Advanced or Metastatic ER+ HER2- Breast Cancer (mBC); Advanced or Metastatic Non-Small Cell Lung Cancer (NSCLC); Advanced or Metastatic Castration-Resistant Prostate Cancer (mCRPC)
Breast Cancer; Locally Advanced Breast Cancer; Metastatic Breast Cancer
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Estimated readout windows: registry primary-completion date + 6-12 weeks. Windows already open are shown from "Now". Drug names link to ClinicalTrials.gov.
Phase 3 · ActiveModality: small molecule (oral; complete ER antagonist + selective ER degrader)
Aliases OP-1250
Target estrogen receptor (ER)
Partnerships Novartis: Dec 2024 CTCSA (ribociclib supply for OPERA-02; ~$275M repayment on Olema Compound Transaction/Change of Control to a third party); 2020-2023 agreements (ribociclib/alpelisib supply for Phase 1b/2). Pfizer: Sep 2025 non-exclusive CTCSA (atirmociclib supply for Phase 1b/2); 2020 agreement (palbociclib supply)
Indications
ER+/HER2- metastatic breast cancer, second/third-line (monotherapy)(Phase 3)
ER+/HER2- metastatic breast cancer, frontline (with ribociclib)(Phase 3)
ER+/HER2- metastatic breast cancer (Phase 1/2 combinations with CDK4/6, PI3Kα, mTOR, CDK4 inhibitors)(Phase 1)
Catalysts
— fall 2026
— 2027
— late 2027
— 2028
Status note Wholly-owned lead. OPERA-01 initiated Nov 2023; OPERA-02 initiated 2025. Worldwide development/commercialization rights owned.
Partnerships Aurigene Oncology: 2022 collaboration (discovery). Bayer: May 2026 CTCSA (NUBEQA/darolutamide supply for Phase 1b/2 in mCRPC; Olema sponsors)
Indications
Breast and other solid tumor cancers (monotherapy; with fulvestrant; with palazestrant)(Phase 1)
Metastatic castration-resistant prostate cancer (with darolutamide)(Phase 1)
Catalysts
— Q4 2026
Status note IND cleared late 2024; Phase 1 enrolling.
Per-asset detail extracted from the 10-Q filed 2026-08-10. Fields the filing does not state are marked "not disclosed" rather than filled from other sources.
Advanced or Metastatic ER+ HER2- Breast Cancer (mBC); Advanced or Metastatic Non-Small Cell Lung Cancer (NSCLC); Advanced or Metastatic Castration-Resistant Prostate Cancer (mCRPC)
Sponsor-matched active trials from ClinicalTrials.gov (5 as sponsor, 0 as collaborator); "Sponsor" = company is the lead sponsor, "Collaborator" = company is a collaborator. The BP column flags big-pharma involvement as lead sponsor or collaborator (excluding the company itself). The Mgmt guide column shows what management guided for readout timing when a guided program matches the trial (hover for the quote, click for the source). Trial listings are not a company pipeline slide.
Institutional holder positions from 13F filings. Q/Q change is vs the prior quarter's filing; % of portfolio is the fund's own reported portfolio weight.
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