Olema Q1 2024 Earnings Report

Olema Oncology reported financial results for the first quarter ended March 31, 2024, and provided a corporate update.

Key Takeaways

Olema Oncology reported a net loss of $31.0 million for Q1 2024. The company's cash, cash equivalents, and marketable securities totaled $249.0 million as of March 31, 2024. Enrollment was completed in Phase 1b/2 clinical studies of palazestrant in combination with ribociclib and palbociclib, and an IND application for OP-3136 is expected to be filed in late 2024.

Completed enrollment in Phase 1b/2 clinical studies of palazestrant in combination with ribociclib and palbociclib.

New clinical data from palazestrant-ribociclib combination study to be presented at the ESMO Breast Cancer Annual Congress 2024.

Investigational New Drug (IND) application for OP-3136, a novel KAT6 inhibitor, expected to be filed with FDA in late 2024.

Cash, cash equivalents and marketable securities of $249.0 million as of March 31, 2024.