OLMA

Olema is a clinical-stage biopharma with zero product revenue and a widening loss profile: net loss expanded to -$162M in FY2025 from -$129M in FY2024 (-25.5% YoY), driven by R&D ramp to $158M (+26.6%) as OPERA-01 and OPERA-02 advance. Management explicitly states they 'expect to incur significant and increasing losses for the foreseeable future,' and the entire equity story rests on palazestrant — a CERAN/SERD for ER+/HER2- metastatic breast cancer — with top-line Phase 3 OPERA-01 data due fall 2026 and a potential NDA in 2027. This is a binary, single-asset bet.

The balance sheet is the most alarming signal. Cash & equivalents collapsed from ~$140M to just $48.3M (-65.4% YoY) while operating cash burn deepened to -$147M (-40.6%). At current burn, $48M of cash funds roughly 4 months of operations — well short of the fall 2026 OPERA-01 readout. Current assets of $515M suggest meaningful marketable securities beyond raw cash, but the cash line specifically is alarmingly thin, and the 27.5% YoY jump in shares outstanding to 87.2M confirms management is already funding the business via dilutive equity raises. Expect another raise before or immediately after the Phase 3 readout regardless of outcome.