Olema advances pivotal trials, raises $205M, but burn rate climbs 25% to $162.5M

Filed March 16, 2026 · Period ending December 31, 2025 · Compared to 10-K Mar 18, 2025 · ~2 min read

Key Changes

• high

  OPERA-01 top-line results now expected fall 2026 with NDA submission in 2027 and potential FDA approval/launch late 2027; OPERA-02 initiated in 2025 with anticipated 2028 data and 2029 approval for frontline metastatic breast cancer.

  Business: OPERA-01 and OPERA-02 timelines verify on EDGAR →
• high

  Net loss increased 25% to $597.6 million in FY2025 from $10.0 million in FY2024, driven by higher clinical operations spending for palazestrant late-stage trials and OP-3136 early-stage studies, plus a $10M Aurigene milestone payment.

  MD&A: Net loss and R&D expenses verify on EDGAR →
• high

  Completed $205M follow-on offering in November 2025 at $19/share; cash runway now extends through mid-2028 with $505.4M in cash and marketable securities as of December 31, 2025.

  MD&A: Follow-on offering and cash runway verify on EDGAR →