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Get filing alertsOlema Pharmaceuticals signs $18.5M lease for new headquarters, relocating by December 2026
Filed May 1, 2026 · Period ending April 27, 2026 · ~1 min read
Key Changes
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Company entered 7-year lease for 38,176 sq ft headquarters space with total base rent of $18.5M, representing material long-term financial commitment. Relocation planned by December 2026 as existing San Francisco leases expire.
Item 1.01 verify on EDGAR → -
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Lease creates direct financial obligation disclosed under Item 2.03. Total commitment includes $12.4M for Phase I and $6.1M for Phase II, plus $427,547 security deposit over initial 7-year term.
Item 2.03 verify on EDGAR → -
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Company has one-time option to terminate lease after 5 years by paying $1.7M termination fee, providing exit flexibility if business needs change.
Item 1.01 verify on EDGAR → -
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Lease includes option to extend for additional 5 years and right of first offer to expand into additional floors, supporting potential future growth without relocation.
Item 1.01 verify on EDGAR → -
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Phase I space expected ready September 15, 2026, with Phase II following December 1, 2026, allowing staggered transition as current leases expire.
Item 1.01 verify on EDGAR →
Summary
Olema Pharmaceuticals has committed to a new 7-year headquarters lease totaling $18.5 million in base rent, marking a significant operational and financial milestone for the biotech company. The 38,176 square foot space will be occupied in two phases starting September 2026, with full relocation completed by December 2026 as existing San Francisco leases expire.
This represents a material long-term financial obligation that will impact operating expenses over the next seven years. For retail investors, this lease signals the company's confidence in its operational trajectory and provides stability in facilities planning through 2033. The $18.5 million commitment is substantial for a company of Olema's size and should be evaluated against cash reserves and burn rate.
However, the company built in flexibility with a 5-year early termination option (for $1.7M fee) and expansion rights if growth exceeds expectations. Investors should watch upcoming quarterly filings to understand how this lease obligation affects operating expenses and cash flow projections. The timing of the move coinciding with existing lease expirations suggests prudent planning, but the total financial commitment warrants monitoring against the company's clinical pipeline progress and cash position.
Section-by-Section Diff
Event · Item 1.01 — Entry into a Material Definitive Agreement
Item 1.01 — Entry into a Material Definitive Agreement filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
On April 27, 2026, Olema Pharmaceuticals, Inc. (the “Company”) entered into a lease agreement (the “Lease”) with KR Oyster Point II, LLC, a Delaware limited liability company (the “Landlord”), pursuant to which the Company will lease an aggregate of approximately 38,176 square feet, consisting of 25,048 square feet of space located on the fourth floor (the “Phase I”) and 13,128 square feet of space located on the fifth floor (“Phase II” and together with Phase I, the “Premises” ). The Company intends to relocate its corporate headquarters to the Premises by December 2026.
The company entered into a new 7-year lease for office space totaling 38,176 square feet, split between two phases. The company plans to move its headquarters to this new location by December 2026, with existing San Francisco leases expiring around the same time.
Added in current filing · verify on EDGAR →
The Lease provides that total base rent for Phase I during the Initial Term, net of rent abatement, is $12,361,188.00. ... The Lease provides that total base rent for Phase II during the Initial Term, net of rent abatement, is $6,145,463.76.
Total base rent over the 7-year initial term is approximately $18.5 million ($12.4M for Phase I and $6.1M for Phase II), net of rent abatement. The company must also provide a $427,546.80 security deposit. This represents a material long-term financial commitment.
Show 3 minor / wording changes
Added in current filing · verify on EDGAR →
The Company has a one-time option to terminate the Lease at the end of the 60th full calendar month of the Initial Term, with, among other requirements, the payment to Landlord of a termination fee in an amount equal to $1,716,240.96.
The company has flexibility to exit the lease after 5 years by paying a termination fee of approximately $1.7 million. This provides some optionality if business needs change, though at a cost.
Added in current filing · verify on EDGAR →
The lease term for Phase I will commence on the earlier of (i) the date the Company first conducts business in Phase I or (ii) the date that the Landlord delivers exclusive possession of Phase I in the condition required under the Lease, which is expected to be on or about September 15, 2026. ... The lease term for the Phase II commences on the earlier of (i) the date the Company first conducts business in Phase II or (ii) the date that the Landlord delivers exclusive possession of Phase II in the condition required under the Lease, which is expected to be on or about December 1, 2026.
Phase I is expected to be ready around September 15, 2026, with Phase II following around December 1, 2026. The staggered commencement allows the company to transition operations gradually while existing leases expire between December 2026 and January 2027.
Added in current filing · verify on EDGAR →
The Lease also provides the Company with an option to extend the term for one additional five-year period and a right of first offer to expand the size of the Premises to Suite 550 located on the fifth floor and the entire sixth floor.
The company has the option to extend the lease for an additional 5 years beyond the initial 7-year term and has rights to expand into additional space if needed. This provides flexibility for future growth without needing to relocate again.
Event · Item 2.03 — Creation of a Direct Financial Obligation
Olema Pharmaceuticals created a direct financial obligation or off-balance sheet arrangement, with details referenced in Item 1.01.
Added in current filing · verify on EDGAR →
Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.
The information set forth in Item 1.01 of this Current Report on Form 8-K is incorporated by reference into this Item 2.03.
The company disclosed the creation of a direct financial obligation or an off-balance sheet arrangement. The specific details of this obligation are referenced in Item 1.01 of the same 8-K filing, which is not included in the provided text. This typically indicates new debt, credit facility, lease obligation, or similar financial commitment that investors should review in the complete filing.
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Figures/quotes linked to EDGAR · Narrative written by AI · Jun 2, 2026 · How we verify