Olema’s lead program, OP-1250, a complete estrogen receptor antagonist and a selective ER degrader, is currently being studied in a Phase I/II clinical trial for the treatment of metastatic or locally advanced, ER-positive (ER+), human epidermal growth factor receptor 2-negative (HER2-) breast cancer.

In October 2020, Olema announced the closing of an $85 million Series C financing. The Californian company will use the proceeds to advance the clinical development of OP-1250.