Olema's Q1 loss jumps 75% to $53M as late-stage palazestrant trials accelerate toward fall readout

Filed May 12, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 13, 2025 · ~2 min read

Key Changes

• high

  Q1 2026 net loss surged to $53.1M from $30.4M in Q1 2025, driven by $18.6M increase in R&D spending on late-stage palazestrant trials (OPERA-01, OPERA-02) and OP-3136 Phase 1. Cash burn accelerating ahead of pivotal readouts.

  MD&A: Operating Results verify on EDGAR →
• high

  OPERA-01 top-line results now expected fall 2026, with NDA submission in 2027 and potential approval/launch late 2027. OPERA-02 (front-line combo with ribociclib) initiated in 2025, targeting 2028 data and 2029 approval.

  MD&A: Clinical Milestones verify on EDGAR →
• high

  Company raised $204.8M in November 2025 follow-on at $19/share and $41.9M via ATM in Q1 2026 at $24.92/share. Cash runway extended to mid-2028, covering OPERA-01 readout and beyond. Share count up 28% year-over-year.

  MD&A: Liquidity & Capital Resources verify on EDGAR →