aibioOric Pharmaceuticals files new $200.0 million at-the-market prospectus with Jefferies
Tickers ORIC
Oric Pharmaceuticals, Inc. has sold 13,478,432 shares under the program for gross proceeds of approximately $139.7 million. The new supplement replaces the one from March 2024.
Key facts
- Company
- Oric Pharmaceuticals, Inc. (NASDAQ: ORIC)
- News type
- Financings
- Primary source
- Oric Pharmaceuticals, Inc. 424B5 (2026-02-23)
ORIC Pharmaceuticals, Inc. (Nasdaq: ORIC) filed a new prospectus supplement on February 23, 2026 for its at-the-market program with Jefferies LLC. It covers shares with an aggregate offering price of up to $200.0 million, sold from time to time through Jefferies as sales agent. The supplement replaces a March 11, 2024 supplement in its entirety, and no further shares will be sold under that earlier document.
Who is selling the shares
Jefferies LLC acts as sales agent under an Open Market Sale Agreement dated May 6, 2021. Jefferies is entitled to a commission of up to 3.0% of the gross proceeds of any shares sold, and it will be treated as an underwriter under the Securities Act. Jefferies is not required to sell any specific amount and will use commercially reasonable efforts. The shares are sold at prevailing market prices on the Nasdaq Global Select Market. Wilson Sonsini Goodrich & Rosati, Professional Corporation, of Palo Alto, California, passes on the validity of the shares for the company and gave the opinion filed as Exhibit 5.1 to the related 8-K. Cooley LLP of New York represents Jefferies in the offering.
What was already sold
Under the earlier supplement, and the same sales agreement, ORIC has sold 13,478,432 shares for gross proceeds of about $139.7 million, before commissions to Jefferies and other expenses. The supplement says about $60.3 million remained available under the 2024 program. Because the new supplement replaces the old one, the $60.3 million is no longer the limit. The new ceiling is $200.0 million.
The last reported sale price on February 20, 2026 was $11.11 a share. The shares are issued under an effective shelf registration statement on Form S-3ASR, File No. 333-277829, first filed on March 11, 2024.
The losses behind the program
The company's 2025 annual report, filed February 23, 2026, shows a net loss of $129.5 million for 2025, up from $127.8 million in 2024. Research and development expense was $109.8 million in 2025, down from $114.1 million. Cash used in operations was $111.0 million in 2025, compared with $112.7 million in 2024.
The prospectus gives net tangible book value of approximately $384.4 million, or $3.90 per share, at December 31, 2025. Between January 1, 2026 and the date of the supplement, the company also sold 1,698,400 shares under the sales agreement, not counted in its share figures.
What the money is for
The company says it will use the net proceeds, together with its existing cash, cash equivalents and short-term investments, to fund ongoing and planned clinical trials, including studies of rinzimetostat and enozertinib, and for working capital and general corporate purposes. Rinzimetostat is the former ORIC-944 and enozertinib is the former ORIC-114, both now named in the annual report.
Dilution for new buyers
The prospectus assumes sales of 18,001,800 shares at $11.11, the February 20 price, which would use up the full $200.0 million. On that basis up to 116,530,749 shares would be outstanding after the offering, against 98,528,949 at December 31, 2025. Net tangible book value would move from $3.90 per share to $4.96 per share as adjusted, an increase of $1.06 for existing holders. Investors buying in the offering would face immediate dilution of $6.15 per share. A $1.00 rise in the sale price would put that dilution at $7.08 per share, and a $1.00 fall at $5.22.
The counts exclude 13,902,239 shares issuable on exercise of options at a weighted-average exercise price of $6.49, 582,533 shares on vesting of restricted stock units and 4,463,636 shares on exercise of prefunded warrants, all as of December 31, 2025. They also exclude 3,341,558 shares issuable on options granted after year-end at a weighted-average exercise price of $8.37, and 522,499 shares on restricted stock units granted after year-end.
What the prospectus does not say
The supplement does not say how much of the $200.0 million the company expects to raise or over what period, and Jefferies is not required to sell any specific amount. The risk factors say management will have broad discretion over the net proceeds and may spend them in ways that stockholders do not want.