Loading...
•
Sep 30, 2024
Olema Q3 2024 Earnings Report
Olema Oncology reported financial results for the third quarter ended September 30, 2024 and provided a corporate update.
Key Takeaways
Olema Oncology reported a net loss of $34.6 million for the third quarter of 2024, with cash, cash equivalents, and marketable securities totaling $214.8 million as of September 30, 2024. The company is advancing its clinical programs for palazestrant and OP-3136, with key milestones expected in the near term.
Presented new preclinical data for OP-3136 demonstrating anti-tumor activity and enhanced activity of palazestrant combinations.
New clinical data for palazestrant in combination with ribociclib to be presented at SABCS in December.
IND submission for OP-3136 expected before year end, with clinical study initiation in early 2025.
Cash, cash equivalents, and marketable securities totaled $214.8 million as of September 30, 2024.
Forward Guidance
Olema Oncology anticipates presenting updated Phase 2 data for palazestrant in combination with ribociclib at SABCS in December 2024 and submitting the IND application for OP-3136 to the FDA before year-end, with a Phase 1 clinical study to follow in early 2025.
Positive Outlook
- Presentation of updated Phase 2 data for palazestrant in combination with ribociclib at SABCS in December 2024.
- Planned IND submission for OP-3136 to the FDA before year-end.
- Initiation of a Phase 1 clinical study for OP-3136 in early 2025.
- Continued enrollment of patients in the OPERA-01 Phase 3 clinical trial of palazestrant.
- Advancement of palazestrant through late-stage clinical trials.
Challenges Ahead
- No specific negative guidance mentioned in the provided text.
Historical Earnings Impact
Analyze how earnings announcements historically affect stock price performance
Avg. Return Before/After Earnings
Loading earnings performance data...
Loading earnings reaction data...