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Dec 31, 2023
Olema Q4 2023 Earnings Report
Olema Oncology reported its financial results for the fourth quarter and full year ended December 31, 2023, and provided a corporate update.
Key Takeaways
Olema Oncology reported a net loss of $26.8 million for the fourth quarter of 2023. The company's cash, cash equivalents, and marketable securities totaled $261.8 million as of December 31, 2023. They presented clinical results for palazestrant and initiated the OPERA-01 pivotal Phase 3 monotherapy trial.
Presented compelling clinical results for palazestrant both as a monotherapy and in combination with CDK4/6 inhibitors in Q4 2023.
Initiated OPERA-01 pivotal Phase 3 monotherapy trial in Q4 2023; top-line results expected in 2026.
60-patient Phase 2 studies in combination with each of ribociclib and palbociclib are fully enrolled; palazestrant-ribociclib clinical update to be presented at ESMO Breast Cancer Annual Congress 2024, May 15-17, 2024, in Berlin
Cash, cash equivalents and marketable securities of $261.8 million as of December 31, 2023
Forward Guidance
Olema Oncology provided updates on upcoming milestones for their clinical programs.
Positive Outlook
- Present interim Phase 2 clinical results of palazestrant in combination with ribociclib at ESMO Breast Cancer Annual Congress 2024, May 15-17, 2024, in Berlin, Germany.
- Initiate Phase 1b/2 clinical study of palazestrant in combination with mTOR inhibitor, everolimus, in Q3 2024.
- File an Investigational New Drug, or IND, application with the FDA for OP-3136, a KAT6 inhibitor, in late 2024, and advance clinical development.
- Prepare for pivotal Phase 3 first-line trial in combination with CDK4/6 inhibitor, ribociclib.
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