Olema Oncology to Present Initial Clinical Data for OP-3136 at the 2026 ASCO Annual Meeting
Rhea-AI Summary
Olema Oncology (NASDAQ: OLMA) will present initial clinical data for OP-3136 from a Phase 1 first-in-human study and a trial-in-progress poster for the Phase 3 OPERA-02 trial at the ASCO Annual Meeting, May 29–June 2, 2026 in Chicago.
The OP-3136 poster (Abstract 3088, Poster 225) is scheduled for May 30, 2026, 1:30pm–4:30pm CT; the OPERA-02 poster (Abstract TPS1152, Poster 261b) is scheduled for June 1, 2026, 1:30pm–4:30pm CT.
AI-generated analysis. Not financial advice.
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News Market Reaction – OLMA
On the day this news was published, OLMA declined 0.57%, reflecting a mild negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
OLMA fell 1.43% while close peers were mixed: ARVN -1.1%, SAGE -0.69%, BCAX -1.03%, VSTM -1.21%, and ORKA up 0.54%. Momentum scanner flagged ERAS and ARVN moving up modestly, suggesting OLMA’s move was more stock-specific than sector-driven.
Previous Clinical trial Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Sep 02 | Clinical collaboration | Positive | +18.5% | New Phase 1b/2 trial with Pfizer combining palazestrant and atirmociclib. |
| Apr 25 | Preclinical data OP-3136 | Positive | -3.7% | Preclinical OP-3136 data showed anti-tumor activity across multiple tumor models. |
| Dec 10 | Clinical combo results | Positive | +2.1% | Updated palazestrant plus ribociclib results with encouraging PFS and benefit rates. |
| Oct 23 | Preclinical combo data | Positive | -4.4% | Preclinical OP-3136 and palazestrant combinations showed enhanced anti-tumor activity. |
| May 08 | Upcoming data presentation | Positive | -3.5% | Announcement of new palazestrant plus ribociclib data to be presented at ESMO. |
Clinical and trial-related announcements have produced mixed reactions, with some strong upside on major collaborations but several negative moves following otherwise constructive clinical or preclinical updates.
Over the past year, Olema has steadily advanced palazestrant and OP-3136 through clinical and preclinical milestones. Key events include a Phase 1b/2 collaboration with Pfizer in ER+/HER2- metastatic breast cancer, multiple preclinical datasets for OP-3136 showing anti-tumor activity, and updated palazestrant combination data with ribociclib. Several prior data announcements and conference presentations produced both positive and negative single-day moves, so today’s announcement of initial OP-3136 Phase 1 data and OPERA-02 trial-in-progress details fits an ongoing clinical development narrative.
Historical Comparison
In the past year, OLMA issued 5 clinical trial–tagged updates with an average move of 1.8%. Today’s ASCO-focused disclosure of initial OP-3136 Phase 1 data and OPERA‑02 trial details fits this pattern of modest, mixed reactions around clinical milestones.
The sequence of events shows progression from preclinical OP-3136 data through Phase 1 initiation and combination strategies, alongside advancing palazestrant combinations into later-stage trials and collaborative studies.
Market Pulse Summary
This announcement highlights upcoming ASCO 2026 presentations, including initial Phase 1 data for OP‑3136 and a trial‑in‑progress update for the Phase 3 OPERA‑02 study. It fits a broader pattern of Olema regularly showcasing palazestrant and OP‑3136 progress at major conferences. Investors may watch for safety, activity signals, and design details that contextualize earlier preclinical findings and prior combination data, alongside how these readouts integrate with the company’s ongoing pivotal development plans.
Key Terms
phase 1 medical
first-in-human medical
kat6a/b inhibitor medical
endocrine therapy medical
er+ medical
her2− medical
phase 3 medical
advanced breast cancer medical
AI-generated analysis. Not financial advice.
SAN FRANCISCO, April 21, 2026 (GLOBE NEWSWIRE) -- Olema Pharmaceuticals, Inc. (“Olema” or “Olema Oncology”, Nasdaq: OLMA), a clinical-stage biopharmaceutical company focused on the discovery, development, and commercialization of targeted therapies for breast cancer and beyond, today announced it will present initial clinical data from the Phase 1 study of OP-3136 in a poster presentation at the American Society of Clinical Oncology (ASCO) Annual Meeting taking place May 29-June 2 in Chicago, Illinois. The Company will also present a trial-in-progress poster for the Phase 3 OPERA-02 trial.
Poster Presentation Details
Title: A phase 1, first-in-human study of OP-3136, a novel oral selective KAT6A/B inhibitor, as monotherapy in advanced solid tumors and in combination with endocrine therapy in ER+, HER2− advanced breast cancer (ABC): Preliminary results
Abstract Number: 3088
Poster Number: 225
Date/Time: May 30, 2026 from 1:30pm-4:30pm CT / 2:30pm-5:30pm ET
Title: OPERA-02: A phase 3 study of palazestrant plus ribociclib as first-line treatment of ER+, HER2- advanced breast cancer
Abstract Number: TPS1152
Poster Number: 261b
Date/Time: June 1, 2026 from 1:30pm-4:30pm CT / 2:30pm-5:30pm ET
Additional information can be found on the ASCO Annual Meeting website.
About Olema Oncology
Olema Oncology is a clinical-stage biopharmaceutical company committed to transforming the standard of care and improving outcomes for patients living with breast cancer and beyond. Olema is advancing a pipeline of novel therapies by leveraging our deep understanding of endocrine-driven cancers, nuclear receptors, and mechanisms of acquired resistance. Our lead product candidate, palazestrant (OP-1250), is a proprietary, orally available complete estrogen receptor antagonist (CERAN) and a selective estrogen receptor degrader (SERD), currently in two Phase 3 clinical trials. In addition, Olema is developing OP-3136, a potent lysine acetyltransferase 6 (KAT6) inhibitor, now in a Phase 1 clinical study. Olema is headquartered in San Francisco and has operations in Cambridge, Massachusetts. For more information, please visit www.olema.com.
About Palazestrant (OP-1250)
Palazestrant (OP-1250) is a novel, orally available small molecule with dual activity as both a complete estrogen receptor antagonist (CERAN) and selective estrogen receptor degrader (SERD). It is currently being investigated in patients with recurrent, locally advanced or metastatic ER-positive (ER+), human epidermal growth factor receptor 2-negative (HER2-) breast cancer. In clinical studies, palazestrant completely blocks ER-driven transcriptional activity in both wild-type and mutant forms of metastatic ER+ breast cancer and has demonstrated anti-tumor efficacy along with attractive pharmacokinetics and exposure, favorable tolerability, central nervous system penetration, and combinability with cyclin-dependent kinase 4/6 (CDK4/6) inhibitors. Palazestrant has been granted U.S. Food and Drug Administration (FDA) Fast Track designation for the treatment of ER+/HER2- metastatic breast cancer that has progressed following one or more lines of endocrine therapy with at least one line given in combination with a CDK4/6 inhibitor. It is being evaluated as a single agent in the ongoing pivotal Phase 3 clinical trial, OPERA-01, and in combination with ribociclib in the ongoing pivotal Phase 3 clinical trial, OPERA-02. Palazestrant is also being evaluated in multiple Phase 1/2 studies in combination with ribociclib, palbociclib, alpelisib, everolimus, and atirmociclib.
About OP-3136
OP-3136 is a novel, orally available small molecule that potently and selectively inhibits lysine acetyltransferase 6 (KAT6), an epigenetic target that is dysregulated in breast and other cancers. In preclinical studies, OP-3136 has demonstrated significant anti-proliferative activity in ER+ breast cancer models and is combinable and synergistic with endocrine therapies including palazestrant and cyclin-dependent kinase 4/6 (CDK4/6) inhibitors. The Investigational New Drug (IND) application for OP-3136 was cleared by the U.S. Food and Drug Administration (FDA) in December 2024 and patients are currently enrolling in the Phase 1 clinical study.
Forward Looking Statements
Statements contained in this press release regarding matters that are not historical facts are “forward-looking statements” within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Words such as “anticipate,” “believe,” “could,” “expect,” “goal,” “intend,” “may,” “on track,” “potential,” “upcoming,” “will” and similar expressions (as well as other words or expressions referencing future events, conditions or circumstances) are intended to identify forward-looking statements. These statements include those related to the potential beneficial characteristics including but not limited to safety, tolerability, activity, efficacy and therapeutic effects of palazestrant or OP-3136 and the combinability of palazestrant or OP-3136 with other drugs. Because such statements deal with future events and are based on Olema’s current expectations, they are subject to various risks and uncertainties, and actual results, performance, or achievements of Olema could differ materially from those described in or implied by the statements in this press release. These forward-looking statements are subject to risks and uncertainties, including, without limitation, those discussed in the section titled “Risk Factors” in Olema’s Annual Report on Form 10-K for the year ended December 31, 2025, and future filings and reports that Olema makes from time to time with the U.S. Securities and Exchange Commission. Except as required by law, Olema assumes no obligation to update these forward-looking statements, including in the event that actual results differ materially from those anticipated in the forward-looking statements.
Media and Investor Relations Contact
Courtney O’Konek
Vice President, Corporate Communications
Olema Oncology
media@olema.com
