Olema Pharmaceuticals (OLMA) 10-K 9 Mar 23 2022 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2022	Mar. 03, 2023	Jun. 30, 2022
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2022
Entity File Number	001-39712
Entity Registrant Name	OLEMA PHARMACEUTICALS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	30-0409740
Entity Address, Address Line One	512 2nd Street, 4th Floor
Entity Address, City or Town	San Francisco
Entity Address, Country	CA
Entity Address, Postal Zip Code	94107
City Area Code	650
Local Phone Number	243-5555
Title of 12(b) Security	Common Stock
Trading Symbol	OLMA
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Public Float			$ 119,732,713
ICFR Auditor Attestation Flag	false
Entity Common Stock, Shares Outstanding		40,631,748
Auditor Name	Ernst & Young LLP
Auditor Firm ID	42
Auditor Location	Iselin, New Jersey
Entity Central Index Key	0001750284
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 23,702	$ 13,812
Marketable securities	180,719	273,438
Prepaid expenses and other current assets	4,478	3,435
Total current assets	208,899	290,685
Property and equipment, net	1,480	1,474
Operating lease right-of-use assets	2,495	3,246
Other assets	2,771	540
Total assets	215,645	295,945
Current liabilities:
Accounts payable	374	23
Operating lease liabilities, current	1,015	931
Other current liabilities	15,160	8,065
Total current liabilities	16,549	9,019
Operating lease liabilities, net of current portion	1,550	2,358
Total liabilities	18,099	11,377
Commitments and contingencies (Note 12)
Stockholders' equity:
Preferred stock, $0.0001 par value; 10,000,000 shares authorized as of December 31, 2022 and December 31, 2021; no shares issued and outstanding as of December 31, 2022 and December 31, 2021.
Common stock, $0.0001 par value; 490,000,000 shares authorized as of December 31, 2022 and December 31, 2021; 40,601,648 and 40,337,046 shares issued as of December 31, 2022 and December 31, 2021, respectively; 40,287,097 and 39,797,263 shares outstanding as of December 31, 2022 and December 31, 2021, respectively.	3	3
Additional paid-in capital	408,333	388,904
Accumulated other comprehensive loss	(1,813)	(149)
Accumulated deficit	(208,977)	(104,190)
Total stockholders' equity	197,546	284,568
Total liabilities and stockholders' equity	$ 215,645	$ 295,945

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2022	Dec. 31, 2021
Consolidated Balance Sheets
Preferred stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Preferred stock, authorized (in shares)	10,000,000	10,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock, par value (in dollars per share)	$ 0.0001	$ 0.0001
Common stock, authorized (in shares)	490,000,000	490,000,000
Common stock, issued (in shares)	40,601,648	40,337,046
Common stock, outstanding (in shares)	40,287,097	39,797,263

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Operating expenses:
Research and development	$ 82,274	$ 51,100
General and administrative	24,714	20,391
Total operating expenses	106,988	71,491
Loss from operations	(106,988)	(71,491)
Other income (expense):
Interest income	2,228	442
Other expense	(27)	(47)
Total other income	2,201	395
Net loss	$ (104,787)	$ (71,096)
Net loss per share, basic	$ (2.62)	$ (1.80)
Net loss per share, diluted	$ (2.62)	$ (1.80)
Weighted average shares used to compute net loss per share, basic	39,995,460	39,524,272
Weighted average shares used to compute net loss per share, diluted	39,995,460	39,524,272

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Consolidated Statements of Comprehensive Loss
Net loss	$ (104,787)	$ (71,096)
Other comprehensive loss:
Net unrealized loss on marketable securities	(1,664)	(149)
Total comprehensive loss	$ (106,451)	$ (71,245)

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Common Stock	Additional Paid-in Capital	Accumulated Other Comprehensive Loss	Accumulated Deficit	Total
Balances, at Beginning of period at Dec. 31, 2020	$ 3	$ 371,228		$ (33,094)	$ 338,137
Balances, at Beginning of period (in shares) at Dec. 31, 2020	39,308,238
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of early exercised stock options		372			$ 372
Vesting of early exercised stock options (in shares)	79,608				1,286,729
Vesting of restricted stock awards (in shares)	242,109
Exercise of stock options		670			$ 670
Exercise of stock options (in shares)	126,937
Issuance of shares under the employee stock purchase plan		721			721
Issuance of shares under the employee stock purchase plan (in shares)	40,371
Stock-based compensation expense		15,680			15,680
Employee stock purchase plan expense		233			233
Net unrealized loss on marketable securities			$ (149)		(149)
Net loss				(71,096)	(71,096)
Balances, at End of period at Dec. 31, 2021	$ 3	388,904	(149)	(104,190)	284,568
Balances, at End of period (in shares) at Dec. 31, 2021	39,797,263
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Vesting of early exercised stock options		124			$ 124
Vesting of early exercised stock options (in shares)	27,958				1,670,701
Vesting of restricted stock awards (in shares)	197,274				197,274
Exercise of stock options		146			$ 146
Exercise of stock options (in shares)	87,490				115,448
Issuance of shares under the employee stock purchase plan		330			$ 330
Issuance of shares under the employee stock purchase plan (in shares)	177,112
Stock-based compensation expense		18,453			18,453
Employee stock purchase plan expense		376			376
Net unrealized loss on marketable securities			(1,664)		(1,664)
Net loss				(104,787)	(104,787)
Balances, at End of period at Dec. 31, 2022	$ 3	$ 408,333	$ (1,813)	$ (208,977)	$ 197,546
Balances, at End of period (in shares) at Dec. 31, 2022	40,287,097

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net loss	$ (104,787)	$ (71,096)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	357	163
Non-cash lease expense	1,301	1,224
Premium amortization and discount accretion on marketable securities, net	(787)	276
Stock-based compensation expense, including ESPP expense	18,829	15,913
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(1,959)	(40)
Other assets	(1,114)	(30)
Accounts payable	351	(683)
Other current liabilities	7,018	4,571
Operating lease liabilities	(1,274)	(988)
Net cash used in operating activities	(82,065)	(50,690)
Cash flows from investing activities:
Purchase of equipment	(363)	(1,575)
Maturities of marketable securities	305,502	213,104
Purchases of marketable securities	(213,660)	(486,967)
Net cash provided by (used in) investing activities	91,479	(275,438)
Cash flows from financing activities:
Proceeds from exercise of stock options	146	670
Proceeds from issuance of common stock under the ESPP plan	330	721
Net cash provided by financing activities	476	1,391
Net increase (decrease) in cash and cash equivalents	9,890	(324,737)
Cash and cash equivalents at beginning of period	13,812	338,549
Cash and cash equivalents at end of period	23,702	13,812
Supplemental disclosure of non-cash investing and financing activities:
Reclassification of prepaid expenses and other current liabilities into other assets	1,117
Vesting of early exercised stock options	$ 124	$ 372

Nature of the Business and Basi

Nature of the Business and Basis of Presentation	12 Months Ended
	Dec. 31, 2022
Nature of the Business and Basis of Presentation
Nature of the Business and Basis of Presentation	Olema Pharmaceuticals, Inc. Notes to Consolidated Financial Statements 1. Nature of the Business and Basis of Presentation Olema Pharmaceuticals, Inc. (“Olema” or the “Company”) is a clinical-stage biopharmaceutical company focused on the discovery, development and commercialization of next-generation targeted therapies for women’s cancers. The Company is initially focused on developing therapies for the treatment of breast cancer. The Company’s wholly owned, lead product candidate, OP-1250, is a novel oral therapy with combined activity as both a complete estrogen receptor (“ER”) antagonist (“CERAN”) and a selective ER degrader (“SERD”). It is currently being evaluated as a single agent in an ongoing Phase 1/2 clinical study, and in Phase 1b/2 combination with palbociclib, ribociclib, and alpelisib, in patients with recurrent, locally advanced or metastatic estrogen receptor-positive (“ER+”), human epidermal growth factor receptor 2-negative (“HER2-“) breast cancer. The Company is located in San Francisco, California and was incorporated in Delaware on August 7, 2006 under the legal name of CombiThera, Inc. and on March 25, 2009 was renamed Olema Pharmaceuticals, Inc. The Company’s principal operations are based in San Francisco, California, and has operations in Cambridge, Massachusetts. Olema Oncology Australia Pty Ltd was incorporated on January 6, 2021 and is a wholly-owned subsidiary of the Company (collectively with Olema Pharmaceuticals, Inc. referred to as “Olema” or the “Company” herein). It operates in one business segment and therefore has only one reportable segment. The Company is subject to risks and uncertainties common to early-stage companies in the biopharmaceutical industry, including, but not limited to, successful discovery and development of its product candidates, development by competitors of new technological innovations, dependence on key personnel, the ability to attract and retain qualified employees, protection of proprietary technology, compliance with governmental regulations, the impact of COVID-19 and other geopolitical and macroeconomic events, such as the COVID-19 pandemic and the ongoing conflict between Ukraine and Russia and related sanctions, the ability to secure additional capital to fund operations and commercial success of its product candidates. OP-1250 and any future product candidates the Company may develop will require extensive nonclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel, and infrastructure and extensive compliance-reporting capabilities. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales. Liquidity The Company had $204.4 million of cash, cash equivalents and marketable securities at December 31, 2022, which management believes is sufficient to fund its operating expenses and capital expenditure requirements into 2025. Impact of COVID-19 and Other Geopolitical and Macroeconomic Events The extent of the impact of the COVID-19 pandemic on the Company’s business, operations and development timelines and plans remains uncertain, and will depend on certain developments, including the duration of the outbreak and its impact on the Company’s development activities, planned clinical trial enrollment, future trial sites, contract research organizations (“CROs”), third-party manufacturers, and other third parties with whom the Company does business, as well as its impact on regulatory authorities and the Company’s key scientific and management personnel. During 2021 and 2022, although the Company modified its operations and practices due to the COVID-19 pandemic and to comply with federal, state and local requirements, its business, operations and development timelines were not material adversely affected. In October 2021, the Company re-opened its offices to administrative employees, however due to the resurgence of cases relating to the spread of the Delta and Omicron variants, the Company continued to limit access to its offices. In March 2022, the Company fully re-opened its offices to all employees and continues to comply with protocols implemented by respective health authorities. As a result of the COVID-19 pandemic, we experienced some delays in setting up our current Phase 1/2 clinical study and in clinical site initiation, including delays in recruiting clinical site investigators and clinical site staff. We also experienced subject enrollment timeline delays in a Phase 1b clinical study of OP-1250 in combination with another CDK4/6 inhibitor and with a PI3K a In addition to the ongoing COVID-19 pandemic, global economic and business activities continue to face widespread macroeconomic uncertainties, including labor shortages, inflation and monetary supply shifts, recession risks and potential disruptions from the Russia-Ukraine conflict, which has resulted in volatility in the U.S. and global financial markets and which has led to, and may continue to lead to, additional disruptions to trade, commerce, pricing stability, credit availability and supply chain continuity globally. The extent of the impact of these factors on the Company’s operational and financial performance, including its ability to execute its business strategies and initiatives in the expected time frame, will depend on future developments, which are uncertain and cannot be predicted. Any continued or renewed disruption resulting from these factors could negatively impact the Company’s business. The Company continues to monitor the impact of these macroeconomic factors on its results of operations, financial condition and cash flows.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2022
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Summary of Significant Accounting Policies Basis of Presentation and Consolidation The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding financial reporting, and the instructions to Form 10-K and Article 10 of Regulation S-X. These consolidated financial statements include the accounts of Olema Pharmaceuticals, Inc. and its wholly owned subsidiary, Olema Oncology Australia Pty Ltd. All intercompany balances and transactions have been eliminated upon consolidation. Use of Estimates The accompanying consolidated financial statements are prepared in accordance with GAAP. The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and reported amounts of expenses during the reporting period. Significant areas that require management’s estimates include accruals of research and development expenses, including accrual of research contract costs, stock-based compensation assumptions, including the fair value of common stock. On an ongoing basis, the Company evaluates its estimates and judgments, which are based on historical and anticipated results and trends and on various other assumptions that management believes to be reasonable under the circumstances. Actual results could differ from those estimates. Cash and Cash Equivalents Cash and cash equivalents are defined as short-term, highly liquid investments with original maturities of 90 days or less at the date of purchase. Cash deposits are all in reputable financial institutions in the United States as of December 31, 2022 and 2021. Cash and cash equivalents consisted of cash on deposit with U.S. banks, including the Company’s bank account for its Australia subsidiary, denominated in U.S. dollars and Australian dollars and investments in interest bearing money market funds. Marketable Securities All marketable securities have been classified as “available-for-sale” and are carried at estimated fair value as determined based upon quoted market prices or pricing models for similar securities. Management determines the appropriate classification of its investments at the time of purchase and reevaluates such designation as of each balance sheet date. Unrealized gains and losses are excluded from net loss and are reported as a component of comprehensive loss. Realized gains and losses and declines in fair value judged to be other than temporary, if any, on available-for-sale securities are included in interest income. The cost of securities sold is based on the specific-identification method. Interest earned on marketable securities is included in interest income. The Company periodically assesses its available-for-sale marketable securities for other-than-temporary impairment. For debt securities in an unrealized loss position, the Company first considers its intent to sell, or whether it is more likely than not that the Company will be required to sell the debt securities before recovery of their amortized cost basis. If either of these criteria are met, the amortized cost basis of such debt securities is written down to fair value through other expense. For debt securities in an unrealized loss position that do not meet the aforementioned criteria, the Company assesses whether the decline in the fair value of such debt securities has resulted from credit losses or other factors. The Company considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and any adverse conditions specifically related to the securities, among other factors. If this assessment indicates that a credit loss may exist, the Company then compares the present value of cash flows expected to be collected from such securities to their amortized cost basis. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded through other expense, limited by the amount that the fair value is less than the amortized cost basis. Any additional impairment not recorded through an allowance for credit losses is recognized in other comprehensive loss. The Company has not recorded any impairments for its marketable securities. Concentration of Credit Risk and Other Risks and Uncertainties Financial instruments that potentially subject the Company to concentration of credit risk consist of cash, cash equivalents, and marketable securities. The Company invests in a variety of financial instruments and, by its policy, limits these financial instruments to high credit quality securities issued by the U.S. government, U.S. government-sponsored agencies and highly rated banks and corporations, subject to certain concentration limits. The Company’s cash, cash equivalents, and marketable securities are held by financial institutions in the United States that management believes are of high credit quality. Amounts on deposit with individual banking institutions may at times exceed the limits insured by the Federal Deposit Insurance Corporation (“FDIC”); however, the Company has not experienced any losses on such deposits. The Company’s future results of operations involve a number of other risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not limited to, uncertainty of results of clinical trials and reaching milestones, uncertainty of regulatory approval of the Company’s current and potential future product candidates, uncertainty of market acceptance of the Company’s product candidates, competition from substitute products and larger companies, securing and protecting proprietary technology, strategic relationships and dependence on key individuals or sole-source suppliers. The Company’s product candidates require approvals from the U.S. Food and Drug Administration (“FDA”) and comparable foreign regulatory agencies prior to commercial sales in their respective jurisdictions. There can be no assurance that any product candidates will receive the necessary approvals. If the Company were denied approval, approval was delayed or the Company was unable to maintain approval for any product candidate, it could have a materially adverse impact on the Company. Leases In February 2016, the Financial Accounting Standards Board (“FASB”) issued new lease accounting guidance in Accounting Standard Update (“ASU”) 2016-02, Leases Codification Improvements to Topic 842, Leases Leases (Topic 842): Targeted Improvements At the inception of an arrangement, the Company determines if an arrangement is, or contains, a lease based on the facts and circumstances present in that arrangement. Lease classification, recognition, and measurement are then determined at the lease commencement date. For arrangements that contain a lease, the Company (i) identifies lease and non-lease components, (ii) determines the consideration in the contract, (iii) determines whether the lease is an operating or finance lease; and (iv) recognizes lease ROU assets and liabilities. Lease liabilities and their corresponding ROU assets are recorded based on the present value of future lease payments over the expected lease term. The interest rate implicit in lease contracts is typically not readily determinable and as such, the Company uses the incremental borrowing rate based on the information available at the lease commencement date, which represents an internally developed rate that would be incurred to borrow, on a collateralized basis, over a similar term, an amount equal to the lease payments in a similar economic environment. Most leases include options to renew and, or terminate the lease, which can impact the lease term. The exercise of these options is at the Company’s discretion. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options. For any lease modification, the Company reassesses the lease classification, remeasures the related lease liability using an updated discount rate that reflects the modified lease term, and adjusts the related ROU asset under the lease modification guidance under Topic 842. The Company has operating leases for its research and development and office facilities. Fixed lease payments on operating leases are recognized over the expected term of the lease on a straight-line basis. Variable lease expenses that are not considered fixed are recognized as incurred. Fixed and variable lease expense on operating leases is recognized within operating expenses within our consolidated statements of operations and comprehensive loss. The Company elected to not apply the recognition requirements of Topic 842 to short-term leases with terms of 12 months or less. Additional information and disclosures required by Topic 842 are contained in Note 11 “Lease”. Research and Development Costs Research and development costs are expensed as incurred. Research and development expenses consist of costs incurred to discover, research and develop product candidates. These costs are recorded within research and development expenses in the consolidated statements of operations and include personnel expenses, stock-based compensation expenses, allocated general and administrative expenses, and external costs including fees paid to consultants and CROs and contract manufacturing organizations (“CMOs”), in connection with nonclinical studies and clinical trials, and other related clinical trial fees, such as for investigator fees, patient screening, laboratory work, clinical trial database management, clinical trial material management and statistical compilation and analysis. Non-refundable prepayments for goods or services that will be used or rendered for future research and development activities are recorded as prepaid expenses and other current assets. Such amounts are recognized as an expense as the goods are delivered or the related services are performed. Costs incurred in obtaining technology licenses that do not meet the definition of a business are charged immediately to research and development expense if the technology licensed has not reached technological feasibility and has no alternative future uses. Reimbursements of certain costs associated with research activities performed under the agreement with Novartis Institutes for BioMedical Research, Inc. (“Novartis”) are recorded as a reduction of research and development expenses, as described in Note 12, Commitments and Contingencies – Clinical Collaboration and Supply Agreement Research Contract Costs and Accruals The Company has from time to time entered into various research and development and other agreements with commercial firms, researchers, universities and others for provisions of goods and services. These agreements are generally cancelable, and the related costs are recorded as research and development expenses as incurred. The Company records accruals for estimated ongoing research and development costs. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the projects, studies or clinical trials, including the phase or completion of events, invoices received and contracted costs. Judgments and estimates are made in determining the accrued balances at the end of any reporting period. Actual results could differ materially from the Company’s estimates. The Company’s historical accrual estimates have not been materially different from the actual costs. Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives. The useful lives of equipment are as follows: ​ ​ ​ ​ ​ Estimated Useful Lives Lab equipment 5 – 7 years Computer equipment 5 years ​ When assets are sold or retired, the cost and related accumulated depreciation are removed from the balance sheets, with any resulting gain or loss recorded in operating expenses in the statements of operations and comprehensive loss. Costs of repairs and maintenance are expensed as incurred. Income Taxes Income taxes are computed using the asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company’s consolidated financial statements. In estimating future tax consequences, the Company considers all expected future events other than enactment of changes in tax laws or rates. A valuation allowance is recorded, if necessary, to reduce net deferred tax assets to their realizable values if management does not believe it is more likely than not that the net deferred tax assets will be realized. As of December 31, 2022 and 2021, the Company has recorded full valuation allowance against its net deferred tax assets. The Company had no unrecognized tax benefits for the years ended December 31, 2022 and 2021, respectively. The Company may be subject to U.S. Federal, state, and local tax examinations by tax authorities for years before 2022, which may include adjustments to carry-forward attributes (see Note 9, “Income Taxes”). The Company’s policy is to recognize interest and penalties related to uncertain tax positions in the provision for income taxes. As of December 31, 2022 and 2021, the Company had no accrued interest or penalties related to uncertain tax positions. Comprehensive Loss Comprehensive loss includes net loss and other comprehensive loss for each period presented. Other comprehensive loss represents net unrealized loss on marketable securities. Stock-Based Compensation Stock-based compensation cost, including grants of stock options and restricted stock awards issued under the Company’s equity incentive plans and ESPP, is measured at the grant date based on the estimated fair value of the award and is recognized as an expense on a straight-line basis over the requisite service period, which is generally the vesting period. Stock-based compensation cost for performance-based restricted stock unit awards issued under the Company’s equity incentive plan is measured at the grant date based on the estimated fair value of the award, which is based on the closing stock price on the grant date, and is recognized as an expense when the Company determines that it is probable that the performance goals will be achieved, which the Company assess on a quarterly basis. The Company recognizes stock compensation in accordance with ASC 718, Compensation — Stock Compensation (“ASC 718”). The Company’s determination of the fair value of stock options with time-based vesting on the date of grant utilizes the Black-Scholes option-pricing model. The Company estimates volatility using stock prices of peer companies and its historical data, risk-free rates using the implied yield currently available on U.S. Treasury zero-coupon issues with a remaining term equal to the expected term, and dividend yield using the Company’s expectations and historical data. The Company uses the simplified method to calculate the expected term of employee stock option grants. Under the simplified method, the expected term is estimated to be the mid-point between the vesting date and the contractual term of the option. For awards with graded vesting, in which specified tranches of the options vest on different dates, the Company uses a single weighted average expected life to value the entire award, which is equal to the average of the weighted average vesting period of the award and the contractual term of the award. Equity instruments issued to nonemployees are recorded at their fair value on the grant date and without subsequent remeasurement. The amount of stock-based compensation expense recognized during a period is based on the value of the portion of the awards that are ultimately expected to vest, including awards with graded vesting. As part of the requirements of ASC 718, the Company has elected to account for forfeitures of stock option grants as they occur. Foreign Currency Transactions The functional currency of Olema Oncology Australia Pty Ltd, the Company’s wholly-owned subsidiary, is the U.S. dollar. Accordingly, all monetary assets and liabilities of the subsidiary are remeasured into U.S. dollars at the current period-end exchange rates and non-monetary assets are remeasured using historical exchange rates. Income and expense elements are remeasured to U.S. dollars using the average exchange rates in effect during the period. Remeasurement gains and losses are recorded as other income (expense) on the consolidated statements of operations. The Company is subject to foreign currency risk with respect to its clinical and manufacturing contracts denominated in currencies other than the U.S. dollar, predominantly the Australian dollar and the Euro. Payments on contracts denominated in foreign currencies are made at the spot rate on the day of payment. Changes in the exchange rate between billing dates and payment dates are recorded within other income (expense) on the consolidated statements of operations. Net Loss Per Common Share Basic net loss per common share is computed by dividing the net loss per common share by the weighted average number of common shares outstanding for the period without consideration of common stock equivalents. Diluted net loss per common share is computed by adjusting net loss to reallocate undistributed earnings based on the potential impact of dilutive securities, and by dividing the diluted net loss by the weighted average number of common shares outstanding for the period, including potential dilutive common shares. For purpose of this calculation, outstanding stock options, including unvested early exercised options, unvested restricted stock awards, unvested performance-based restricted stock unit awards, contingently issuable common stock related to the 2020 Employee Stock Purchase Plan (the “ESPP”) are considered potential dilutive common shares. Since the Company was in a loss position for all periods presented, basic net loss per share is the same as diluted net loss per share for all periods as the inclusion of all potential common shares outstanding would have been anti-dilutive. Recent Accounting Pronouncements There were no new accounting pronouncements that were relevant to the Company as of and for the year ended December 31, 2022.

Fair Value Measurement

Fair Value Measurement	12 Months Ended
	Dec. 31, 2022
Fair Value Measurement
Fair Value Measurement	3 . Fair Value Measurement The Company assesses the fair value of financial instruments based on the provisions of ASC 820, Fair Value Measurements. ASC 820 defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. ASC 820 also establishes a fair value hierarchy which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The standard describes three levels of inputs that may be used to measure fair value: ● Level 1 — Inputs are unadjusted quoted prices in active markets for identical assets or liabilities accessible to the reporting entity at the measurement date. ● Level 2 — Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. ● Level 3 — Unobservable inputs that are supported by little or no market activity that are significant to determining the fair value of the assets or liabilities, including pricing models, discounted cash flow methodologies and similar techniques. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 (in thousands) Level 1 ​ Level 2 ​ Level 3 ​ Total Financial Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash ​ $ 7,273 ​ $ — ​ $ — ​ $ 7,273 Money market funds ​ ​ 16,549 ​ ​ — ​ ​ — ​ ​ 16,549 Commercial paper ​ — ​ ​ 83,188 ​ ​ — ​ ​ 83,188 U.S. government treasury bills ​ ​ 77,025 ​ ​ — ​ ​ — ​ ​ 77,025 Government-sponsored enterprise securities ​ — ​ ​ 20,507 ​ ​ — ​ ​ 20,507 Total ​ $ 100,847 ​ $ 103,695 ​ $ — ​ $ 204,542 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ Gross Gross ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Estimated (in thousands) Cost ​ Gains ​ Losses ​ Fair Value Financial Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 23,822 ​ $ — ​ $ — ​ $ 23,822 Short-term marketable securities (<12 months to maturity) ​ ​ 182,533 ​ ​ 17 ​ ​ (1,830) ​ ​ 180,720 Long-term marketable securities (>12 months to maturity) ​ — ​ — ​ — ​ ​ — Total ​ $ 206,355 ​ $ 17 ​ $ (1,830) ​ $ 204,542 ​ The Company considers its marketable securities with maturities beyond one year as current assets, based on their highly liquid nature and because such marketable securities represent the investment of cash that is available for current operations. The Company considers its investment portfolio of marketable securities to be available-for-sale. The Company periodically reviews its available-for-sale marketable securities for other-than-temporary impairment. The Company considers factors such as the duration, severity and the reason for the decline in value, the potential recovery period and its intent to sell. For debt securities, the Company also considers whether (i) it is more likely than not that the Company will be required to sell the debt securities before recovery of their amortized cost basis, and (ii) the amortized cost basis cannot be recovered as a result of credit losses. There were five marketable securities that have been in a consecutive loss position for more than 12 months as of December 31, 2022. They had $0.3 million unrealized loss with a fair value of $12.7 million as of December 31, 2022. The Company does not believe that the total unrealized losses of $1.8 million as of December 31, 2022 are credit related but are rather a reflection of current market yields and/or current marketplace bid/ask spreads. During the years ended December 31, 2022 and 2021, respectively, the Company did not recognize any other-than-temporary impairment loss. As of December 31, 2022, there was no allowance for losses on available-for-sale debt securities attributable to credit risk. As of December 31, 2022, all of the Company’s cash and cash equivalents consisted of cash on deposit with U.S. banks denominated in U. S. dollars and Australian dollars.

Property and Equipment, net

Property and Equipment, net	12 Months Ended
	Dec. 31, 2022
Property and Equipment, net
Property and Equipment, net	4 . Property and Equipment, net Property and equipment, net consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ 2022 ​ 2021 Lab equipment $ 2,002 $ 1,639 Computer equipment ​ ​ 59 ​ ​ 59 Property and equipment, gross ​ ​ 2,061 ​ ​ 1,698 Less: Accumulated depreciation (581) ​ ​ (224) Property and equipment, net $ 1,480 ​ $ 1,474 ​

Prepaid Expenses and Other Curr

Prepaid Expenses and Other Current Assets	12 Months Ended
	Dec. 31, 2022
Prepaid Expenses and Other Current Assets
Prepaid Expenses and Other Current Assets	5 . Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ 2022 ​ 2021 Prepaid insurance ​ $ 1,738 ​ $ 1,766 Reimbursable research and development costs from a collaboration partner ​ ​ 1,387 ​ ​ — Prepaid clinical trial costs ​ ​ 506 ​ ​ 916 Prepaid subscriptions and licenses ​ 399 ​ 291 Interest receivable ​ ​ 319 ​ ​ 130 Prepaid research contracts ​ ​ 12 ​ ​ 239 Other 117 ​ ​ 93 Total $ 4,478 ​ $ 3,435 ​

Other Current Liabilities

Other Current Liabilities	12 Months Ended
	Dec. 31, 2022
Other Current Liabilities
Other Current Liabilities	6 . Other Current Liabilities Other current liabilities consisted of the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ 2022 ​ 2021 Accrued research and development related costs ​ $ 9,105 ​ $ 2,645 Accrued employee bonuses ​ ​ 4,518 ​ ​ 3,752 Accrued professional fees ​ ​ 1,091 ​ ​ 1,011 Accrued payroll related costs ​ ​ 296 ​ ​ 191 Early exercise of unvested stock options ​ ​ 82 ​ ​ 206 Accrued taxes ​ ​ 67 ​ ​ 88 Other 1 ​ ​ 172 Total $ 15,160 ​ $ 8,065 ​

Common Stock

Common Stock	12 Months Ended
	Dec. 31, 2022
Common Stock.
Common Stock	7. Common Stock As of each of the balance sheet dates below, the Company had reserved shares of common stock for issuance in connection with the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ 2022 ​ 2021 Options outstanding under the 2014 Stock Plan (1)(2) ​ ​ 2,332,441 ​ ​ 2,447,889 Options outstanding under the 2020 Equity Incentive Plan ​ ​ 5,332,617 ​ ​ 3,320,139 Options outstanding under the 2022 Inducement Plan ​ ​ 719,800 ​ ​ — Shares available for future grant under the 2020 Equity Incentive Plan and the 2022 Inducement Plan ​ ​ 1,392,584 ​ ​ 818,010 Available for the 2020 Employee Stock Purchase Plan ​ ​ 1,018,000 ​ ​ 791,742 Unvested performance-based restricted stock unit awards outstanding under the 2020 Equity Incentive Plan ​ ​ 710,000 ​ ​ — Unvested restricted stock awards outstanding under the 2014 Stock Plan 295,911 ​ ​ 493,185 ​ ​ 11,801,353 ​ ​ 7,870,965 (1) Balance as of December 31, 2022 includes 18,640 unvested early exercised stock options (see Note 8, “Stock-Based Compensation”). (2) Balance as of December 31, 2021 includes 46,598 unvested early exercised stock options (see Note 8, “Stock-Based Compensation”).

Stock-Based Compensation

Stock-Based Compensation	12 Months Ended
	Dec. 31, 2022
Stock-Based Compensation
Stock-Based Compensation	8. Stock-Based Compensation In 2014, the Company’s Board of Directors and stockholders approved and adopted the 2014 Stock Plan (the “2014 Plan”). The 2014 Plan permitted the grant of options and restricted stock awards (including restricted stock purchase rights and restricted stock bonus awards). The 2014 Plan was terminated on the date the 2020 Equity Incentive Plan (the “2020 Plan”), which is described below, became effective, and no additional awards will be made pursuant to the 2014 Plan. However, any outstanding awards granted under the 2014 Plan will remain outstanding, subject to the terms of the 2014 Plan award agreements, until such outstanding options are exercised or until any awards terminate or expire by their terms. In 2020, the Company’s Board of Directors and stockholders approved and adopted the 2020 Equity Incentive Plan (the “2020 Plan”). The 2020 Plan permits the grant of options, restricted stock awards, stock appreciation rights, restricted stock unit awards, performance awards, and other awards. The maximum number of shares of common stock that may be issued under the 2020 Plan will not exceed 6,494,510 shares of the Company’s common stock, which is the sum of (i) 2,152,080 new shares, plus (ii) an additional number of shares not to exceed 4,342,430 shares, consisting of any shares of the Company’s common stock subject to outstanding stock options or other stock awards granted under the Company’s 2014 Plan that, on or after the 2020 Plan becomes effective, terminate or expire prior to exercise or settlement; are not issued because the award is settled in cash; are forfeited because of the failure to vest; or are reacquired or withheld (or not issued) to satisfy a tax withholding obligation or the purchase or exercise price. In addition, the number of shares of the Company’s common stock reserved for issuance under the 2020 Plan automatically increases on January 1 of each year for a period of ten years, beginning on January 1, 2021 and continuing through January 1, 2030, in an amount equal to the lesser of (1) 5% of the total number of shares of the Company’s common stock outstanding on December 31 of the immediately preceding year, or (2) a lesser number of shares determined by the Company’s board of directors no later than December 31 of the immediately preceding year. In 2022, the Company’s Board of Directors approved and adopted the 2022 Inducement Plan (the “2022 Inducement Plan”). Under the 2022 Inducement Plan, initially 2,000,000 shares of common stock were reserved for issuance. The 2022 Inducement Plan permits the grant of options, restricted stock awards, stock appreciation rights, restricted stock unit awards, performance awards, and other awards. The exercise price for each option and stock appreciation right shall be established at the discretion of the Board, provided that the exercise price of a stock option will not be less than 100% of the fair market value of the Company’s common stock on the date of grant. Specific vesting for stock options and stock appreciation rights is service related and determined in each award agreement, where stock options and stock appreciation rights are fully vested at the grant date or follow a graded vesting schedule. Stock options and stock appreciation rights granted under the Plan generally expire ten years after the date of grant. Stock Option Valuation The fair value of stock option grants is estimated using the Black-Scholes option-pricing model. The Company lacks company-specific historical and implied volatility information. Therefore, it estimated its expected stock volatility based on the historical volatility of a publicly traded set of peer companies in addition to its own historical volatility. For options with service- based vesting conditions, the expected term of the Company’s stock options has been determined utilizing the “simplified” method for awards that qualify as “plain-vanilla” options. The expected term of stock options granted to nonemployees is equal to the contractual term of the option award. The risk-free interest rate is determined by reference to the U.S. Treasury yield curve in effect at the time of grant of the award for time periods approximately equal to the expected term of the award. Expected dividend yield is 0% since the Company has never paid cash dividends and does not expect to pay any cash dividends in the foreseeable future. The assumptions that the Company used to determine the estimated grant-date fair value of stock options granted to employees and directors under the 2020 Plan and the 2022 Inducement Plan were as follows, presented as a weighted average: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ 2022 ​ 2021 Risk-free interest rate ​ 1.99% ​ 0.95% Expected term (in years) ​ ​ 6.03 ​ ​ 5.97 Expected volatility ​ ​ 79.71% ​ ​ 77.55% Expected dividend yield — ​ ​ — ​ Stock Option Activity The following table summarizes the stock option activity under the 2014 Plan, the 2020 Plan and the 2022 Inducement Plan: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Weighted ​ Average ​ ​ ​ ​ ​ ​ ​ Average ​ Remaining ​ ​ ​ ​ ​ Number of ​ Exercise ​ Contractual ​ Aggregate ​ ​ Shares ​ Price ​ Term ​ Intrinsic Value ​ ​ ​ ​ ​ ​ (in years) ​ (in thousands) Outstanding as of December 31, 2021 5,768,028 ​ $ 15.99 ​ 8.82 ​ $ 11,365 Granted ​ 3,293,640 ​ ​ 5.53 ​ — ​ ​ — Exercised(1) ​ (115,448) ​ ​ 3.06 ​ — ​ ​ — Forfeited ​ (561,362) ​ ​ 23.64 ​ — ​ ​ — Outstanding as of December 31, 2022(2) ​ 8,384,858 ​ $ 8.59 ​ 8.30 ​ $ 262 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options vested and exercisable as of December 31, 2022 ​ 3,270,694 ​ $ 10.21 ​ 7.79 ​ $ 215 Options expected to vest as of December 31, 2022 ​ 5,114,164 ​ $ 7.56 ​ 8.63 ​ $ 47 (1) Exercised amount includes vesting of early exercised options. (2) Balance as of December 31, 2022 includes 18,640 unvested early exercised stock options. The weighted-average grant-date fair value per share of options granted during the years ended December 31, 2022 and 2021 was $3.83 and $21.87, respectively. For the years ended December 31, 2022 and 2021, there were 1,670,701 and 1,286,729 shares vested, respectively. The weighted-average grant date fair value per share of options vested during the years ended December 31, 2022 and 2021 was $6.76 and $7.48, respectively. The total fair value of options vested during the years ended December 31, 2022 and 2021 was $11.3 million and $10.9 million, respectively. The aggregate intrinsic value of options exercised during the years ended December 31, 2022 and 2021 was $0.3 million and $0.7 million, respectively. As of December 31, 2022, the total unrecognized compensation expense related to unvested options was $34.7 million, which the Company expects to recognize over an estimated weighted average period of 2.54 years. Early Exercise of Stock Options In September 2020, one employee and one non-employee paid $0.6 million to early exercise 135,525 options with exercise prices ranging from $4.406 per share to $4.824 per share. As of December 31, 2022, 116,885 of such shares had vested with the remaining shares vesting over their respective terms. The terms of the 2014 Plan permit certain option holders to exercise options before their options are vested, subject to certain limitations. The early exercised options are subject to the same vesting provisions in the original stock option awards. Shares issued as a result of early exercise that have not vested are subject to repurchase by the Company upon termination of the purchaser’s employment, at the price paid by the purchaser. Such shares are not deemed to be outstanding for accounting purposes until they vest and are therefore excluded from shares outstanding and from basic and diluted net loss per share until the repurchase right lapses and the shares are no longer subject to the repurchase feature. A liability is recognized related to the cash proceeds of the unvested options and is reclassified into common stock and additional paid-in capital as the shares vest and the repurchase right lapses. Accordingly, the Company has recorded the unvested portion of the exercise proceeds of $0.1 million in other current liabilities as of December 31, 2022. Restricted Stock Awards In June 2020, the Company granted to certain employees 789,095 shares of restricted common stock (the “RSAs”) under the 2014 Plan as consideration for services with a deemed value of $2.40 per share, or $1.9 million. The following table summarizes the restricted stock activity under the Plan during the year ended December 31, 2022: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Shares ​ Grant Date Fair Value Unvested restricted stock as of December 31, 2021 ​ 493,185 $ 2.40 Granted ​ ​ — ​ ​ ​ Vested ​ ​ (197,274) ​ ​ 2.40 Forfeited ​ ​ — ​ ​ ​ Unvested restricted stock as of December 31, 2022 ​ 295,911 ​ $ 2.40 ​ The total grant date fair value of the RSAs vested during the year ended December 31, 2022, was $0.5 million . Performance-Based Restricted Stock Unit Awards In November 2022, the Company granted to certain employees 710,000 shares of performance-based restricted stock unit awards (the “PSUs”) under the 2020 Plan as consideration for services subject to performance conditions with a fair value based on the closing price of the underlying common stock on the date of grant. Pursuant to the terms of the PSUs, 65% of each PSU vests upon certification by the Compensation Committee of the Company of achieving a pre-determined performance goal by June 30, 2024, and 35% of each PSU vests upon certification by the Compensation Committee of the Company of achieving a pre-determined performance goal by June 30, 2024. Expense recognition for PSUs commences when it is determined that attainment of the performance goal is probable or met. As of December 31, 2022, it was determined that the performance goals were not yet met, and therefore, the Company recorded zero stock-based compensation expense related to the PSUs for the year ended December 31, 2022. 2020 Employee Stock Purchase Plan (“2020 ESPP”) In 2020, the Company’s board of directors and stockholders approved and adopted the 2020 ESPP. The 2020 ESPP permits eligible employees who elect to participate in an offering under the 2020 ESPP to have up to 15% of their eligible earnings withheld, subject to certain limitations, to purchase shares of common stock pursuant to the 2020 ESPP. The price of the common stock purchased under the 2020 ESPP is equal to the lesser of (i) 85% of the fair market value of a share of the Company’s common stock on the first day of an offering; or (ii) 85% of the fair market value of a share of the Company’s common stock on the date of purchase. Each offering period is not to exceed 27 months and will include one or more purchase periods (each a “Purchase Period”) as approved by the Company’s board of directors in the offering. The current offering period will consist of two (2) six-month purchase periods (each a “Purchase Period”) during which payroll deductions of the participants are accumulated under the 2020 ESPP. The last business day of each Purchase Period is referred to as the “Purchase Date.” A total of 430,416 shares of common stock were initially reserved for issuance pursuant to the 2020 ESPP. The 2020 ESPP is a compensatory plan as defined by the authoritative guidance for stock-based compensation. The Company uses the Black-Scholes option-pricing model to estimate the fair value of stock offered under the 2020 ESPP. Stock-based compensation expense related to the 2020 ESPP was $0.4 million and $0.2 million for the years ended December 31, 2022 and 2021, respectively. Stock-Based Compensation Expense Stock-based compensation expense related to awards granted under the 2014 Plan, including the RSAs, the 2020 Plan, the 2022 Inducement Plan, and the 2020 ESPP was classified in the consolidated statements of operations and comprehensive loss as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ​ 2022 ​ 2021 Research and development $ 12,462 $ 9,346 General and administrative 6,367 ​ ​ 6,567 Total $ 18,829 ​ $ 15,913 ​

Income Taxes

Income Taxes	12 Months Ended
	Dec. 31, 2022
Income Taxes
Income Taxes	9. Income Taxes The reconciliation of the Federal statutory income tax (provision) benefit to the Company’s effective income tax provision is as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2022 2021 Federal statutory income tax ​ $ 21,927 ​ $ 14,930 State income taxes, net of federal tax benefit ​ 6,684 ​ 25 Permanent differences in non-tax-deductible executive compensation ​ (1,952) ​ (1,092) Permanent differences in foreign jurisdiction ​ ​ (450) ​ ​ — Permanent differences others ​ ​ (608) ​ ​ (105) Foreign research and development tax credit ​ ​ 624 ​ ​ — Other deferred items ​ ​ (308) ​ ​ 158 Rate changes ​ ​ (28) ​ ​ — Valuation allowance ​ (25,890) ​ (13,916) Net expense for income taxes ​ $ (1) ​ $ — ​ Deferred income taxes reflect the net tax effects of loss and credit carryforwards and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The Company’s deferred income tax assets and liabilities at December 31, 2022 and 2021 comprised the following (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2022 2021 Deferred tax assets: ​ ​ Net operating loss carryforwards ​ $ 27,449 ​ $ 17,889 Capitalized research and development ​ ​ 14,992 ​ ​ — Equity compensation ​ 4,786 ​ 2,530 Other ​ ​ 541 ​ ​ 959 Total deferred tax assets ​ $ 47,768 ​ $ 21,378 Deferred tax liabilities: ​ ​ Fixed assets ​ $ (341) ​ $ (310) Total deferred tax liabilities ​ ​ (341) ​ ​ (310) Valuation allowance ​ ​ (47,427) ​ ​ (21,068) Net deferred tax assets ​ $ — ​ $ — ​ In assessing the realization of deferred tax assets, management considers whether it is more likely than not that some portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which those temporary differences become deductible. Management considers the scheduled reversal of deferred tax liabilities, projected future taxable income and tax planning strategies in making this assessment. Based on the level of historical operating results and the uncertainty of the economic conditions, the Company has recorded a valuation allowance of $47.4 million and $21.1 million at December 31, 2022 and 2021, respectively. The change in the valuation allowance for the year end December 31, 2022 was an increase of $26.4 million. At December 31, 2022 and 2021, the Company had Federal net operating losses (NOLs) of approximately $115.0 million and $81.8 million, and state NOLs of $47.5 million and $10.4 million, respectively. As a result of the Tax Act, as modified by the CARES Act, for U.S. income tax purposes, NOLs generated in tax years beginning before January 1, 2018 can still be carried forward for up to 20 years, but net operating losses generated for tax years beginning after December 31, 2017 carryforward indefinitely and can be used to offset taxable income, but the deductibility of such Federal NOLs may be limited to 80% of current year taxable income for tax years beginning on or after December 31, 2022. Of the total Federal net operating loss of $115.0 million, $3.3 million will begin to expire in 2032 and $111.7 million will not expire. The state NOL carryover of $47.5 million will begin to expire in 2032. Pursuant to Internal Revenue Code (IRC) Sections 382 and 383, annual use of the Company’s net operating loss and research and development credit carryforwards may be limited in the event a cumulative change in ownership of more than 50% occurs within a three-year period. The Company has not completed an ownership change analysis pursuant to IRC Section 382. If ownership changes within the meaning of IRC Section 382 are identified as having occurred, the amount of remaining tax attribute carryforwards available to offset future taxable income and income tax expense in future years may be significantly restricted or eliminated. Further, the Company’s deferred tax assets associated with such tax attributes could be significantly reduced upon realization of an ownership change within the meaning of IRC Section 382 that has occurred or may occur in the future. Any adjustment to the Company’s tax attributes as a result of an ownership change will result in a corresponding decrease to the valuation allowance recorded against the Company’s deferred tax assets. The Company’s valuation allowance increased during the years ended December 31, 2022 and 2021 due primarily to the generation of net operating losses, as follows (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2022 2021 Valuation allowance at beginning of year ​ $ 21,068 ​ $ 7,231 Increase recorded to provision for income taxes ​ 26,359 ​ 13,837 Valuation allowance at end of year ​ $ 47,427 ​ $ 21,068 ​ The Company has not incurred any material interest or penalties as of the current reporting date with respect to income tax matters. The Company is subject to U.S. Federal and state income taxes. The Federal and state income tax returns for tax years prior to 2022 may remain open to examination as carry-forward attributes generated prior may be adjusted upon examination.

Net Loss Per Common Share

Net Loss Per Common Share	12 Months Ended
	Dec. 31, 2022
Net Loss Per Common Share
Net Loss Per Common Share	10. Net Loss Per Common Share Net Loss Per Common Share Basic and diluted net loss per common share was calculated as follows (in thousands, except share and per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2022 2021 Numerator: ​ ​ ​ ​ ​ ​ Net loss ​ $ (104,787) ​ $ (71,096) Denominator: ​ ​ Weighted average shares used to compute net loss per share, basic and diluted ​ 39,995,460 ​ 39,524,272 Net loss per share, basic and diluted ​ $ (2.62) ​ $ (1.80) ​ The potentially dilutive shares that were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive for the periods presented are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ​ ​ 2022 ​ 2021 Unvested restricted common stock ​ 295,911 493,185 Unvested performance-based restricted stock units ​ ​ 710,000 ​ — Options to purchase common stock ​ 8,384,858 5,768,028 Employee stock purchase plan contingently issuable ​ ​ 79,153 ​ 17,110 ​ ​ ​ 9,469,922 6,278,323 ​ Included in the potentially dilutive options to purchase common stock are 18,640 unvested stock options that were early exercised by an employee and a non-employee in September 2020 (see Note 8, “Stock-Based Compensation”). The Company determined the early exercises to be non-substantive as the shares were subject to repurchase rights. Accordingly, the Company has excluded these shares from the calculation of basic and diluted net loss per share for the years ended December 31, 2022 and 2021.

Leases

Leases	12 Months Ended
	Dec. 31, 2022
Leases
Leases	11. Lease The Company leases certain of its facilities under non-cancellable operating leases expiring at various dates through 2026. On June 1, 2013, the Company entered into a management services agreement with MandalMed, Inc. (“MandalMed”) (the “MandalMed Services Agreement”) to have access to and use a portion of approximately 5,762 square feet of space for the use of laboratory benches, lab equipment, office space, and administrative and facilities services. The Company subsequently entered into six amendments to extend the agreement term to November 2023. As part of the sixth amendment, the Company gained access to use additional space of approximately 2,130 square feet (the “Additional Space”) for a three year period commencing on December 1, 2020 and ending on November 30, 2023. According to the terms of the MandalMed Services Agreement, the Company paid a security deposit of less than $0.1 million and is required to pay monthly rent and common area charges. On August 27, 2020, the Company entered into a lease agreement with 512 2nd Street LLC to lease approximately 3,500 square feet of office space in San Francisco, California (the “Office Space Lease Agreement”). The Office Space Lease Agreement is for a period of two years commencing on September 1, 2020 and ending August 31, 2022. In April 2022, the Company extended the Office Space Lease Agreement up to August 31, 2023 and has one year renewal option to extend the term up to August 31, 2024. According to the terms of the Office Space Lease Agreement, the Company paid a $0.1 million security deposit and is required to pay monthly rent and common area charges. The extension of the lease term was accounted for as a modification under Topic 842 and the Company recorded additional ROU asset and lease liability of $0.3 million and $0.3 million, respectively, in the consolidated financial statements. On December 15, 2020, the Company entered into a lease agreement with Tennieh LLC to lease approximately 9,800 square feet of office space in San Francisco, California (the “Laboratory Lease Agreement”). The Laboratory Lease Agreement is for a period of five years commencing approximately February 1, 2021 and ending January 31, 2026. According to the terms of the Laboratory Lease Agreement, the Company paid a $0.4 million security deposit and is required to pay monthly rent and common area charges. The following table summarizes total lease expense during the years ended December 31, 2022 and 2021 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ​ 2022 ​ 2021 Straight-line operating lease expense $ 1,301 ​ $ 1,224 Variable lease expense 248 ​ 64 Short-term lease expense 49 ​ 112 Total operating lease expense $ 1,598 ​ $ 1,400 ​ The following table summarizes supplemental cash flow information during the year ended December 31, 2022 and 2021 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ​ 2022 ​ 2021 Cash paid for amounts included measurement of lease liabilities: ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases $ 1,274 ​ $ 988 ROU asset obtained in exchange for a new operating lease liability 297 3,152 ​ The following table summarizes the Company’s future minimum lease payments and reconciliation of lease liabilities as of December 31, 2022 (in thousands): ​ ​ ​ ​ ​ Years Ended December 31, ​ ​ ​ 2023 $ 1,185 2024 799 2025 822 2026 ​ ​ 69 2027 — Thereafter — Total future minimum lease payments ​ 2,875 Less: Interest ​ ​ (310) Total lease liabilities at present value ​ ​ 2,565 Lease liabilities, current ​ ​ 1,015 Lease liabilities, non-current ​ $ 1,550 ​ The following table summarizes lease term and discount rate as of December 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ​ 2022 ​ 2021 Weighted-average remaining lease term (years) 2.73 ​ 3.63 Weighted-average discount rate ​ 8.70% 8.65% ​

Commitments and Contingencies

Commitments and Contingencies	12 Months Ended
	Dec. 31, 2022
Commitments and Contingencies.
Commitments and Contingencies	12. Commitments and Contingencies Clinical Collaboration and Supply Agreement On July 22, 2020, the Company entered into a non-exclusive clinical collaboration and supply agreement with Novartis Institutes for BioMedical Research, Inc. (“Novartis”) (the “Novartis Agreement”). The collaboration is focused on the evaluation of the safety, tolerability and efficacy of OP-1250 in combination with Novartis’ proprietary CDK4/6 inhibitor Kisqali® (ribociclib) and/or Novartis’ proprietary PI3K a The Company is responsible for manufacturing, packaging and labeling OP-1250, and for packaging and labeling all drugs used in the clinical trials for the combined therapies (other than the Novartis Study Drugs). Novartis is responsible for manufacturing and delivering to the Company the Novartis Study Drugs in such quantities as reasonably needed for the clinical trials for the combined therapies. In accordance with an agreed budget, subject to certain thresholds, Novartis will reimburse the Company for a majority of the direct outside costs that the Company incurs related to conducting the activities under the agreed development plan in conducting the clinical trials for the combined therapies. The Novartis Agreement will terminate upon completion of all activities outlined in the development plan and the relevant protocols. Either party may terminate the Novartis Agreement for the uncured material breach or insolvency of the other party, if it reasonably deems it necessary in order to protect the safety, health or welfare of subjects enrolled in the clinical trials for the combined therapies due to the existence of a material safety issue, or in certain circumstances for an unresolved clinical hold with respect to either the Novartis Study Drugs or OP-1250. In addition, Novartis may terminate the Novartis Agreement if certain disputes between the parties are not resolved after following the applicable dispute resolution procedures, and the Company may terminate the Novartis Agreement in the event the Company terminates all clinical trials of the combined therapies other than due to a material safety issue or upon a clinical hold. Costs associated with research activities performed under the agreement are included in research and development expenses in the accompanying consolidated financial statements, with any reimbursable costs from Novartis reflected as a reduction of such expenses. For the year ended December 31, 2022, costs reimbursable from Novartis were $1.4 million. As of December 31, 2022, the receivable due from Novartis was $1.4 million, which is recorded under prepaid expenses and other current assets in the accompanying consolidated financial statements. There was no such cost incurred as of and for the year ended December 31, 2021. Clinical Trial Agreement In November 2020, the Company entered into a non-exclusive clinical trial agreement with Pfizer Inc. (“Pfizer”) (the “Pfizer Agreement”), to evaluate the safety and tolerability of OP-1250 in combination with Pfizer’s proprietary CDK4/6 inhibitor IBRANCE® (palbociclib) in patients with recurrent, locally advanced or metastatic ER+, HER2- breast cancer in a clinical trial. Under the terms of the non-exclusive agreement, the Company will be responsible for conducting the clinical trial for the combined therapies and Pfizer is responsible for supplying IBRANCE® to the Company at no cost to the Company. As part of the collaboration, the parties granted to each other a non-exclusive, royalty- free license under certain of the parties’ respective patent rights in the combination of IBRANCE® and OP-1250 to use the parties’ respective study drugs in research and development, solely to the extent reasonably needed for the other party’s activities in the collaboration. All inventions and data developed in the performance of the clinical trials for the combined therapies (other than those specific to each component study drug), will be jointly owned by the parties. The Company is responsible for manufacturing, packaging and labeling OP-1250, and for packaging and labeling all drugs used in the clinical trials for the combined therapies (other than IBRANCE® (palbociclib)). Pfizer is responsible for manufacturing and delivering to us IBRANCE® (palbociclib) in such quantities as reasonably needed for the clinical trials for the combined therapies. The Pfizer Agreement will terminate upon completion of all activities outlined in the study plan and the relevant protocols. Either party may terminate the Pfizer Agreement for the uncured material breach or insolvency of the other party, if it reasonably deems it necessary in order to protect the safety, health or welfare of subjects enrolled in the clinical trials for the combined therapies due to the existence of a material safety issue, or in certain circumstances for an unresolved clinical hold with respect to either the IBRANCE® (palbociclib) or OP-1250. In addition, either party may terminate the Pfizer Agreement if certain disputes between the parties are not resolved after following the applicable dispute resolution procedures or if either party determines to discontinue clinical development for medical, scientific, legal or other reasons. The Pfizer Agreement does not grant any right of first negotiation to participate in future clinical trials, and each of the parties retains all rights and ability to evaluate their respective compounds. Costs incurred in connection to the Pfizer Agreement are included in the research and development expense in the accompanying consolidated statements of operations and comprehensive loss for the years ended December 31, 2022, and 2021. License Agreement In June 2022, the Company entered into an exclusive global license agreement with Aurigene Discovery Technologies Limited (“Aurigene”) to research, develop and commercialize novel small molecule inhibitors of an undisclosed oncology target (“the Aurigene Agreement”). Under the terms of the Aurigene Agreement, Aurigene will provide to the Company an exclusive license to its portfolio of novel small molecule inhibitors of the target. Financial terms of the Aurigene Agreement include a $8.0 million upfront payment for rights to a pre-existing Aurigene program and potential future milestone payments of up to $60.0 million in clinical development and regulatory milestones, and up to $370.0 million in commercial milestones. Aurigene is also eligible to receive mid-single digits to the low double digits royalties on product sales, if any. During the research term, the Company will contribute funding to Aurigene to facilitate Aurigene’s ongoing discovery efforts. The Company and Aurigene will jointly direct further preclinical work and, if successful, the Company will lead clinical development as well as regulatory and commercial activities. The Company and Aurigene jointly own collaboration compounds and rights to any inventions made during the research term. The term of the Aurigene Agreement will continue until the expiration of the last-to-expire of all payment obligations with respect to all licensed products thereunder, unless terminated earlier in accordance with the terms of the Aurigene Agreement. The Aurigene Agreement may be terminated (a) by the Company for convenience, in its sole discretion, upon prior written notice to Aurigene, (b) by either the Company or Aurigene in connection with the other party’s uncured material breach or (c) by either the Company or Aurigene in connection with the insolvency of the other party. The $8.0 million upfront payment was incurred in June 2022 and recorded as research and development expense in the accompanying consolidated statements of operations and comprehensive loss. Costs incurred and milestones payments due to Aurigene prior to regulatory approval are recognized as research and development expenses in the period incurred. Payments due to Aurigene upon or subsequent to regulatory approval will be accrued as a provision to cost of sales in the period when achievement of respective milestone target is probable. As of December 31, 2022, it was determined that it is not probable to achieve any of the milestone target, and therefore, the Company recorded zero expense related to the milestone for the year ended December 31, 2022. Management Services Agreements The Company conducts research and development programs internally and through third parties that include, among others, arrangements with vendors, consultants, CMOs, and CROs. The Company has contractual arrangements in the normal course of business with these parties, however, the contracts with these parties are cancelable generally on reasonable notice within one year and the Company’s obligations under these contracts are primarily based on services performed through termination dates plus certain cancelation charges, if any, as defined in each of the respective agreements. In addition, these agreements may, from time to time, be subjected to amendments as a result of any change orders executed by the parties. As of December 31, 2022, the Company did not have material contractual commitments with respect to these arrangements. Contingencies From time to time, the Company may have certain contingent liabilities that arise in the ordinary course of business. The Company accrues a liability for such matters when it is probable that future expenditures will be made, and such expenditures can be reasonably estimated. For all periods presented, the Company was not a party to any pending material litigation or other material legal proceedings. Indemnification Agreements In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with members of its Board of Directors and executive officers that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. As of December 31, 2022 and 2021, respectively, the Company had not incurred any material costs as a result of such indemnifications.

Subsequent Event

Subsequent Event	12 Months Ended
	Dec. 31, 2022
Subsequent Event
Subsequent Event	13. Subsequent Event On March 9, 2023, the Company announced a corporate restructuring and portfolio prioritization to focus its resources on the late-stage clinical development of OP-1250 for the treatment of ER+ / HER2- metastatic breast cancer. As part of this restructuring, the Company’s workforce will be reduced by approximately 25%, affecting employees across research, early development, and general and administrative functions in the Company. This workforce reduction is expected to be completed by the end of the first quarter of 2023. Affected employees will be eligible to receive severance and other benefits, contingent upon such employee’s execution and the effectiveness of a separation agreement, which includes a general release of claims against the Company. The Company estimates that these severance and other costs will result in a one-time accounting charge of approximately $2.8 million in the first quarter of 2023, $2.7 million of which is attributable to cash expenditures expected to be paid in the same quarter. The charges that the Company expects to incur in connection with the restructuring are subject to a number of assumptions, and actual results may differ materially. The Company may also incur additional costs not currently contemplated due to events that may occur as a result of, or that are associated with, the restructuring. ​

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2022
Summary of Significant Accounting Policies
Basis of Presentation and Consolidation	Basis of Presentation and Consolidation The accompanying consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (the “SEC”) regarding financial reporting, and the instructions to Form 10-K and Article 10 of Regulation S-X. These consolidated financial statements include the accounts of Olema Pharmaceuticals, Inc. and its wholly owned subsidiary, Olema Oncology Australia Pty Ltd. All intercompany balances and transactions have been eliminated upon consolidation.
Use of Estimates	Use of Estimates The accompanying consolidated financial statements are prepared in accordance with GAAP. The preparation of the consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and reported amounts of expenses during the reporting period. Significant areas that require management’s estimates include accruals of research and development expenses, including accrual of research contract costs, stock-based compensation assumptions, including the fair value of common stock. On an ongoing basis, the Company evaluates its estimates and judgments, which are based on historical and anticipated results and trends and on various other assumptions that management believes to be reasonable under the circumstances. Actual results could differ from those estimates.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash and cash equivalents are defined as short-term, highly liquid investments with original maturities of 90 days or less at the date of purchase. Cash deposits are all in reputable financial institutions in the United States as of December 31, 2022 and 2021. Cash and cash equivalents consisted of cash on deposit with U.S. banks, including the Company’s bank account for its Australia subsidiary, denominated in U.S. dollars and Australian dollars and investments in interest bearing money market funds.
Marketable Securities	Marketable Securities All marketable securities have been classified as “available-for-sale” and are carried at estimated fair value as determined based upon quoted market prices or pricing models for similar securities. Management determines the appropriate classification of its investments at the time of purchase and reevaluates such designation as of each balance sheet date. Unrealized gains and losses are excluded from net loss and are reported as a component of comprehensive loss. Realized gains and losses and declines in fair value judged to be other than temporary, if any, on available-for-sale securities are included in interest income. The cost of securities sold is based on the specific-identification method. Interest earned on marketable securities is included in interest income. The Company periodically assesses its available-for-sale marketable securities for other-than-temporary impairment. For debt securities in an unrealized loss position, the Company first considers its intent to sell, or whether it is more likely than not that the Company will be required to sell the debt securities before recovery of their amortized cost basis. If either of these criteria are met, the amortized cost basis of such debt securities is written down to fair value through other expense. For debt securities in an unrealized loss position that do not meet the aforementioned criteria, the Company assesses whether the decline in the fair value of such debt securities has resulted from credit losses or other factors. The Company considers the extent to which fair value is less than amortized cost, any changes to the rating of the security by a rating agency, and any adverse conditions specifically related to the securities, among other factors. If this assessment indicates that a credit loss may exist, the Company then compares the present value of cash flows expected to be collected from such securities to their amortized cost basis. If the present value of cash flows expected to be collected is less than the amortized cost basis, a credit loss exists and an allowance for credit losses is recorded through other expense, limited by the amount that the fair value is less than the amortized cost basis. Any additional impairment not recorded through an allowance for credit losses is recognized in other comprehensive loss. The Company has not recorded any impairments for its marketable securities.
Concentration of Credit Risk and Other Risks and Uncertainties	Concentration of Credit Risk and Other Risks and Uncertainties Financial instruments that potentially subject the Company to concentration of credit risk consist of cash, cash equivalents, and marketable securities. The Company invests in a variety of financial instruments and, by its policy, limits these financial instruments to high credit quality securities issued by the U.S. government, U.S. government-sponsored agencies and highly rated banks and corporations, subject to certain concentration limits. The Company’s cash, cash equivalents, and marketable securities are held by financial institutions in the United States that management believes are of high credit quality. Amounts on deposit with individual banking institutions may at times exceed the limits insured by the Federal Deposit Insurance Corporation (“FDIC”); however, the Company has not experienced any losses on such deposits. The Company’s future results of operations involve a number of other risks and uncertainties. Factors that could affect the Company’s future operating results and cause actual results to vary materially from expectations include, but are not limited to, uncertainty of results of clinical trials and reaching milestones, uncertainty of regulatory approval of the Company’s current and potential future product candidates, uncertainty of market acceptance of the Company’s product candidates, competition from substitute products and larger companies, securing and protecting proprietary technology, strategic relationships and dependence on key individuals or sole-source suppliers. The Company’s product candidates require approvals from the U.S. Food and Drug Administration (“FDA”) and comparable foreign regulatory agencies prior to commercial sales in their respective jurisdictions. There can be no assurance that any product candidates will receive the necessary approvals. If the Company were denied approval, approval was delayed or the Company was unable to maintain approval for any product candidate, it could have a materially adverse impact on the Company.
Leases	Leases In February 2016, the Financial Accounting Standards Board (“FASB”) issued new lease accounting guidance in Accounting Standard Update (“ASU”) 2016-02, Leases Codification Improvements to Topic 842, Leases Leases (Topic 842): Targeted Improvements At the inception of an arrangement, the Company determines if an arrangement is, or contains, a lease based on the facts and circumstances present in that arrangement. Lease classification, recognition, and measurement are then determined at the lease commencement date. For arrangements that contain a lease, the Company (i) identifies lease and non-lease components, (ii) determines the consideration in the contract, (iii) determines whether the lease is an operating or finance lease; and (iv) recognizes lease ROU assets and liabilities. Lease liabilities and their corresponding ROU assets are recorded based on the present value of future lease payments over the expected lease term. The interest rate implicit in lease contracts is typically not readily determinable and as such, the Company uses the incremental borrowing rate based on the information available at the lease commencement date, which represents an internally developed rate that would be incurred to borrow, on a collateralized basis, over a similar term, an amount equal to the lease payments in a similar economic environment. Most leases include options to renew and, or terminate the lease, which can impact the lease term. The exercise of these options is at the Company’s discretion. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise such options. For any lease modification, the Company reassesses the lease classification, remeasures the related lease liability using an updated discount rate that reflects the modified lease term, and adjusts the related ROU asset under the lease modification guidance under Topic 842. The Company has operating leases for its research and development and office facilities. Fixed lease payments on operating leases are recognized over the expected term of the lease on a straight-line basis. Variable lease expenses that are not considered fixed are recognized as incurred. Fixed and variable lease expense on operating leases is recognized within operating expenses within our consolidated statements of operations and comprehensive loss. The Company elected to not apply the recognition requirements of Topic 842 to short-term leases with terms of 12 months or less. Additional information and disclosures required by Topic 842 are contained in Note 11 “Lease”.
Research and Development Costs	Research and Development Costs Research and development costs are expensed as incurred. Research and development expenses consist of costs incurred to discover, research and develop product candidates. These costs are recorded within research and development expenses in the consolidated statements of operations and include personnel expenses, stock-based compensation expenses, allocated general and administrative expenses, and external costs including fees paid to consultants and CROs and contract manufacturing organizations (“CMOs”), in connection with nonclinical studies and clinical trials, and other related clinical trial fees, such as for investigator fees, patient screening, laboratory work, clinical trial database management, clinical trial material management and statistical compilation and analysis. Non-refundable prepayments for goods or services that will be used or rendered for future research and development activities are recorded as prepaid expenses and other current assets. Such amounts are recognized as an expense as the goods are delivered or the related services are performed. Costs incurred in obtaining technology licenses that do not meet the definition of a business are charged immediately to research and development expense if the technology licensed has not reached technological feasibility and has no alternative future uses. Reimbursements of certain costs associated with research activities performed under the agreement with Novartis Institutes for BioMedical Research, Inc. (“Novartis”) are recorded as a reduction of research and development expenses, as described in Note 12, Commitments and Contingencies – Clinical Collaboration and Supply Agreement
Research Contract Costs and Accruals	Research Contract Costs and Accruals The Company has from time to time entered into various research and development and other agreements with commercial firms, researchers, universities and others for provisions of goods and services. These agreements are generally cancelable, and the related costs are recorded as research and development expenses as incurred. The Company records accruals for estimated ongoing research and development costs. When evaluating the adequacy of the accrued liabilities, the Company analyzes progress of the projects, studies or clinical trials, including the phase or completion of events, invoices received and contracted costs. Judgments and estimates are made in determining the accrued balances at the end of any reporting period. Actual results could differ materially from the Company’s estimates. The Company’s historical accrual estimates have not been materially different from the actual costs.
Property and Equipment	Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives. The useful lives of equipment are as follows: ​ ​ ​ ​ ​ Estimated Useful Lives Lab equipment 5 – 7 years Computer equipment 5 years ​ When assets are sold or retired, the cost and related accumulated depreciation are removed from the balance sheets, with any resulting gain or loss recorded in operating expenses in the statements of operations and comprehensive loss. Costs of repairs and maintenance are expensed as incurred.
Income Taxes	Income Taxes Income taxes are computed using the asset and liability approach that requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company’s consolidated financial statements. In estimating future tax consequences, the Company considers all expected future events other than enactment of changes in tax laws or rates. A valuation allowance is recorded, if necessary, to reduce net deferred tax assets to their realizable values if management does not believe it is more likely than not that the net deferred tax assets will be realized. As of December 31, 2022 and 2021, the Company has recorded full valuation allowance against its net deferred tax assets. The Company had no unrecognized tax benefits for the years ended December 31, 2022 and 2021, respectively. The Company may be subject to U.S. Federal, state, and local tax examinations by tax authorities for years before 2022, which may include adjustments to carry-forward attributes (see Note 9, “Income Taxes”). The Company’s policy is to recognize interest and penalties related to uncertain tax positions in the provision for income taxes. As of December 31, 2022 and 2021, the Company had no accrued interest or penalties related to uncertain tax positions.
Comprehensive Loss	Comprehensive Loss Comprehensive loss includes net loss and other comprehensive loss for each period presented. Other comprehensive loss represents net unrealized loss on marketable securities.
Stock-Based Compensation	Stock-Based Compensation Stock-based compensation cost, including grants of stock options and restricted stock awards issued under the Company’s equity incentive plans and ESPP, is measured at the grant date based on the estimated fair value of the award and is recognized as an expense on a straight-line basis over the requisite service period, which is generally the vesting period. Stock-based compensation cost for performance-based restricted stock unit awards issued under the Company’s equity incentive plan is measured at the grant date based on the estimated fair value of the award, which is based on the closing stock price on the grant date, and is recognized as an expense when the Company determines that it is probable that the performance goals will be achieved, which the Company assess on a quarterly basis. The Company recognizes stock compensation in accordance with ASC 718, Compensation — Stock Compensation (“ASC 718”). The Company’s determination of the fair value of stock options with time-based vesting on the date of grant utilizes the Black-Scholes option-pricing model. The Company estimates volatility using stock prices of peer companies and its historical data, risk-free rates using the implied yield currently available on U.S. Treasury zero-coupon issues with a remaining term equal to the expected term, and dividend yield using the Company’s expectations and historical data. The Company uses the simplified method to calculate the expected term of employee stock option grants. Under the simplified method, the expected term is estimated to be the mid-point between the vesting date and the contractual term of the option. For awards with graded vesting, in which specified tranches of the options vest on different dates, the Company uses a single weighted average expected life to value the entire award, which is equal to the average of the weighted average vesting period of the award and the contractual term of the award. Equity instruments issued to nonemployees are recorded at their fair value on the grant date and without subsequent remeasurement. The amount of stock-based compensation expense recognized during a period is based on the value of the portion of the awards that are ultimately expected to vest, including awards with graded vesting. As part of the requirements of ASC 718, the Company has elected to account for forfeitures of stock option grants as they occur.
Foreign Currency Transactions	Foreign Currency Transactions The functional currency of Olema Oncology Australia Pty Ltd, the Company’s wholly-owned subsidiary, is the U.S. dollar. Accordingly, all monetary assets and liabilities of the subsidiary are remeasured into U.S. dollars at the current period-end exchange rates and non-monetary assets are remeasured using historical exchange rates. Income and expense elements are remeasured to U.S. dollars using the average exchange rates in effect during the period. Remeasurement gains and losses are recorded as other income (expense) on the consolidated statements of operations. The Company is subject to foreign currency risk with respect to its clinical and manufacturing contracts denominated in currencies other than the U.S. dollar, predominantly the Australian dollar and the Euro. Payments on contracts denominated in foreign currencies are made at the spot rate on the day of payment. Changes in the exchange rate between billing dates and payment dates are recorded within other income (expense) on the consolidated statements of operations.
Net Loss Per Common Share	Net Loss Per Common Share Basic net loss per common share is computed by dividing the net loss per common share by the weighted average number of common shares outstanding for the period without consideration of common stock equivalents. Diluted net loss per common share is computed by adjusting net loss to reallocate undistributed earnings based on the potential impact of dilutive securities, and by dividing the diluted net loss by the weighted average number of common shares outstanding for the period, including potential dilutive common shares. For purpose of this calculation, outstanding stock options, including unvested early exercised options, unvested restricted stock awards, unvested performance-based restricted stock unit awards, contingently issuable common stock related to the 2020 Employee Stock Purchase Plan (the “ESPP”) are considered potential dilutive common shares. Since the Company was in a loss position for all periods presented, basic net loss per share is the same as diluted net loss per share for all periods as the inclusion of all potential common shares outstanding would have been anti-dilutive.
Recent Accounting Pronouncements	Recent Accounting Pronouncements There were no new accounting pronouncements that were relevant to the Company as of and for the year ended December 31, 2022.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2022
Summary of Significant Accounting Policies
Schedule of useful lives of equipment	​ ​ ​ ​ ​ Estimated Useful Lives Lab equipment 5 – 7 years Computer equipment 5 years ​

Fair Value Measurement (Tables)

Fair Value Measurement (Tables)	12 Months Ended
	Dec. 31, 2022
Fair Value Measurement
Schedule of financial assets and liabilities measured at fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 (in thousands) Level 1 ​ Level 2 ​ Level 3 ​ Total Financial Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash ​ $ 7,273 ​ $ — ​ $ — ​ $ 7,273 Money market funds ​ ​ 16,549 ​ ​ — ​ ​ — ​ ​ 16,549 Commercial paper ​ — ​ ​ 83,188 ​ ​ — ​ ​ 83,188 U.S. government treasury bills ​ ​ 77,025 ​ ​ — ​ ​ — ​ ​ 77,025 Government-sponsored enterprise securities ​ — ​ ​ 20,507 ​ ​ — ​ ​ 20,507 Total ​ $ 100,847 ​ $ 103,695 ​ $ — ​ $ 204,542 ​
Schedule of financial assets reconciliation	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2022 ​ ​ ​ Gross Gross ​ ​ ​ ​ Amortized ​ Unrealized ​ Unrealized ​ Estimated (in thousands) Cost ​ Gains ​ Losses ​ Fair Value Financial Assets ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ 23,822 ​ $ — ​ $ — ​ $ 23,822 Short-term marketable securities (<12 months to maturity) ​ ​ 182,533 ​ ​ 17 ​ ​ (1,830) ​ ​ 180,720 Long-term marketable securities (>12 months to maturity) ​ — ​ — ​ — ​ ​ — Total ​ $ 206,355 ​ $ 17 ​ $ (1,830) ​ $ 204,542

Property and Equipment, net (Ta

Property and Equipment, net (Tables)	12 Months Ended
	Dec. 31, 2022
Property and Equipment, net
Schedule of property and equipment, net	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ 2022 ​ 2021 Lab equipment $ 2,002 $ 1,639 Computer equipment ​ ​ 59 ​ ​ 59 Property and equipment, gross ​ ​ 2,061 ​ ​ 1,698 Less: Accumulated depreciation (581) ​ ​ (224) Property and equipment, net $ 1,480 ​ $ 1,474

Prepaid Expenses and Other Cu_2

Prepaid Expenses and Other Current Assets (Tables)	12 Months Ended
	Dec. 31, 2022
Prepaid Expenses and Other Current Assets
Schedule of prepaid expenses and other current assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ 2022 ​ 2021 Prepaid insurance ​ $ 1,738 ​ $ 1,766 Reimbursable research and development costs from a collaboration partner ​ ​ 1,387 ​ ​ — Prepaid clinical trial costs ​ ​ 506 ​ ​ 916 Prepaid subscriptions and licenses ​ 399 ​ 291 Interest receivable ​ ​ 319 ​ ​ 130 Prepaid research contracts ​ ​ 12 ​ ​ 239 Other 117 ​ ​ 93 Total $ 4,478 ​ $ 3,435

Other Current Liabilities (Tabl

Other Current Liabilities (Tables)	12 Months Ended
	Dec. 31, 2022
Other Current Liabilities
Schedule of other current liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ 2022 ​ 2021 Accrued research and development related costs ​ $ 9,105 ​ $ 2,645 Accrued employee bonuses ​ ​ 4,518 ​ ​ 3,752 Accrued professional fees ​ ​ 1,091 ​ ​ 1,011 Accrued payroll related costs ​ ​ 296 ​ ​ 191 Early exercise of unvested stock options ​ ​ 82 ​ ​ 206 Accrued taxes ​ ​ 67 ​ ​ 88 Other 1 ​ ​ 172 Total $ 15,160 ​ $ 8,065

Common Stock (Tables)

Common Stock (Tables)	12 Months Ended
	Dec. 31, 2022
Common Stock.
Schedule of common stock reserved for issuance	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ 2022 ​ 2021 Options outstanding under the 2014 Stock Plan (1)(2) ​ ​ 2,332,441 ​ ​ 2,447,889 Options outstanding under the 2020 Equity Incentive Plan ​ ​ 5,332,617 ​ ​ 3,320,139 Options outstanding under the 2022 Inducement Plan ​ ​ 719,800 ​ ​ — Shares available for future grant under the 2020 Equity Incentive Plan and the 2022 Inducement Plan ​ ​ 1,392,584 ​ ​ 818,010 Available for the 2020 Employee Stock Purchase Plan ​ ​ 1,018,000 ​ ​ 791,742 Unvested performance-based restricted stock unit awards outstanding under the 2020 Equity Incentive Plan ​ ​ 710,000 ​ ​ — Unvested restricted stock awards outstanding under the 2014 Stock Plan 295,911 ​ ​ 493,185 ​ ​ 11,801,353 ​ ​ 7,870,965 (1) Balance as of December 31, 2022 includes 18,640 unvested early exercised stock options (see Note 8, “Stock-Based Compensation”). (2) Balance as of December 31, 2021 includes 46,598 unvested early exercised stock options (see Note 8, “Stock-Based Compensation”).

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	12 Months Ended
	Dec. 31, 2022
Stock-Based Compensation
Schedule of fair value assumptions	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ ​ 2022 ​ 2021 Risk-free interest rate ​ 1.99% ​ 0.95% Expected term (in years) ​ ​ 6.03 ​ ​ 5.97 Expected volatility ​ ​ 79.71% ​ ​ 77.55% Expected dividend yield — ​ ​ —
Schedule of stock option activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ ​ ​ ​ Weighted ​ Average ​ ​ ​ ​ ​ ​ ​ Average ​ Remaining ​ ​ ​ ​ ​ Number of ​ Exercise ​ Contractual ​ Aggregate ​ ​ Shares ​ Price ​ Term ​ Intrinsic Value ​ ​ ​ ​ ​ ​ (in years) ​ (in thousands) Outstanding as of December 31, 2021 5,768,028 ​ $ 15.99 ​ 8.82 ​ $ 11,365 Granted ​ 3,293,640 ​ ​ 5.53 ​ — ​ ​ — Exercised(1) ​ (115,448) ​ ​ 3.06 ​ — ​ ​ — Forfeited ​ (561,362) ​ ​ 23.64 ​ — ​ ​ — Outstanding as of December 31, 2022(2) ​ 8,384,858 ​ $ 8.59 ​ 8.30 ​ $ 262 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options vested and exercisable as of December 31, 2022 ​ 3,270,694 ​ $ 10.21 ​ 7.79 ​ $ 215 Options expected to vest as of December 31, 2022 ​ 5,114,164 ​ $ 7.56 ​ 8.63 ​ $ 47 (1) Exercised amount includes vesting of early exercised options. (2) Balance as of December 31, 2022 includes 18,640 unvested early exercised stock options.
Summary of restricted stock activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of Shares ​ Grant Date Fair Value Unvested restricted stock as of December 31, 2021 ​ 493,185 $ 2.40 Granted ​ ​ — ​ ​ ​ Vested ​ ​ (197,274) ​ ​ 2.40 Forfeited ​ ​ — ​ ​ ​ Unvested restricted stock as of December 31, 2022 ​ 295,911 ​ $ 2.40 ​
Schedule of stock-based compensation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ​ 2022 ​ 2021 Research and development $ 12,462 $ 9,346 General and administrative 6,367 ​ ​ 6,567 Total $ 18,829 ​ $ 15,913

Income Tax (Tables)

Income Tax (Tables)	12 Months Ended
	Dec. 31, 2022
Income Taxes
Schedule of reconciliation of federal statutory income tax provision to effective income tax provision	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2022 2021 Federal statutory income tax ​ $ 21,927 ​ $ 14,930 State income taxes, net of federal tax benefit ​ 6,684 ​ 25 Permanent differences in non-tax-deductible executive compensation ​ (1,952) ​ (1,092) Permanent differences in foreign jurisdiction ​ ​ (450) ​ ​ — Permanent differences others ​ ​ (608) ​ ​ (105) Foreign research and development tax credit ​ ​ 624 ​ ​ — Other deferred items ​ ​ (308) ​ ​ 158 Rate changes ​ ​ (28) ​ ​ — Valuation allowance ​ (25,890) ​ (13,916) Net expense for income taxes ​ $ (1) ​ $ — ​
Schedule of deferred income tax assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As of December 31, ​ 2022 2021 Deferred tax assets: ​ ​ Net operating loss carryforwards ​ $ 27,449 ​ $ 17,889 Capitalized research and development ​ ​ 14,992 ​ ​ — Equity compensation ​ 4,786 ​ 2,530 Other ​ ​ 541 ​ ​ 959 Total deferred tax assets ​ $ 47,768 ​ $ 21,378 Deferred tax liabilities: ​ ​ Fixed assets ​ $ (341) ​ $ (310) Total deferred tax liabilities ​ ​ (341) ​ ​ (310) Valuation allowance ​ ​ (47,427) ​ ​ (21,068) Net deferred tax assets ​ $ — ​ $ — ​
Schedule of valuation allowance	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2022 2021 Valuation allowance at beginning of year ​ $ 21,068 ​ $ 7,231 Increase recorded to provision for income taxes ​ 26,359 ​ 13,837 Valuation allowance at end of year ​ $ 47,427 ​ $ 21,068 ​

Net Loss Per Common Share (Tabl

Net Loss Per Common Share (Tables)	12 Months Ended
	Dec. 31, 2022
Net Loss Per Common Share
Schedule of basic and diluted net loss per common share	Basic and diluted net loss per common share was calculated as follows (in thousands, except share and per share amounts): ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ 2022 2021 Numerator: ​ ​ ​ ​ ​ ​ Net loss ​ $ (104,787) ​ $ (71,096) Denominator: ​ ​ Weighted average shares used to compute net loss per share, basic and diluted ​ 39,995,460 ​ 39,524,272 Net loss per share, basic and diluted ​ $ (2.62) ​ $ (1.80) ​
Schedule of anti-dilutive securities excluded from computation of diluted loss per share	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ​ ​ 2022 ​ 2021 Unvested restricted common stock ​ 295,911 493,185 Unvested performance-based restricted stock units ​ ​ 710,000 ​ — Options to purchase common stock ​ 8,384,858 5,768,028 Employee stock purchase plan contingently issuable ​ ​ 79,153 ​ 17,110 ​ ​ ​ 9,469,922 6,278,323 ​

Leases (Tables)

Leases (Tables)	12 Months Ended
	Dec. 31, 2022
Leases
Summary of total lease expense	The following table summarizes total lease expense during the years ended December 31, 2022 and 2021 (in thousands): ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ​ 2022 ​ 2021 Straight-line operating lease expense $ 1,301 ​ $ 1,224 Variable lease expense 248 ​ 64 Short-term lease expense 49 ​ 112 Total operating lease expense $ 1,598 ​ $ 1,400 ​
Summary of supplemental cash flow information	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ​ 2022 ​ 2021 Cash paid for amounts included measurement of lease liabilities: ​ ​ ​ ​ ​ ​ Operating cash flows from operating leases $ 1,274 ​ $ 988 ROU asset obtained in exchange for a new operating lease liability 297 3,152
Summary of future minimum lease payments	​ ​ ​ ​ ​ Years Ended December 31, ​ ​ ​ 2023 $ 1,185 2024 799 2025 822 2026 ​ ​ 69 2027 — Thereafter — Total future minimum lease payments ​ 2,875 Less: Interest ​ ​ (310) Total lease liabilities at present value ​ ​ 2,565 Lease liabilities, current ​ ​ 1,015 Lease liabilities, non-current ​ $ 1,550 ​
Summary of lease term and discount rate	​ ​ ​ ​ ​ ​ ​ ​ Years Ended December 31, ​ ​ 2022 ​ 2021 Weighted-average remaining lease term (years) 2.73 ​ 3.63 Weighted-average discount rate ​ 8.70% 8.65%

Nature of the Business and Ba_2

Nature of the Business and Basis of Presentation (Details) $ in Millions	12 Months Ended
	Dec. 31, 2022 USD ($) segment
Nature of the Business and Basis of Presentation
Number of operating segments	1
Number of reportable segments	1
Cash, cash equivalents and marketable securities | $	$ 204.4

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Unrecognized tax benefits	$ 0	$ 0
Accrued interest or penalties	$ 0	$ 0
Computer equipment
Property, Plant and Equipment [Line Items]
Estimated useful lives (in years)	5 years
Maximum | Lab equipment
Property, Plant and Equipment [Line Items]
Estimated useful lives (in years)	7 years
Minimum | Lab equipment
Property, Plant and Equipment [Line Items]
Estimated useful lives (in years)	5 years

Fair Value Measurement (Details

Fair Value Measurement (Details) - Recurring $ in Thousands	Dec. 31, 2022 USD ($)
Assets
Cash	$ 7,273
Total	204,542
Level 1
Assets
Cash	7,273
Total	100,847
Level 2
Assets
Total	103,695
Money market funds
Assets
Cash	16,549
Money market funds | Level 1
Assets
Cash	16,549
Commercial paper
Assets
Marketable securities	83,188
Commercial paper | Level 2
Assets
Marketable securities	83,188
U.S. Government treasury bills
Assets
Marketable securities	77,025
U.S. Government treasury bills | Level 1
Assets
Marketable securities	77,025
Government-sponsored enterprise securities
Assets
Marketable securities	20,507
Government-sponsored enterprise securities | Level 2
Assets
Marketable securities	$ 20,507

Fair Value Measurement - Market

Fair Value Measurement - Marketable Securities (Details)	Dec. 31, 2022 USD ($) security
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Amortized Cost	$ 206,355,000
Gross Unrealized Gains	17,000
Gross Unrealized Losses	(1,830,000)
Estimated Fair Value	204,542,000
Allowance for losses on available-for-sale debt securities	$ 0
Marketable securities in an unrealized loss position for more than 12 months | security	5
Security in continuous unrealized loss position, more than 12 months, accumulated Loss	$ 300,000
Security in continuous unrealized loss position, more than 12 months, fair value	12,700,000
Cash and cash equivalents
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Amortized Cost	23,822,000
Estimated Fair Value	23,822,000
Short-term marketable securities
Debt Securities, Available-for-sale, Fair Value to Amortized Cost [Abstract]
Amortized Cost	182,533,000
Gross Unrealized Gains	17,000
Gross Unrealized Losses	(1,830,000)
Estimated Fair Value	$ 180,720,000

Property and Equipment, net (De

Property and Equipment, net (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 2,061	$ 1,698
Less: Accumulated depreciation	(581)	(224)
Property and equipment, net	1,480	1,474
Lab equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	2,002	1,639
Computer equipment
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 59	$ 59

Prepaid Expenses and Other Cu_3

Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Prepaid Expenses and Other Current Assets
Prepaid insurance	$ 1,738	$ 1,766
Reimbursable research and development costs from a collaboration partner	1,387
Prepaid clinical trial costs	506	916
Prepaid subscriptions and licenses	399	291
Interest receivable	319	130
Prepaid research contracts	12	239
Other	117	93
Total	$ 4,478	$ 3,435

Other Current Liabilities (Deta

Other Current Liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Other Current Liabilities
Accrued research and development related costs	$ 9,105	$ 2,645
Accrued employee bonuses	4,518	3,752
Accrued professional fees	1,091	1,011
Accrued payroll related costs	296	191
Early exercise of unvested stock options	82	206
Accrued taxes	67	88
Other	1	172
Total	$ 15,160	$ 8,065

Common Stock (Details)

Common Stock (Details) - shares	1 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2022	Dec. 31, 2021
Class of Stock [Line Items]
Unvested early exercised stock options		11,801,353	7,870,965
Exercised (in shares)	135,525	115,448
Options outstanding under the 2014 Stock Plan (1)(2)
Class of Stock [Line Items]
Unvested early exercised stock options		2,332,441	2,447,889
Exercised (in shares)		18,640	46,598
Options outstanding under the 2020 Equity Incentive Plan
Class of Stock [Line Items]
Unvested early exercised stock options		5,332,617	3,320,139
Options Outstanding Under 2022 Inducement Plan
Class of Stock [Line Items]
Unvested early exercised stock options		719,800
Shares available for future grant under the 2020 Equity Incentive Plan and the 2022 Inducement Plan
Class of Stock [Line Items]
Unvested early exercised stock options		1,392,584	818,010
Available for the 2020 Employee Stock Purchase Plan
Class of Stock [Line Items]
Unvested early exercised stock options		1,018,000	791,742
Unvested Performance Based RSU Awards 2020 Equity Incentive Plan
Class of Stock [Line Items]
Unvested early exercised stock options		710,000
Unvested restricted stock awards outstanding under the 2014 Stock Plan
Class of Stock [Line Items]
Unvested early exercised stock options		295,911	493,185

Stock-Based Compensation (Detai

Stock-Based Compensation (Details) - shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2020	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percent of common stock at fair market value to be exercised	100%
Expiration period (in years)	10 years
Common stock reserved for issuance	11,801,353		7,870,965
2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
New shares authorized		2,152,080
Period of increase in common stock reserved for issuance		10 years
Percentage of increase in common stock reserved for issuance		5%
2020 Plan | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares authorized		6,494,510
Shares available from prior equity incentive plan		4,342,430
2022 Inducement Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock reserved for issuance	2,000,000

Stock-Based Compensation - Stoc

Stock-Based Compensation - Stock Option Valuation (Details)	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Stock-Based Compensation
Risk-free interest rate	1.99%	0.95%
Expected term (in years)	6 years 10 days	5 years 11 months 19 days
Expected volatility	79.71%	77.55%
Expected dividend yield	0%

Stock-Based Compensation - St_2

Stock-Based Compensation - Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2022	Dec. 31, 2021
Number of shares
Outstanding as at beginning of period (in shares)		5,768,028
Granted (in shares)		3,293,640
Exercised (in shares)	(135,525)	(115,448)
Forfeited (in shares)		(561,362)
Outstanding as at end of period (in shares)		8,384,858	5,768,028
Options vested and exercisable as at end of period (in shares)		3,270,694
Options expected to vest as at end of period (in shares)		5,114,164
Weighted Average Exercise Price
Outstanding as at beginning of period (in dollars per share)		$ 15.99
Granted (in dollars per share)		5.53
Exercised (in dollars per share)		3.06
Forfeited (in dollars per share)		23.64
Outstanding at end of period (in dollars per share)		8.59	$ 15.99
Options vested and exercisable as at end of period (in dollars per share)		10.21
Options expected to vest as at end of period (in dollars per share)		$ 7.56
Weighted Average Remaining Contractual Life
Weighted Average Remaining Contractual Life of outstanding options (in years)		8 years 3 months 18 days	8 years 9 months 25 days
Weighted Average Remaining Contractual Life of vested and exercisable options (in years)		7 years 9 months 14 days
Weighted Average Remaining Contractual Life of expected to vest options (in years)		8 years 7 months 17 days
Intrinsic Value of outstanding options		$ 262	$ 11,365
Intrinsic Value of vested and exercisable options		215
Intrinsic Value of expected to vest options		$ 47
Unvested early exercised stock options		18,640	18,640
Weighted-average grant date fair value of options granted (in dollars per share)		$ 3.83	$ 21.87
Number of shares vested		1,670,701	1,286,729
Weighted-average grant date fair value of options vested (in dollars per share)		$ 6.76	$ 7.48
Fair value of options vested		$ 11,300	$ 10,900
Aggregate intrinsic value of options exercised		300	$ 700
Unrecognized stock-based compensation cost		$ 34,700
Period over which cost is expected to be recognized (in years)		2 years 6 months 14 days

Stock-Based Compensation - Earl

Stock-Based Compensation - Early Exercise of Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2022	Dec. 31, 2021
Stock-Based Compensation
Proceeds from exercise of stock options	$ 600	$ 146	$ 670
Exercise of stock options (in shares)	135,525	115,448
Exercise price, lower range (in dollars per share)	$ 4.406
Exercise price, higher range (in dollars per share)	$ 4.824
Current liability from early exercises of stock options		$ 100
Shares vested		116,885

Stock-Based Compensation - Rest

Stock-Based Compensation - Restricted Stock Awards (Details) - USD ($) $ / shares in Units, $ in Millions	1 Months Ended	12 Months Ended
	Jun. 30, 2020	Dec. 31, 2022
Number of Shares
Unvested restricted stock as at beginning of period (in shares)		493,185
Vested (in shares)		(197,274)
Unvested restricted stock as at end of period (in shares)		295,911
Grant Date Fair Value
Unvested restricted stock as at beginning of period (in dollars per share)		$ 2.40
Vested (in dollars per share)		2.40
Unvested restricted stock as at ending of period (in dollars per share)		$ 2.40
Weighted average recognition period of RSA		2 years 6 months 14 days
Unvested restricted common stock
Grant Date Fair Value
Grant date fair value of the RSAs vested		$ 0.5
Unrecognized compensation expense related to unvested RSA		$ 0.7
Weighted average recognition period of RSA		1 year 6 months
Unvested restricted common stock | 2014 Plan. | Share-based Payment Arrangement, Employee
Stock-Based Compensation
Value of restricted common stock granted	$ 1.9
Number of Shares
Granted (in shares)	789,095
Grant Date Fair Value
Granted (in dollars per share)	$ 2.40

Stock Based Compensation - Perf

Stock Based Compensation - Performance-Based Restricted Stock Unit Awards (Details) - USD ($)	1 Months Ended	12 Months Ended
	Nov. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense		$ 18,829,000	$ 15,913,000
Unvested performance-based restricted stock units | 2020 Plan | Share-based Payment Arrangement, Employee
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted (in shares)	710,000
Stock-based compensation expense		$ 0
Unvested performance-based restricted stock units | 2020 Plan | Share-based Payment Arrangement, Employee | Share-Based Payment Arrangement, Tranche One
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting Percentage	65%
Unvested performance-based restricted stock units | 2020 Plan | Share-based Payment Arrangement, Employee | Share-Based Payment Arrangement, Tranche Two
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting Percentage	35%

Stock-Based Compensation - 2020

Stock-Based Compensation - 2020 Employee Stock Purchase Plan (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2020 item
Stock-Based Compensation
Percent of common stock at fair market value to be exercised	100%
Common stock reserved for issuance | shares	11,801,353	7,870,965
Stock-based compensation expense | $	$ 18,829	$ 15,913
Employee stock purchase plan contingently issuable
Stock-Based Compensation
Percentage of eligible earnings withheld			15%
Percent of common stock at fair market value to be exercised			85%
Number of months for each purchase period			6 months
Number of purchase periods | item			2
Common stock reserved for issuance | shares	430,416
Stock-based compensation expense | $	$ 400	$ 200
Employee stock purchase plan contingently issuable | Maximum
Stock-Based Compensation
Offering period			27 months

Stock-Based Compensation - St_3

Stock-Based Compensation - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Stock-based compensation expense
Total stock-based compensation expense	$ 18,829	$ 15,913
Research and development
Stock-based compensation expense
Total stock-based compensation expense	12,462	9,346
General and administrative
Stock-based compensation expense
Total stock-based compensation expense	$ 6,367	$ 6,567

Income Taxes - Schedule of reco

Income Taxes - Schedule of reconciliation of federal statutory income tax provision to effective income tax provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Reconciliation of the Federal statutory income tax provision
Federal statutory income tax	$ 21,927	$ 14,930
State income taxes, net of federal tax benefit	6,684	25
Permanent differences in non-tax-deductible executive compensation	(1,952)	(1,092)
Permanent differences in foreign jurisdiction	(450)
Permanent differences others	(608)	(105)
Foreign research and development tax credit	624
Other deferred items	(308)	158
Rate changes	(28)
Valuation allowance	(25,890)	$ (13,916)
Net expense for income taxes	$ (1)

Income Taxes - Schedule of defe

Income Taxes - Schedule of deferred income tax assets and liabilities (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Net operating loss carryforwards	$ 27,449	$ 17,889
Capitalized research and development	14,992
Equity compensation	4,786	2,530
Other	541	959
Total deferred tax assets	47,768	21,378
Deferred tax liabilities:
Fixed assets	(341)	(310)
Total deferred tax liabilities	(341)	(310)
Valuation allowance	$ (47,427)	$ (21,068)	$ (7,231)

Income Taxes - Net operating lo

Income Taxes - Net operating losses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Operating Loss Carryforwards [Line Items]
Valuation allowance	$ 47,427	$ 21,068	$ 7,231
Change in valuation allowance	$ 26,359	13,837
Tax carry forward term	20 years
Federal
Operating Loss Carryforwards [Line Items]
Net operating losses	$ 115,000	81,800
Net operating loss carryforwards subject to expiration	3,300
Net operating loss carryforwards not subject to expiration	$ 111,700
Percentage of federal net operating loss	80%
State
Operating Loss Carryforwards [Line Items]
Net operating losses	$ 47,500	$ 10,400
Net operating loss carryforwards subject to expiration	$ 47,500

Income Taxes - Schedule of valu

Income Taxes - Schedule of valuation allowance (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Taxes
Valuation allowance at beginning of year	$ 21,068	$ 7,231
Increase recorded to provision for income taxes	26,359	13,837
Valuation allowance at end of year	$ 47,427	$ 21,068

Net Loss Per Common Share (Deta

Net Loss Per Common Share (Details) - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net loss	$ (104,787)	$ (71,096)
Denominator:
Weighted average shares used to compute net loss per share, basic	39,995,460	39,524,272
Weighted average shares used to compute net loss per share, diluted	39,995,460	39,524,272
Net loss per share, basic	$ (2.62)	$ (1.80)
Net loss per share, diluted	$ (2.62)	$ (1.80)

Net Loss Per Common Share - Ant

Net Loss Per Common Share - Anti-dilutive Effect (Details) - shares	1 Months Ended	12 Months Ended
	Sep. 30, 2020	Dec. 31, 2022	Dec. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities		9,469,922	6,278,323
Exercise of stock options (in shares)	135,525	115,448
Unvested early exercised stock options		18,640	18,640
Unvested restricted common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities		295,911	493,185
Unvested performance-based restricted stock units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities		710,000
Options to purchase common stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities		8,384,858	5,768,028
Employee stock purchase plan contingently issuable
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive securities		79,153	17,110

Leases (Details)

Leases (Details) $ in Thousands	1 Months Ended
	Apr. 30, 2022 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Dec. 15, 2020 USD ($) ft²	Nov. 03, 2020 USD ($) ft²	Aug. 27, 2020 USD ($) ft²	Jun. 01, 2013 ft² item
Lease
Operating lease right-of-use assets		$ 2,495	$ 3,246
Lease liabilities		$ 2,565
MandalMed Services Agreement Area
Lease
Number of lease amendments | item							6
Area of property | ft²							5,762
Mandalmed Services Agreement Additional Area
Lease
Area of property | ft²					2,130
Term of contract					3 years
Security Deposit					$ 100
Office Space
Lease
Area of property | ft²						3,500
Term of contract						2 years
Renewal term	1 year
Renewal option	true
Security Deposit						$ 100
Operating lease right-of-use assets	$ 300
Lease liabilities	$ 300
Laboratory Lease Agreement
Lease
Area of property | ft²				9,800
Term of contract				5 years
Security Deposit				$ 400

Leases - Lease Expense (Details

Leases - Lease Expense (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Lease expense
Straight-line operating lease expense	$ 1,301	$ 1,224
Variable lease expense	248	64
Short-term lease expense	49	112
Total operating lease expense	$ 1,598	$ 1,400

Leases - Cash Flow Information

Leases - Cash Flow Information (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Leases
Operating cash flows from operating leases	$ 1,274	$ 988
ROU asset obtained in exchange for a new operating lease liability	$ 297	$ 3,152

Leases - Future Minimum Lease P

Leases - Future Minimum Lease Payments (Details) - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Future minimum lease payments
2023	$ 1,185
2024	799
2025	822
2026	69
Total future minimum lease payments	2,875
Less: Interest	(310)
Total lease liabilities at present value	2,565
Lease liabilities, current	1,015	$ 931
Lease liabilities, non-current	$ 1,550	$ 2,358

Leases - Lease Term and Discoun

Leases - Lease Term and Discount Rate (Details)	Dec. 31, 2022	Dec. 31, 2021
Leases
Weighted-average remaining lease term (years)	2 years 8 months 23 days	3 years 7 months 17 days
Weighted-average discount rate	8.70%	8.65%

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Jun. 30, 2022	Dec. 31, 2022	Dec. 31, 2021
Loss Contingencies [Line Items]
Reimbursable research and development costs from a collaboration partner		$ 1,387
Research and development		82,274	$ 51,100
Novartis Agreement | Bio Medical Research Inc
Loss Contingencies [Line Items]
Costs reimbursable from Novartis		1,400
Reimbursable research and development costs from a collaboration partner		1,400
Aurigene Agreement
Loss Contingencies [Line Items]
Milestone payments to be paid to collaborative partner	$ 60,000
Upfront payment, research and development.	8,000
Research and development		$ 0
Aurigene Agreement | Commercial Milestone
Loss Contingencies [Line Items]
Milestone payments to be paid to collaborative partner	$ 370,000

Subsequent Event (Details)

Subsequent Event (Details) - Subsequent Event [Member] $ in Millions	Mar. 09, 2023 USD ($)
Subsequent Event [Line Items]
Workforce reduction, percentage	25%
Workforce reduction costs	$ 2.8
Workforce reduction, cash expenditures	$ 2.7