Olema Pharmaceuticals(US:OLMA)2023-08-08 20:12Financial Position - As of June 30, 2023, the company had cash, cash equivalents, and marketable securities totaling $167.4 million, expected to fund operations into the second quarter of 2025[108]. - As of June 30, 2023, the company had $167.4 million in cash, cash equivalents, and marketable securities, with an accumulated deficit of $257.4 million[144]. - The company anticipates cash reserves will fund operations into the second quarter of 2025, with a projected balance of $120.0 to $125.0 million by the end of 2023[148]. - The company experienced a net increase in cash and cash equivalents of $11.3 million for the six months ended June 30, 2023, compared to $10.7 million in the same period of 2022[152]. Losses and Expenses - The company reported net losses of $20.1 million for Q2 2023, compared to $32.9 million for Q2 2022, and cumulative losses of $257.4 million as of June 30, 2023[109]. - The company expects to incur significant and increasing losses as it advances its product candidate and continues operations as a public company[110]. - The net loss for the six months ended June 30, 2023 was $48.4 million, which included $40.8 million in research and development expenses and $10.4 million in general and administrative expenses[153]. - The company expects to incur significant expenses and operating losses as it advances clinical development, necessitating additional capital through equity or debt financing[145]. Research and Development - Research and development expenses for Q2 2023 were $18.0 million, down from $27.1 million in Q2 2022, and totaled $40.8 million for the first half of 2023, compared to $43.1 million for the same period in 2022[122]. - Research and development expenses for Q2 2023 were $18.0 million, a decrease of $9.1 million from $27.1 million in Q2 2022, primarily due to reduced spending on preclinical research and clinical pharmacology-related costs[136]. - For the six months ended June 30, 2023, research and development expenses totaled $40.8 million, down from $43.1 million in the same period of 2022, a decrease of $2.2 million[140]. - The company plans to present Phase 2 clinical data for its lead product candidate, palazestrant, at the European Society for Medical Oncology Congress 2023 in October 2023[101]. - The company initiated a Phase 3 clinical trial for palazestrant in advanced or metastatic breast cancer, expected to start in Q4 2023[101]. - The company anticipates presenting updated results from combination studies of palazestrant with CDK4/6 inhibitors in Q4 2023[104]. - The company was granted Fast Track designation by the FDA for palazestrant for patients with ER+/HER2- metastatic breast cancer[105]. Operating Expenses - General and administrative expenses for Q2 2023 were $3.6 million, down from $6.2 million in Q2 2022, reflecting lower corporate and legal-related costs and reduced personnel expenses[137]. - Total operating expenses for Q2 2023 were $21.6 million, a reduction of $11.7 million compared to $33.3 million in Q2 2022[135]. - General and administrative expenses for the six months ended June 30, 2023 were $10.4 million, compared to $13.5 million in the same period of 2022, a decrease of $3.1 million[141]. Cash Flow - Net cash used in operating activities for the six months ended June 30, 2023 was $42.5 million, a slight improvement from $44.4 million in the same period of 2022[152]. - Net cash provided by investing activities for the six months ended June 30, 2023 was $51.5 million, compared to $55.0 million in the same period of 2022[152]. - Net cash provided by financing activities during the six months ended June 30, 2023 was $2.3 million, significantly higher than $0.1 million in the same period of 2022[156]. Accounting and Market Risk - There were no material changes to critical accounting policies and estimates during the six months ended June 30, 2023[159]. - The company has not reported any material changes to market risk disclosures during the six months ended June 30, 2023[160].