0000950170-24-029298 | 10-K | XBRL Viewer

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

$ 235,039

$ 228,223

U.S. Treasury Securities

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

208,915

154,018

Certificates of Deposit

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

244

2,400

U.S. agency bonds

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

2,496

4,965

Money Market Funds

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

^[1]

23,384

66,840

Level 1

Level 1 | U.S. Treasury Securities

232,543

223,258

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

Level 1 | Certificates of Deposit

208,915

154,018

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

Level 1 | U.S. agency bonds

244

2,400

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

Level 1 | Money Market Funds

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

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

^[1]

23,384

66,840

Level 2

Level 2 | U.S. Treasury Securities

2,496

4,965

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

Level 2 | Certificates of Deposit

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

Level 2 | U.S. agency bonds

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

Level 2 | Money Market Funds

2,496

4,965

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

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

^[1]

Level 3

Level 3 | U.S. Treasury Securities

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

Level 3 | Certificates of Deposit

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

Level 3 | U.S. agency bonds

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

Level 3 | Money Market Funds

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

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

^[1]

Fair Value

Fair Value | U.S. Treasury Securities

235,039

228,223

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

Fair Value | Certificates of Deposit

208,915

154,018

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

Fair Value | U.S. agency bonds

244

2,400

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

Fair Value | Money Market Funds

2,496

4,965

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

Investments, Debt and Equity Securities [Abstract]

^[1]

$ 23,384

$ 66,840

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

STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss
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
Issuance of common stock and pre-funded warrants, net	25,000	$ 1	24,999
Issuance of common stock and pre-funded warrants, net (in shares)		5,376,344
Issuance costs associated with offering of common stock	(399)		(399)
Exercise of common stock options	79		79
Exercise of common stock options (in shares)		48,076
Issuance of common stock upon vesting of restricted stock units (In Shares)		66,811
Issuance of common stock under the Employee Stock Purchase Plan	545		545
Issuance of common stock under the Employee Stock Purchase Plan (In Shares)		168,186
Stock-based compensation expense	14,460		14,460
Unrealized loss on Unrealized gain (loss) on investments	(1,188)				(1,188)
Net loss	(89,122)			(89,122)
Ending Balance at Dec. 31, 2022	$ 222,351	$ 5	557,867	(334,230)	(1,291)
Ending Balance (in shares) at Dec. 31, 2022	45,089,537	45,089,537
Issuance of common stock and pre-funded warrants, net	$ 84,774	$ 1	84,773
Issuance of common stock and pre-funded warrants, net (in shares)		9,285,710
Exercise of common stock options	$ 59		59
Exercise of common stock options (in shares)	13,548	13,548
Issuance of common stock upon vesting of restricted stock units (In Shares)		182,122
Issuance of common stock under the Employee Stock Purchase Plan	$ 826		826
Issuance of common stock under the Employee Stock Purchase Plan (In Shares)		294,636
Stock-based compensation expense	15,226		15,226
Unrealized loss on Unrealized gain (loss) on investments	1,549				1,549
Net loss	(100,697)			(100,697)
Ending Balance at Dec. 31, 2023	$ 224,088	$ 6	$ 658,751	$ (434,927)	$ 258
Ending Balance (in shares) at Dec. 31, 2023	54,865,553	54,865,553

Investments, Available-for-Sale

12 Months Ended

Dec. 31, 2023

Investments, Available-for-Sale

6. Investments, Available-for-Sale

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


December 31, 2023	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
Short-term
U.S. treasury securities	$	181,947	$	180	$	(64	)	$	182,063
U.S. agency bonds		2,500		—		(4	)		2,496
Certificates of deposit		245		—		(1	)		244
Short-term investments	$	184,692	$	180	$	(69	)	$	184,803

Long-term
U.S. treasury securities	$	26,705	$	147	$	—		$	26,852
Long-term investments	$	26,705	$	147	$	—		$	26,852

December 31, 2022
Short-term
U.S. treasury securities	$	135,878	$	—	$	(1,094	)	$	134,784
U.S. agency bonds		2,500		—		(11	)		2,489
Certificates of deposit		2,191		—		(32	)		2,159
Short-term investments	$	140,569	$	—	$	(1,137	)	$	139,432

Long-term
U.S. treasury securities	$	19,360	$	—	$	(126	)	$	19,234
U.S. agency bonds		2,500		—		(24	)		2,476
Certificates of deposit		245		—		(4	)		241
Long-term investments	$	22,105	$	—	$	(154	)	$	21,951

The Company has determined that there were no material declines in fair value of its investments due to credit-related factors as of December 31, 2023 and December 31, 2022. Credit loss is limited due to the nature of the investments.

Basis of Presentation and Summary of Significant Accounting Policies - Summary of Computation of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Numerator
Net Income (Loss)	$ (100,697)	$ (89,122)
Denominator
Weighted-average shares outstanding, basic	51,450,848	39,655,260
Weighted-average shares outstanding, diluted	51,450,848	39,655,260
Net loss per share, basic	$ (1.96)	$ (2.25)
Net loss per share, diluted	$ (1.96)	$ (2.25)

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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Stockholders' Equity and Stock-Based Compensation - Summary of Fair Value of Stock Options Estimated Using Black-Scholes Merton Option Pricing Model Assumptions (Details) - Equity Option [Member]	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Risk-free interest rate, minimum	3.45%	1.47%
Risk-free interest rate, maximum	4.73%	4.22%
Expected volatility, minimum	85.32%	82.98%
Expected volatility, maximum	87.68%	87.60%
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

Leases - Additional Information (Details)	1 Months Ended
Leases - Additional Information (Details)	Aug. 31, 2021
South San Francisco, California
Loss Contingencies [Line Items]
Extend the lease term	May 2028

Accrued Liabilities - Schedule of Accrued Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accrued Liabilities, Current [Abstract]
Accrued clinical and manufacturing costs	$ 9,436	$ 5,396
Accrued compensation	6,529	5,318
Operating lease liabilities - short-term	$ 2,752	$ 2,659
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]	Total accrued liabilities	Total accrued liabilities
Other accruals	$ 797	$ 695
Total accrued liabilities	$ 19,514	$ 14,068

Employee Benefit Plan - Additional Information (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Defined Contribution Plan, Cost	$ 0.6	$ 0.6

Fair Value Measurements

12 Months Ended

Dec. 31, 2023

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
December 31, 2023
Money market funds (1)	$	23,384	$	23,384	$	—	$	—	$	23,384
U.S. treasury securities		208,915		208,915		—		—		208,915
U.S. agency bonds		2,496		—		2,496		—		2,496
Certificates of deposit		244		244		—		—		244
Total	$	235,039	$	232,543	$	2,496	$	—		235,039
December 31, 2022
Money market funds (1)	$	66,840	$	66,840	$	—	$	—	$	66,840
U.S. treasury securities		154,018		154,018		—		—		154,018
U.S. agency bonds		4,965		—		4,965		—		4,965
Certificates of deposit		2,400		2,400		—		—		2,400
Total	$	228,223	$	223,258	$	4,965	$	—		228,223

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

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

Property, Plant and Equipment [Abstract]

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

Stockholders' Equity and Stock-Based Compensation - Summary of Option Activity (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023 USD ($) $ / shares shares
Share-Based Payment Arrangement [Abstract]
Options Outstanding, Beginning Balance \| shares	6,690,492
Options, Granted \| shares	2,104,690
Options, Exercised \| shares	(13,548)
Options, Forfeited and cancelled \| shares	(66,105)
Options Outstanding, Ending Balance \| shares	8,715,529
Options, Exercisable \| shares	3,750,715
Weighted Average Exercise Price, Options Outstanding Beginning Balance \| $ / shares	$ 4.27
Weighted Average Exercise Price, Granted \| $ / shares	6.09
Weighted Average Exercise Price, Exercised \| $ / shares	4.27
Weighted Average Exercise Price, Forfeited and Cancelled \| $ / shares	5.28
Weighted Average Exercise Price, Options Outstanding Ending Balance \| $ / shares	4.7
Weighted Average Exercise Price, Exercisable \| $ / shares	$ 4.2
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 \| $	$ 41,690
Aggregate Intrinsic Value, Exercisable \| $	$ 21,055

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Property and Equipment, Net

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


	December 31,
	2023			2022
Lab equipment	$	6,596		$	6,249
Leasehold improvements		1,967			1,978
Computer hardware and software		299			311
Furniture and fixtures		494			508
Total property and equipment, gross		9,356			9,046
Less accumulated depreciation		(6,494	)		(5,793	)
Total property and equipment, net	$	2,862		$	3,253

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2023 shares
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	During our last fiscal quarter, the following director(s) and officer(s), as defined in Rule 16a-1(f), adopted a “Rule 10b5-1 trading arrangement” as defined in Regulation S-K Item 408, as follows: On December 26, 2023, Jacob M. Chacko, M.D., our President and Chief Executive Officer, adopted a Rule 10b5-1 trading arrangement providing for the sale from time to time of an aggregate of up to 250,000 shares of our common stock. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c). The duration of the trading arrangement is until March 28, 2025, or earlier if all transactions under the trading arrangement are completed. On December 26, 2023, Dominic Piscitelli, our Chief Financial Officer, adopted a Rule 10b5-1 trading arrangement providing for the sale from time to time of an aggregate of up to 90,000 shares of our common stock. The trading arrangement is intended to satisfy the affirmative defense in Rule 10b5-1(c). The duration of the trading arrangement is until May 1, 2025, or earlier if all transactions under the trading arrangement are completed. No other officers or directors, as defined in Rule 16a-1(f), adopted and/or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1 trading arrangement,” each as defined in Regulation S-K Item 408, during the last fiscal quarter.
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Jacob M. Chacko [Member]
Trading Arrangements, by Individual
Name	Jacob M. Chacko
Title	President and Chief Executive Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 26, 2023
Arrangement Duration	458 days
Aggregate Available	250,000
Dominic Piscitelli [Member]
Trading Arrangements, by Individual
Name	Dominic Piscitelli
Title	Chief Financial Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	December 26, 2023
Arrangement Duration	492 days
Aggregate Available	90,000

Leases - Contains information related to the Company's leases (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Lessee Disclosure [Abstract]
Operating Lease, Cost	$ 2,715	$ 2,655
Cash paid for operating leases	2,757	2,195
Right-of-use assets included in other assets	$ 9,144	$ 10,988
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration]	Other Assets, Noncurrent	Other Assets, Noncurrent
Lease liabilities included in accrued liabilities	$ 2,752	$ 2,659
Lease liabilities included in other long-term liabilities	$ 7,461	$ 9,439
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]	Other Liabilities, Noncurrent	Other Liabilities, Noncurrent
Total lease liabilities	$ 10,213	$ 12,098
Weighted-average discount rate	8.20%	8.20%
Weighted-average remaining lease term (years)	4 years 2 months 12 days	5 years 2 months 12 days

License Agreements and Clinical Development Collaboration - Additional Information (Details) $ / shares in Units, $ in Thousands			9 Months Ended	12 Months Ended
	Oct. 19, 2020 USD ($) Product $ / shares shares	Aug. 03, 2020 USD ($) Product $ / shares shares	Sep. 30, 2022 USD ($)	Dec. 31, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) shares	Jan. 22, 2024 $ / shares shares	Jun. 24, 2023 $ / shares shares
License Agreements [Line Items]
Number of licensed products obliged to develop and commercialize \| Product	1	1
Upfront payment shares issued \| shares				54,865,553	45,089,537
Upfront payment value \| $				$ 6	$ 5
Issue price per share \| $ / shares						$ 10	$ 7
Common stock, shares, issued \| shares				54,865,553	45,089,537
Proceeds from issuance of common stock and pre-funded warrants \| $				$ 85,000	$ 25,000
Common Stock
License Agreements [Line Items]
Upfront payment shares issued \| shares						12,500,000	9,285,710
Common stock, shares, issued \| shares						12,500,000	9,285,710
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
Premium percentage		10.00%
Stock transfer restrictions period		18 months
Common stock, shares, issued \| shares		588,235
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 \| Acquired In-Process Research and Development Expense
License Agreements [Line Items]
License agreement charge related to acquired assets \| $			$ 5,000
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
Common stock, shares, issued \| shares	283,259
Pfizer collaboration [Member]
License Agreements [Line Items]
Upfront payment shares issued \| shares				5,376,344
Issue price per share \| $ / shares				$ 4.65
Common stock, shares, issued \| shares				5,376,344
Proceeds from issuance of common stock and pre-funded warrants \| $				$ 25,000

Description of the Business

12 Months Ended

Dec. 31, 2023

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 December 31, 2023, the Company had an accumulated deficit of $434.9 million. Through December 31, 2023, 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.

Private Placements

On January 20, 2024, the Company entered into a securities purchase agreement with a select group of institutional and accredited healthcare specialist investors for the private placement of 12,500,000 shares of common stock at a price of $10.00 per share, resulting in gross proceeds of $125.0 million. The purchase price per share represents a premium to ORIC's 5-day trailing average stock price at the time of sale. After deducting expenses related to the private placement of $0.2 million, the net proceeds to the Company from the private placement were $124.8 million. The private placement closed on January 23, 2024. On January 26, 2024, the Company filed a Form S-3 registering the shares sold in the private placement. The Form S-3 was declared effective by the SEC on February 2, 2024.

On June 24, 2023, the Company entered into a securities purchase agreement with a select group of institutional and accredited healthcare specialist investors for the private placement of 9,285,710 shares of common stock at a price of $7.00 per share and pre-funded warrants to purchase 2,857,142 shares of common stock at a purchase price of $6.9999 per pre-funded warrant, resulting in gross proceeds of $85.0 million. The pre-funded warrants have an exercise price of $0.0001 per share of common stock, were immediately exercisable and will remain exercisable until exercised in full. The purchase price per share represents a premium to the market price at the time of sale. After deducting expenses related to the private placement of $0.2 million, the net proceeds to the Company from the private placement were $84.8 million. The private placement closed on June 27, 2023. On December 15, 2023, the Company filed a Form S-3 registering the shares sold and the shares underlying the pre-funded warrants sold in the private placement. The Form S-3 was declared effective by the SEC on December 28, 2023.

Registered Direct Offering

On December 21, 2022, the Company entered into a securities purchase agreement with Pfizer pursuant to which the Company sold 5,376,344 shares of common stock at a price of $4.65 per share to Pfizer for gross proceeds of $25.0 million. The Company sold the shares to Pfizer in a registered direct offering conducted without an underwriter or placement agent and pursuant to an effective shelf registration statement. After deducting offering expenses of $0.4 million, the net proceeds received from the direct offering were $24.6 million. The transaction closed on December 23, 2022. The direct offering with Pfizer was entered into concurrently with a clinical development collaboration.

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.

License Agreements and Clinical Development Collaboration

12 Months Ended

Dec. 31, 2023

License Agreements [Abstract]

License Agreements and Clinical Development Collaboration

3. License Agreements and Clinical Development Collaboration

Pfizer collaboration

On December 21, 2022, the Company entered into a clinical development collaboration (the Pfizer Collaboration) for a potential Phase 2 study of ORIC-533 in multiple myeloma with Pfizer Inc. (Pfizer). Through the Pfizer Collaboration, the Company plans to potentially advance ORIC-533 into a Phase 2 combination study with elranatamab, Pfizer’s investigational B-cell maturation antigen (BCMA) CD3-targeted bispecific antibody in development for the treatment of multiple myeloma. The Company will maintain full economic ownership and control of ORIC-533.

Concurrent with the Pfizer Collaboration, the Company sold 5,376,344 shares of common stock at a price of $4.65 per share to Pfizer for proceeds of $25.0 million. The common shares were sold to Pfizer in a registered direct offering conducted without an underwriter or placement agent. The transaction closed on December 23, 2022.

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 had 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 in the second quarter of 2022, Voronoi chose 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. In the third quarter of 2022, the Company made a development milestone payment to Voronoi in the amount of $5.0 million, which was recorded in acquired in-process research and development expense.

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.

On October 8, 2023, Bristol Myers Squibb (BMS) and Mirati announced that they entered into a definitive merger agreement under which BMS through a subsidiary will acquire all of the outstanding shares of Mirati common stock. The Mirati License Agreement continued in effect upon consummation of the transaction, which closed on January 23, 2024.

Stockholders' Equity and Stock-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

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):


	Years Ended December 31,
	2023		2022
Research and development	$	6,353	$	5,641
General and administrative		8,873		8,819
Total stock-based compensation expense	$	15,226	$	14,460

Summary of Option Activity

The following table summarizes the stock option activity for the year ended December 31, 2023:


	Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2022		6,690,492		$	4.27
Granted		2,104,690		$	6.09
Exercised		(13,548	)	$	4.27
Forfeited and cancelled		(66,105	)	$	5.28
Outstanding at December 31, 2023		8,715,529		$	4.70		8.0	$	41,690


Exercisable at December 31, 2023			3,750,715			$	4.20				6.9			$	21,055

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.


	Years Ended December 31,
	2023	2022
Risk-free interest rate	3.45% - 4.73%	1.47% - 4.22%
Expected volatility	85.32% - 87.68%	82.98% - 87.60%
Expected term (in years)	5.50 - 6.08	5.50 - 6.08
Expected dividend yield	0%	0%

Summary of Restricted Stock Unit Activity

The following table summarizes the restricted stock unit activity for the year ended December 31, 2023:


	Number of Shares			Weighted- Average Grant-Date Fair Value
Outstanding at December 31, 2022		191,925		$	7.83
Granted		329,123		$	6.08
Vested		(182,122	)	$	7.07
Forfeited		(8,295	)	$	6.03
Outstanding at December 31, 2023		330,631		$	6.55

Basis of Presentation and Summary of Significant Accounting Policies - Summary of Outstanding Shares of Potentially Dilutive Securities Excluded from Computation of Diluted Net Loss Per Share (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti dilutive securities excluded from computation of net loss per share	9,046,160	6,882,417
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti dilutive securities excluded from computation of net loss per share	330,631	191,925
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	8,715,529	6,690,492

Stockholders' Equity and Stock-Based Compensation - Summary of Total Stock-based Compensation Expense - (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 15,226	$ 14,460
Research and development
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	6,353	5,641
General and administrative
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]
Stock-based compensation expense	$ 8,873	$ 8,819

Income Tax

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Tax

10. Income Tax

Significant components of the Company’s provision for income taxes and income taxes computed using the U.S. federal statutory corporate tax rate were as follows (in thousands):


	For the Year Ended December 31,
	2023			2022
Statutory rate	$	(21,146	)	$	(18,715	)
State tax		(6,935	)		(6,005	)
Other permanent items		60			(50	)
Research and development credit		(3,405	)		(2,958	)
Change in valuation allowance		31,954			26,296
Stock-based compensation		(528	)		1,432
Provisions for income taxes	$	—		$	—

Significant components of the Company’s deferred taxes were as follows (in thousands):


	As of December 31,
	2023			2022
Deferred tax assets:
Net operating loss carryforwards	$	75,803		$	64,031
Research and development credits		14,069			10,664
Stock-based compensation		10,538			6,249
Accruals and other		1,635			1,794
Intangible assets		6,713			7,274
Capitalized research expense		24,028			11,229
Lease liability		2,858			3,385
Gross deferred tax assets		135,644			104,626
Less valuation allowance		(132,965	)		(101,445	)
Total deferred tax assets		2,679			3,181

Deferred tax liabilities:
Property and equipment		(120	)		(106	)
Right-of-use assets		(2,559	)		(3,075	)
Total deferred tax liabilities		(2,679	)		(3,181	)
Deferred income taxes, net	$	—		$	—

A valuation allowance of $133.0 million at December 31, 2023, has been recognized to offset the net deferred tax assets as realization of such assets is uncertain. The valuation allowance increased by $31.5 million during the year ended December 31, 2023.

As of December 31, 2023, the Company had available net operating loss (NOL) carryforwards of $242.1 million. Of the $242.1 million of NOL carryforwards, $41.6 million begin to expire in 2034 and $200.5 million do not expire. The Company also has available California NOL carryforwards of approximately $356.0 million as of December 31, 2023, which begin to expire in 2034. In addition, the Company has federal and California research and development (R&D) credit carryforwards totaling $11.8 million and $6.2 million, respectively. The federal credits begin to expire in 2034 unless previously utilized, while the state credits do not expire.

Pursuant to Sections 382 and 383 of the Internal Revenue Code (IRC), annual use of the Company’s NOL and credit carryforwards may be limited in the event a cumulative change in ownership of more than 50% occurs within a three-year period. Since the Company’s formation, the Company has raised capital through the issuance of capital stock, which on its own or combined with the purchasing stockholders’ subsequent disposition of those shares, may have resulted in such an ownership change, or could result in an ownership.

Upon the occurrence of an ownership change under Section 382 as outlined above, utilization of the Company’s NOL and research and development credit carryforwards are subject to an annual limitation, which is determined by first multiplying the value of the Company’s stock at the time of the ownership change by the applicable long-term tax-exempt rate, which could be subject to

additional adjustments, as required. Any limitation may result in expiration of a portion of the NOL or R&D credit carryforwards before utilization. The Company has not completed an analysis to determine if such an ownership change has occurred.

The Company recognizes liabilities for uncertain tax positions based in a two-step process. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. While the Company believes that it has appropriate support for the positions taken on its tax returns, the Company regularly assesses the potential outcome of examinations by tax authorities in determining the adequacy of its provision for income taxes.

The following table summarized activity related to the Company's gross unrecognized tax benefits (in thousands):


	For the Year Ended December 31,
	2023		2022
Beginning balance	$	2,172	$	1,614
Increases related to current year tax positions		639		558
Ending balance	$	2,811	$	2,172

As of December 31, 2023, the Company had gross unrecognized tax benefits of $2.8 million, none of which would affect the effective tax rate if recognized. The Company does not anticipate any significant changes in its unrecognized tax benefits over the next 12 months. The Company’s policy is to recognize the interest expense and/or penalties related to income tax matters as a component of income tax expense. The Company had no accrual for interest or penalties on its balance sheets at December 31, 2023 and has not recognized interest and/or penalties in its statement of operations for the year ended December 31, 2023.

The Company is subject to taxation in the United States and California. The Company is not currently under examination by any taxing authorities. Due to the carryover of tax attributes, the statute of limitations is currently open for tax years since inception.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

Schedule of Assets Measured at Fair Value on Recurring Basis

Stockholders' Equity and Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended		12 Months Ended
	Jul. 20, 2022	Jun. 30, 2023	Apr. 30, 2020	Dec. 31, 2023	Dec. 31, 2022	Jun. 24, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares granted				2,104,690
Intrinsic value of options exercised				$ 100	$ 100
Weighted-average grant-date fair value of options granted				$ 4.55	$ 10.61
Stock-based compensation expense				$ 15,226	$ 14,460
Issuance of common stock and pre-funded warrants, net (in shares)		9,285,710
Pre-funded warrants to purchase of common stock, shares		2,857,142
Exercise price per share		$ 0.0001				$ 0.0001
All pre-funded warrants remained outstanding				All pre-funded warrants remained outstanding as of December 31, 2023
Exchange Traded Options [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense				$ 3,700
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock option, exercise price, decrease	$ 4.36
Stock-based compensation expense				12,700	13,400
Unrecognized compensation expense related to outstanding unvested stock-based awards				$ 29,800
Unrecognized compensation expense related to outstanding unvested stock-based awards expected to be recognized over weighted-average remaining service period				2 years 6 months
Employee Stock Option \| Exchange Traded Options [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of stock options, exchanged	4,406,732
Restricted Stock Units (RSUs) [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense				$ 1,300	700
Unrecognized compensation expense related to outstanding unvested stock-based awards				$ 2,000
Unrecognized compensation expense related to outstanding unvested stock-based awards expected to be recognized over weighted-average remaining service period				1 year 9 months 18 days
2020 ESPP [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for future issuance				672,398
Additional number of shares available for future issuance			500,000
Percentage of outstanding shares of common stock			1.00%
Stock-based compensation expense				$ 1,200	$ 400
2020 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for future issuance				2,330,395
Additional number of shares available for future issuance				2,656,500
Percentage of outstanding shares of common stock				5.00%
2020 Equity Incentive Plan \| Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares granted	4,406,732
2022 Inducement Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for future issuance				139,171

BALANCE SHEETS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 23,384	$ 66,840
Short-term investments	184,803	139,432
Prepaid expenses and other current assets	4,410	4,185
Total current assets	212,597	210,457
Long-term investments	26,852	21,951
Property and equipment, net	2,862	3,253
Other assets	9,696	11,517
Total assets	252,007	247,178
Current liabilities:
Accounts payable	944	1,320
Accrued liabilities	19,514	14,068
Total current liabilities	20,458	15,388
Other long-term liabilities	7,461	9,439
Total liabilities	27,919	24,827
Commitments and contingencies
Stockholders' equity:
Preferred stock, $0.0001 par value; 200,000,000 shares authorized; no shares issued and outstanding at December 31, 2023 and 2022	0	0
Common stock, $0.0001 par value; 1,000,000,000 shares authorized; 54,865,553 and 45,089,537 shares issued and outstanding at December 31, 2023 and 2022, respectively	6	5
Additional paid-in capital	658,751	557,867
Accumulated deficit	(434,927)	(334,230)
Accumulated other comprehensive income (loss)	258	(1,291)
Total stockholders' equity	224,088	222,351
Total liabilities and stockholders' equity	$ 252,007	$ 247,178

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

8. Leases

Operating Leases

The Company has an operating lease for office and laboratory space in South San Francisco, California that ends in May 2028 with an option to renew for an additional one-year term. The Company also has an operating lease for office space in San Diego, California through March 2025.

Following contains information related to the Company's leases (in thousands, except for weighted-average information):


	Years Ended December 31,
	2023			2022
Lease costs and cash paid:
Operating lease costs	$	2,715		$	2,655
Cash paid for operating leases	$	2,757		$	2,195

	December 31,
	2023			2022
Lease assets:
Right-of-use assets included in other assets	$	9,144		$	10,988

Lease liabilities:
Lease liabilities included in accrued liabilities	$	2,752		$	2,659
Lease liabilities included in other long-term liabilities		7,461			9,439
Total lease liabilities	$	10,213		$	12,098

Supplemental weighted- average information:
Weighted-average discount rate		8.2	%		8.2	%
Weighted-average remaining lease term (years)		4.2			5.2

Future lease payments of operating lease liabilities as of December 31, 2023, were as follows (in thousands):


Year ending December 31,	Operating Leases
2024	$	2,853
2025		2,676
2026		2,677
2027		2,771
2028		1,049
Thereafter		—
Total minimum lease payments		12,026
Less: interest		1,813
Present value of lease liabilities	$	10,213

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

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
December 31, 2023
Money market funds (1)	$	23,384	$	23,384	$	—	$	—	$	23,384
U.S. treasury securities		208,915		208,915		—		—		208,915
U.S. agency bonds		2,496		—		2,496		—		2,496
Certificates of deposit		244		244		—		—		244
Total	$	235,039	$	232,543	$	2,496	$	—		235,039
December 31, 2022
Money market funds (1)	$	66,840	$	66,840	$	—	$	—	$	66,840
U.S. treasury securities		154,018		154,018		—		—		154,018
U.S. agency bonds		4,965		—		4,965		—		4,965
Certificates of deposit		2,400		2,400		—		—		2,400
Total	$	228,223	$	223,258	$	4,965	$	—		228,223

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

STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	12 Months Ended
STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net Income (Loss)	$ (100,697)	$ (89,122)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	1,032	966
Stock-based compensation expense	15,226	14,460
Loss on fixed asset disposals	22	40
Accretion of discount on investments, net	(6,169)	(1,042)
Changes in operating assets and liabilities:
Prepaid expenses and other assets	1,620	1,030
Accounts payable and accrued other liabilities	3,278	(1,475)
Net cash used in operating activities	(85,688)	(75,143)
Cash flows from investing activities:
Acquisitions of property and equipment	(849)	(2,078)
Purchases of investments	(239,244)	(238,124)
Maturities of investments	196,690	130,954
Net cash used in investing activities	(43,403)	(109,248)
Cash flows from financing activities:
Proceeds from issuance of common stock and pre-funded warrants	85,000	25,000
Issuance costs associated with financings	(227)	(399)
Proceeds from issuance of common stock under ESPP	826	545
Proceeds from stock option exercises	59	79
Net cash provided by financing activities	85,658	25,225
Net decrease in cash, cash equivalents and restricted cash	(43,433)	(159,166)
Cash, cash equivalents and restricted cash at beginning of period	67,308	226,474
Cash, cash equivalents and restricted cash at end of period	$ 23,875	$ 67,308

STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Operating expenses:
Research and development	$ 85,172	$ 61,680
General and administrative	25,608	25,087
Acquired in-process research and development	0	5,000
Total operating expenses	110,780	91,767
Loss from operations	(110,780)	(91,767)
Other income:
Other income, net	10,083	2,645
Net loss	(100,697)	(89,122)
Other comprehensive loss:
Unrealized loss on Unrealized gain (loss) on investments	1,549	(1,188)
Comprehensive loss	$ (99,148)	$ (90,310)
Net loss per share, basic	$ (1.96)	$ (2.25)
Net loss per share, diluted	$ (1.96)	$ (2.25)
Weighted-average shares outstanding, basic	51,450,848	39,655,260
Weighted-average shares outstanding, diluted	51,450,848	39,655,260

Property and Equipment, Net - Schedule of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 9,356	$ 9,046
Less accumulated depreciation	(6,494)	(5,793)
Total property and equipment, net	2,862	3,253
Lab Equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	6,596	6,249
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	1,967	1,978
Computer Hardware and Software
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	299	311
Furniture and Fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 494	$ 508

Basis of Presentation and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Schedule of Cash, Cash Equivalents and Restricted Cash

The following table provides a reconciliation of cash, cash equivalents and restricted cash reported in the balance sheet to the total of the amount presented in the statement of cash flows, in thousands:


	December 31,
	2023		2022
Cash and cash equivalents	$	23,384	$	66,840
Restricted cash included in other assets		491		468
Total cash, cash equivalents and restricted cash	$	23,875	$	67,308

Summary of Computation of Basic and Diluted Net Loss Per Share

The following table sets forth the computation of the basic and diluted net loss per share (in thousands, except share and per share amounts).


	Years Ended December 31,
	2023			2022
Numerator
Net loss	$	(100,697	)	$	(89,122	)
Denominator
Weighted average shares outstanding used in computing net loss per share, basic and diluted		51,450,848			39,655,260
Net loss per share, basic and diluted	$	(1.96	)	$	(2.25	)

Summary of Outstanding Shares of Potentially 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:


	December 31,
	2023		2022
Options to purchase common stock		8,715,529		6,690,492
Non-vested restricted stock units		330,631		191,925
Total		9,046,160		6,882,417

Basis of Presentation and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

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 financial statements have been prepared in accordance with accounting principles generally accepted in the United States (GAAP). The accompanying 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 year ended December 31, 2023, are not necessarily indicative of future results.

Use of Estimates

The preparation of the Company’s financial statements in conformity with GAAP requires management to make estimates and assumptions that impact the reported amounts of assets, liabilities, expenses, and the disclosure of contingent assets and liabilities in the Company’s financial statements and accompanying notes. These estimates and assumptions are based on current facts, historical experience and various other factors believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the recording of expenses that are not readily apparent from other sources. Actual results may differ materially from these estimates.

Concentration of Credit Risk

Financial instruments, which potentially subject the Company to concentration of credit risk, consist primarily of cash, cash equivalents and investments. The Company maintains deposits in federally insured financial institutions in excess of federally insured limits. The Company is exposed to credit risk in the event of default by the financial institutions holding its cash, cash equivalents and investments that are recorded on its balance sheets. The Company mitigates its risk by investing in high-grade instruments and limiting the concentration in any one issuer, which limits its exposure.

Cash, Cash Equivalents and Restricted Cash

The Company considers all highly liquid investments with maturities of 90 days or less at the time of purchase that are readily convertible into cash as cash equivalents. These investments may include money market funds, securities issued by U.S. Government agencies, corporate debt securities and commercial paper.

Cash that is restricted and not available for general operations is considered restricted cash. The Company's restricted cash is in connection to a property lease and restrictions will be removed at the respective lease expiration.


	December 31,
	2023		2022
Cash and cash equivalents	$	23,384	$	66,840
Restricted cash included in other assets		491		468
Total cash, cash equivalents and restricted cash	$	23,875	$	67,308

Investments

All investments have been classified as “available-for-sale” and are carried at fair value as determined based upon quoted market prices or pricing models for similar securities at period end. Investments with contractual maturities less than 12 months at the balance sheet date are considered short-term investments. Those investments with contractual maturities 12 months or greater at the balance sheet date are considered long-term investments. Dividend and interest income are recognized when earned. Realized gains

and losses are included in earnings and are derived using the specific identification method for determining the cost of securities sold. Unrealized gains and losses are reported as a component of accumulated other comprehensive income (loss). The Company reviews its portfolio of available-for-sale debt securities, using both quantitative and qualitative factors, to determine if declines in fair value below cost have resulted from a credit-related loss or other factors. If the decline in fair value is due to credit-related factors, a loss is recognized in statements of operations, whereas if the decline in fair value is not due to credit-related factors, the loss is recorded in other comprehensive income (loss).

Property and Equipment

Property and equipment, which consist of lab equipment, leasehold improvements, computer hardware and software, and furniture and fixtures, are stated at historical cost less accumulated depreciation. Depreciation is recognized on a straight-line basis over the estimated useful lives of the related assets, which are generally three to seven years. Leasehold improvements are amortized using the straight-line method over the shorter of the lease term or the estimate useful life of the asset.

Impairment of Property and Equipment

The Company accounts for the impairment of long-lived assets by reviewing these assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. If circumstances require a long-lived asset or asset group to be tested for possible impairment, the Company first compares undiscounted cash flows expected to be generated by that asset or asset group to its carrying value. If the carrying value of the long-lived asset or asset group is not recoverable on an undiscounted-cash-flow basis, an impairment is recognized to the extent that the carrying value exceeds its fair value. The Company did not recognize impairment losses for the years ended December 31, 2023 and 2022.

Leases

The Company determines if an arrangement is or contains a lease at inception. For leases with a term greater than one year, lease right-of-use assets and lease liabilities are recognized at the lease commencement date based on the present value of lease payments over the lease term. In determining the net present value of lease payments, the Company uses its incremental borrowing rate which represents an estimated rate of interest that the Company would have to pay to borrow equivalent funds on a collateralized basis at the lease commencement date. Leases are classified as finance or operating, with classification affecting the pattern and classification of expense recognition in the statement of operations.

Research and Development Expenses and Accrued Research and Development Expenses

The Company is required to estimate its expenses resulting from its obligations under contracts with vendors, consultants, contract research organizations (CRO), and contract manufacturing organizations (CMO) in connection with conducting research and development activities. The financial terms of these contracts vary from contract to contract and may result in payment flows that do not match the periods over which materials or services are provided under such contracts.

Research and development costs are expensed in the period in which they are incurred. External costs consist primarily of payments to outside consultants, third-party CROs, CMOs, clinical trial sites and central laboratories in connection with the Company’s discovery and preclinical activities, process development, clinical manufacturing and clinical development activities. External expenses are recognized based on an evaluation of the progress to completion of specific tasks using information provided to the Company by its service providers or its estimate of the level of service that has been performed at each reporting date. The Company tracks external costs by program, clinical or preclinical. Internal costs consist primarily of employee-related costs, laboratory supplies, facilities, depreciation and costs related to compliance with regulatory requirements. The Company does not track internal costs by program because these costs are deployed across multiple programs and, as such, are not separately classified.

The Company makes estimates of accrued expenses as of each balance sheet date based on facts and circumstances known at that time. The Company periodically confirms the accuracy of its estimates with the service providers and makes adjustments if necessary. The significant estimates in its accrued research and development expenses include the costs incurred for services performed by vendors in connection with research and development activities for which the Company has not yet been invoiced.

Income Taxes

The Company accounts for income taxes under the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been included in the financial statements. Under this method, deferred tax assets and liabilities are determined on the basis of the differences between the financial statements and tax basis

of assets and liabilities using enacted tax rates in effect for the year in which the differences are expected to reverse. The effect of a change in tax rates on deferred tax assets and liabilities is recognized in income in the period that includes the enactment date.

The Company recognizes deferred tax assets to the extent that the Company believes these assets are more likely than not to be realized. In making such a determination, management considers all available positive and negative evidence, including future reversals of existing taxable temporary differences, projected future taxable income, tax-planning strategies and results of recent operations. If management determines that the Company would be able to realize its deferred tax assets in the future in excess of their recorded amount, management would make an adjustment to the deferred tax asset valuation allowance, which would reduce the provision for income taxes.

As of December 31, 2023 and 2022, the Company maintained valuation allowances against its deferred tax assets as the Company concluded it had not met the “more likely than not” to be realized threshold. Changes in the valuation allowance when they are recognized in the provision for income taxes would result in a change in the estimated annual effective tax rate.

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.

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.

License Fees

Acquisitions of technology licenses are charged to acquired in-process research and development expense or capitalized based upon the asset achieving technological feasibility in accordance with management’s assessment regarding the ultimate recoverability of the amounts paid and the potential for alternative future use.

Deferred Offering Costs

The Company capitalizes costs that are directly associated with equity financings until such financings are consummated at which time such costs are recorded against the gross proceeds of the offering. Should an in-process equity financing be abandoned, the deferred offering costs will be expensed immediately as a charge to operating expenses in the statements of operations and comprehensive loss.

Other Comprehensive Gain (Loss)

Other comprehensive gain (loss) is defined as the change in equity during a period from transactions and other events and circumstances from non-owner sources, including unrealized gains and losses on investments and foreign currency gains and losses. The unrealized gains (losses) on available for sale investments represent the only component of other comprehensive loss that is excluded from the reported net loss.

Net Loss Per Share

Basic net loss per common share is calculated by dividing the net loss by the weighted-average number of common shares outstanding, including pre-funded warrants issued, during the period, without consideration of potentially dilutive securities. Diluted net loss per share is computed by dividing the net loss by the weighted-average number of common shares, including pre-funded warrants issued, and potentially dilutive securities outstanding for the period. As the Company has reported a net loss for all periods presented, diluted net loss per common share is the same as basic net loss per common share for those periods.

The following table sets forth the computation of the basic and diluted net loss per share (in thousands, except share and per share amounts).


	Years Ended December 31,
	2023			2022
Numerator
Net loss	$	(100,697	)	$	(89,122	)
Denominator
Weighted average shares outstanding used in computing net loss per share, basic and diluted		51,450,848			39,655,260
Net loss per share, basic and diluted	$	(1.96	)	$	(2.25	)


	December 31,
	2023		2022
Options to purchase common stock		8,715,529		6,690,492
Non-vested restricted stock units		330,631		191,925
Total		9,046,160		6,882,417

Recently Issued Accounting Pronouncements

There are no recently issued accounting pronouncements that would materially impact the Company's financial statements and related disclosures.

Employee Benefit Plan

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Employee Benefit Plan

11. Employee Benefit Plan

The Company has a defined-contribution 401(k) plan for employees. Employees are eligible to participate in the plan beginning on the first day of the month following date of hire. Under the terms of the plan, employees may make voluntary contributions as a percentage of compensation. The Company matches employee contributions as permitted by the plan and may make an additional discretionary match as determined by the Company's board of directors. The Company's total cost related to the 401(k) plan was $0.6 million for both the years ended December 31, 2023 and 2022.

The entire disclosure for retirement benefits.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 3
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480266/715-60-50-3

Investments, Debt and Equity Securities [Abstract]

Investments, Available-for-Sale (Tables)

12 Months Ended

Dec. 31, 2023

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):


December 31, 2023	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
Short-term
U.S. treasury securities	$	181,947	$	180	$	(64	)	$	182,063
U.S. agency bonds		2,500		—		(4	)		2,496
Certificates of deposit		245		—		(1	)		244
Short-term investments	$	184,692	$	180	$	(69	)	$	184,803

Long-term
U.S. treasury securities	$	26,705	$	147	$	—		$	26,852
Long-term investments	$	26,705	$	147	$	—		$	26,852

December 31, 2022
Short-term
U.S. treasury securities	$	135,878	$	—	$	(1,094	)	$	134,784
U.S. agency bonds		2,500		—		(11	)		2,489
Certificates of deposit		2,191		—		(32	)		2,159
Short-term investments	$	140,569	$	—	$	(1,137	)	$	139,432

Long-term
U.S. treasury securities	$	19,360	$	—	$	(126	)	$	19,234
U.S. agency bonds		2,500		—		(24	)		2,476
Certificates of deposit		245		—		(4	)		241
Long-term investments	$	22,105	$	—	$	(154	)	$	21,951

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
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Share-Based Payment Arrangement [Abstract]

Stockholders' Equity and Stock-Based Compensation - Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Units RSU [Member]	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares Outstanding, beginning of period \| shares \| shares	191,925
Granted \| shares	329,123
Vested \| shares	(182,122)
Forfeited \| shares	(8,295)
Shares Outstanding, end of period \| shares	330,631
Weighted-Average Grant-Date Fair Value, Beginning Balance \| $ / shares	$ 7.83
Weighted-Average Grant-Date Fair Value, Granted \| $ / shares	6.08
Weighted-Average Grant-Date Fair Value, Vested \| $ / shares	7.07
Weighted-Average Grant-Date Fair Value, Forfeited \| $ / shares	6.03
Weighted-Average Grant-Date Fair Value, Ending Balance \| $ / shares	$ 6.55

Stockholders' Equity and Stock-Based Compensation

12 Months Ended

Dec. 31, 2023

Stockholders' Equity and Stock-Based Compensation

9. Stockholders' Equity and Stock-Based Compensation

As of December 31, 2023, there were 2,330,395 shares available for future issuance under the 2020 Equity Incentive Plan and 139,171 shares available for future issuance under the 2022 Inducement Equity Incentive Plan. 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 number of shares of the Company’s common stock available for issuance under the 2020 Equity Incentive Plan will automatically increase on the first day of each fiscal year in an amount equal to the lessor of (1) 2,656,500 shares, (2) 5% of the outstanding shares of the Company’s common stock on the last day of the immediately preceding fiscal year, or (3) such other amount as determined by the Company’s Board of Directors. 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):


	Years Ended December 31,
	2023		2022
Research and development	$	6,353	$	5,641
General and administrative		8,873		8,819
Total stock-based compensation expense	$	15,226	$	14,460

Stock Options

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 at an exercise price of $4.36, the Company’s closing stock price on July 20, 2022, covering an aggregate of 4,406,732 shares of common stock under the 2020 Equity Incentive Plan in exchange for the tendered options. As a result of the Option Exchange, the Company will recognize incremental stock-based compensation expense of $3.7 million over the requisite service period of the new stock options, which is three or four years. The Company will recognize the sum of the incremental stock-based compensation expense and the remaining unrecognized compensation expense for the original awards on the modification date, over the requisite service period of the new stock options.

The following table summarizes the stock option activity for the year ended December 31, 2023:


	Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2022		6,690,492		$	4.27
Granted		2,104,690		$	6.09
Exercised		(13,548	)	$	4.27
Forfeited and cancelled		(66,105	)	$	5.28
Outstanding at December 31, 2023		8,715,529		$	4.70		8.0	$	41,690


Exercisable at December 31, 2023			3,750,715			$	4.20				6.9			$	21,055

The total intrinsic value of options exercised was less than $0.1 million and $0.1 million for the years ended December 31, 2023 and 2022, respectively.


	Years Ended December 31,
	2023	2022
Risk-free interest rate	3.45% - 4.73%	1.47% - 4.22%
Expected volatility	85.32% - 87.68%	82.98% - 87.60%
Expected term (in years)	5.50 - 6.08	5.50 - 6.08
Expected dividend yield	0%	0%

The weighted-average grant-date fair value of options granted was $4.55 and $10.61 for the years ended December 31, 2023 and 2022, respectively.

The Company recognized stock-based compensation expense related to the vesting of stock options of $12.7 million and $13.4 million for the years ended December 31, 2023 and 2022, respectively. Total unrecognized compensation expense related to outstanding unvested stock-option awards as of December 31, 2023, was $29.8 million, which is expected to be recognized over a weighted-average remaining service period of 2.5 years.

Restricted Stock Units

The following table summarizes the restricted stock unit activity for the year ended December 31, 2023:


	Number of Shares			Weighted- Average Grant-Date Fair Value
Outstanding at December 31, 2022		191,925		$	7.83
Granted		329,123		$	6.08
Vested		(182,122	)	$	7.07
Forfeited		(8,295	)	$	6.03
Outstanding at December 31, 2023		330,631		$	6.55

The Company recognized stock-based compensation expense related to the vesting of restricted stock units of $1.3 million and $0.7 million for the years ended December 31, 2023 and 2022, respectively. Total unrecognized compensation expense related to restricted stock units as of December 31, 2023, was $2.0 million, which is expected to be recognized over a weighted-average remaining service period of 1.8 years.

Employee Stock Purchase Plan

As of December 31, 2023, there were 672,398 shares available for future issuance under the 2020 Employee Stock Purchase Plan (ESPP). The number of shares of common stock available for issuance under the ESPP will automatically increase on the first day of each fiscal year in an amount equal to the lessor of (1) 500,000 shares, (2) 1% of the outstanding shares of the Company’s common stock on the last day of the immediately preceding fiscal year, or (3) such other amount as determined by the Company’s Board of Directors. The Company recognized stock-based compensation expense related to the ESPP of $1.2 million and $0.4 million for the years ended December 31, 2023 and 2022, respectively.

Pre-funded Warrants

In June 2023, the Company completed a private placement, in which it sold 9,285,710 shares of common stock together with pre-funded warrants to purchase 2,857,142 shares of common stock with an exercise price of $0.0001 per share. Each pre-funded warrant was immediately exercisable and will remain exercisable until exercised in full. The Company performed an assessment upon issuance of the pre-funded warrants to determine proper classification in the financial statements based on the specific terms of the pre-funded warrants. The Company determined the pre-funded warrants met all the criteria for equity classification and recorded them in additional paid-in capital. All pre-funded warrants remained outstanding as of December 31, 2023.

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 1,032	$ 966

Subsequent Event - Additional Information (Details) - USD ($) $ in Millions	Jan. 22, 2024	Jun. 24, 2023	Dec. 31, 2023	Dec. 31, 2022
Subsequent Event [Line Items]
Proceeds from Issuance of Private Placement	$ 125.0	$ 85.0
Common stock, shares, issued			54,865,553	45,089,537
Common Stock
Subsequent Event [Line Items]
Common stock, shares, issued	12,500,000	9,285,710

Accrued Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Accrued Liabilities, Current [Abstract]

Schedule of Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):


	December 31,
	2023		2022
Accrued clinical and manufacturing costs	$	9,436	$	5,396
Accrued compensation		6,529		5,318
Operating lease liabilities - short-term		2,752		2,659
Other accruals		797		695
Total accrued liabilities	$	19,514	$	14,068

BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
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	54,865,553	45,089,537
Common stock, shares, outstanding	54,865,553	45,089,537

Document and Entity Information - USD ($) $ in Millions	12 Months Ended
Document and Entity Information - USD ($) $ in Millions	Dec. 31, 2023	Mar. 04, 2024	Jun. 30, 2023
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Registrant Name	ORIC PHARMACEUTICALS, INC.
Entity Central Index Key	0001796280
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Well-known Seasoned Issuer	No
Entity Public Float			$ 414.5
Entity Common Stock, Shares Outstanding		67,375,847
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	true
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	ORIC
Security Exchange Name	NASDAQ
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 Financial Statement Error Correction [Flag]	false
Document Annual Report	true
Document Transition Report	false
ICFR Auditor Attestation Flag	false
Documents Incorporated by Reference	Portions of the Registrant’s Definitive Proxy Statement relating to the Registrant’s Annual Meeting of Shareholders are incorporated by reference into Part III of this Annual Report on Form 10-K where indicated. Such Definitive Proxy Statement will be filed with the Securities and Exchange Commission within 120 days after the end of the registrant’s 2023 fiscal year ended December 31, 2023.
Auditor Name	KPMG LLP
Auditor Location	San Diego, California
Auditor Firm ID	185

Investments, Available-for-Sale - Schedule of Cost, Gross Unrealized Holding Gains, Gross Unrealized Holding Losses and Fair Value of Available for Sale Investments (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Short-term Investments
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 184,692	$ 140,569
Unrealized Gains	180	0
Unrealized Losses	(69)	(1,137)
Estimated Fair Value	184,803	139,432
Long Term Investments
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	26,705	22,105
Unrealized Gains	147	0
Unrealized Losses	0	(154)
Estimated Fair Value	26,852	21,951
U.S. Treasury Securities \| Short-term Investments
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	181,947	135,878
Unrealized Gains	180	0
Unrealized Losses	(64)	(1,094)
Estimated Fair Value	182,063	134,784
U.S. Treasury Securities \| Long Term Investments
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	26,705	19,360
Unrealized Gains	147	0
Unrealized Losses	0	(126)
Estimated Fair Value	26,852	19,234
U.S. agency bonds \| Short-term Investments
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	2,500	2,500
Unrealized Gains	0	0
Unrealized Losses	(4)	(11)
Estimated Fair Value	2,496	2,489
U.S. agency bonds \| Long Term Investments
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost		2,500
Unrealized Gains		0
Unrealized Losses		(24)
Estimated Fair Value		2,476
Certificates of Deposit \| Short-term Investments
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	245	2,191
Unrealized Gains	0	0
Unrealized Losses	(1)	(32)
Estimated Fair Value	$ 244	2,159
Certificates of Deposit \| Long Term Investments
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost		245
Unrealized Gains		0
Unrealized Losses		(4)
Estimated Fair Value		$ 241

Accrued Liabilities

12 Months Ended

Dec. 31, 2023

Accrued Liabilities, Current [Abstract]

Accrued Liabilities

5. Accrued Liabilities

Accrued liabilities consisted of the following (in thousands):


	December 31,
	2023		2022
Accrued clinical and manufacturing costs	$	9,436	$	5,396
Accrued compensation		6,529		5,318
Operating lease liabilities - short-term		2,752		2,659
Other accruals		797		695
Total accrued liabilities	$	19,514	$	14,068

Leases - Summary of Future Lease Payments of Operating Leases Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Leases [Abstract]
2024	$ 2,853
2025	2,676
2026	2,677
2027	2,771
2028	1,049
Thereafter	0
Total minimum lease payments	12,026
Less: interest	1,813
Present value of lease liabilities	$ 10,213	$ 12,098
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration]	Present value of lease liabilities

Leases (Tables)

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Summary of contains information related to the Company's leases

Following contains information related to the Company's leases (in thousands, except for weighted-average information):


	Years Ended December 31,
	2023			2022
Lease costs and cash paid:
Operating lease costs	$	2,715		$	2,655
Cash paid for operating leases	$	2,757		$	2,195

	December 31,
	2023			2022
Lease assets:
Right-of-use assets included in other assets	$	9,144		$	10,988

Lease liabilities:
Lease liabilities included in accrued liabilities	$	2,752		$	2,659
Lease liabilities included in other long-term liabilities		7,461			9,439
Total lease liabilities	$	10,213		$	12,098

Supplemental weighted- average information:
Weighted-average discount rate		8.2	%		8.2	%
Weighted-average remaining lease term (years)		4.2			5.2

Summary of Future Lease Payments of Operating Lease Liabilities

Future lease payments of operating lease liabilities as of December 31, 2023, were as follows (in thousands):


Year ending December 31,	Operating Leases
2024	$	2,853
2025		2,676
2026		2,677
2027		2,771
2028		1,049
Thereafter		—
Total minimum lease payments		12,026
Less: interest		1,813
Present value of lease liabilities	$	10,213

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (100,697)	$ (89,122)

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

12 Months Ended

Dec. 31, 2023

Property and Equipment, Net

4. Property and Equipment, net

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


	December 31,
	2023			2022
Lab equipment	$	6,596		$	6,249
Leasehold improvements		1,967			1,978
Computer hardware and software		299			311
Furniture and fixtures		494			508
Total property and equipment, gross		9,356			9,046
Less accumulated depreciation		(6,494	)		(5,793	)
Total property and equipment, net	$	2,862		$	3,253

Depreciation expense was $1.0 million for both the years ended December 31, 2023 and 2022.

Income Tax (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes and Income Taxes Computed

Significant components of the Company’s provision for income taxes and income taxes computed using the U.S. federal statutory corporate tax rate were as follows (in thousands):


	For the Year Ended December 31,
	2023			2022
Statutory rate	$	(21,146	)	$	(18,715	)
State tax		(6,935	)		(6,005	)
Other permanent items		60			(50	)
Research and development credit		(3,405	)		(2,958	)
Change in valuation allowance		31,954			26,296
Stock-based compensation		(528	)		1,432
Provisions for income taxes	$	—		$	—

Significant Components of Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred taxes were as follows (in thousands):


	As of December 31,
	2023			2022
Deferred tax assets:
Net operating loss carryforwards	$	75,803		$	64,031
Research and development credits		14,069			10,664
Stock-based compensation		10,538			6,249
Accruals and other		1,635			1,794
Intangible assets		6,713			7,274
Capitalized research expense		24,028			11,229
Lease liability		2,858			3,385
Gross deferred tax assets		135,644			104,626
Less valuation allowance		(132,965	)		(101,445	)
Total deferred tax assets		2,679			3,181

Deferred tax liabilities:
Property and equipment		(120	)		(106	)
Right-of-use assets		(2,559	)		(3,075	)
Total deferred tax liabilities		(2,679	)		(3,181	)
Deferred income taxes, net	$	—		$	—

Summarized Activity Related to the Company's Gross Unrecognized Tax Benefits

The following table summarized activity related to the Company's gross unrecognized tax benefits (in thousands):


	For the Year Ended December 31,
	2023		2022
Beginning balance	$	2,172	$	1,614
Increases related to current year tax positions		639		558
Ending balance	$	2,811	$	2,172

Income Tax - Schedule of Provision for Income Taxes and Income Taxes Computed (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Statutory rate	$ (21,146)	$ (18,715)
State tax	(6,935)	(6,005)
Other permanent items	60	50
Research and development credit	(3,405)	(2,958)
Change in valuation allowance	31,954	26,296
Stock-based compensation	528	1,432
Provisions for income taxes	$ 0	$ 0