0001193125-26-107169
SEC filingOlema Pharmaceuticals, Inc. (OLMA), a clinical-stage biopharmaceutical company developing targeted therapies for breast cancer, reported a net loss of $162.5 million for fiscal year 2025 ended December 31, 2025. The loss was driven by total operating expenses of $178.7 million, comprising $157.7 million in research and development and $21.0 million in general and administrative costs, reflecting heavy investment in clinical programs for lead candidate palazestrant and OP-3136. Interest income of $16.2 million partially offset the $178.7 million loss from operations. No revenue was generated, consistent with pre-commercial status. Balance sheet remains robust with total assets of $533.4 million, including $515.5 million current assets ($48.3 million cash equivalents, $457.1 million marketable securities). Stockholders' equity totaled $478.6 million, supported by accumulated deficit of -$597.6 million and $1.08 billion additional paid-in capital. Net cash used in operations was $146.7 million, offset by $211.3 million from financing activities (including $205.4 million follow-on offering, $243.5 million 2024 private placement net, $22.8 million at-the-market), yielding a $91.2 million net decrease in cash. Forward-looking, OPERA-01 Phase 3 top-line data expected fall 2026, NDA 2027, potential approval late 2027; OPERA-02 frontline data 2028. Strong liquidity supports pipeline advancement in $20 billion ER+/HER2- metastatic breast cancer market.
Olema Pharmaceuticals reported a FY 2025 net loss of $162.5 million, up from prior investments in clinical development. Operating expenses totaled $178.7 million, with research and development at $157.7 million (primarily palazestrant trials) and general and administrative at $21.0 million. Loss from operations was $178.7 million, mitigated by $16.2 million interest income (including non-cash adjustments). Basic and diluted net loss per share was -$2 on 87.0 million weighted average shares. No revenue generated as company advances pipeline toward commercialization. Balance sheet strengthened by financing, total assets $533.4 million vs. liabilities $54.9 million.
Pre-revenue clinical-stage biopharma with no product sales. All resources devoted to R&D for palazestrant (Phase 3 OPERA-01/02) and OP-3136 (Phase 1). No segment or geographic revenue breakdown disclosed.
Not applicable due to no revenue. Operating loss margin effectively -100% on expense base. Stock-based compensation $17.6 million contributed to costs. No gross margin.
Net cash used in operating activities $146.7 million (net loss -$162.5 million, adjusted for $17.6 million stock comp, $6.3 million non-cash interest). Investing used $155.8 million (net marketable securities -$155.7 million). Financing provided $211.3 million ($205.4 million follow-on, $243.5 million private placement net, $22.8 million ATM). Net cash decrease $91.2 million; ending cash equivalents $48.3 million (prior end not specified). Total current assets $515.5 million; long-term liabilities minimal ($3.0 million borrowing). Liquidity supports operations.
Advancing palazestrant: OPERA-01 monotherapy top-line fall 2026, NDA 2027, launch late 2027; OPERA-02 with ribociclib data 2028, approval 2029. OP-3136 Phase 1 data Q2 2026. Market potential $5-10 billion in ER+/HER2- MBC. Collaborations with Novartis, Pfizer; Aurigene milestones paid. Risks include trial outcomes, cash burn, no approved products.