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Olema Oncology Reports Fourth Quarter and Full Year 2024 Financial and Operating Results
OLMAOlema Pharmaceuticals(OLMA) GlobeNewswire News Room·2025-03-18 20:01

Core Insights - Olema Pharmaceuticals reported significant progress in 2024, including a new collaboration with Novartis, raising approximately 250million,andadvancingmultipleclinicaltrialsforitsleadproduct,palazestrant[2][6].FinancialPerformance−AsofDecember31,2024,Olemahadcash,cashequivalents,andmarketablesecuritiestotaling250 million, and advancing multiple clinical trials for its lead product, palazestrant [2][6]. Financial Performance - As of December 31, 2024, Olema had cash, cash equivalents, and marketable securities totaling 434.1 million, an increase from 261.8millionin2023[8][21].−ThenetlossforQ42024was261.8 million in 2023 [8][21]. - The net loss for Q4 2024 was 33.6 million, compared to 26.8millioninQ42023,whilethetotalnetlossfortheyearwas26.8 million in Q4 2023, while the total net loss for the year was 129.5 million, up from 96.7 million in 2023 [9][22]. - GAAP research and development (R&D) expenses for Q4 2024 were 32.3 million, compared to 25.9 million in Q4 2023, with total R&D expenses for the year at 124.5 million, up from $86.1 million in 2023 [10][22]. Clinical Development - The pivotal Phase 3 OPERA-01 trial of palazestrant as a monotherapy in patients with second- and third-line ER+/HER2- metastatic breast cancer is on track for top-line data in 2026 [5]. - The OPERA-02 trial, evaluating palazestrant in combination with ribociclib in frontline metastatic breast cancer, is set to initiate in 2025, enabled by the Novartis collaboration and the recent equity private placement [5][6]. - The Phase 1 trial for OP-3136 was initiated before the end of 2024, with patient enrollment currently ongoing [5][6]. Research and Development Highlights - Olema presented updated clinical results for palazestrant in combination with ribociclib at major conferences, demonstrating promising efficacy in ER+/HER2- advanced or metastatic breast cancer [6]. - New preclinical data showed anti-tumor activity for palazestrant in combination with other agents, further supporting its therapeutic potential [6][15]. Strategic Partnerships - The collaboration with Novartis includes a clinical trial agreement and supply agreement, enhancing Olema's capabilities in developing treatments for metastatic breast cancer [6][14].