Olema Pharmaceuticals, Inc. filed its Form 10-Q with the SEC on November 10, 2026, reporting unaudited financial results for the quarterly period ended September 30, 2026, under NASDAQ:OLMA.

Key Highlights

  • Net loss of $73.6 million for the three months ended September 30, 2026, compared to a net loss of $42.2 million for the same period in 2025, according to the filing.
  • Nine-month net loss of $189.9 million for the nine months ended September 30, 2026, versus $116.4 million for the nine months ended September 30, 2025.
  • Total assets of $441.1 million as of September 30, 2026, down from $533.4 million as of December 31, 2025.
  • Marketable securities of $366.2 million as of September 30, 2026, compared to $457.1 million at December 31, 2025.
  • Research and development expenses of $67.6 million for Q3 2026, up from $40.0 million in Q3 2025.
  • At-the-market offering generated net proceeds of $41.9 million (net of issuance costs of $40 thousand) through the issuance of 1,712,739 shares during the nine months ended September 30, 2026.
  • 87,537,824 shares of common stock issued and outstanding as of September 30, 2026, with an additional 13,594,149 shares issuable upon exercise of pre-funded warrants as of November 5, 2026.

Olema Pharmaceuticals Reports Increased Operating Losses Driven by Higher R&D Spending in Q3 2026

According to the filing, Olema Pharmaceuticals reported total operating expenses of $77.5 million for the three months ended September 30, 2026, compared to $45.9 million for the same period in 2025. Research and development expenses accounted for $67.6 million of that total in Q3 2026, up from $40.0 million in Q3 2025. General and administrative expenses were $9.9 million for Q3 2026, compared to $5.9 million in Q3 2025. The company reported no revenue in either period, as it is a clinical-stage biopharmaceutical company.

The filing disclosed a net loss per share, basic and diluted, of $0.73 for Q3 2026, compared to $0.49 for Q3 2025. For the nine months ended September 30, 2026, the net loss per share was $1.89, versus $1.36 for the same period in 2025. Interest income of $4.1 million partially offset operating losses in Q3 2026, the filing noted, with total other income of $3.9 million for the quarter. The accumulated deficit reached $787.4 million as of September 30, 2026, up from $597.6 million as of December 31, 2025.

The balance sheet reflected total stockholders' equity of $368.8 million as of September 30, 2026, down from $478.6 million at December 31, 2025. During the nine months ended September 30, 2026, the company exchanged pre-funded warrants for 3,500,000 shares of common stock and recorded stock-based compensation expense of $35.1 million, according to the filing. Cash and cash equivalents stood at $47.5 million as of September 30, 2026, compared to $48.3 million at December 31, 2025. Long-term borrowing remained unchanged at $3.0 million.

What Was Disclosed

Olema Pharmaceuticals filed a quarterly report covering the period ended September 30, 2026, disclosing a Q3 net loss of $73.6 million, total assets of $441.1 million, an accumulated deficit of $787.4 million, and an at-the-market share issuance generating $41.9 million in net proceeds.