Olema Pharmaceuticals (OLMA) Morgan Stanley 23rd Annual Global Healthcare Conference summary

Leadership and company overview

• CEO and COO/CFO have over five years of tenure, bringing deep clinical and financial expertise from major biotech firms.

• Focused on ER-positive, HER2-negative breast cancer, representing 70% of breast cancer cases.

Pipeline and clinical development

• Lead asset palazestrant is in two phase II trials, with OPERA-01 (second/third line) reading out in H2 2026 and OPERA-02 (first line, combo with ribociclib) just initiated.

• Palazestrant shows strong activity in both ESR1 mutant and wild-type populations, with phase II data indicating over seven months median PFS in mutants and over five months in wild-type.

• KAT6 inhibitor OP-3136 is in phase I/Ib, showing promising preclinical synergy with palazestrant and activity in multiple tumor types.

Market opportunities and differentiation

• Monotherapy market for palazestrant estimated at $2–5 billion; first-line combination market exceeds $10 billion.

• Palazestrant is a complete estrogen receptor antagonist, differentiating it from partial agonists/antagonists in the field.

• Combination trials with ribociclib and palbociclib aim to address evolving standards of care and resistance mechanisms.