The stock's next major catalyst is the Phase 3 OPERA-01 top-line data in Q1 2027. Monitor upcoming clinical data at medical meetings and any initiation of the Bayer collaboration Phase 1b/2 study in Q4 2026 for potential incremental catalysts.
Price Chart
Executive Summary
Olema Pharmaceuticals reported a Q2 2026 net loss of $63.2M, wider than the $43.8M loss in Q2 2025, driven by increased R&D spend on late-stage trials for palazestrant (OPERA-01) and the advancement of OP-3136. The company completed enrollment in its pivotal Phase 3 OPERA-01 trial, with top-line data now expected in Q1 2027, and ended the quarter with a strong cash position of $461.1M. The wider loss and lack of revenue keep the stock binary on the upcoming Phase 3 data readout.
Key Financial Metrics
Key Facts
- Net loss for Q2 2026 was $63.2 million, compared to $43.8 million in Q2 2025.
- Completed enrollment in the pivotal Phase 3 OPERA-01 trial of palazestrant; top-line data expected Q1 2027.
- Cash, cash equivalents, and marketable securities totaled $461.1 million as of June 30, 2026.
- GAAP R&D expenses increased to $57.8 million from $43.9 million year-over-year.
- Announced a clinical trial collaboration with Bayer to evaluate OP-3136 in combination with darolutamide.
- Net loss per share for Q2 2026 was $(0.61), compared to $(0.51) in Q2 2025.
Financial Impact
Net loss widened by $19.4 million year-over-year; cash position decreased by $44.4 million from year-end 2025.
Risk Factors
- Phase 3 OPERA-01 top-line data may fail to meet endpoints, destroying value.
- Cash burn is significant at $63.2M per quarter, potentially requiring future dilutive financing before a potential launch.
- Pipeline is binary on palazestrant; early-stage OP-3136 has no near-term data readout.
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-342334 |
| Document: olma-20260810.htm | 0001193125-26-342334 |
| Document: 0001193125-26-342334-index-headers.html | 0001193125-26-342334 |
| Document: 0001193125-26-342334-index.html | 0001193125-26-342334 |
| Document: 0001193125-26-342334.txt | 0001193125-26-342334 |
| 8-K Data (Synthetic) | 0001193125-26-342334 |
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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