$OLMA reports focus on OP-1250 and restructuring in Q4 2022.
Mar 9th 2023, 9:08 pm
Analyst Summary: Olema Pharmaceuticals Inc., a developer of therapies for hormone receptor-positive cancers, announced its Q4 and full-year financial results for 2022, along with a strategic update. The company plans to focus on late-stage clinical development of OP-1250, a complete ER (estrogen receptor) antagonist, and breast cancer therapy. Olema Pharmaceuticals (OLMA) expects to begin the first pivotal Phase 3 trial of OP-1250 for women with advanced or metastatic hormone receptor-positive (HR+) and human epidermal growth factor receptor 2-negative (HER2-) breast cancer in H2 2023. The company has undergone significant restructuring, affecting employees in research, early development, and general and administrative functions. The company's Chief Business Officer, Kinney Horn, will depart, while Cyrus Harmon, a co-founder of Olema, will remain on the board. IGNITE-1 data for OP-1250 showed a meaningful response rate in HR+, HER2- metastatic breast cancer patients. The company had a balance of $204.4 million on December 31, enough to fund operations through 2025. Revenue for the quarter and year ended December 31, 2021, was $26.1 million and $71.1 million, respectively. Olema's Q4 2022 A expenses totaled $20.4 million primarily due to increased personnel-related expenses, including non-cash stock-based compensation expenses. Olema shares rose 2.2% in after-hours trading following the announcement. Quotes: "Given the challenging equity market environment, we made some difficult decisions regarding our organization and earlier-stage programs. As we sharpen our focus on the late-stage clinical development of OP-1250, we remain steadfast in our goal of bringing this potentially transformative therapy to women living with breast cancer." – Sean Bohen, President, and CEO of Olema Pharmaceuticals Forward-looking statements: The company cautioned that while the statements made in their press release represent their current expectations, there could be risks and uncertainties affecting actual results. The company urged investors to pay attention primarily to GAAP financial measures and reconciliation to non-GAAP measures.