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Sep 30, 2022
Olema Q3 2022 Earnings Report
Olema Oncology reported third quarter financial results and provided a corporate update.
Key Takeaways
Olema Oncology reported a net loss of $22.7 million for the third quarter of 2022. As of September 30, 2022, the company's cash, cash equivalents, and marketable securities totaled $222.6 million, expected to fund operations into the second half of 2024. The company is advancing its OP-1250 clinical development program and combination studies.
Presented preliminary results from OP-1250 Phase 1/2 dose expansion study demonstrating favorable tolerability, high drug exposure, and strong anti-tumor activity.
Initial clinical data for OP-1250 in combination with palbociclib to be presented at the 2022 San Antonio Breast Cancer Symposium (SABCS).
First pivotal monotherapy Phase 3 study initiation planned for mid-2023.
Cash, cash equivalents and marketable securities totaled $222.6 million as of September 30, 2022, sufficient to support execution of clinical, research and operational goals into the second half of 2024.
Forward Guidance
Olema Oncology anticipates presenting preliminary Phase 1b data for OP-1250 with palbociclib at SABCS in December 2022, continuing combination studies, presenting additional monotherapy and combination therapy data in 2023, and initiating a pivotal Phase 3 monotherapy study in mid-2023.
Positive Outlook
- Present preliminary Phase 1b dose escalation study data in combination with CDK4/6 inhibitor, palbociclib, at the 2022 San Antonio Breast Cancer Symposium in December.
- Continue combination studies with CDK4/6 inhibitors, palbociclib and ribociclib, and PI3Ka inhibitor, alpelisib.
- Present additional monotherapy and combination therapy data in 2023.
- Initiate pivotal Phase 3 monotherapy study in the second/third-line ER+/HER2- advanced or metastatic breast cancer in mid-2023.
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