Olema Pharmaceuticals is a clinical-stage biopharmaceutical company focused entirely on developing treatments for ER-positive, HER2-negative breast cancer, which accounts for roughly 70% of all breast cancer cases. Olema has no approved products or commercial revenue. Its lead asset, palazestrant, is an oral, once-daily pill that both blocks and degrades the estrogen receptor, a dual mechanism Olema argues overcomes the limitations of existing endocrine therapies like fulvestrant and aromatase inhibitors. Palazestrant is in two pivotal Phase 3 trials: OPERA-01, testing palazestrant as a monotherapy in second- and third-line metastatic breast cancer with top-line data expected in fall 2026, and OPERA-02, testing palazestrant in combination with Novartis' CDK4/6 inhibitor ribociclib in the first-line setting, with data expected in 2028. Olema also has a second pipeline asset, OP-3136, a KAT6 inhibitor that entered Phase 1 trials in late 2024. Olema owns full worldwide rights to both assets and intends to commercialize palazestrant independently or with partners if approved. The company funds operations through equity raises and outsources manufacturing and clinical operations to keep its headcount lean. Under a 2024 collaboration agreement, Novartis holds a right of first negotiation on any licensing or sale of palazestrant, and Olema could owe Novartis up to approximately $275M in certain change-of-control scenarios.