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Jun 30, 2023
Olema Q2 2023 Earnings Report
Reported financial results for the second quarter ended June 30, 2023, and provided a corporate update.
Key Takeaways
Olema Oncology reported a net loss of $20.1 million for the second quarter ended June 30, 2023, compared to a net loss of $32.9 million for the same period of the prior year. Cash, cash equivalents and marketable securities were $167.4 million as of June 30, 2023, expected to fund operations into the second quarter of 2025.
Initiation of OPERA-01 pivotal Phase 3 monotherapy clinical trial on track; expecting to enroll first patient in fourth quarter.
New clinical data for palazestrant (OP-1250) to be presented in the fourth quarter including both monotherapy and CDK4/6 inhibitor combination updates.
Cash, cash equivalents and marketable securities of $167.4 million as of June 30, 2023, expected to fund operations into the second quarter of 2025.
Presented interim Phase 1b/2 clinical study results of palazestrant in combination with a CDK4/6 inhibitor (palbociclib) at the 2023 European Society for Medical Oncology (ESMO) Breast Cancer Annual Congress in Berlin, Germany.
Forward Guidance
Olema expects to deliver on significant milestones this year, including initiating OPERA-01 Phase 3 trial, and presenting new data from ongoing monotherapy and combination clinical studies.
Positive Outlook
- Initiate OPERA-01, Olema’s first pivotal Phase 3 clinical trial, testing palazestrant as a monotherapy in second- and third-line metastatic breast cancer, anticipated in the fourth quarter of 2023.
- Present palazestrant interim Phase 1b clinical study results in combination with CDK4/6 inhibitor, ribociclib, in the fourth quarter of 2023.
- Present palazestrant interim Phase 1b/2 clinical study results in combination with CDK4/6 inhibitor, palbociclib, in the fourth quarter of 2023.
- Present palazestrant Phase 2 monotherapy clinical study results as an oral presentation at the European Society for Medical Oncology (ESMO) Congress 2023 in Madrid, Spain, on October 22, 2023.
- Olema anticipates that cash balance will be sufficient to fund operations into the second quarter of 2025.
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