Olema Oncology Ends Q1 with $505M Cash, $53M Loss; OPERA-01 Data Fall
Olema ended Q1 2026 with $505.3 million in cash and equivalents and posted a net loss of $53.1 million on R&D spending of $49.2 million. Top-line data from Phase 3 OPERA-01 are due this fall, OPERA-02 enrollment continues and OP-3136 Phase 1 data will be presented at ASCO.
1. Q1 Financial Highlights
Cash, cash equivalents and marketable securities totaled $505.3 million at quarter end. Net loss was $53.1 million, up from $30.4 million a year ago, reflecting GAAP R&D expenses of $49.2 million and GAAP G&A expenses of $8.8 million driven by clinical and personnel costs.
2. Pipeline Advancement
Enrollment continued in the pivotal Phase 3 OPERA-02 trial of palazestrant combined with ribociclib in frontline ER+/HER2- metastatic breast cancer. Preclinical posters presented at AACR highlighted palazestrant’s complete estrogen receptor antagonism and synergy with OP-3136. Phase 1 clinical data for the KAT6 inhibitor OP-3136 will be showcased at ASCO.
3. Upcoming Milestones
Key catalysts include ASCO presentations of initial OP-3136 safety and efficacy data and a trial-in-progress update on OPERA-02. Top-line results from the Phase 3 OPERA-01 monotherapy trial are expected this fall, setting the stage for a planned commercial launch next year.