OLMA Stock — Olema Pharmaceuticals Inc.: Cash, EV, Pipeline

What they do

Olema is a clinical-stage biopharmaceutical company focused on the discovery, development, and commercialization of next-generation targeted therapies for breast cancer and beyond. We are advancing our pipeline of novel therapies by leveraging our deep understanding of endocrine-driven cancers, nuclear receptors, and mechanisms of acquired resistance.

Source: 10-K FY2025 via SEC EDGAR

Share price

$7.25

Market cap

$634.4M

Cash

$413.8M

Enterprise value

$220.6M

Balance sheet

Cash	$413.8M
Debt	$0.0M
Net cash	$413.8M
Enterprise value	$220.6M
Basic shares	87.6M shares
Fully diluted shares	121.6M shares
Fully diluted market cap	$881.7M
Cash per share	$4.72
Quarterly burn	$45.9M
Cash runway	10.0 quarters

Cash figures as of 2026-09-30. Database snapshot: 2026-11-10.

Share structure

Common

87.5M

Pre-funded warrants

13.6M

Options

18.5M

RSUs

0.4M

Warrants

0.0M

Converts

0.0M

Conv preferred

0.0M

ESPP reserve

1.6M

FDSO

121.6M

Cap table as of 2026-06-30.

Price history

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Next catalyst

Palazestrant · Dec 12, 2026 - Jan 23, 2027 in 4 wks · Phase 3 · Breast Cancer; Advanced Breast Cancer; Metastatic Breast Cancer

Upcoming catalysts

Expected	Drug	Phase	Indication	Mgmt guide
Dec 12, 2026 - Jan 23, 2027 in 4 wks	Palazestrant	Phase 3	Breast Cancer; Advanced Breast Cancer; Metastatic Breast Cancer	Q1 2027 Est. Jan 1, 2027 · PCD + 6 wks (Jan 1-Jan 1)
Jul 11 - Aug 22 in 8 mo	OP-3136	Phase 1	Advanced or Metastatic ER+ HER2- Breast Cancer (mBC); Advanced or Metastatic Non-Small Cell Lung Cancer (NSCLC); Advanced or Metastatic Castration-Resistant Prostate Cancer (mCRPC)	—
Feb 11 - Mar 24 in 15 mo	Palazestrant	Phase 1	Metastatic Breast Cancer; ER-positive Breast Cancer; HER2-negative Breast Cancer	—
Jan 12 - Feb 23 in 26 mo	Palazestrant	Phase 3	Breast Cancer; Locally Advanced Breast Cancer; Metastatic Breast Cancer	Q1 2027 Est. Feb 14, 2027 · quarter midpoint

Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.

Full readout calendar →

Pipeline assets

palazestrant

Phase 3 · Active Modality: small molecule (oral; complete ER antagonist + selective ER degrader)

Aliases OP-1250

Target estrogen receptor (ER)

Partnerships Novartis: Dec 2024 CTCSA (ribociclib supply for OPERA-02; ~$275M repayment on Olema Compound Transaction/Change of Control to a third party); 2020-2023 agreements (ribociclib/alpelisib supply for Phase 1b/2). Pfizer: Sep 2025 non-exclusive CTCSA (atirmociclib supply for Phase 1b/2); 2020 agreement (palbociclib supply)

Indications

ER+/HER2- metastatic breast cancer, second/third-line (monotherapy) (Phase 3)
ER+/HER2- metastatic breast cancer, frontline (with ribociclib) (Phase 3)
ER+/HER2- metastatic breast cancer (Phase 1/2 combinations with CDK4/6, PI3Kα, mTOR, CDK4 inhibitors) (Phase 1)

Catalysts

— fall 2026
— 2027
— late 2027
— 2028

Status note Wholly-owned lead. OPERA-01 initiated Nov 2023; OPERA-02 initiated 2025. Worldwide development/commercialization rights owned.

OP-3136

Phase 1 · Active Modality: small molecule (oral; potent, selective KAT6 inhibitor)

Target KAT6

Partnerships Aurigene Oncology: 2022 collaboration (discovery). Bayer: May 2026 CTCSA (NUBEQA/darolutamide supply for Phase 1b/2 in mCRPC; Olema sponsors)

Indications

Breast and other solid tumor cancers (monotherapy; with fulvestrant; with palazestrant) (Phase 1)
Metastatic castration-resistant prostate cancer (with darolutamide) (Phase 1)

Catalysts

— Q4 2026

Status note IND cleared late 2024; Phase 1 enrolling.

Per-asset detail extracted from the 10-Q filed 2026-08-10. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.

Pipeline

Lead drug	Palazestrant
Lead indication	Breast Cancer
Lead phase	Phase 3
Active trials	5

Active clinical trials

Trial	Phase	Status	Role	Sponsor	BP	Condition(s)	Mgmt guide
NCT06016738	Phase 3	Active, not recruiting	Sponsor	OLMA	—	Breast Cancer; Advanced Breast Cancer; Metastatic Breast Cancer	Q1 2027 Est. Jan 1, 2027 · PCD + 6 wks (Jan 1-Jan 1)
NCT07085767	Phase 3	Recruiting	Sponsor	OLMA	NVS	Breast Cancer; Locally Advanced Breast Cancer; Metastatic Breast Cancer	Q1 2027 Est. Feb 14, 2027 · quarter midpoint
NCT06784193	Phase 1	Recruiting	Sponsor	OLMA	—	Advanced or Metastatic ER+ HER2- Breast Cancer (mBC); Advanced or Metastatic Non-Small Cell Lung Cancer (NSCLC); Advanced or Metastatic Castration-Resistant Prostate Cancer (mCRPC)	—
NCT05508906	Phase 1	Active, not recruiting	Sponsor	OLMA	NVS, PFE	Metastatic Breast Cancer; ER-positive Breast Cancer; HER2-negative Breast Cancer	—
NCT05266105	Phase 1	Active, not recruiting	Sponsor	OLMA	PFE	Breast Cancer	—

Sponsor-matched active trials from ClinicalTrials.gov (5 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.

View all 5 active trials for Olema Pharmaceuticals, Inc. on ClinicalTrials.gov

Specialist fund holders

Tracked specialist funds: ADAR1 Capital Management, Aisling Capital, Ally Bridge Group, Avoro Capital Advisors, BVF Partners, Baker Bros. Advisors, Boxer Capital, Braidwell LP, Casdin Capital, Cormorant Asset Management, DAFNA Capital, Deerfield Management, EcoR1 Capital, Frazier Life Sciences, Great Point Partners, Ikarian Capital, Logos Global Management, OrbiMed Advisors, Perceptive Advisors, RA Capital Management, RTW Investments, Sphera Biotech, Stonepine Capital, Tang Capital Partners, Vivo Capital.

Fund	Shares	Q/Q change	% of portfolio	Filing
BVF Partners	5,295,893	no change	1.69%	2026-08-14
Logos Global Management	3,208,875	no change	1.73%	2026-08-14
Cormorant Asset Management	2,150,000	-1,750,000	1.38%	2026-08-14
Vivo Capital	671,843	no change	0.77%	2026-08-14
Ikarian Capital	383,281	-215,000	0.78%	2026-08-14
RA Capital Management	0	-2,600,000	0.00%	2026-08-14

Specialist-fund positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.

Latest news

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OLMA — Olema Pharmaceuticals Inc. ☆

What they do

Balance sheet

Share structure

Price history

Next catalyst

Upcoming catalysts

Pipeline assets

Pipeline

Active clinical trials

Specialist fund holders

Latest news

OLMA — Olema Pharmaceuticals Inc.