ORIC Initiates Phase 3 Trial for Prostate Cancer Drug Rinzimetostat
On August 3, ORIC Pharmaceuticals (NASDAQ:ORIC) announced the start of Himalayas-1, a global Phase 3 trial evaluating its lead prostate cancer drug rinzimetostat. The company holds $387.6 million in cash and investments to fund ongoing operations through at least mid-2028. The trial will enroll approximately 600 patients across more than 250 sites globally, testing the combination of rinzimetostat with darolutamide against physician-chosen therapies. ORIC also announced a supply agreement with Bayer for NUBEQA to be used in the study at no cost. The company retains full global rights to its drug. ORIC's second program, enozertinib, is undergoing four Phase 1b trials targeting EGFR-mutated lung cancer. Despite these advancements, ORIC reported a net loss of $41.5 million for the quarter and has seen hedge fund ownership decline along with increased short interest at 16.83%.
