OLMAOlema Pharmaceuticals, Inc.
Pharmaceutical Preparations
- Revenue
- —
- Operating margin
- —
- EBITDA
- −$178M
- 26% YoY
- Market cap
- $612M
- Employees
- 10,000
- Net debt / EBITDA
- —
- AI in 10-K
- 1.0
- mentions per 10K words
Takeover score 4 of 13
Fixable underperformance 1 of 7
- TSR below peersNo—3+ of last 5 years
- High CEO pay despite TSRNo$3M medianMedian CEO pay ≥ $15M while TSR trails
- Earnings not backed by cashNo—Cash flow under 80% of net income
- Dilutive SBCNo—Over 10% of revenue
- Payouts exceed cash flowNo0% of cash flowBuybacks + dividends over cash flow
- Goodwill-heavyNo—Over 40% of assets
- Shareholder dissentYes73% lowest supportAny vote under 80% support
Buyer economics 1 of 4
- Low revenue per employeeNo—Bottom quartile of its SIC industry
- Quiet on AINo1.0 per 10K words · 34th pctBottom quartile of AI mentions in 10-Ks
- Net cashNo—More cash than debt, positive EBITDA
- Buyout-sizedYes$612M market capMarket cap $500M–$5B
Catalysts 2 of 2
- Active 13DYes1 filingActive-intent 13D in 18 months
- Net insider sellingYes−$25M netNet sales over $10M in 12 months
Financials
| Metric | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | YoY |
|---|---|---|---|---|---|---|
| Operating income | −$71M | −$107M | −$105M | −$142M | −$179M | 26% |
| Net income | −$71M | −$105M | −$97M | −$129M | −$162M | 25% |
| Operating cash flow | −$51M | −$82M | −$84M | −$104M | −$147M | 41% |
| Capex | $2M | $363K | — | $159K | — | |
| Stock-based comp | $16M | $19M | $17M | $23M | $18M | 22% |
Deal filings
None.
13D filers
| Filed | Filer | Form | Stake | Intent |
|---|---|---|---|---|
| Oct 16, 2026 | BIOTECHNOLOGY VALUE FUND L P | SCHEDULE 13D/A | 16.3% | Passive |
| May 13, 2025 | Logos Global Management LP | SCHEDULE 13D/A | 14.7% | Active |
| Dec 4, 2024 | BIOTECHNOLOGY VALUE FUND L P | SC 13D/A | 10.0% | Passive |
| Jun 6, 2024 | Logos Global Management LP | SC 13D/A | 19.1% | Passive |
| Nov 28, 2023 | Logos Global Management LP | SC 13D/A | 0.3% | Passive |
| Sep 14, 2023 | BIOTECHNOLOGY VALUE FUND L P | SC 13D/A | 23.6% | Passive |
| Dec 2, 2021 | BIOTECHNOLOGY VALUE FUND L P | SC 13D/A | 18.4% | Passive |
| Dec 3, 2020 | Logos Global Management LP | SC 13D | 9.3% | Passive |
| Nov 20, 2020 | BIOTECHNOLOGY VALUE FUND L P | SC 13D | 16.6% | Passive |
Insider trading
- Open-market buys, 12 mo
- $0 · 0
- Open-market sells, 12 mo
- $25M · 25
- Net
- −$25M
Pay vs performance
| Year | CEO total comp | Comp actually paid | TSR (indexed) | Peer TSR |
|---|---|---|---|---|
| FY2025 | $3M | $25M | 1020 | — |
| FY2024 | $8M | −$5M | 238 | — |
| FY2023 | $3M | $22M | 573 | — |