奥里克（ORIC）：关于预计第二季度公布的'944mCRPC组合数据的虚拟炉边谈话要点

vs PFE's 4hcan translate to betterendpt -- cost would be ~$90-100M w/ Maury Raycroft, Ph.D. * | Equity Analyst(212) 323-3990 | mraycroft@jefferies.comFarzin Haque, Ph.D. * | Equity Analyst+1 (212) 778-8349 | fhaque@jefferies.comAmin Makarem, Ph.D. * | Equity Associate+1 (332) 236-6822 | amakarem@jefferies.comJames Stamos, Ph.D. * | Equity Associate(212) 323-7644 | jstamos@jefferies.comAmy Qian, Ph.D. * | Equity Associate+1 (212) 707-6465 | aqian@jefferies.com Mgmt likes both JNJ's apa & Bayer's daro but pointed out '944 could be appealing to otherpharmas in the prostate space too.ORIC noted daro has better inducer properties w/ less DDI riskvs apa, so '944's dose could be lower w/ daro vs w/ apa. Apa monotx is generally better tolerated.For catalyst path, upcoming 2Q PSA data along w/ add'l 944 mCRPC dose-exploration data 2H25should provide predictive insight ahead of pot'l early look at durability data 4Q25/1Q26, likelyfollowed shortly after by PFE's validating ph.III data.Beyond prostate, ORIC will also report '114NSCLC data 2H25 & mid'26.Please see important disclosure information on pages 3 - 9 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Company DescriptionOricORIC pharmaceuticals is a clinical-stage biopharmaceutical company developing potent and selective small-molecule antagonist of the glucocorticoidreceptor, which has been linked to resistance to multiple classes of cancer therapeutics across a variety of solid tumors. Lead candidate ORIC-101 isin two separate Phase 1b trials in combination with Xtandi (enzalutamide) in metastatic prostate cancer and Abraxane (nab-paclitaxel) in advancedor metastatic solid tumors.Company Valuation/RisksOricPT $22 blends DCF and probability-adjusted EPS analyses. Risks include efficacy, tox, and competition.Bayer AGValuation: PT represents the average of our DCF and SOTP.Risks include unfavourable litigation outcomes, weak corn/soy/wheat commodity prices, market share losses and patent expiries.Pfizer IncValuation: Our PT is supported by our PE/PEG-relative and DCF-based valuations. Risks include LOEs, R&D, manufacturing, reimbursement,competition, and M&A.Analyst Certification:I, Maury Raycroft, Ph.D., certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, Farzin Haque, Ph.D., certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, Amin Makarem, Ph.D., certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, James Stamos, Ph.D., certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, Amy Qian, Ph.D., certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receivescompensation based in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, butvarious regulations may prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are publishedat irregular intervals as appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedCompany Specific DisclosuresJefferies Financial Group Inc., its affiliates or subsidiaries expect to receive or intend to seek compensation for investment banking services from OricPharmaceuticals within the next three months.Within the past 12 months, Jefferies Financial Group Inc., its affiliates or subsidiaries has received compensation from inv