Olema Oncology Raises Capital for Breast Cancer Pipeline Amid Competitive Landscape

NEW YORK, NY – November 18, 2025

Olema Oncology (Nasdaq: OLMA) today announced plans for a public offering of common stock and pre-funded warrants, a move designed to bolster the company’s financial position as it advances its clinical programs in breast cancer. The offering comes at a critical juncture for the biopharmaceutical firm, as it navigates an increasingly competitive landscape and strives to bring its novel therapies to market. While the size and terms of the offering remain undefined, the company intends to use the net proceeds to fund ongoing and future research and development activities, primarily focusing on its lead candidate, palazestrant, and its earlier-stage KAT6 inhibitor, OP-3136.

Funding Amidst Clinical Advancement

The timing of this capital raise signals Olema’s commitment to accelerating its clinical pipeline. Currently, palazestrant is under investigation in two pivotal Phase 3 trials. The first, OPERA-01, is evaluating the drug as a monotherapy for patients with advanced breast cancer who have exhausted other treatment options. Initial enrollment appears to be progressing well, and data are anticipated in the second half of 2026. The second, OPERA-02, is a combination study with ribociclib, a common CDK4/6 inhibitor, and aims to address first-line treatment for the same condition. This trial is further strengthened by a clinical trial collaboration with Novartis, securing supply and collaborative expertise.

“The move to raise capital now shows confidence in their clinical development program and a desire to proactively fund these critical trials,” noted one analyst. “This will allow them to continue without being hampered by financial concerns.”

The company recently announced it was terminating an at-the-market offering to proceed with this public offering, suggesting a shift in strategy. While this move might introduce short-term volatility, it demonstrates a clear intention to secure a significant influx of capital to fuel long-term growth.

Navigating a Crowded SERD Market

Olema’s lead candidate, palazestrant, is a selective estrogen receptor degrader (SERD) – a class of drugs increasingly important in the treatment of hormone receptor-positive breast cancer. However, the SERD market is becoming increasingly crowded, with established players and emerging competitors vying for market share. AstraZeneca's Faslodex remains a standard of care, but the recent positive Phase III results from Roche’s giredestrant represent a significant challenge. Sanofi previously attempted to enter the market with amcenestrant, which faced setbacks.

“The SERD space is highly competitive and requires a differentiated product to succeed,” explained a medical oncologist. “Olema’s challenge will be demonstrating palazestrant’s superior efficacy or safety profile compared to existing options.”

The company is banking on palazestrant’s unique mechanism of action – functioning as both a complete estrogen receptor antagonist and a selective degrader – to differentiate it from competitors. Additionally, their strategy of exploring combination therapies, including one with Pfizer's atirmociclib, could unlock additional clinical benefits and broaden the potential patient population.

Beyond Palazestrant: The Promise of OP-3136

While palazestrant remains the primary focus, Olema is also advancing its earlier-stage KAT6 inhibitor, OP-3136. This represents a potentially disruptive approach to cancer treatment, targeting a different mechanism than traditional endocrine therapies. The KAT6 protein plays a role in gene expression, and inhibiting it could disrupt cancer cell growth and survival.

The company recently expanded its Phase 1 study to include combination therapies with both fulvestrant and palazestrant, reflecting optimism regarding the program’s potential and a desire to explore synergistic effects. This shows a strategic plan for diversification of their pipeline with a goal of expanding therapeutic potential.

“While still in early stages, OP-3136 represents a potentially exciting addition to their portfolio,” said an industry analyst. “Success with this program could significantly expand their long-term growth prospects.”

Olema’s financial performance reflects the capital-intensive nature of biopharmaceutical development. While revenue remains non-existent, reflecting the pre-commercial stage of the company, research and development expenses have been steadily increasing, signaling a commitment to innovation. The company's recent financial reports reveal that it held approximately $329.0 million in cash as of September 30, 2025, but the burn rate suggests that this cash runway will need to be replenished through additional funding rounds or, ultimately, through product revenue.

TD Cowen is acting as the underwriter for this public offering, leveraging its expertise in the biotech sector and its track record of successful equity offerings. The firm's involvement suggests confidence in Olema’s prospects and its ability to navigate the complex regulatory and commercial landscape of the biopharmaceutical industry.