Olema Pharmaceuticals Inc
For the period ended Jun 30, 2024. Filed Aug 6, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 6, 2024
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Item 2. Results of operations
Comparison of the three months ended June 30, 2024 and 2023
The following table summarizes our results of operations for the three months ended June 30, 2024 and 2023:
| Three Months Ended June 30, | ||||||
|---|---|---|---|---|---|---|
| 2024 · 2023 · $ Change | ||||||
| (in thousands) | ||||||
| Operating expenses: | ||||||
| Research and development | $ | 29,109 | $ | 17,989 | $ | 11,120 |
| General and administrative | 4,421 | 3,612 | 809 | |||
| Total operating expenses | 33,530 | 21,601 | 11,929 | |||
| Loss from operations | (33,530) | (21,601) | (11,929) | |||
| Other income: | ||||||
| Interest income | 3,108 | 1,550 | 1,558 | |||
| Other income (expense) | 40 | (44) | 84 | |||
| Total other income | 3,148 | 1,506 | 1,642 | |||
| Net loss | $ | (30,382) | $ | (20,095) | $ | (10,287) |
Research and development expenses
The following table summarizes our research and development expenses by functional area for the three months ended June 30, 2024 and 2023:
| Three Months Ended June 30, | ||||||
|---|---|---|---|---|---|---|
| 2024 · 2023 · $ Change | ||||||
| (in thousands) | ||||||
| CROs, CMOs and other clinical development related third-party vendor expenses | $ | 12,238 | $ | 6,388 | $ | 5,850 |
| Compensation and related benefits | 6,693 | 4,885 | 1,808 | |||
| Other research and development expenses | 5,945 | 3,747 | 2,198 | |||
| Stock-based compensation | 4,233 | 2,969 | 1,264 | |||
| Total research and development expenses | $ | 29,109 | $ | 17,989 | $ | 11,120 |
Research and development expenses for the three months ended June 30, 2024 were $29.1 million, compared to $18.0 million for the three months ended June 30, 2023. The increase of $11.1 million was primarily due to (i) increased spending on clinical operations and development-related activities as we continue to advance palazestrant into late-stage clinical trials, (ii) other research and development activities associated with the advancement of our KAT6 inhibitor program, and (iii) personnel-related costs, including an increase in non-cash stock-based compensation expense of $1.3 million.
General and administrative expenses
General and administrative expenses for the three months ended June 30, 2024 were $4.4 million compared to $3.6 million for the three months ended June 30, 2023. The increase of $0.8 million was primarily due to (i) increased spending on corporate-related costs, and (ii) an increase in non-cash stock-based compensation expense of $0.3 million.
Other income
Other income for the three months ended June 30, 2024 was $3.1 million, compared to $1.5 million for the three months ended June 30, 2023. The increase of $1.6 million was primarily due to an increase in interest income from our marketable securities.
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