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Jun 30, 2021
Olema Q2 2021 Earnings Report
Olema Oncology reported financial results for the second quarter of 2021 and provided a corporate update.
Key Takeaways
Olema Oncology reported a net loss of $16.4 million for the second quarter of 2021. The company's cash, cash equivalents, and marketable securities totaled $318.1 million as of June 30, 2021, expected to fund operations through the end of 2023.
Advanced the Phase 1/2 clinical trial of OP-1250 in patients with metastatic, ER+ / HER2- breast cancer, enrolling 28 patients across five dose-escalation cohorts as of June 4, 2021.
OP-1250 demonstrated oral bioavailability and a dose-proportional pharmacokinetic profile.
Interim safety, tolerability, pharmacokinetic, and initial efficacy data presentation planned for Q4 2021.
Cash, cash equivalents and marketable securities as of June 30, 2021 were $318.1 million, anticipated to fund operations through the end of 2023.
Olema
Olema
Forward Guidance
Olema Oncology anticipates presenting preliminary Phase 1/2 dose-escalation data for OP-1250 in patients with metastatic, ER+ / HER2- breast cancer in Q4 2021. The company expects its cash balance to be sufficient to fund operations through the end of 2023.
Positive Outlook
- Presentation of preliminary Phase 1/2 dose-escalation data for OP-1250 in patients with metastatic, ER+ / HER2- breast cancer planned for Q4 2021.
- Advancement into monotherapy dose expansion in the second half of 2021.
- Initiation of a Phase 1b clinical trial of OP-1250 in combination with a CDK4/6 inhibitor in the first quarter of 2022.
- OP-1250 has demonstrated oral bioavailability.
- A maximum tolerated dose has not been identified.
Challenges Ahead
- The risk that Olema’s ongoing or future clinical studies in humans may show that OP-1250 is not a tolerable and effective treatment for breast cancer
- Olema's Quarterly Report on Form 10-Q for the quarter ended June 30, 2021 to be filed on August 10, 2021
- Various risks and uncertainties, and actual results, performance or achievements of Olema could differ materially from those described in or implied by the statements in this press release.
- Olema is a clinical-stage biopharmaceutical company
- Net loss for the quarter ended June 30, 2021 was $16.4 million