Olema Q4 2022 Earnings Report
Key Takeaways
Olema Oncology reported a net loss of $26.2 million for the fourth quarter of 2022. The company's cash, cash equivalents, and marketable securities totaled $204.4 million as of December 31, 2022, which is expected to fund operations into 2025. The company is focusing on the late-stage clinical development of OP-1250.
Significant progress was made in advancing the lead program, OP-1250, with over 170 patients treated to date.
The first pivotal Phase 3 monotherapy clinical trial of OP-1250 in second- and third-line metastatic breast cancer is set to begin in the second half of 2023.
A corporate restructuring and portfolio prioritization occurred to focus on the late-stage clinical development of OP-1250.
Cash, cash equivalents, and marketable securities totaled $204.4 million as of December 31, 2022, expected to fund operations into 2025.
Olema
Olema
Forward Guidance
Olema Oncology anticipates initiating a pivotal Phase 3 monotherapy clinical trial in the second- and third-line setting of ER+/HER2- advanced or metastatic breast cancer in the second half of 2023. The company also plans to present clinical study results for Phase 2 combination with CDK4/6 inhibitor (palbociclib), Phase 2 monotherapy, and Phase 1b combination with CDK4/6 inhibitor (ribociclib) in the coming quarters.
Positive Outlook
- Initiate a pivotal Phase 3 monotherapy clinical trial in the second- and third-line setting of ER+/HER2- advanced or metastatic breast cancer in the second half of 2023.
- Present Phase 2 combination with CDK4/6 inhibitor (palbociclib) clinical study results in the second quarter of 2023.
- Present Phase 2 monotherapy clinical study results in the second half of 2023.
- Present Phase 1b combination with CDK4/6 inhibitor (ribociclib) clinical study results in the second half of 2023.