Olema Pharmaceuticals, Inc. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 07, 2023 at 04:13 pm EST
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Olema Pharmaceuticals, Inc. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported net loss was USD 21.5 million compared to USD 22.72 million a year ago. Basic loss per share from continuing operations was USD 0.48 compared to USD 0.57 a year ago.
For the nine months, net loss was USD 69.88 million compared to USD 78.61 million a year ago. Basic loss per share from continuing operations was USD 1.66 compared to USD 1.97 a year ago.
Olema Pharmaceuticals, Inc. is a clinical-stage biopharmaceutical company. The Company is focused on the discovery, development, and commercialization of targeted therapies for women's cancers. Its lead product candidate, OP-1250, is an oral therapy with combined activity as both a complete estrogen receptor (ER) antagonist (CERAN) and a selective ER degrader (SERD). The Company's OP-1250 is an oral small molecule clinical-stage product candidate for the treatment of endocrine-driven cancers. OP-1250, both as a monotherapy and in combination with inhibitors of cyclin-dependent kinase four and six (CDK4/6) demonstrated robust tumor shrinkage in several xenograft models, including ESR1 and PIK3CA mutations and central nervous system (CNS), metastasis. It is in the Phase I/ II clinical trial, and in Phase Ib/ II combination with palbociclib, in patients with metastatic ER-positive (ER+), human epidermal growth factor receptor 2-negative (HER2-) breast cancer.