTICALS, INC.
Trading Symbol	ORIC
Entity Central Index Key	0001796280
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Entity Shell Company	false
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Security Exchange Name	NASDAQ
Entity Common Stock, Shares Outstanding		39,576,657
Entity File Number	001-39269
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	47-1787157
Entity Address, Address Line One	240 E. Grand Ave
Entity Address, Address Line Two	2nd Floor
Entity Address, City or Town	South San Francisco
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94080
City Area Code	650
Local Phone Number	388-5600
Document Quarterly Report	true
Document Transition Report	false

Equity Incentive Plans and Stock-Based Compensation - Summary of Outstanding Shares of Potential Dilutive Securities Excluded from Computation of Diluted Net Loss per Share (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti dilutive securities excluded from computation of net loss per share	6,891,019	5,206,688	6,891,019	5,206,688
Non-vested restricted stock units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti dilutive securities excluded from computation of net loss per share	236,942		236,942
Options to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti dilutive securities excluded from computation of net loss per share	6,654,077	5,206,688	6,654,077	5,206,688

STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Gain (Loss)
Beginning Balance at Dec. 31, 2020	$ 289,776	$ 4	$ 456,196	$ (166,393)	$ (31)
Beginning Balance (in shares) at Dec. 31, 2020		36,672,415
Exercise of common stock options	16		16
Exercise of common stock options (in shares)		18,411
Stock-based compensation expense	2,744		2,744
Unrealized (loss) gain on investments	48				48
Net loss	(16,509)			(16,509)
Ending Balance at Mar. 31, 2021	276,075	$ 4	458,956	(182,902)	17
Ending Balance (in shares) at Mar. 31, 2021		36,690,826
Beginning Balance at Dec. 31, 2020	289,776	$ 4	456,196	(166,393)	(31)
Beginning Balance (in shares) at Dec. 31, 2020		36,672,415
Unrealized (loss) gain on investments	34
Ending Balance at Jun. 30, 2021	$ 258,323	$ 4	462,227	(203,911)	3
Ending Balance (in shares) at Jun. 30, 2021	36,715,612
Beginning Balance at Mar. 31, 2021	$ 276,075	$ 4	458,956	(182,902)	17
Beginning Balance (in shares) at Mar. 31, 2021		36,690,826
Exercise of common stock options	58		58
Exercise of common stock options (in shares)		24,786
Stock-based compensation expense	3,213		3,213
Unrealized (loss) gain on investments	(14)				(14)
Net loss	(21,009)			(21,009)
Ending Balance at Jun. 30, 2021	$ 258,323	$ 4	462,227	(203,911)	3
Ending Balance (in shares) at Jun. 30, 2021	36,715,612
Beginning Balance at Dec. 31, 2021	$ 272,976	$ 4	518,183	(245,108)	(103)
Beginning Balance (in shares) at Dec. 31, 2021	39,430,120	39,430,120
Exercise of common stock options	$ 16		16
Exercise of common stock options (in shares)		8,482
Stock-based compensation expense	3,945		3,945
Unrealized (loss) gain on investments	(699)				(699)
Net loss	(23,159)			(23,159)
Ending Balance at Mar. 31, 2022	253,079	$ 4	522,144	(268,267)	(802)
Ending Balance (in shares) at Mar. 31, 2022		39,438,602
Beginning Balance at Dec. 31, 2021	$ 272,976	$ 4	518,183	(245,108)	(103)
Beginning Balance (in shares) at Dec. 31, 2021	39,430,120	39,430,120
Exercise of common stock options (in shares)	46,889
Unrealized (loss) gain on investments	$ (1,128)
Ending Balance at Jun. 30, 2022	$ 236,870	$ 4	526,651	(288,554)	(1,231)
Ending Balance (in shares) at Jun. 30, 2022	39,575,454	39,575,454
Beginning Balance at Mar. 31, 2022	$ 253,079	$ 4	522,144	(268,267)	(802)
Beginning Balance (in shares) at Mar. 31, 2022		39,438,602
Issuance of common stock under the Employee Stock Purchase Plan	354		354
Issuance of common stock under the Employee Stock Purchase Plan (in shares)		98,445
Exercise of common stock options	61		61
Exercise of common stock options (in shares)		38,407
Stock-based compensation expense	4,092		4,092
Unrealized (loss) gain on investments	(429)				(429)
Net loss	(20,287)			(20,287)
Ending Balance at Jun. 30, 2022	$ 236,870	$ 4	$ 526,651	$ (288,554)	$ (1,231)
Ending Balance (in shares) at Jun. 30, 2022	39,575,454	39,575,454

- Definition

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

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- Definition

Total of all stockholders' equity (deficit) items, net of receivables from officers, directors, owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.

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+ Details

Accrued Liabilities

6 Months Ended

Jun. 30, 2022

Accrued Liabilities, Current [Abstract]

Accrued Liabilities

5. Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):



	June 30, 2022		December 31, 2021
Accrued clinical and manufacturing costs	$	4,159	$	5,678
Accrued compensation		2,765		4,798
Lease liabilities - short-term		2,613		1,926
Other accruals		844		863
Total accrued liabilities	$	10,381	$	13,265

Equity Incentive Plans and Stock-Based Compensation

6 Months Ended

Jun. 30, 2022

Share-based Payment Arrangement [Abstract]

Equity Incentive Plans and Stock-Based Compensation

8. Equity Incentive Plans and Stock-Based Compensation

As of June 30, 2022, there were 2,133,880 shares available for future issuance under the 2020 Equity Incentive Plan and 500,000 shares available for future issuance under the 2022 Inducement Equity Incentive Plan, which was adopted on March 1, 2022. The 2020 Equity Incentive Plan provides for the grants of stock options and other equity-based awards to employees, non-employee directors and consultants of the Company. The 2022 Inducement Equity Incentive Plan provides for the grants of equity-based awards to individuals not previously employees or non-employee directors of the Company.

The table below summarizes the total stock-based compensation expense included in the Company’s statements of operations and comprehensive loss for the periods presented (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Research and development	$	1,587	$	1,264	$	3,155	$	2,331
General and administrative		2,505		1,949		4,882		3,626
Total stock-based compensation expense	$	4,092	$	3,213	$	8,037	$	5,957

Stock Options

The following table summarizes the stock option activity for the six months ended June 30, 2022:


	Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2021		5,268,320		$	14.16
Granted		1,757,035			8.13
Exercised		(46,889	)		1.65
Forfeited and cancelled		(324,389	)		16.94
Outstanding at June 30, 2022		6,654,077		$	12.51		8.0	$	4,449
Exercisable at June 30, 2022		3,087,337		$	10.05		6.9	$	3,935


	Six Months Ended June 30,
	2022	2021
Risk-free interest rate	1.47% - 3.34%	0.60% - 1.15%
Expected volatility	82.98% - 87.60%	85.31% - 88.43%
Expected term (in years)	5.50-6.08	5.50 - 6.08
Expected dividend yield	0%	0%

The Company recognized stock-based compensation expense related to the vesting of stock options of $3.8 million and $3.2 million during the three months ended June 30, 2022 and 2021, respectively, and $7.5 million and $6.0 million during the six months ended June 30, 2022 and 2021, respectively. The total unrecognized compensation expense related to outstanding unvested stock-option awards as of June 30, 2022, was $35.8 million, which is expected to be recognized over a weighted-average remaining service period of 2.8 years.

Restricted Stock Units

The following table summarizes the restricted stock unit activity for the six months ended June 30, 2022:


	Number of Shares			Weighted- Average Grant-Date Fair Value
Outstanding at December 31, 2021		—		$	—
Granted		249,018			8.84
Vested		—			—
Forfeited		(12,076	)		9.48
Outstanding at June 30, 2022		236,942		$	8.81

The Company recognized stock-based compensation expense related to the vesting of restricted stock units of $0.2 million and $0.3 million during the three and six months ended June 30, 2022, respectively. The Company did not grant restricted stock units in 2021. Total unrecognized compensation expense related to restricted stock units as of June 30, 2022, was $1.8 million, which is expected to be recognized over a weighted-average remaining service period of 2.5 years.

Employee Stock Purchase Plan

The company recognized stock-based compensation expense related to the Employee Stock Purchase Plan (ESPP) of $0.1 million and $0.2 million during the three and six months ended June 30, 2022, respectively. There was no ESPP expense for the three and six months ended June 30, 2021.

Net Loss per Share


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Options to purchase common stock		6,654,077		5,206,688		6,654,077		5,206,688
Non-vested restricted stock units		236,942		—		236,942		—
Total		6,891,019		5,206,688		6,891,019		5,206,688

Subsequent Event

6 Months Ended

Jun. 30, 2022

Subsequent Events [Abstract]

Subsequent Event

9. Subsequent Event

On June 21, 2022, the Company filed with the Securities and Exchange Commission a Tender Offer Statement on Schedule TO defining the terms and conditions of a one-time voluntary stock option exchange of certain eligible options for its employees (the “Option Exchange”). On July 20, 2022, the completion date of the Option Exchange, stock options covering an aggregate of 4,406,732 shares of common stock were tendered by eligible employees, and the Company granted new options covering an aggregate of 4,406,732 shares of common stock under the 2020 Plan in exchange for the tendered options.

BALANCE SHEETS - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 49,080	$ 226,006
Short-term investments	177,984	10,973
Prepaid expenses and other current assets	6,462	3,543
Total current assets	233,526	240,522
Long-term investments	10,772	43,386
Property and equipment, net	3,005	2,413
Other assets	12,381	12,321
Total assets	259,684	298,642
Current liabilities:
Accounts payable	2,093	1,886
Accrued liabilities	10,381	13,265
Total current liabilities	12,474	15,151
Other long-term liabilities	10,340	10,515
Total liabilities	22,814	25,666
Commitments and contingencies (Note 9)
Stockholders' equity:
Preferred stock, $0.0001 par value; 200,000,000 shares authorized; no shares issued and outstanding at June 30, 2022 and December 31, 2021
Common stock, $0.0001 par value; 1,000,000,000 shares authorized; 39,575,454 and 39,430,120 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively	4	4
Additional paid-in capital	526,651	518,183
Accumulated deficit	(288,554)	(245,108)
Accumulated other comprehensive loss	(1,231)	(103)
Total stockholders' equity	236,870	272,976
Total liabilities and stockholders' equity	$ 259,684	$ 298,642

Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Assets Measured at Fair Value on Recurring Basis

Following are the major categories of assets measured at fair value on a recurring basis (in thousands):


	Fair Value Measurements
	Fair Value		Level 1		Level 2		Level 3		Total
June 30, 2022
Money market funds (1)	$	49,080	$	49,080	$	—	$	—	$	49,080
U.S. treasury securities		185,877		185,877		—		—		185,877
Certificates of deposit		2,879		2,879		—		—		2,879
Total	$	237,836	$	237,836	$	—	$	—	$	237,836
December 31, 2021
Money market funds (1)	$	226,006	$	226,006	$	—	$	—	$	226,006
U.S. treasury securities		52,432		52,432		—		—		52,432
Certificates of deposit		1,927		1,927		—		—		1,927
Total	$	280,365	$	280,365	$	—	$	—	$	280,365

Subsequent Event - Additional Information (Details) - shares		6 Months Ended
	Jul. 20, 2022	Jun. 30, 2022
Subsequent Event [Line Items]
Number of shares granted		1,757,035
2020 Equity Incentive Plan
Subsequent Event [Line Items]
Number of shares available for future issuance		2,133,880
Subsequent Event \| Stock Options
Subsequent Event [Line Items]
Number of stock options, exchanged	4,406,732
Subsequent Event \| 2020 Equity Incentive Plan \| Stock Options
Subsequent Event [Line Items]
Number of shares granted	4,406,732