奥里克（ORIC）：在转移性去势抵抗性前列腺癌（mCRPC）中，早期'944前列腺特异性抗原（PSA）反应及安全性相较于辉瑞（PFE）表现更佳

(59% unconfirmed) and 24% confirmed PSA34.1%, which translated to ~8-mos median rPFS improvement (vs enza) leading to a better therapeutic window and combo 90 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 ORIC noted 1st ph.III in mCRPC to start 1H26 (FDA mtg early'26), but co did not specify the scopeof the study -- could be post-abi (akin to PFE's MEVPRO-1) or post ARPI (abi/enza/apa/daro),where PFE has ph.I data (rPFS 11.7mos vs benchmark ~2-3 mos) and ORIC has also enrolled pts.Mgmt emphasized the lg mkt oppty across the prostate cancer tx paradigm, including $7B+ U.S.TAM for prior-abi or prior ARi settings along w/ add'l expansion opptys including CSPC.Please see important disclosure information on pages 3 - 8 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.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 receives compensationbased in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, but various regulationsmay prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are published at irregular intervalsas 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 investment banking services from OricPharmaceuticals.Jefferies Financial Group Inc., its affiliates or subsidiaries is acting as a manager or co-manager in the underwriting or placement of securities for OricPharmaceuticals or one of its