Full Press Release Details
Olema Oncology Reports Second Quarter 2021 Financial Results and Provides Corporate Update
SAN FRANCISCO, August 10, 2021 - Olema Pharmaceuticals, Inc. ("Olema" or "Olema Oncology," Nasdaq: OLMA), a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of targeted therapies for women's cancers, today provided an update on recent company developments and reported second quarter financial results for the period ended June 30, 2021.
"We made important progress in the second quarter of 2021 as we advanced the clinical development of our lead candidate, OP-1250, an investigational complete estrogen receptor (ER) antagonist (CERAN), and strengthened our corporate foundation to ensure that we have the talent and resources in place to support our future success" said Sean P. Bohen, M.D., Ph.D., President and Chief Executive Officer of Olema Oncology. "We have seen robust enrollment in the ongoing Phase 1/2 clinical trial of OP-1250 and look forward to sharing interim dose-escalation data at a medical meeting in the fourth quarter of this year."
Corporate Highlights and Anticipated Milestones
Second Quarter 2021 Financial Highlights
About Olema Oncology
Olema Oncology is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of targeted therapies for women's cancers. Olema's lead product candidate, OP-1250, is an orally-available small molecule with combined activity as both a complete estrogen receptor (ER) antagonist (CERAN) and a selective ER degrader (SERD). It is currently being evaluated as a single agent in an ongoing Phase 1/2 clinical trial in patients with recurrent, locally advanced or metastatic ER-positive (ER+), human epidermal growth factor receptor 2-negative (HER2-) breast cancer. Olema is headquartered in San Francisco.
Forward Looking Statements
Statements contained in this press release regarding matters that are not historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Words such as "anticipate," "expect," "intend," "will," "may," "goal," "estimate," "potential" and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. These statements include those related to the development of OP-1250, including timelines related to data presentation, trial
initiation and advancement, and enrollment, as well as the sufficiency of our financial resources. Because such statements deal with future events and are based on Olema's current expectations, they are subject to various risks and uncertainties, and actual results, performance or achievements of Olema could differ materially from those described in or implied by the statements in this press release. These forward-looking statements are subject to risks and uncertainties, including, without limitation, the risk that Olema's ongoing or future clinical studies in humans may show that OP-1250 is not a tolerable and effective treatment for breast cancer and other risks and uncertainties affecting Olema, as well as those discussed in the section titled "Risk Factors" in Olema's Quarterly Report on Form 10-Q for the quarter ended June 30, 2021 to be filed on August 10, 2021 and future filings and reports that Olema makes from time to time with the United States Securities and Exchange Commission. Except as required by law, Olema assumes no obligation to update these forward-looking statements or to update the reasons if actual results differ materially from those anticipated in the forward-looking statements.
Olema Pharmaceuticals, Inc.
Condensed Consolidated Balance Sheets Data
| June 30, | December 31, | ||
| 2021 | 2020 | ||
| (Unaudited) | (Audited) | ||
| Cash, cash equivalents and marketable securities | $ 318,144 | $ 338,549 | |
| Total assets | $ 322,230 | $ 342,722 | |
| Total liabilities | $ 8,146 | $ 4,585 | |
| Total stockholders' equity | $ 314,084 | $ 338,137 | |
| Total liabilities and stockholders' equity | $ 322,230 | $ 342,722 |
Olema Pharmaceuticals, Inc.
Condensed consolidated statements of operations and comprehensive loss
(In thousands, except share and per share data)
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||
| Operating expenses: | ||||||||||||
| Research and development | $ | 11,910 | $ | 1,947 | $ | 22,602 | $ | 2,742 | ||||
| General and administrative | 4,612 | 539 | 9,370 | 787 | ||||||||
| Total operating expenses | 16,522 | 2,486 | 31,972 | 3,529 | ||||||||
| Loss from operations | (16,522) | (2,486) | (31,972) | (3,529) | ||||||||
| Other income (expense): | ||||||||||||
| Interest income | 117 | 33 | 228 | 36 | ||||||||
| Interest expense | - | - | - | (653) | ||||||||
| Other income (expense) | (1) | - | (1) | - | ||||||||
| Total other income (expense), net | 116 | 33 | 227 | (617) | ||||||||
| Net loss | $ | (16,406) | $ | (2,453) | $ | (31,745) | $ | (4,146) | ||||
| Net loss per share, basic and diluted | $ | (0.42) | $ | (0.95) | $ | (0.81) | $ | (1.60) | ||||
| Weighted average shares used to compute net loss per share, basic and diluted | 39,415,330 | 2,593,316 | 39,370,809 | 2,593,316 |
| Three Months EndedJune 30, | Six Months EndedJune 30, | |||||||||||
| 2021 | 2020 | 2021 | 2020 | |||||||||
| Research and development | $ | 2,288 | $ | 103 | $ | 4,022 | $ | 103 | ||||
| General and administrative | 1,633 | 51 | 3,107 | 51 | ||||||||
| Total | $ | 3,921 | $ | 154 | $ | 7,129 | $ | 154 |
Vice President, Communications and Investor Relations