Olema Oncology Raises $218.5M and Advances Phase 3 Palazestrant Trials
Olema Oncology closed 2025 with $505.4 million in cash and raised $218.5 million in a follow-on offering to fund palazestrant and OP-3136 trials. Enrollment progressed in OPERA-01/OPERA-02 Phase 3 studies and a Phase 1b/2 palazestrant-atirmociclib trial, with OPERA-01 top-line data due fall 2026 and OP-3136 results in Q2 2026.
1. Clinical Development Progress
Olema advanced enrollment in pivotal Phase 3 OPERA-01 monotherapy and OPERA-02 palazestrant plus ribociclib trials in ER+/HER2- metastatic breast cancer, initiated a Phase 1b/2 study combining palazestrant with Pfizer’s CDK4 inhibitor atirmociclib, and continued Phase 1 OP-3136 enrollment, expecting initial data in Q2 2026.
2. Financial Performance
The company generated $218.5 million from a follow-on public offering and ended 2025 with $505.4 million in cash, cash equivalents, and marketable securities, sustaining operations through late-stage development despite a $162.5 million net loss for the year driven by increased R&D and G&A expenses.
3. Upcoming Milestones
Top-line data from the OPERA-01 Phase 3 trial as a monotherapy is scheduled for fall 2026, initial clinical results for OP-3136 are expected in Q2 2026, and preparations are underway for a potential commercial launch of palazestrant in late 2027.