Olema Pharmaceuticals (OLMA) Q1 2026 earnings summary

Executive summary

• Entered a new 7-year lease for 38,176 sq. ft. of office and laboratory space at 365 Oyster Point Blvd., South San Francisco, with phased occupancy beginning September 15, 2026 (Phase I) and December 1, 2026 (Phase II).

• Lease includes a one-time early termination option after 60 months with a $1.7M fee and a five-year extension option.

• The lease is triple net, passing most operating, tax, and maintenance costs to the tenant.

• Advanced late-stage clinical pipeline with Phase 3 OPERA-01 top-line data expected in fall 2026 and continued enrollment in OPERA-02 trial.

• Positioned for first commercial launch next year, aiming to become a fully integrated oncology company.

Financial highlights

• Initial annual base rent for Phase I is $1.7M ($5.65/sq. ft./mo.), escalating to $2.09M ($6.95/sq. ft./mo.) by year 7.

• Phase II annual base rent starts at $890K ($5.65/sq. ft./mo.), escalating to $1.09M ($6.95/sq. ft./mo.) by year 7.

• Base rent abatement: 6 months for Phase I ($849K) and 10.5 months for Phase II ($779K).

• Ended Q1 2026 with $505.3 million in cash, cash equivalents, and marketable securities.

• Net loss for Q1 2026 was $53.1 million, up from $30.4 million in Q1 2025, driven by increased R&D and corporate expenses.

Outlook and guidance

• Lease supports expansion of R&D and corporate operations in a premier life sciences hub.

• Top-line data from OPERA-01 Phase 3 trial expected in fall 2026.

• Initial clinical data from OP-3136 Phase 1 study to be presented at ASCO in 2026.

• Anticipates first commercial launch in 2027, with continued transformation into a fully integrated oncology company.

• Tenant has rights to signage, parking (95 passes), and access to shared amenities.