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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.
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.
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