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Mar 31, 2022
Olema Q1 2022 Earnings Report
Olema Oncology reported first quarter financial results and provided a corporate update.
Key Takeaways
Olema Oncology reported a net loss of $23.0 million for the first quarter ended March 31, 2022. The company's cash, cash equivalents, and marketable securities totaled $267.9 million as of March 31, 2022, which is expected to fund operations into 2024.
Phase 1/2 trial of OP-1250 continues to enroll patients, with selection of Recommended Phase 2 Dose expected in Q2 2022.
Phase 1b combination study with palbociclib is ongoing, with additional combination trials planned for the second half of 2022.
The company expects to present updated monotherapy and initial combination data in 2022.
Cash, cash equivalents, and marketable securities totaled $267.9 million as of March 31, 2022, sufficient to fund operations into 2024.
Forward Guidance
Olema Oncology anticipates several milestones and initiatives in the near term, including selecting the Recommended Phase 2 Dose for OP-1250, initiating additional Phase 1b combination studies, and presenting updated clinical data.
Positive Outlook
- Select the Recommended Phase 2 Dose (RP2D) for OP-1250 in the second quarter of 2022, followed by initiation of the Phase 2 portion of the trial.
- Phase 2 will include enrollment across three cohorts: patients with measurable disease (N=50), patients with non-measurable disease (N=15) and patients with CNS metastasis (N=15).
- Initiate additional Phase 1b combination studies with CDK4/6 and PI3Kα inhibitors in 2022.
- Initiate Phase 1b study of OP-1250 in patients with ER+/HER2+ breast cancer and CNS metastases in the second half of 2022.
- Present updated monotherapy and initial combination data for OP-1250.
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