Olema Pharmaceuticals (OLMA) Jefferies Global Healthcare Conference 2026 summary

Key clinical program updates

• Phase I dose escalation for OP-3136 showed encouraging single-agent activity in ER-positive, HER2-negative breast cancer and castration-resistant prostate cancer, with lower and less severe cytopenias compared to competitors.

• No dose-limiting toxicities observed up to 60 mg daily; dose selection will consider both PK/PD data and combination activity, with key combination data expected by end of this year or early next.

• Combination studies with fulvestrant and palazestrant are ongoing, aiming to improve efficacy and patient quality of life with oral regimens.

• Collaboration with Bayer to combine OP-3136 with Nubeqa in prostate cancer will begin soon.

Industry context and competitive landscape

• Recent ASCO and persevERA data highlight the evolving standard of care in breast cancer, with palazestrant showing superior efficacy and combinability compared to other estrogen receptor agents.

• PersevERA trial, despite not meeting statistical significance, demonstrated a clinically meaningful PFS benefit, informing potential design changes for OPERA-02.

• Market opportunities in breast cancer are significant, with first-line settings exceeding $10 billion annually and additional potential in second/third-line and prostate cancer.

Forward-looking statements and trial design

• OPERA-02 trial design may be revised based on persevERA and upcoming SERENA-4 data, particularly regarding control arm performance and patient enrollment.

• OPERA-01, targeting second/third-line settings, is expected to read out in the fall, with hopes of demonstrating benefit in both ESR1 mutant and wild-type populations.

• Moving into the adjuvant setting is a strategic priority but contingent on capital and potential partnerships due to high trial costs.

• Company maintains strong cash position, with runway into the second half of 2028, excluding costs for a large adjuvant trial.