Olema Oncology, a clinical-stage biopharmaceutical company, has shared its second quarter 2024 financial results and a corporate update. The company presented promising interim clinical results from the ongoing study of palazestrant in combination with ribociclib at the 2024 ESMO Breast Cancer Congress. These results showed that the combination was well tolerated with no new safety signals or enhancement of toxicity, and a preliminary clinical benefit rate (CBR) of 85% was observed across 13 CBR-eligible patients.
Additionally, Olema successfully completed Investigational New Drug (IND)-enabling studies for OP-3136, its novel KAT6 inhibitor, with an IND application expected to be filed with the FDA in late 2024. The company also plans to present additional pre-clinical data for OP-3136 in the fourth quarter.
Financially, Olema reported cash, cash equivalents, and marketable securities of $239.1 million as of June 30, 2024. The net loss for the quarter was $30.4 million, an increase from $20.1 million in the same period last year, primarily due to increased spending on clinical development and research activities.
Looking ahead, Olema plans to initiate a Phase 1b/2 clinical study of palazestrant in combination with the mTOR inhibitor everolimus in the third quarter of 2024. The company also anticipates presenting pre-clinical data supporting the IND application for OP-3136 in the fourth quarter and filing the IND application with the FDA in late 2024. Updated Phase 2 clinical study results for palazestrant in combination with ribociclib are expected to be presented at a future medical meeting.
Olema Oncology is focused on the discovery, development, and commercialization of targeted therapies for women’s cancers, with a pipeline that includes palazestrant (OP-1250) and OP-3136. The company is headquartered in San Francisco and has operations in Cambridge, Massachusetts.
