{"url_path":"/sec/olma/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-12","source_url":"https://www.sec.gov/Archives/edgar/data/1750284/0001193125-26-218156-index.html","accession_number":"0001193125-26-218156","cik":"0001750284","ticker":"OLMA","issuer_name":"Olema Pharmaceuticals, Inc.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1750284/0001193125-26-218156-index.html","primary_entity_key":"0001750284","primary_entity_name":"Olema Pharmaceuticals, Inc."},"word_count":632,"has_tables":true,"body_markdown":"10-Q\n\n0001750284--12-31Q1falseCalifornia11http://fasb.org/srt/2025#ChiefExecutiveOfficerMember4630001750284olma:TwoThousandTwentyTwoInducementPlanMember2022-12-310001750284olma:MarketBasedStockOptionsMember2025-12-310001750284olma:EquityIncentivePlan2020Member2020-01-012020-12-310001750284us-gaap:EmployeeStockOptionMember2026-01-012026-03-310001750284olma:EmployeeStockPurchasePlan2020Member2025-01-012025-03-310001750284olma:EmployeeStockPurchasePlan2020Membersrt:MaximumMember2020-01-012020-12-310001750284olma:TwoThousandTwentyFourNovartisAgreementMember2024-11-292024-11-290001750284olma:MarketBasedStockOptionsMember2026-01-012026-03-310001750284olma:FollowOnPublicOfferingMember2025-11-190001750284us-gaap:SoftwareAndSoftwareDevelopmentCostsMember2026-03-310001750284olma:EmployeeStockPurchasePlan2020Member2020-01-012020-12-310001750284olma:SalesAgreementMemberolma:TDSecuritiesLLCMembersrt:MaximumMemberolma:AtTheMarketOfferingMember2025-12-112025-12-110001750284olma:TwoThousandTwentyFourWarrantExchangeAgreementMember2026-01-012026-03-310001750284olma:SeniorSecuredLoanFacilityMember2023-09-052023-09-050001750284olma:AurigeneAgreementMemberolma:ClinicalDevelopmentMilestonesMember2026-01-012026-03-310001750284us-gaap:CommonStockMember2025-01-012025-03-310001750284us-gaap:AdditionalPaidInCapitalMember2025-03-310001750284olma:ShortTermMarketableSecuritiesMember2025-12-310001750284us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-03-310001750284olma:SalesAgreementMemberolma:TDSecuritiesLLCMembersrt:MaximumMemberolma:AtTheMarketOfferingMember2025-01-060001750284us-gaap:SubsequentEventMemberolma:KROysterPointIILLCMember2026-04-270001750284us-gaap:AdditionalPaidInCapitalMember2024-12-310001750284us-gaap:CommonStockMember2024-12-310001750284us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2025-12-310001750284us-gaap:CommercialPaperMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001750284olma:AurigeneAgreementMember2022-06-012022-06-300001750284us-gaap:CommercialPaperMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001750284olma:TwoThousandTwentyFourPrivatePlacementMember2026-03-310001750284us-gaap:EmployeeStockMember2025-01-012025-03-310001750284olma:TheCambridgeRedevelopmentAuthorityMember2023-08-230001750284us-gaap:RestrictedStockUnitsRSUMember2026-03-310001750284us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001750284us-gaap:CommercialPaperMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001750284us-gaap:FairValueMeasurementsRecurringMember2025-12-310001750284olma:TwoThousandTwentyFourWarrantExchangeAgreementMember2026-03-310001750284olma:KROysterPointIILLCMember2026-03-310001750284olma:OysterPointLeaseAgreementPhaseIMemberus-gaap:SubsequentEventMember2026-04-270001750284olma:UnderwrittenPublicOfferingMember2025-11-192025-11-1900017502842025-12-310001750284us-gaap:AdditionalPaidInCapitalMember2026-01-012026-03-310001750284us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001750284us-gaap:PrivatePlacementMember2024-11-290001750284olma:PrefundedWarrantsMember2024-11-290001750284us-gaap:EmployeeStockOptionMember2025-01-012025-03-310001750284olma:AmendmentOfOriginalLoanAgreementMember2025-06-272025-06-270001750284us-gaap:AdditionalPaidInCapitalMember2025-12-310001750284olma:TwoThousandTwentyTwoInducementPlanMember2025-01-010001750284us-gaap:RetainedEarningsMember2026-03-310001750284olma:SalesAgreementMemberolma:TDSecuritiesLLCMembersrt:MaximumMemberolma:AtTheMarketOfferingMember2025-01-062025-01-060001750284olma:CowenAndCompanyLLCMemberolma:SalesAgreementMemberolma:AtTheMarketOfferingMember2024-01-012024-12-310001750284us-gaap:CommonStockMember2026-03-3100017502842026-05-070001750284us-gaap:AdditionalPaidInCapitalMember2025-01-012025-03-310001750284us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-12-3100017502842025-01-012025-03-310001750284us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001750284olma:AmendmentOfOriginalLoanAgreementMember2024-06-280001750284us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2026-03-310001750284olma:SeniorSecuredLoanFacilityMember2024-06-280001750284us-gaap:RestrictedStockUnitsRSUMember2026-01-012026-03-310001750284olma:AmendmentOfOriginalLoanAgreementMember2026-01-112026-01-110001750284olma:SeniorSecuredLoanFacilityMember2025-06-270001750284us-gaap:EmployeeStockMember2026-01-012026-03-310001750284us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2025-12-310001750284us-gaap:ResearchAndDevelopmentExpenseMember2026-01-012026-03-310001750284us-gaap:CommonStockMember2025-12-310001750284olma:EmployeeStockPurchasePlan2020Member2026-01-012026-03-310001750284olma:ShortTermMarketableSecuritiesMember2026-03-310001750284us-gaap:RetainedEarningsMember2024-12-310001750284us-gaap:CommercialPaperMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001750284olma:TenniehLLCMember2020-12-152020-12-150001750284olma:KROysterPointIILLCMemberus-gaap:SubsequentEventMember2026-04-272026-04-270001750284us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001750284us-gaap:GeneralAndAdministrativeExpenseMember2026-01-012026-03-310001750284olma:PrefundedWarrantsMember2025-01-102025-01-100001750284olma:DropboxIncMember2023-08-172023-08-1700017502842024-12-310001750284olma:PrefundedWarrantsMemberus-gaap:PrivatePlacementMember2024-11-2900017502842026-03-310001750284olma:LongTermMarketableSecuritiesMember2025-12-3100017502842025-01-012025-12-310001750284olma:DropboxIncMember2023-08-170001750284olma:TenniehLLCMember2020-12-150001750284us-gaap:PrivatePlacementMember2024-11-292024-11-2900017502842026-01-012026-03-310001750284us-gaap:RetainedEarningsMember2026-01-012026-03-310001750284olma:AmendmentOfOriginalLoanAgreementMemberolma:TermLoanAMember2026-01-112026-01-110001750284us-gaap:CashAndCashEquivalentsMember2025-12-310001750284olma:EquityIncentivePlan2020Membersrt:MaximumMember2020-12-310001750284us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001750284us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-03-310001750284olma:CowenAndCompanyLLCMemberolma:SalesAgreementMembersrt:MaximumMemberolma:AtTheMarketOfferingMember2024-01-050001750284us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001750284us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001750284us-gaap:FairValueMeasurementsRecurringMember2026-03-310001750284olma:MarketBasedStockOptionsMember2026-03-310001750284us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CashMember2026-03-310001750284us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CashMember2025-12-310001750284olma:PrefundedWarrantsMember2024-11-292024-11-2900017502842025-03-310001750284us-gaap:RetainedEarningsMember2025-12-310001750284olma:PrefundedWarrantsMember2026-01-012026-03-310001750284olma:TwoThousandTwentyFourPrivatePlacementMember2026-01-012026-03-310001750284us-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001750284olma:PrefundedWarrantsMember2026-03-310001750284us-gaap:OtherNonoperatingIncomeExpenseMembersrt:MaximumMember2026-01-012026-03-310001750284us-gaap:AccountingStandardsUpdate202309Member2026-03-310001750284olma:BioMedicalResearchIncMemberolma:TwoThousandAndTwentyNovartisAgreementMember2026-03-310001750284olma:SalesAgreementMemberolma:TDSecuritiesLLCMemberolma:AtTheMarketOfferingMember2026-01-012026-03-310001750284us-gaap:FairValueMeasurementsRecurringMemberus-gaap:USGovernmentSponsoredEnterprisesDebtSecuritiesMember2026-03-310001750284us-gaap:AdditionalPaidInCapitalMember2026-03-310001750284olma:EquityIncentivePlan2020Membersrt:MaximumMember2020-01-012020-12-310001750284us-gaap:AccumulatedOtherComprehensiveIncomeMember2024-12-310001750284srt:MinimumMemberolma:TheCambridgeRedevelopmentAuthorityMember2023-08-230001750284olma:FollowOnPublicOfferingMember2025-11-192025-11-190001750284us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:CashMember2025-12-310001750284olma:TwoThousandTwentyFiveWarrantExchangeAgreementMember2026-01-012026-03-310001750284olma:AtTheMarketOfferingMember2026-01-012026-03-310001750284olma:TwoThousandTwentyFiveWarrantExchangeAgreementMember2026-03-310001750284us-gaap:RetainedEarningsMember2025-01-012025-03-310001750284us-gaap:MoneyMarketFundsMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001750284us-gaap:CommonStockMember2025-03-310001750284olma:TermLoanBMemberolma:AmendmentOfOriginalLoanAgreementMember2026-01-112026-01-110001750284olma:AmendmentOfOriginalLoanAgreementMember2024-06-282024-06-280001750284us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001750284us-gaap:RestrictedStockMember2026-01-012026-03-310001750284us-gaap:CashAndCashEquivalentsMember2026-03-310001750284us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001750284olma:OysterPointLeaseAgreementPhaseIIMemberus-gaap:SubsequentEventMember2026-04-270001750284olma:UnvestedMarket-BasedStockOptionsMember2025-01-012025-03-310001750284us-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001750284us-gaap:RetainedEarningsMember2025-03-310001750284us-gaap:AccumulatedOtherComprehensiveIncomeMember2025-01-012025-03-310001750284us-gaap:RestrictedStockUnitsRSUMember2025-12-310001750284olma:CowenAndCompanyLLCMemberolma:SalesAgreementMembersrt:MaximumMemberolma:AtTheMarketOfferingMember2024-01-052024-01-050001750284us-gaap:RestrictedStockMember2025-01-012025-03-310001750284us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-01-012026-03-310001750284us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CashMember2026-03-310001750284olma:EmployeeStockPurchasePlan2020Member2020-12-310001750284olma:SalesAgreementMemberolma:TDSecuritiesLLCMemberolma:AtTheMarketOfferingMember2026-03-310001750284us-gaap:GeneralAndAdministrativeExpenseMember2025-01-012025-03-310001750284us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001750284us-gaap:ResearchAndDevelopmentExpenseMember2025-01-012025-03-310001750284us-gaap:CommonStockMember2026-01-012026-03-310001750284olma:CowenAndCompanyLLCMemberolma:SalesAgreementMemberolma:AtTheMarketOfferingMember2024-12-310001750284olma:LongTermMarketableSecuritiesMember2026-03-310001750284olma:CommercialMilestoneMemberolma:AurigeneAgreementMember2022-06-012022-06-300001750284olma:UnvestedMarket-BasedStockOptionsMember2026-01-012026-03-310001750284us-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-310001750284us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2026-03-310001750284olma:TermLoanCMemberolma:AmendmentOfOriginalLoanAgreementMember2026-01-112026-01-110001750284olma:SeniorSecuredLoanFacilityMember2023-09-050001750284us-gaap:USTreasurySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2025-12-31iso4217:USDxbrli:sharesxbrli:pureutr:sqftxbrli:sharesolma:Itemolma:Segmentolma:Securityiso4217:USD\n\n[Table of Contents](#toc_page)\n\n \n\n \n\n \n\n \n\nUNITED STATES\n\nSECURITIES AND EXCHANGE COMMISSION\n\nWASHINGTON, DC 20549\n\nFORM 10-Q\n\n(Mark One)\n\n☒\n\nQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n \n\nFor the quarterly period ended March 31, 2026\n\nOR\n\n \n\n☐\n\nTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934\n\n \n\nFor the transition period from _______ to _______\n\nCommission File Number: 001-39712\n\nOLEMA PHARMACEUTICALS, INC.\n\n(Exact Name of Registrant as Specified in its Charter)\n\n \n\nDelaware\n\n30-0409740\n\n(State or other jurisdiction of\n\nincorporation or organization)\n\n(I.R.S. Employer\nIdentification No.)\n\n780 Brannan Street\n\nSan Francisco, CA\n\n94103\n\n(Address of principal executive offices)\n\n(Zip Code)\n\n \n\nRegistrant’s telephone number, including area code: (415) 651‑3316\n\nN/A\n\n(Former name, former address and former fiscal year, if changed since last report)\n\nSecurities registered pursuant to Section 12(b) of the Act:\n\n \n\nTitle of Each Class of Securities Registered\n\nTrading Symbol\n\nName of Each Exchange on which Securities are Registered\n\nCommon Stock, par value $0.0001 per share\n\nOLMA\n\nThe Nasdaq Global Select Market\n\n \n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b‑2 of the Exchange Act.\n\n \n\nLarge accelerated filer\n\n☐\n\n \n\n \n\nAccelerated filer\n\n \n\n☐\n\nNon-accelerated filer\n\n☒\n\n \n\n \n\nSmaller reporting company\n\n \n\n☒\n\nEmerging growth company\n\n☐\n\n \n\n \n\n \n\n \n\n \n\n \n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b‑2 of the Exchange Act). Yes ☐ No ☒\n\nAs of May 7, 2026, the number of outstanding shares of the Registrant’s common stock was 87,347,471. This number does not include 13,594,149 shares of common stock issuable upon the exercise of pre-funded warrants (which are immediately exercisable at an exercise price of $0.0001 per share of common stock, subject to beneficial ownership limitations) (See Notes 2 and 12 to Registrant's condensed consolidated financial statements).\n\n \n\n \n\n \n\n[Table of Contents](#toc_page)\n\n \n\nTable of Contents\n\nPART I-FINANCIAL INFORMATION\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\nPage\n\n[PART I. FINANCIAL INFORMATION](#partifinancialinformation_243352)\n\n \n\n3\n\n[Item 1. Financial Statements (unaudited)](#item1financialstatements_533031)\n\n \n\n3\n\n[Condensed Consolidated Balance Sheets](#condensedconsolidatedbalancesheets_65975)\n\n \n\n3\n\n[Condensed Consolidated Statements of Operations and Comprehensive Loss](#condensedconsolidatedstatementsofoperati)\n\n \n\n4\n\n[Condensed Consolidated Statements of Stockholders’ Equity](#condensedconsolidatedstatementsofconvert)\n\n \n\n5\n\n[Condensed Consolidated Statements of Cash Flows](#condensedconsolidatedstatementsofcashflo)\n\n \n\n6\n\n[Notes to Unaudited Condensed Consolidated Financial Statements](#notestocondensedconsolidatedfinancialsta)\n\n \n\n7\n\n[Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations](#item2managementsdiscussionandanalysisoff)\n\n \n\n31\n\n[Item 3. Quantitative and Qualitative Disclosures About Market Risk](#item3quantitative)\n\n \n\n42\n\n[Item 4. Controls and Procedures](#item4controlsandprocedures)\n\n \n\n42\n\n[PART II. OTHER INFORMATION](#partiiotherinformation_169197)\n\n \n\n44\n\n[Item 1. Legal Proceedings](#item1legalproceedings_105808)\n\n \n\n44\n\n[Item 1A. Risk Factors](#item_1a_risk_factors)\n\n \n\n44\n\n[Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](#item2unregisteredsalesofequitysecurities)\n\n \n\n113\n\n[Item 3. Defaults Upon Senior Securities](#item3defaultsuponseniorsecurities_285444)\n\n \n\n113\n\n[Item 4. Mine Safety Disclosures](#item4minesafetydisclosures_363877)\n\n \n\n113\n\n[Item 5. Other Information](#item5otherinformation)\n\n \n\n113\n\n[Item 6. Exhibits](#item6exhibits_686387)\n\n \n\n114\n\n \n\n \n\n \n\n \n\n \n\n \n\n2\n\n[Table of Contents](#toc_page)\n\n \n\nPART I – FINANCIAL INFORMATION"}