The firm's financial position is increasingly precarious, evidenced by an accumulated deficit of $650.6 million and a rapid decline in cash reserves to $52.5 million in 2026Q1.
| Total Current Assets | 513.23M | 515.45M | 438.47M | 266.51M | 208.9M | 290.69M | 342.14M | 103K | 3.24M |
| Cash & Short-Term Investments | 505.35M | 505.44M | 434.09M | 261.81M | 204.42M | 287.25M | 338.55M | 68K | 3.15M |
| Cash Only | 52.55M | 48.3M | 139.48M | 68.54M | 23.7M | 13.81M | 338.55M | 68K | 3.15M |
| Short-Term Investments | 452.8M | 457.14M | 294.61M | 193.27M | 180.72M | 273.44M | 0 | 0 | 0 |
| Accounts Receivable | 0 | 4.06M | 2.12M | 673K | 319K | 130K | 0 | 0 | 0 |
| Days Sales Outstanding | - | - | - | - | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | - | - |
| Other Current Assets | 7.88M | 5.96M | 366K | 1.68M | 1.52M | 0 | 581K | 35K | 93K |
| Total Non-Current Assets | 17.42M | 17.98M | 12.51M | 10.43M | 6.75M | 5.26M | 585K | 29K | 29K |
| Property, Plant & Equipment | 921K | 1.15M | 2.06M | 3.26M | 3.98M | 4.72M | 75K | 26K | 26K |
| Fixed Asset Turnover | 0.00x | - | - | - | - | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 683K | 0 | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 16.5M | 16.83M | 9.76M | 7.17M | 2.77M | 540K | 510K | 3K | 3K |
| Total Assets | 530.64M | 533.43M | 450.98M | 276.94M | 215.65M | 295.94M | 342.72M | 132K | 3.27M |
| Asset Turnover | 0.00x | - | - | - | - | - | - | - | - |
| Asset Growth % | 151.01% | 18.28% | 62.84% | 28.43% | -27.13% | -13.65% | 259537.88% | -95.96% | - |
| Total Current Liabilities | 47.17M | 51.8M | 41.76M | 21.62M | 16.55M | 9.02M | 4.58M | 1.38M | 201K |
| Accounts Payable | 3.72M | 9.25M | 4.46M | 2.7M | 374K | 23K | 719K | 935K | 116K |
| Days Payables Outstanding | 5.18K | - | - | - | - | - | 23.86K | 37.78K | 5.14K |
| Short-Term Debt | 956K | 1.12M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 42.49M | 32.02M | 0 | 5.46M | 4.6M | 3.96M | 436K | 443K | 85K |
| Current Ratio | 10.88x | 9.95x | 10.50x | 12.33x | 12.62x | 32.23x | 74.62x | 0.07x | 16.13x |
| Quick Ratio | 10.88x | 9.95x | 10.50x | 12.33x | 12.62x | 32.23x | 74.62x | 0.07x | 16.13x |
| Cash Conversion Cycle | - | - | - | - | - | - | - | - | - |
| Total Non-Current Liabilities | 3M | 3.07M | 257K | 1.43M | 1.55M | 2.36M | 0 | 9.35M | 9.35M |
| Long-Term Debt | 0 | 69K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 912K | 0 | 257K | 1.43M | 1.55M | 2.36M | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 3M | 3M | 0 | 0 | 0 | 0 | 0 | 9.35M | 9.35M |
| Total Liabilities | 50.17M | 54.87M | 42.02M | 23.05M | 18.1M | 11.38M | 4.58M | 10.73M | 9.55M |
| Total Debt | 956K | 1.19M | 1.43M | 2.42M | 2.56M | 3.29M | 0 | 0 | 0 |
| Net Debt | -51.59M | -47.11M | -138.05M | -66.12M | -21.14M | -10.52M | -338.55M | -68K | -3.15M |
| Debt / Equity | 0.00x | 0.00x | 0.00x | 0.01x | 0.01x | 0.01x | - | - | - |
| Debt / EBITDA | -0.00x | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.26x | - | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | - | - | -32.88x | - | -74.25x |
| Total Equity | 480.48M | 478.56M | 408.96M | 253.9M | 197.55M | 284.57M | 338.14M | -10.59M | -6.28M |
| Equity Growth % | 148.88% | 17.02% | 61.08% | 28.52% | -30.58% | -15.84% | 3291.78% | -68.75% | - |
| Book Value per Share | 4.67 | 5.50 | 6.96 | 5.61 | 4.94 | 7.20 | 8.60 | -0.26 | -0.45 |
| Total Shareholders' Equity | 480.48M | 478.56M | 408.96M | 253.9M | 197.55M | 284.57M | 338.14M | -10.59M | -6.28M |
| Common Stock | 8K | 8K | 6K | 4K | 3K | 3K | 3K | 0 | 1K |
| Retained Earnings | -650.65M | -597.56M | -435.11M | -305.63M | -208.98M | -104.19M | -33.09M | -10.76M | -6.45M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -460K | 621K | 143K | 347K | -1.81M | -149K | 0 | -80K | -71K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Insufficient clinical capital runway
As reported in financial statements, OLMA's total assets have fluctuated significantly, peaking at $533.4 million in 2025Q4 before settling at $530.6 million in 2026Q1, a trend that underscores the company's reliance on periodic capital raises to offset the relentless depletion of its balance sheet through R&D spending.
The trajectory of the balance sheet appears increasingly fragile as the company consumes its asset base to fund late-stage clinical development. This pattern suggests that without a near-term liquidity event or strategic partnership, the firm's ability to maintain its current research intensity may be compromised.
Based on the provided quarterly data, OLMA's cash position has dwindled from a high of $139.5 million in 2024Q4 to just $52.5 million as of 2026Q1, indicating a rapid erosion of the liquidity buffer necessary to sustain ongoing Phase 3 clinical trial operations.
While the current ratio remains elevated at 10.88, this metric is somewhat deceptive for a pre-revenue entity where the primary concern is the absolute cash runway rather than short-term asset-to-liability coverage. Investors should monitor the burn rate closely, as the current cash balance appears insufficient to support the company's long-term clinical roadmap without further dilution.
According to recent SEC filings, the company's retained earnings have plummeted to a deficit of $650.6 million in 2026Q1, reflecting the persistent and heavy reliance on equity financing to cover the substantial costs associated with the development of the OP-1250 therapeutic candidate.
The erosion of equity through massive accumulated losses highlights the binary nature of the business model, where shareholder value is entirely contingent on future clinical success. The persistent negative retained earnings suggest that the company is effectively trading equity for the potential to reach commercialization, leaving little margin for error in trial outcomes.
Based on the provided financial data, the absence of significant goodwill or intangible assets on the balance sheet suggests that the company's market valuation is almost entirely decoupled from its tangible book value, which warrants further investigation into the true replacement cost of its clinical pipeline.
The lack of capitalized R&D assets on the balance sheet means that the company's book value provides little insight into the actual economic potential of OP-1250. This creates a distortion where the balance sheet appears deceptively simple, potentially masking the significant off-balance-sheet contractual obligations to CROs that could impact future financial flexibility.
Quick answers to the most common questions about buying OLMA stock.
As of 2025, Olema Pharmaceuticals, Inc. (OLMA) had total assets of $533.4M including $515.5M in current assets.
Olema Pharmaceuticals, Inc. (OLMA) carries total debt of $1.2M, offset by $505.4M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Olema Pharmaceuticals, Inc. (OLMA) has total shareholders' equity (book value) of $478.6M ($5.50 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Olema Pharmaceuticals, Inc. (OLMA) reported a current ratio of 9.95x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.