Earnings ·
Olema reports $63.2M net loss as cash balance stands at $461.1 million; completes enrollment in pivotal Phase 3 trial for palazestrant
OLMAOlema Pharmaceuticals, Inc.
Olema Pharmaceuticals reported second quarter 2026 financial results ending June 30, 2026. The company ended the quarter with $461.1 million in cash, cash equivalents, and marketable securities. Net loss for the period was $63.2 million, compared to a net loss of $43.8 million in the prior year period. Research and development expenses increased to $57.8 million from $43.9 million, driven by higher clinical development spending on palazestrant and OP-3136. General and administrative expenses rose to $9.4 million from $4.0 million due to increased corporate infrastructure costs. Clinically, Olema completed enrollment in the pivotal Phase 3 OPERA-01 trial for palazestrant, with top-line data expected in the first quarter of 2027. The company also announced a clinical collaboration with Bayer to evaluate OP-3136 in combination with darolutamide for metastatic castration-resistant prostate cancer and presented initial Phase 1 monotherapy data for OP-3136 at ASCO. Olema Pharmaceuticals is a clinical-stage biopharmaceutical company focused on the discovery, development, and commercialization of targeted therapies for breast cancer.