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Sep 30
Olema Q3 2025 Earnings Report
Olema reported a net loss in Q3 2025 driven by increased R&D investments as it advanced late-stage clinical trials.
Key Takeaways
Olema posted a higher net loss in Q3 2025 primarily due to greater R&D spending related to the progression of its clinical programs, including palazestrant and OP-3136.
Net loss increased to $42.2 million from $34.6 million in Q3 2024.
GAAP R&D expenses rose to $40.0 million due to advanced clinical trials.
Ended Q3 with $329 million in cash, cash equivalents, and marketable securities.
Non-GAAP R&D and G&A expenses were $37.4 million and $4.3 million, respectively.
Olema
Olema
Forward Guidance
Olema remains focused on advancing clinical trials, with multiple key milestones expected in 2026, including data from its OPERA and OP-3136 programs.
Positive Outlook
- OPERA-02 Phase 3 trial initiated with palazestrant and ribociclib.
- New collaboration with Pfizer on palazestrant plus atirmociclib.
- Compelling palazestrant data presented at ESMO 2025.
- Continued enrollment progress in OPERA-01 monotherapy trial.
- Expanded OP-3136 trial to include combination therapies.
Challenges Ahead
- Increased R&D expenses led to wider net loss.
- No reported revenue for the quarter.
- G&A expenses rose year-over-year.
- Stock-based compensation continued to impact GAAP expenses.
- No initial clinical results yet from OP-3136 or OPERA-01 trials.