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Olema Q4 2024 Earnings Report
Olema Oncology reported its financial and operating results for the fourth quarter and full year ended December 31, 2024.
Key Takeaways
Olema Oncology reported a net loss of $33.6 million for the fourth quarter of 2024, an increase from $26.8 million in the same period last year. The company ended the year with $434.1 million in cash, cash equivalents, and marketable securities.
Pivotal Phase 3 OPERA-01 trial of palazestrant as a monotherapy is on track for top-line data in 2026.
Pivotal Phase 3 OPERA-02 trial of palazestrant in combination with ribociclib is on track for initiation this year, enabled by a new Novartis collaboration and a $250 million equity private placement.
OP-3136 Phase 1 trial initiated before the end of 2024, with patients now enrolling.
The company ended 2024 with $434.1 million in cash, cash equivalents, and marketable securities.
Olema
Olema
Forward Guidance
Olema Oncology is focused on exemplary execution throughout 2025, with plans to advance patient enrollment in the pivotal Phase 3 OPERA-01 trial, initiate the second pivotal Phase 3 trial (OPERA-02), continue enrolling patients in the Phase 1 trial of OP-3136, and present mature data from the Phase 1b/2 trial of palazestrant in combination with ribociclib.
Positive Outlook
- Advance patient accrual in the pivotal Phase 3 OPERA-01 clinical trial of palazestrant as a monotherapy in 2/3L metastatic breast cancer.
- Initiate the pivotal Phase 3 OPERA-02 clinical trial of palazestrant in combination with ribociclib in frontline metastatic breast cancer.
- Present new pre-clinical data for OP-3136.
- Present mature data from the Phase 1b/2 clinical trial of palazestrant in combination with ribociclib at a medical meeting.
- Further expand capabilities through drug discovery and partnerships.
Challenges Ahead
- Actual results may differ materially from forward-looking statements due to various risks and uncertainties.
- Timelines for clinical studies and trial results are subject to change.
- Financial condition and resources may vary.
- Potential beneficial characteristics of drugs are not guaranteed.
- Patient enrollment in clinical trials may not meet expectations.