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Jun 30, 2024
Olema Q2 2024 Earnings Report
Reported financial results for the second quarter ended June 30, 2024, and provided a corporate update.
Key Takeaways
Olema Oncology reported a net loss of $30.4 million for the second quarter of 2024. The company's cash, cash equivalents and marketable securities totaled $239.1 million as of June 30, 2024. Increased spending on clinical development and research activities related to palazestrant and the KAT6 inhibitor program contributed to the increased net loss.
Presented promising interim clinical results from the ongoing study of palazestrant in combination with ribociclib at the 2024 ESMO Breast Cancer Congress.
Successfully completed Investigational New Drug (IND)-enabling studies for OP-3136, Olema’s novel KAT6 inhibitor, with IND application expected to be filed with FDA in late 2024.
Cash, cash equivalents and marketable securities of $239.1 million as of June 30, 2024
Presented interim Phase 1b/2 clinical results of palazestrant (OP-1250) in combination with ribociclib at the ESMO Breast Cancer Annual Congress 2024 in Berlin, Germany with a preliminary clinical benefit rate (CBR) of 85% was observed across 13 CBR-eligible patients.
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