Pre-commercial biotech with no revenue and binary Phase 3 readout expected Q1 2027. The completed enrollment is a modest de-risking step but the stock will remain range-bound until OPERA-01 top-line data. The Bayer collaboration for OP-3136 is a positive pipeline signal but not near-term price catalyst. Monitor enrollment progress in OPERA-02 and any early signals from the OP-3136 Phase 1 expansion cohorts.
Price Chart
Executive Summary
Olema Oncology's Q2 2026 net loss widened to $63.2M (vs $43.8M a year ago) on higher R&D and G&A spending, but cash of $461.1M is ample to fund operations. The key catalyst is the completion of enrollment in the Phase 3 OPERA-01 trial, with top-line data now expected in Q1 2027 — a de-risking milestone that brings the company closer to potential commercial launch. The Bayer collaboration for OP-3136 in prostate cancer also adds pipeline optionality, though the stock remains pre-revenue and binary on clinical outcomes.
Key Facts
- Completed enrollment in pivotal Phase 3 OPERA-01 trial; top-line data expected Q1 2027
- Cash, cash equivalents, and marketable securities: $461.1 million as of June 30, 2026
- Q2 2026 net loss: $63.2 million, compared to $43.8 million in Q2 2025
- GAAP R&D expenses: $57.8 million (vs $43.9 million in Q2 2025)
- GAAP G&A expenses: $9.4 million (vs $4.0 million in Q2 2025)
- Announced clinical trial collaboration with Bayer to evaluate OP-3136 in combination with darolutamide in metastatic castration-resistant prostate cancer
- GAAP EPS for Q2 2026: $(0.61) per basic/diluted share
- Weighted average shares outstanding: 104.5 million (basic/diluted)
Financial Impact
Cash burn rate increased; net loss of $63.2M in Q2 2026 vs $43.8M in Q2 2025, but $461.1M cash runway extends into 2027 beyond the OPERA-01 data readout
Risk Factors
- Phase 3 OPERA-01 could fail to meet its primary endpoint, destroying value
- No approved products or revenue — 100% dependent on palazestrant and pipeline
- Cash burn at ~$63M/quarter; though $461M provides runway into 2027, any delays in data or development could necessitate dilutive financing
- Highly competitive breast cancer space (Pfizer, Novartis, Lilly, AstraZeneca all active); commercial launch execution risk if palazestrant succeeds
- Historical performance shows volatile stock reaction to pipeline news; zero win rate on prior reports at T+20
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3342186 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 10, 2026 7w ago | 8-K | $10.43 $10.36 | ▼ −0.67% | ▲ +0.39% | $8.26 (−20.85%) |
Aug 10, 2026 7w ago | Press Release | $10.43 $10.36 | ▼ −0.67% | ▲ +0.39% | $8.26 (−20.85%) |
Aug 9, 2026 7w ago | Institutional Cluster | $11.94 $10.99 | ▲ +8.00% | ▲ +7.08% | $8.26 (+30.86%) |
May 26, 2026 18w ago | 8-K | $13.55 $11.46 | ▼ −15.42% | ▼ −13.48% | $8.26 (−39.08%) |
May 26, 2026 18w ago | Press Release | $13.55 $11.46 | ▼ −15.42% | ▼ −13.48% | $8.26 (−39.08%) |
May 21, 2026 19w ago | 8-K | $13.68 $10.19 | ▼ −25.51% | ▼ −24.10% | $8.26 (−39.66%) |
May 21, 2026 19w ago | Press Release | $13.68 $10.19 | ▼ −25.51% | ▼ −24.10% | $8.26 (−39.66%) |
May 12, 2026 20w ago | 8-K | $13.97 $9.82 | ▼ −29.71% | ▼ −27.98% | $8.26 (−40.91%) |
May 12, 2026 20w ago | Press Release | $13.97 $9.82 | ▼ −29.71% | ▼ −27.98% | $8.26 (−40.91%) |
Apr 29, 2026 22w ago | DEFA14A | $14.41 $13.19 | ▼ −8.47% | ▼ −13.69% | $8.26 (−42.71%) |
US Market Status
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