A Look at ORIC Pharmaceuticals (ORIC)'s Valuation Following New ORIC-944 Preclinical Data Release

ORIC Pharmaceuticals (ORIC) unveiled new preclinical data for its investigational drug ORIC-944 at the 2025 EORTC-NCI-AACR International Conference. The announcement focused on the drug's impact in prostate cancer and other solid tumors.

See our latest analysis for ORIC Pharmaceuticals.

ORIC Pharmaceuticals has seen a wave of interest following its latest clinical update, with the share price up 53.6% year-to-date and a 33.9% total shareholder return in the past year. Positive momentum has been building, especially over the past three and nine months, as the company’s recent preclinical results have put a spotlight on its growth potential and position in the cancer therapeutics space.

If news like this makes you curious about other biotech names with clinical-stage breakthroughs, check out See the full list for free.

With valuation now front and center, are investors facing a setup where ORIC Pharmaceuticals still has meaningful upside? Or has all this anticipated growth already been factored into the current stock price?

Price-to-Book of 3.8x: Is it justified?

ORIC Pharmaceuticals trades at a price-to-book ratio of 3.8x, which is above the US Biotechs industry average of 2.5x. This suggests the market is attaching a premium to ORIC's net assets compared to the typical biotech peer.

The price-to-book multiple measures how much investors are willing to pay for each dollar of net asset value on the company's balance sheet. It is a widely used benchmark in asset-heavy, early-stage sectors such as biotech, where earnings are often negative but R&D assets may hold significant promise.

At 3.8x, ORIC is considerably more expensive than its broader industry, even though it remains unprofitable and currently generates no revenue. However, the company does appear reasonably valued compared to its closest peers, whose average price-to-book ratio is 4.5x. This suggests that while the market views ORIC favorably for its biotech pipeline, it is not the most aggressively priced among its competitors.

See what the numbers say about this price — find out in our valuation breakdown.

Result: Price-to-Book of 3.8x (OVERVALUED)

However, persistent unprofitability and a lack of current revenue could limit future upside, particularly if R&D milestones are delayed or if market sentiment shifts.

Find out about the key risks to this ORIC Pharmaceuticals narrative.

Build Your Own ORIC Pharmaceuticals Narrative

For those who like to dig deeper or bring their own perspective to the numbers, it's quick and easy to craft a personal view in under three minutes. Do it your way.

A great starting point for your ORIC Pharmaceuticals research is our analysis highlighting 4 important warning signs that could impact your investment decision.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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