Oric Pharmaceuticals, Inc. Leases Disclosure
8. Leases
Operating Leases
The Company has an operating lease for office and laboratory space in South San Francisco, California that ends in May 2028 with an option to renew for an additional one-year term. The Company also has an operating lease for office space in San Diego, California through February 2028 with an option to renew for one period of two years.
Following contains information related to the Company's leases (in thousands, except for weighted-average information):
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Years Ended December 31, |
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2025 |
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2024 |
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Lease costs and cash paid: |
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Operating lease costs |
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$ |
3,112 |
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$ |
2,829 |
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Cash paid for operating leases |
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$ |
3,307 |
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$ |
2,919 |
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December 31, |
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2025 |
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2024 |
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Lease assets: |
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$ |
6,658 |
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$ |
8,380 |
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Lease liabilities: |
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Lease liabilities included in accrued liabilities |
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$ |
3,330 |
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$ |
3,183 |
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4,111 |
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6,174 |
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Total lease liabilities |
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$ |
7,441 |
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$ |
9,357 |
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Supplemental weighted- average information: |
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Weighted-average discount rate |
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8.4 |
% |
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8.3 |
% |
Weighted-average remaining lease term (years) |
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2.3 |
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3.2 |
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Future lease payments of operating lease liabilities as of December 31, 2025, were as follows (in thousands):
Year ending December 31, |
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Operating Leases |
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2026 |
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$ |
3,455 |
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2027 |
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3,503 |
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2028 |
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1,182 |
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2029 |
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— |
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2030 |
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— |
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Thereafter |
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— |
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Total minimum lease payments |
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8,140 |
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Less: interest |
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699 |
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$ |
7,441 |
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 23, 2026 | Showing above |
| 2024 | Feb 18, 2025 | |
| 2023 | Mar 11, 2024 | |
| 2022 | Mar 16, 2023 | |
About Leases Disclosures
Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.
Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.