Olema Pharmaceuticals Inc 2025年度报告

☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year ended December 31, 2025OR ☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the transition period from ______ to ______Commission file number: 001-39712OLEMA PHARMACEUTICALS, INC.(Exact name of Registrant as specified in its charter) 30-0409740 Delaware(State or other jurisdiction of incorporation ororganization) (I.R.S. Employer Identification No.) 780 Brannan StreetSan Francisco, California 94103(Address of principal executive offices and zip code)Registrant’s telephone number, including area code: (415) 651-3316 Name of Each Exchange on Which RegisteredThe Nasdaq Global Select Market Securities registered pursuant to Section 12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. YES☒NO☐ Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act. YES☐NO☒ Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during thepreceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90days. Yes☒No☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). YES☒NO☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growthcompany. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and “emerging growth company” in Rule 12b‑2 of the ExchangeAct. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revisedfinancial accounting standards provided pursuant to Section 13(a) of the Exchange Act.☐ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financialreporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.☐ If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect thecorrection of an error to previously issued financial statements.☐ Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of theregistrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b‑2 of the Act). YES☐NO☒ The aggregate market value of common stock held by non-affiliates of the Registrant, based on the closing sales price for such stock on June 30, 2025 as reported by TheNasdaq Global Select Market, was approximately $243.1 million. As of March 11, 2026, the number of outstanding shares of the Registrant’s common stock was 87,156,961. This number does not include 13,594,149 shares of commonstock issuable upon the exercise of pre-funded warrants (which are immediately exercisable at an exercise price of $0.0001 per share of common stock, subject tobeneficial ownership limitations) (See Notes 2 and 7 to the Registrant's consolidated financial statements). DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s definitive Proxy Statement for the 2026 Annual Meeting of Stockholders to be filed with the U.S. Securities and Exchange Commission pursuantto Regulation 14A not later than 120 days after the end of the fiscal year covered by this Annual Report on Form 10‑K are incorporated by reference in Part III, Items 10‑14of this Annual Report on Form 10‑K. OLEMA PHARMACEUTICALS, INC. 2025 ANNUAL REPORT ON FORM 10‑K TABLE OF CONTENTS PagePART IItem 1.Business.7Item 1A.Risk Factors.54Item 1B.Unresolved Staff Comments.126Item 1C.Cybersecurity.126Item 2.Properties.128Item 3.Legal Proceedings.128Item 4.Mine Safety Disclosures.128PART IIItem 5.Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases ofEquity Securities.129Item 6.Reserved.129Item 7.Management’s Discussion and Analysis of Financial Condition and Results of Operations.130Item 7A.Quantitative and Qualitative Disclosures About Market Risk.143Item 8.Consolidated Financial State