Olema Pharmaceuticals, Inc.
OLMA · Pharmaceutical Preparations · 87.3M shares · +118%/yr ↑ dilution · EDGAR filings ↗
Reference price $24.25 · est. market cap ~$2.1B — last insider sale, 2026-03-04 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
C64Well-funded breast-cancer developer with a pivotal Phase 3 (OPERA-01) pending but no controlled efficacy readout yet.
Strengths
- Strong liquidity: $505M cash (84th pct), current ratio 9.95
- Pivotal Phase 3 monotherapy and Novartis-supported combo programs with near-term (2026) catalysts
Risks
- No approved product; ROA/ROE mid-pack and negative (62nd/55th pct), net loss $162M with going-concern language
- Lead Phase 1/2 data are dose-finding only (no inferential efficacy) — outcome remains binary
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Fund exitedNotable fund(s) exited this quarter: VANGUARD GROUP INC, RENAISSANCE TECHNOLOGIES LLC
- Chronic dilutionShare count +118%/yr over 4y (dilution, book value/share -93%)
- Strong balance sheetStrong balance sheet — $505M cash & investments
- Trial resultTrial topline data reported — see 8-K for outcome 8-K ↗
- Insider sellingInsider selling — 12 open-market sale(s) by 4 insider(s) (cluster of 4 insiders, ~$7M, last 6mo) Form 4 ↗
- Trial readout soonUpcoming trial readout ~2026-06-30 — PHASE3 · Breast Cancer
- Notable holderHeld by 4 notable fund(s): FMR LLC, STATE STREET CORP, GOLDMAN SACHS GROUP INC +1 more (as of 2026-03-31)
Key metrics
Return on equity
-33.9%
Return on assets
-30.5%
Current ratio
10.0×
EBITDA
-$178M
Tangible book value
$479M
Cash & investments
$505M
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-03-04 | Mitchell Shawnte | Sell | 233 | $24.69 |
| 2026-03-04 | Mitchell Shawnte | Sell | 25K | $24.25 |
| 2026-03-04 | Mitchell Shawnte | Option exercise | 25K | $4.37 |
| 2026-03-03 | Mitchell Shawnte | Sell | 15K | $23.01 |
| 2026-03-03 | Mitchell Shawnte | Option exercise | 15K | $4.37 |
| 2026-02-02 | Austin Sasha Lu | Grant | 12K | — |
| 2026-01-20 | Harmon Cyrus | Sell | 10K | $26.88 |
| 2026-01-15 | Kovacs Shane William Charles | Sell | 100K | $28.73 |
| 2026-01-14 | Harmon Cyrus | Sell | 3.5K | $29.12 |
| 2026-01-14 | Myles David C. | Sell | 35K | $28.99 |
| 2026-01-14 | Myles David C. | Option exercise | 50K | $4.87 |
| 2026-01-14 | Myles David C. | Sell | 15K | $28.60 |
| 2026-01-13 | Myles David C. | Sell | 200 | $28.49 |
| 2026-01-13 | Kovacs Shane William Charles | Sell | 3.8K | $28.01 |
| 2026-01-13 | Myles David C. | Option exercise | 50K | $4.87 |
| 2026-01-13 | Myles David C. | Sell | 50K | $27.60 |
| 2026-01-12 | Myles David C. | Sell | 10K | $28.34 |
| 2025-12-26 | Bohen Sean | Gift | 8.5K | — |
| 2025-12-23 | Zojwalla Naseem | Sell | 100K | $27.66 |
| 2025-12-23 | Zojwalla Naseem | Option exercise | 50K | $7.02 |
| 2025-12-22 | Zojwalla Naseem | Option exercise | 7.2K | $7.02 |
| 2025-12-22 | Harmon Cyrus | Sell | 2.9K | $28.53 |
| 2025-12-22 | Zojwalla Naseem | Option exercise | 43K | $15.25 |
| 2025-12-22 | Zojwalla Naseem | Sell | 100K | $28.04 |
| 2025-12-19 | CLARK IAN T | Option exercise | 210K | $4.41 |
| 2025-12-19 | Zojwalla Naseem | Option exercise | 40K | $15.25 |
| 2025-12-19 | Zojwalla Naseem | Sell | 57K | $28.03 |
| 2025-12-19 | Zojwalla Naseem | Sell | 13K | $28.93 |
| 2025-12-19 | Myles David C. | Sell | 1.2K | $28.08 |
| 2025-12-19 | Myles David C. | Sell | 44K | $30.40 |
| 2025-12-19 | Myles David C. | Sell | 6.0K | $31.39 |
| 2025-12-19 | Myles David C. | Gift | 9.0K | — |
| 2025-12-19 | CLARK IAN T | Option exercise | 22K | $3.61 |
| 2025-12-19 | CLARK IAN T | Option exercise | 22K | $7.84 |
| 2025-12-19 | CLARK IAN T | Option exercise | 12K | $4.08 |
| 2025-12-19 | CLARK IAN T | Sell | 30K | $28.83 |
| 2025-12-19 | CLARK IAN T | Sell | 193K | $29.71 |
| 2025-12-19 | CLARK IAN T | Sell | 42K | $30.48 |
| 2025-12-08 | Kovacs Shane William Charles | Gift | 75K | — |
| 2025-11-26 | Kovacs Shane William Charles | Gift | 225K | — |
| 2025-11-25 | RAPPAPORT ANDREW | Gift | 36K | — |
| 2025-11-21 | RAPPAPORT ANDREW | Option exercise | 36K | $0.39 |
| 2025-09-18 | Harmon Cyrus | Sell | 3.1K | $8.32 |
| 2025-09-18 | Harmon Cyrus | Sell | 10K | $8.33 |
| 2025-09-16 | Harmon Cyrus | Sell | 1.9K | $8.08 |
| 2025-09-16 | Harmon Cyrus | Sell | 10K | $8.04 |
| 2025-01-10 | BVF PARTNERS L P/IL | Disposition | 235K | — |
| 2025-01-10 | BVF PARTNERS L P/IL | Disposition | 162K | — |
| 2025-01-10 | BVF PARTNERS L P/IL | Disposition | 23K | — |
| 2025-01-10 | Bain Capital Life Sciences Investors, LLC | Other | 3.5M | — |
| 2025-01-08 | Bain Capital Life Sciences Investors, LLC | Buy | 300K | $5.76 |
All non-derivative Form 4 activity (SEC), newest first.
Clinical trials
| Trial | Title | Phase | Status | Primary completion |
|---|---|---|---|---|
| NCT07085767 ↗ | Palazestrant in Combination With Ribociclib for the First-line Treatment of ER+/HER2- Advanced Breast Cancer Breast Cancer, Locally Advanced Breast Cancer | PHASE3 | Recruiting | 2028-12-01 |
| NCT05508906 ↗ | Phase 1b Study of OP-1250 (Palazestrant) in Combination With Ribociclib, Alpelisib, Everolimus, or Atirmociclib in ER+, HER2- Breast Cancer Metastatic Breast Cancer, ER-positive Breast Cancer | PHASE1 | Recruiting | 2027-12-31 |
| NCT06784193 ↗ | Phase 1 Study of OP-3136 in Advanced or Metastatic Solid Tumors Advanced or Metastatic ER+ HER2- Breast Cancer (mBC), Advanced or Metastatic Non-Small Cell Lung Cancer (NSCLC) | PHASE1 | Recruiting | 2027-05-30 |
| NCT06016738 ↗ | OP-1250 (Palazestrant) vs. Standard of Care for the Treatment of ER+/HER2- Advanced Breast Cancer Breast Cancer, Advanced Breast Cancer | PHASE3 | Recruiting | 2026-06-30 |
| NCT05266105 ↗ | A Phase 1 Study of Oral OP-1250 in Combination With Palbociclib in HR+/HER2- Breast Cancer Patients Breast Cancer | PHASE1 | Active Not Recruiting | 2026-03-01 |
| NCT04505826 ↗ | A Dose Escalation/Expansion Study of Oral OP-1250 in Subjects With Advanced and/or Metastatic HR+, HER2- Breast Cancer Hormone Receptor Positive Breast Carcinoma, HER2-negative Breast Cancer | PHASE1/PHASE2 | Completed | 2024-07-30 |
Source: ClinicalTrials.gov (U.S. NIH) · active studies first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-23 | Shareholder vote | filing ↗ |
| 2026-05-26 | Reg FDOtherExhibits | filing ↗ |
| 2026-05-21 | Reg FDOtherExhibits | filing ↗ |
| 2026-05-12 | ResultsExhibits | filing ↗ |
| 2026-05-01 | Material agreementDebt obligation | filing ↗ |
| 2026-04-29 | Exec/director changeReg FDExhibits | filing ↗ |
| 2026-03-16 | ResultsExhibits | filing ↗ |
| 2026-01-30 | Exec/director changeExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-23 | 2026-06-17 | 0001193125-26-279483 ↗ |
| 8-K | 2026-05-26 | 2026-05-26 | 0001193125-26-237832 ↗ |
| 8-K | 2026-05-21 | 2026-05-21 | 0001193125-26-234848 ↗ |
| 8-K | 2026-05-12 | 2026-05-12 | 0001193125-26-218142 ↗ |
| 10-Q | 2026-05-12 | 2026-03-31 | 0001193125-26-218156 ↗ |
| 8-K | 2026-05-01 | 2026-04-27 | 0001193125-26-201751 ↗ |
| 8-K | 2026-04-29 | 2026-04-27 | 0001193125-26-191944 ↗ |
| 10-K | 2026-03-16 | 2025-12-31 | 0001193125-26-107169 ↗ |
| 8-K | 2026-03-16 | 2026-03-16 | 0001193125-26-107154 ↗ |
| 8-K | 2026-01-30 | 2026-01-27 | 0001193125-26-031792 ↗ |
| 8-K | 2026-01-12 | 2026-01-12 | 0001193125-26-010507 ↗ |
| 8-K | 2025-11-19 | 2025-11-19 | 0001193125-25-288343 ↗ |