Olema Pharmaceuticals, Inc. (OLMA): Business Model Canvas [Dec-2025 Updated]

As a former BlackRock analyst, I've seen countless biotechs at this make-or-break stage, and Olema Pharmaceuticals, Inc. (OLMA) is defintely one to watch right now. You're looking at a company pouring significant capital-they had $329.0 million in the bank as of Q3 2025-into proving palazestrant, their oral breast cancer drug, works in late-stage trials, all while managing steep Research and Development (R&D) expenses, hitting $40.0 million in Q3 2025 alone. This Business Model Canvas distills exactly how they are structuring their path to potential blockbuster status, from key trial collaborations with Pfizer and Novartis to their reliance on future product sales for revenue. Dive in below to see the full nine-block breakdown of their near-term risks and strategic assets.

Olema Pharmaceuticals, Inc. (OLMA) - Canvas Business Model: Key Partnerships

You're looking at the structure Olema Pharmaceuticals, Inc. uses to get its pipeline candidates, like palazestrant and OP-3136, through the clinic and toward market. The key partnerships are where the heavy lifting-and the financial structuring-happens for a clinical-stage company like Olema Oncology.

Clinical trial collaboration with Pfizer for atirmociclib combination

Olema Pharmaceuticals, Inc. entered into a new clinical trial collaboration and supply agreement with Pfizer on September 2, 2025. This deal focuses on evaluating the combination of palazestrant with Pfizer's investigational CDK4 inhibitor, atirmociclib, in a Phase 1b/2 study for ER+/HER2- metastatic breast cancer. Under this arrangement, Pfizer supplies the atirmociclib drug supply for the study, while Olema leads the trial conduct. All resulting clinical data and inventions from this combined use are jointly owned, but Olema maintains full global commercial and marketing rights to palazestrant. This is Olema Pharmaceuticals, Inc.'s second such clinical trial agreement with Pfizer.

Clinical trial collaboration with Novartis for ribociclib combination (OPERA-02)

The pivotal Phase 3 OPERA-02 clinical trial, which evaluates palazestrant in combination with ribociclib for frontline ER+/HER2- advanced or metastatic breast cancer, is enabled by a collaboration with Novartis. This agreement, announced in December 2024, includes a supply agreement for ribociclib sufficient for the planned trial, which is designed to enroll approximately 1,000 patients. Olema Pharmaceuticals, Inc. expects to initiate OPERA-02 in the third quarter of 2025. Olema retains global commercial rights to palazestrant, while clinical data and inventions from OPERA-02 are jointly owned with Novartis.

Licensing and development agreement with Aurigene for the OP-3136 KAT6 program

For the OP-3136 KAT6 inhibitor program, Olema Pharmaceuticals, Inc. has an exclusive global license agreement with Aurigene. The financial structure of this partnership is quite layered, reflecting the development stages. Olema Pharmaceuticals, Inc. made an upfront licensing payment of $8.0 million for rights to a pre-existing Aurigene program. The potential value is significantly higher through milestones and royalties.

Here's a quick look at the potential financial structure of the Aurigene deal:

Payment Type	Maximum Potential Amount	Notes
Upfront Payment	$8.0 million	Paid for rights to the pre-existing program.
Clinical/Regulatory Milestones	Up to $60.0 million	Contingent on development and regulatory success.
Commercial Milestones	Up to $370.0 million	Contingent on net sales performance.
Royalties	Mid-single digits to low double digits	Percentage of annual net sales, if any.

Olema Pharmaceuticals, Inc. has already triggered milestone payments; for instance, a $10.0 million milestone payment was recorded in Research & Development expenses for the nine months ended September 30, 2025, and a $5.0 million payment was incurred in the first quarter of 2025.

Global network of clinical research organizations (CROs) for Phase 3 execution

Executing large, pivotal Phase 3 trials like OPERA-01 and OPERA-02 requires a substantial external infrastructure. Olema Pharmaceuticals, Inc. relies on a global network of Clinical Research Organizations (CROs) to manage the site selection, patient randomization, data collection, and monitoring across numerous global trial sites. The scale of this network is directly proportional to the planned enrollment of approximately 1,000 patients for OPERA-02 and the ongoing enrollment for OPERA-01.

• CROs manage site activation timelines.
• They ensure adherence to Good Clinical Practice (GCP).
• They handle data management for global sites.
• Their services are a major component of R&D spend.

Key Opinion Leaders (KOLs) and academic cancer centers for trial enrollment

Securing trial enrollment relies heavily on relationships with leading experts and institutions. Olema Pharmaceuticals, Inc. engages Key Opinion Leaders (KOLs) and major academic cancer centers to drive patient participation and provide clinical insights. This engagement is critical for establishing palazestrant as a potential backbone endocrine therapy.

The Phase 1 study of OP-3136, for example, continues to expand into combinations and benefits from strong investigator interest. The company's cash position as of September 30, 2025, stood at $329.0 million, which supports the operational costs associated with these extensive clinical networks, alongside the $250.0 million equity private placement secured in late 2024.

Olema Pharmaceuticals, Inc. (OLMA) - Canvas Business Model: Key Activities

You're looking at the core engine of Olema Pharmaceuticals, Inc. right now-the activities that consume the most capital and drive the entire valuation. It's all about execution in the clinic and getting ready for the finish line.

Executing Pivotal Phase 3 Trials for Palazestrant

The primary activity is driving the two pivotal Phase 3 trials for palazestrant (OP-1250), a complete estrogen receptor antagonist (CERAN) and selective estrogen receptor degrader (SERD). The company has achieved regulatory alignment on the dose for these studies, which is a major de-risking step.

The focus is on advancing these trials to hit key data readouts, which directly impacts the potential commercial launch timeline, currently anticipated in 2027.

Here's the quick math on the trial status as of late 2025:

Trial Identifier	Indication/Setting	Palazestrant Dose	Status/Key Timeline
OPERA-01	Second- and third-line ER+/HER2- metastatic breast cancer (Monotherapy)	90 mg once-daily (Part 2)	Enrollment ongoing; Top-line data expected in the second half of 2026
OPERA-02	Frontline ER+/HER2- metastatic breast cancer (Combination with ribociclib)	90 mg in combination with approved dose of ribociclib	Initiated in Q3 2025

Also, Olema Pharmaceuticals, Inc. is actively evaluating palazestrant in multiple other Phase 1/2 combination studies, including with palbociclib, alpelisib, everolimus, and atirmociclib. A specific study exploring the palazestrant-atirmociclib combination, involving approximately 35 patients, was anticipated to initiate in H2 2025.

Advancing the Phase 1 Clinical Study for the KAT6 Inhibitor, OP-3136

Simultaneously, Olema Pharmaceuticals, Inc. is advancing its second asset, OP-3136, a potent lysine acetyltransferase 6 (KAT6) inhibitor. The Investigational New Drug (IND) application for OP-3136 was cleared by the FDA in December 2024, allowing the Phase 1 clinical study to initiate in early 2025.

Key activities here involve:

• Continuing patient enrollment in the Phase 1 study for OP-3136 as a monotherapy and in combination regimens for multiple solid tumors.
• Expanding the Phase 1/2 study to include combinations with fulvestrant and palazestrant.
• Working toward reporting initial clinical results for OP-3136 in mid-2026.

Drug Discovery and Preclinical Research for Next-Generation Oncology Targets

The company is leveraging its understanding of nuclear receptors and resistance mechanisms to fuel its discovery engine. This activity is evidenced by the preclinical work supporting OP-3136, which demonstrated anti-tumor activity in models for:

• Ovarian cancer
• Prostate cancer
• Non-small cell lung cancer

Preclinical studies also showed OP-3136 exhibited synergy with existing therapies like ribociclib and docetaxel in these models, which informs future combination trial design.

Regulatory Filings and Securing Approvals

A critical ongoing activity is managing regulatory interactions to maintain momentum. Palazestrant has secured a significant regulatory advantage:

• FDA Fast Track designation granted for the treatment of ER+/HER2- metastatic breast cancer that has progressed following one or more lines of endocrine therapy with at least one line given in combination with a CDK4/6 inhibitor.

Furthermore, the company presented trial-in-progress data for OPERA-02 at the San Antonio Breast Cancer Symposium (SABCS) in December 2025, which is a key part of ongoing regulatory communication.

Manufacturing and Supply Chain Development for Future Commercial Launch

Preparing for a potential 2027 commercial launch requires significant operational activity now. This includes securing necessary supply agreements and scaling up manufacturing capabilities for palazestrant.

Financial data reflects the high cost of these late-stage development and preparatory activities. For the third quarter ended September 30, 2025:

• GAAP Research and Development (R&D) expenses were $40.0 million.
• Non-GAAP R&D expenses were $37.4 million.
• R&D expenses for the nine-months ended September 30, 2025, included a $10.0 million milestone payment related to the Aurigene Agreement.

The company ended the quarter with $329.0 million in cash, cash equivalents, and marketable securities as of September 30, 2025, which funds these intensive operational requirements.

Finance: draft 13-week cash view by Friday.

Olema Pharmaceuticals, Inc. (OLMA) - Canvas Business Model: Key Resources

You're looking at the core assets Olema Pharmaceuticals, Inc. (OLMA) relies on to drive its clinical pipeline forward. These aren't just line items; they represent the fuel and the intellectual engine for their strategy in endocrine-driven cancers.

The immediate financial strength is a key resource, providing the runway for their late-stage trials. As of the end of the third quarter of 2025, Olema Pharmaceuticals, Inc. had cash, cash equivalents, and marketable securities totaling $329.0 million. This capital base supports the significant spending required for late-stage development.

Here's a quick look at the recent burn rate associated with these R&D activities:

Financial Metric (Q3 2025 vs Q3 2024)	Q3 2025 Amount	Q3 2024 Amount
Cash, Cash Equivalents, and Marketable Securities	$329.0 million	Data not provided for this date
GAAP Research and Development (R&D) Expenses	$40.0 million	$33.2 million
GAAP General and Administrative (G&A) Expenses	$5.9 million	$4.4 million
Net Loss	$42.2 million	$34.6 million

The primary tangible assets are the proprietary small molecule drug candidates themselves. These are the value drivers Olema Pharmaceuticals, Inc. is building its future around.

• Palazestrant (OP-1250): This is the lead candidate, an orally available complete estrogen receptor antagonist (CERAN) and selective estrogen receptor degrader (SERD).
• OP-3136: This is a potent lysine acetyltransferase 6 (KAT6) inhibitor, which Olema Pharmaceuticals, Inc. is developing.

The development status of these assets is critical. Palazestrant is currently being investigated in two pivotal Phase 3 clinical trials. Enrollment continues in OPERA-01, evaluating palazestrant as a monotherapy in second- and third-line ER+/HER2- metastatic breast cancer, with top-line data anticipated in the second half of 2026. Furthermore, the OPERA-02 Phase 3 trial, assessing palazestrant in combination with ribociclib for frontline ER+/HER2- metastatic breast cancer, was initiated in Q3 2025. Meanwhile, OP-3136 is in a Phase 1 clinical study, which has recently expanded into combinations with fulvestrant and palazestrant. To be fair, the initial licensing cost for OP-3136 from Dr Reddy's was $8 million up front in June 2022.

Intellectual property forms the defensive moat around these compounds. The portfolio specifically protects the CERAN/SERD mechanism embodied by palazestrant and the novel approach of the KAT6 inhibitor compounds, including OP-3136. This IP is what secures the potential market exclusivity for Olema Pharmaceuticals, Inc.'s targeted therapies.

The human capital, specifically the experienced R&D team, is focused on leveraging deep understanding in a few key areas. This expertise is directed toward:

• Endocrine-driven cancers.
• Nuclear receptors.
• Mechanisms of acquired resistance.

Finally, a significant regulatory advantage is the FDA Fast Track designation granted to palazestrant. This designation is specifically for the treatment of ER+/HER2- metastatic breast cancer that has progressed following one or more lines of endocrine therapy, including at least one line given with a CDK4/6 inhibitor. This status can potentially expedite the development and review process for the drug.

Finance: draft 13-week cash view by Friday.

Olema Pharmaceuticals, Inc. (OLMA) - Canvas Business Model: Value Propositions

You're looking at the core reasons why a physician or payer would choose Olema Pharmaceuticals, Inc.'s lead asset, palazestrant, over existing options. The value proposition centers on its mechanism, convenience, and demonstrated activity across key patient populations in ER+/HER2- metastatic breast cancer.

Palazestrant (OP-1250) is a novel, orally available small molecule with dual activity as both a complete estrogen receptor antagonist (CERAN) and selective ER degrader (SERD). This mechanism ensures it completely blocks ER-driven transcriptional activity, which is required for estradiol-generated activity of the ER, regardless of ESR1 mutation status. This contrasts with older therapies like tamoxifen, which can have agonist activity, or fulvestrant, which requires intramuscular injection every 28 days due to poor absorption and pharmacokinetic profile. The oral dosing profile is a key differentiator for patient convenience.

The clinical data supports the potential for palazestrant to become a best-in-class backbone endocrine therapy. Olema Pharmaceuticals, Inc. has positioned the data to support its ongoing pivotal Phase 3 OPERA-02 trial, which tests palazestrant in combination with ribociclib in the frontline setting, initiated in Q3 2025. The company ended the third quarter of 2025 with $329.0 million in cash, cash equivalents, and marketable securities to fund these late-stage efforts, despite reporting a GAAP net loss of $42.22 million for the third quarter ended September 30, 2025.

The drug has demonstrated activity across both ESR1 mutant and wild-type tumors, which is critical for a potential frontline agent, attempting to sidestep the segmentation that confines some next-generation agents to biomarker-gated disease. The combination with CDK4/6 inhibitors is a major focus, with Olema Pharmaceuticals, Inc. also evaluating palazestrant in combination with palbociclib, everolimus, and recently announcing a clinical trial agreement with Pfizer to evaluate it with atirmociclib.

Here are the updated progression-free survival (PFS) numbers from the Phase 1b/2 study of palazestrant plus ribociclib presented at ESMO 2025:

Patient Subgroup (120 mg Palazestrant + Ribociclib)	Prior CDK4/6i Exposure	Median PFS
All Comers	Any	15.5 months
ESR1 Mutant Tumors	Yes (n=15)	13.8 months
ESR1 Wild-Type Tumors	Yes (n=30, estimated)	9.2 months
Overall Prior CDK4/6i Patients	Yes (n=45)	12.2 months

The study enrolled 72 patients in total across the 90 mg and 120 mg cohorts, with 63% (45) having prior treatment with CDK4/6 inhibitors for advanced disease. The 90 mg cohort showed a median PFS that was not reached at 10.8 months of follow-up. The 120 mg/day dose was selected as the Recommended Phase 2 Dose (RP2D) in the earlier Phase 1/2 study based on showing greater clinical benefit (46%) compared to the 60 mg/day dose (19%).

The value proposition is further supported by regulatory status and pipeline progression:

• FDA Fast Track designation for treatment following one or more lines of endocrine therapy, with at least one line given in combination with a CDK4/6 inhibitor.
• OPERA-02 Phase 3 trial in frontline ER+/HER2- metastatic breast cancer is on track to initiate in Q3 2025.
• OPERA-01 Phase 3 monotherapy trial top-line data expected in the second half of 2026.
• The 90 mg once-daily dose was selected for both the OPERA-01 and OPERA-02 pivotal trials.

The commitment to developing this backbone therapy is reflected in Olema Pharmaceuticals, Inc.'s operational spending; GAAP research and development (R&D) expenses were $40.0 million for the third quarter of 2025, driven by advancing palazestrant through late-stage trials. This investment supports the goal of offering a new standard of care. Finance: draft 13-week cash view by Friday.

Olema Pharmaceuticals, Inc. (OLMA) - Canvas Business Model: Customer Relationships

You're looking at how Olema Pharmaceuticals, Inc. (OLMA) manages its critical external relationships as it pushes its pipeline through late-stage development. For a clinical-stage biotech, these aren't just contacts; they are the gatekeepers to trial success and future capital.

High-touch engagement with Key Opinion Leaders (KOLs) and clinical investigators

Olema Pharmaceuticals, Inc. focuses its high-touch efforts on the medical community driving its clinical programs. Investigator interest in the OP-3136 Phase 1 study remains strong, supporting ongoing patient enrollment. The company's lead candidate, palazestrant, is being evaluated in two Phase 3 trials, OPERA-01 and OPERA-02, which requires deep collaboration with clinical sites.

The relationship with investigators is validated by the progression of trials:

• Enrollment in the OPERA-01 trial, evaluating palazestrant monotherapy in second- and third-line ER+/HER2- metastatic breast cancer, continues to progress well.
• The OPERA-02 Phase 3 trial, combining palazestrant with ribociclib in the frontline setting, was initiated in Q3 2025.
• Olema Pharmaceuticals, Inc. also announced a new clinical trial agreement with Pfizer to evaluate palazestrant in combination with atirmociclib.

Direct communication with regulatory bodies like the FDA for trial design and designation

Direct dialogue with the U.S. Food and Drug Administration (FDA) is a key relationship for de-risking the development pathway. Olema Pharmaceuticals, Inc. has secured critical alignment on its lead asset.

Key regulatory milestones achieved through this engagement include:

• Alignment with the FDA on selecting 90 mg of palazestrant as the dose for Part 2 of the ongoing registrational Phase 3 OPERA-01 trial and for the Phase 3 OPERA-02 trial.
• The FDA cleared the Investigational New Drug (IND) application for OP-3136, allowing the Phase 1 clinical trial to initiate in early 2025.

Scientific dialogue and data presentation at major medical conferences (e.g., ESMO 2025)

Presenting data at major medical meetings serves as a direct communication channel to KOLs and the broader scientific community, establishing the profile of palazestrant. Olema Pharmaceuticals, Inc. presented compelling new data from its Phase 1b/2 study of palazestrant plus ribociclib at ESMO 2025. This dialogue positions palazestrant as a potential best-in-class backbone endocrine therapy for ER+/HER2- metastatic breast cancer.

Specific data points shared include:

Trial Cohort/Setting	Metric	Value
Phase 1b/2 (120 mg Palazestrant + Ribociclib)	Median Progression-Free Survival (All Patients)	15.5 months
Phase 1b/2 (120 mg Palazestrant + Ribociclib, Previously CDK4/6 Inhibitor Treated)	Median PFS (ESR1 Mutant Tumors)	13.8 months
Phase 1b/2 (120 mg Palazestrant + Ribociclib, Previously CDK4/6 Inhibitor Treated)	Median PFS (ESR1 Wild-Type Tumors)	9.2 months
Phase 1b/2 (90 mg Palazestrant + Ribociclib)	Median Follow-up	10.8 months

The company also presented preclinical data for OP-3136 at the American Association for Cancer Research (AACR) Annual Meeting in April 2025.

Patient advocacy group outreach to support clinical trial enrollment

While specific metrics on advocacy group funding or direct enrollment numbers aren't detailed, the successful advancement of the pipeline implies functional relationships supporting patient access. The company is advancing its lead product candidate, palazestrant, in two Phase 3 clinical trials, OPERA-01 and OPERA-02. Top-line data from OPERA-01 is anticipated in the second half of 2026, with a potential commercial launch targeted for 2027. This timeline is contingent on continued successful patient accrual.

Investor relations and public disclosures for capital markets

Olema Pharmaceuticals, Inc. maintains active engagement with the capital markets to fund its late-stage development. The company ended the third quarter ended September 30, 2025, with $329.0 million in cash, cash equivalents, and marketable securities. This balance supports the increasing R&D spend, which totaled $40.0 million in GAAP R&D expenses for Q3 2025.

Recent capital market activities include significant financing events in 2025:

• Raised approximately $250 million through an equity private placement in March 2025.
• Announced the closing of a $218.5 million Public Offering of Common Stock in November 2025.
• Announced the pricing of a $190.0 million Public Offering of Common Stock in November 2025.

Investor communication is maintained through regular conference participation. In November 2025 alone, Olema Pharmaceuticals, Inc. management was scheduled to participate in events including:

• Guggenheim 2nd Annual Healthcare Innovation Conference on November 10, 2025.
• UBS Global Healthcare Conference 2025 on November 12, 2025.
• 2025 Jefferies London Healthcare Conference on November 19, 2025.

The net loss for Q3 2025 was $42.2 million, reflecting increased spending on clinical development activities.

Finance: draft 13-week cash view by Friday.

Olema Pharmaceuticals, Inc. (OLMA) - Canvas Business Model: Channels

You're looking at how Olema Pharmaceuticals, Inc. gets its science and corporate story out to the world-from the lab bench to the investor community. For a clinical-stage company, the channels are heavily weighted toward scientific validation and regulatory interaction right now, with commercial distribution still a future step.

Global network of clinical trial sites for drug development and patient access

The primary channel for drug development and patient access is the network of clinical trial sites running studies for palazestrant (OP-1250) and OP-3136. The scale of investment in this channel is significant, as reflected in R&D expenses. GAAP research and development (R&D) expenses were $43.9 million for the quarter ended June 30, 2025. The company ended the first quarter of 2025 with $392.7 million in cash, cash equivalents, and marketable securities.

Key trials defining this channel include:

• Phase 3 trial called OPERA-01 for palazestrant monotherapy.
• Pivotal Phase 3 OPERA-02 trial initiation in frontline metastatic breast cancer on track for 2025.
• Phase 1 clinical study for OP-3136, with recruitment ongoing.
• Phase 1b/2 dose escalation study planned for palazestrant with atirmociclib in the second half of 2025.

Scientific publications and poster presentations at oncology conferences

Disseminating data through scientific forums is crucial for establishing credibility. Olema Pharmaceuticals, Inc. actively participates in major medical and investor conferences to present trial-in-progress updates and clinical results. The company presented preclinical data for OP-3136 at the AACR Annual Meeting in April 2025.

The channel activity in 2025 included several key scientific and investor-facing presentations:

Conference/Presentation Type	Date/Period	Key Data/Activity
ASCO Annual Meeting	2025 (Implied)	Trial-in-progress poster for OPERA-01
ESMO Congress	2025 (Implied)	Presentation of updated Phase 1b/2 data for palazestrant + ribociclib
SABCS	December 2025	Trial-in-progress poster for OPERA-02
Citi's Biopharma Back to School Conference	September 2, 2025	Fireside Chat
H.C. Wainwright Global Investment Conference	September 9, 2025	Fireside Chat

The data presented from the Phase 1b/2 trial showed a median progression-free survival of 15.5 months in the 120 mg palazestrant cohort ($\text{n}=56$).

Direct communication with the FDA and other global regulatory agencies

Regulatory interaction channels are focused on advancing the pipeline through required milestones. The U.S. Food and Drug Administration (FDA) has granted Fast Track designation to palazestrant for the treatment of $\text{ER}+/\text{HER}2-$ metastatic breast cancer that has progressed following one or more lines of endocrine therapy with at least one line given in combination with a $\text{CDK}4/6$ inhibitor. Furthermore, the Investigational New Drug (IND) application for OP-3136 was cleared by the FDA in December 2024.

Company website and investor relations for corporate and pipeline updates

Corporate and pipeline updates are channeled through official press releases and the dedicated investor relations website, ir.olema.com. The company has operations in Cambridge, Massachusetts, in addition to its headquarters in San Francisco. Financial transparency is maintained via required filings, such as the Q3 2025 report showing a net loss of $42.22 million for the quarter ended September 30, 2025. The company also announced the termination of its at-the-market (ATM) offering prospectus dated January 6, 2025.

Key financial metrics supporting operations through these channels include:

• Cash, cash equivalents, and marketable securities as of September 30, 2025: $329.0 million.
• Cash, cash equivalents, and marketable securities as of June 30, 2025: $361.9 million.
• Financing activity included the announcement of a $190.0 million public offering of common stock in November 2025.

Future specialized oncology sales force for commercial distribution (post-approval)

While Olema Pharmaceuticals, Inc. is currently clinical-stage, the channel for future commercial distribution will rely on a specialized oncology sales force. This is a planned capability, as the company is focused on the discovery, development, and commercialization of targeted therapies for breast cancer and beyond. The company is advancing its pivotal palazestrant program toward an anticipated top-line readout from OPERA-01 in the second half of 2026, which will dictate the timeline for building out this commercial channel.

Olema Pharmaceuticals, Inc. (OLMA) - Canvas Business Model: Customer Segments

You're looking at the core groups Olema Pharmaceuticals, Inc. (OLMA) targets with its lead asset, palazestrant (OP-1250), a dual complete estrogen receptor antagonist (CERAN) and selective estrogen receptor degrader (SERD).

Oncologists and cancer treatment centers specializing in breast cancer.

These are the prescribers and administrators of Olema Pharmaceuticals, Inc.'s therapies. The sheer volume of the target disease drives the segment size. For 2025, approximately 316,950 new cases of female breast cancer are estimated in the US. The most relevant subtype, HR+/HER2-, accounts for about 69.82% of all female breast cancer cases. This translates to a significant pool of potential patients requiring treatment across various lines of therapy.

The commercial opportunity is reflected in the market valuation for the specific indication:

Metric	Value (2025 Estimate)	Source Context
Metastatic HR+/HER2- Breast Cancer Market Size	$10.92 billion	Market projection for the year
US Women Diagnosed with Invasive Breast Cancer	316,950	2025 Incidence Estimate
HR+/HER2- Subtype Proportion	70%	Approximate age-adjusted rate

Centers treating metastatic disease are key, as there are an estimated 150,000-160,000 women living with MBC in the US.

Patients with ER+/HER2- metastatic breast cancer (frontline, second-, and third-line settings).

Olema Pharmaceuticals, Inc.'s development strategy directly addresses these distinct lines of therapy, which define the patient journey and treatment sequencing. The patient population is segmented by prior treatment exposure, which dictates enrollment in their pivotal trials.

• Patients in the second- and third-line (2L/3L) settings, having progressed after endocrine and CDK4/6 inhibitor therapy, are the focus of the OPERA-01 Phase 3 trial.
• Patients in the frontline setting, receiving initial treatment for advanced disease, are targeted by the OPERA-02 Phase 3 trial, often in combination with a CDK4/6 inhibitor like ribociclib.
• The drug is designed to block ER signaling in both wild-type and mutant forms, suggesting broad applicability across these lines.

Patients with ESR1 mutant tumors who have progressed on prior therapies.

This represents a critical, high-unmet-need subsegment within the broader ER+ population. The presence of an ESR1 mutation is often associated with acquired resistance to existing endocrine treatments. Olema Pharmaceuticals, Inc. specifically tracks this group because palazestrant has shown activity in preclinical models against these mutations. The ESR1 mutation is found in approximately 40% of metastatic ER+ cases, making this a substantial, though highly specific, patient group.

Global pharmaceutical companies seeking oncology combination partners.

These entities are strategic customers, representing potential acquirers or commercialization partners rather than direct patients. Their interest validates the clinical profile and mechanism of action. Olema Pharmaceuticals, Inc. has secured agreements with major players, demonstrating this segment's engagement.

The financial strength of Olema Pharmaceuticals, Inc. provides leverage in these partnership discussions, as it supports continued late-stage development without immediate dilution risk.

Financial/Operational Metric	Value as of Q3 End 2025	Relevance to Partner Interest
Cash, Cash Equivalents, and Marketable Securities	$329.0 million	Supports funding through key milestones
GAAP Net Loss (Q3 2025)	$42.2 million	Indicates ongoing R&D investment
GAAP R&D Expense (Q3 2025)	$40.0 million	Reflects commitment to late-stage trials

The company has established clinical trial agreements with Pfizer (for Ibrance combination) and Novartis (for Kisqali combination) as of mid-2025.

Olema Pharmaceuticals, Inc. (OLMA) - Canvas Business Model: Cost Structure

The Cost Structure for Olema Pharmaceuticals, Inc. is heavily weighted toward the clinical development of its pipeline candidates, particularly palazestrant, which is advancing through late-stage trials.

High Research and Development (R&D) costs are the primary expenditure driver, reflecting the initiation and execution of Phase 3 trials like OPERA-02.

Here are the reported GAAP expenses for the third quarter ended September 30, 2025:

Cost Component	Period	Amount (Millions USD)
GAAP Research and Development (R&D) Expenses	Q3 2025	$40.0
GAAP General and Administrative (G&A) Expenses	Q3 2025	$5.9

General and Administrative (G&A) expenses, which cover corporate overhead and legal matters, were reported at $5.9 million for the third quarter of 2025.

Milestone payments to partners represent another significant, though irregular, cost. Olema Pharmaceuticals, Inc. recorded a $10.0 million milestone payment to Aurigene in connection with the KAT6 clinical development program during the second quarter ended June 30, 2025. This amount is included within the R&D expenses for the nine-months ended September 30, 2025.

Personnel costs are a substantial component within the R&D spend, supporting the specialized scientific and clinical team required to manage the ongoing late-stage clinical trials for palazestrant and the advancement of OP-3136. For instance, the R&D expenses for the nine-months ended September 30, 2025, included that $10.0 million milestone payment to Aurigene.

• R&D expenses for the three-months ended June 30, 2025, included a $10.0 million milestone payment to Aurigene.
• R&D expenses for the three-months ended June 30, 2024, included a $5.0 million milestone payment to Aurigene.

Olema Pharmaceuticals, Inc. (OLMA) - Canvas Business Model: Revenue Streams

You're looking at the revenue streams for Olema Pharmaceuticals, Inc. (OLMA) as of late 2025, which are almost entirely non-operating or contingent at this stage. The company is heavily reliant on its balance sheet strength to fund its late-stage clinical work.

Primarily non-operating revenue from interest income on marketable securities.

Olema Pharmaceuticals, Inc. generates income from the interest earned on its cash reserves, which are held in marketable securities. This income helps offset the significant operating losses from research and development activities.

• Cash, cash equivalents, and marketable securities stood at $329.0 million as of September 30, 2025.
• Cash, cash equivalents, and marketable securities were $361.9 million as of June 30, 2025.

Here are the reported interest income figures for the three-month periods:

Period Ended	Interest Income (in millions)	Total Other Income (in millions)
September 30, 2025 (Q3 2025)	Partially offset net loss	Not explicitly stated
June 30, 2025 (Q2 2025)	$4,042 (in thousands)	$4,080 (in thousands)

For the six-month periods ended June 30, 2025, the total interest income was $8,566 (in thousands). This non-operating income provides a crucial, albeit small, buffer against the GAAP net loss, which was $42.2 million for the quarter ended September 30, 2025.

Potential future milestone payments from licensing or collaboration agreements.

Revenue can also be triggered by achieving specific development or regulatory milestones under existing agreements. For instance, a recent payment was tied to the OP-3136 program.

• A one-time milestone payment of $10.0 million was made to Aurigene in connection with the Aurigene Agreement during the quarter ended June 30, 2025.

Future product sales of palazestrant (OP-1250) post-regulatory approval (anticipated in 2027).

The primary driver for future operating revenue is the potential commercial success of palazestrant (OP-1250), a complete estrogen receptor antagonist and selective ER degrader. This revenue stream is entirely contingent on successful clinical development and regulatory clearance.

• Top-line data from the pivotal Phase 3 OPERA-01 trial is on track for the second half of 2026.
• The OPERA-02 Phase 3 trial, evaluating palazestrant in combination with ribociclib in frontline metastatic breast cancer, was initiated in Q3 2025.

Potential equity financing via public offerings to fund operations (e.g., proposed offering in November 2025).

Since Olema Pharmaceuticals, Inc. is clinical-stage, significant capital raises through equity financing are a recurring, though non-operational, source of funding to sustain operations, especially given the high R&D spend.

Olema Pharmaceuticals, Inc. executed a significant financing event in November 2025.

Financing Detail	Amount / Term
Shares Priced in Offering (November 2025)	10,000,000 shares of common stock
Price Per Share	$19.00
Gross Proceeds Expected	Approximately $190.0 million
Underwriter Option (Additional Shares)	Up to 1,500,000 shares
Shelf Registration Effective Date	January 15, 2025

This offering, which was expected to close on November 20, 2025, followed the termination of a prior at-the-market offering prospectus dated January 6, 2025. Finance: draft 13-week cash view by Friday.