OLMA · Olema Pharmaceuticals, Inc.

The shares subject to the option vest in a series of 12 successive equal monthly installments measured from June 18, 2026, subject to the Reporting Person's continuous service through each applicable vesting date. Such shares vest in full on the date of the Issuer's next annual meeting of stockholders if such stock option is not otherwise fully vested by such date, subject to the Reporting Person's continuous service through such vesting date.

The shares subject to the option vest in a series of 12 successive equal monthly installments measured from June 18, 2026, subject to the Reporting Person's continuous service through each applicable vesting date. Such shares vest in full on the date of the Issuer's next annual meeting of stockholders if such stock option is not otherwise fully vested by such date, subject to the Reporting Person's continuous service through such vesting date.

The shares subject to the option vest in a series of 12 successive equal monthly installments measured from June 18, 2026, subject to the Reporting Person's continuous service through each applicable vesting date. Such shares vest in full on the date of the Issuer's next annual meeting of stockholders if such stock option is not otherwise fully vested by such date, subject to the Reporting Person's continuous service through such vesting date.

The Reporting Person is a member of BVF Partners L.P. ("BVF") and is obligated to transfer the economic benefit, if any, received upon the sale of the shares issuable upon exercise of the equity grants to BVF. As such, the Reporting Person disclaims beneficial ownership of the securities reported herein for purposes of Section 16 of the Securities Exchange Act of 1934, as amended, except to the extent of his pecuniary interest therein, if any.

The shares subject to the option vest in a series of 12 successive equal monthly installments measured from June 18, 2026, subject to the Reporting Person's continuous service through each applicable vesting date. Such shares vest in full on the date of the Issuer's next annual meeting of stockholders if such stock option is not otherwise fully vested by such date, subject to the Reporting Person's continuous service through such vesting date.

The shares subject to the option vest in a series of 12 successive equal monthly installments measured from June 18, 2026, subject to the Reporting Person's continuous service through each applicable vesting date. Such shares vest in full on the date of the Issuer's next annual meeting of stockholders if such stock option is not otherwise fully vested by such date, subject to the Reporting Person's continuous service through such vesting date.

The shares subject to the option vest in a series of 12 successive equal monthly installments measured from June 18, 2026, subject to the Reporting Person's continuous service through each applicable vesting date. Such shares vest in full on the date of the Issuer's next annual meeting of stockholders if such stock option is not otherwise fully vested by such date, subject to the Reporting Person's continuous service through such vesting date.

The shares subject to the option vest in a series of 12 successive equal monthly installments measured from June 18, 2026, subject to the Reporting Person's continuous service through each applicable vesting date. Such shares vest in full on the date of the Issuer's next annual meeting of stockholders if such stock option is not otherwise fully vested by such date, subject to the Reporting Person's continuous service through such vesting date.

This Form 4 is filed jointly by Biotechnology Value Fund, L.P. ("BVF"), Biotechnology Value Fund II, L.P. ("BVF2"), Biotechnology Value Trading Fund OS LP ("Trading Fund OS"), BVF Partners OS Ltd. ("Partners OS"), BVF I GP LLC ("BVF GP"), BVF II GP LLC ("BVF2 GP"), BVF GP Holdings LLC ("BVF GPH"), BVF Partners L.P. ("Partners"), BVF Inc. and Mark N. Lampert (collectively, the "Reporting Persons"). Each of the Reporting Persons is a member of a Section 13(d) group with respect to the Issuer's outstanding shares of Common Stock. Each of the Reporting Persons disclaims beneficial ownership of the securities reported herein except to the extent of his or its pecuniary interest therein.

Partners, BVF Inc. and Mr. Lampert may be deemed to have a pecuniary interest in the securities reported owned herein due to a certain agreement between Partners and Gorjan Hrustanovic, who serves on the Issuer's board of directors and as a member of Partners, pursuant to which Dr. Hrustanovic is obligated to transfer the economic benefit, if any, received upon the sale of the shares issuable upon exercise of the securities reported owned herein to Partners. As such, Dr. Hrustanovic disclaims beneficial ownership of the securities reported herein except to the extent of his pecuniary interest therein.

The shares subject to the option vest in a series of 12 successive equal monthly installments measured from June 18, 2026, subject to Dr. Hrustanovic's continuous service through each applicable vesting date. Such shares vest in full on the date of the Issuer's next annual meeting of stockholders if such stock option is not otherwise fully vested by such date, subject to Dr. Hrustanovic's continuous service through such vesting date.

The shares subject to the option vest in a series of 12 successive equal monthly installments measured from June 18, 2026, subject to the Reporting Person's continuous service through each applicable vesting date. Such shares vest in full on the date of the Issuer's next annual meeting of stockholders if such stock option is not otherwise fully vested by such date, subject to the Reporting Person's continuous service through such vesting date.

The shares subject to the option vest in a series of 12 successive equal monthly installments measured from June 18, 2026, subject to the Reporting Person's continuous service through each applicable vesting date. Such shares vest in full on the date of the Issuer's next annual meeting of stockholders if such stock option is not otherwise fully vested by such date, subject to the Reporting Person's continuous service through such vesting date.

The shares subject to the option vest in a series of 12 successive equal monthly installments measured from June 18, 2026, subject to the Reporting Person's continuous service through each applicable vesting date. Such shares vest in full on the date of the Issuer's next annual meeting of stockholders if such stock option is not otherwise fully vested by such date, subject to the Reporting Person's continuous service through such vesting date.

The shares subject to the option vest in a series of 36 successive equal monthly installments measured from April 28, 2026, subject to the Reporting Person's continuous service through each applicable vesting date.

The shares subject to the option vest in full on June 11, 2026, subject to the Reporting Person's continuous service through such vesting date.

25% of the shares subject to the option vest on February 28, 2026 and 1/48 of the total number of shares subject to the option vest each month thereafter, subject to the Reporting Person's continuous service through each applicable vesting date.

The weighted average sale price for the transaction reported was $24.69, and the range of prices were between $24.68 and $24.70. Upon request from the SEC staff, the issuer, or any security holder of the issuer, full information regarding the number of shares sold at each separate price will be provided.

The weighted average sale price for the transaction reported was $24.25, and the range of prices were between $23.68 and $24.64. Upon request from the SEC staff, the issuer, or any security holder of the issuer, full information regarding the number of shares sold at each separate price will be provided.

25% of the shares subject to the option vest on February 28, 2026 and 1/48 of the total number of shares subject to the option vest each month thereafter, subject to the Reporting Person's continuous service through each applicable vesting date.

The weighted average sale price for the transaction reported was $23.01, and the range of prices were between $22.89 and $23.19. Upon request from the SEC staff, the issuer, or any security holder of the issuer, full information regarding the number of shares sold at each separate price will be provided.

The performance-based stock options will be eligible to vest during two distinct performance periods, each beginning on February 2, 2026 and ending on December 31, 2029 and December 31, 2030, respectively, based on the Issuer's stock price trading at certain pre-determined price thresholds as measured by the average closing price per share of the Issuer's stock over a consecutive thirty (30) day trading period during each such performance period. Once a price threshold is achieved, the portion of the award related to such threshold will vest upon the date set forth in the certification by the Compensation Committee certifying that such price threshold was achieved, subject to the Reporting Person's continuous service as of the applicable certification date.

25% of the shares subject to the option vest on February 2, 2027, and 1/48 of the total number of shares subject to the option vest each month thereafter, subject to the Reporting Person's continuous service through each applicable vesting date.

The performance-based stock options will be eligible to vest during two distinct performance periods, each beginning on February 2, 2026 and ending on December 31, 2029 and December 31, 2030, respectively, based on the Issuer's stock price trading at certain pre-determined price thresholds as measured by the average closing price per share of the Issuer's stock over a consecutive thirty (30) day trading period during each such performance period. Once a price threshold is achieved, the portion of the award related to such threshold will vest upon the date set forth in the certification by the Compensation Committee certifying that such price threshold was achieved, subject to the Reporting Person's continuous service as of the applicable certification date.

Notwithstanding the foregoing, if the Reporting Person's continuous service is terminated without Cause (as defined in the Reporting Person's offer letter), the performance-based stock options shall remain outstanding and eligible to vest for twelve (12) months following such termination.

The performance-based stock options will be eligible to vest during two distinct performance periods, each beginning on February 2, 2026 and ending on December 31, 2029 and December 31, 2030, respectively, based on the Issuer's stock price trading at certain pre-determined price thresholds as measured by the average closing price per share of the Issuer's stock over a consecutive thirty (30) day trading period during each such performance period. Once a price threshold is achieved, the portion of the award related to such threshold will vest upon the date set forth in the certification by the Compensation Committee certifying that such price threshold was achieved, subject to the Reporting Person's continuous service as of the applicable certification date.

25% of the shares subject to the option vest on February 2, 2027, and 1/48 of the total number of shares subject to the option vest each month thereafter, subject to the Reporting Person's continuous service through each applicable vesting date.

25% of the shares subject to the option vest on February 2, 2027, and 1/48 of the total number of shares subject to the option vest each month thereafter, subject to the Reporting Person's continuous service through each applicable vesting date.

25% of the shares subject to the option vest on February 2, 2027, and 1/48 of the total number of shares subject to the option vest each month thereafter, subject to the Reporting Person's continuous service through each applicable vesting date.

The performance-based stock options will be eligible to vest during two distinct performance periods, each beginning on February 2, 2026 and ending on December 31, 2029 and December 31, 2030, respectively, based on the Issuer's stock price trading at certain pre-determined price thresholds as measured by the average closing price per share of the Issuer's stock over a consecutive thirty (30) day trading period during each such performance period. Once a price threshold is achieved, the portion of the award related to such threshold will vest upon the date set forth in the certification by the Compensation Committee certifying that such price threshold was achieved, subject to the Reporting Person's continuous service as of the applicable certification date.

25% of the shares subject to the option vest on February 2, 2027, and 1/48 of the total number of shares subject to the option vest each month thereafter, subject to the Reporting Person's continuous service through each applicable vesting date.

2. The weighted average sale price for the transaction reported was $26.88, and the range of prices were between $26.85 and $26.96. Upon request from the SEC staff, the issuer, or any security holder of the issuer, full information regarding the number of shares sold at each separate price will be provided.

The weighted average purchase price for the transaction reported was $28.73, and the range of prices were between $28.50 and $29.18. Upon request from the SEC staff, the issuer, or any security holder of the issuer, full information regarding the number of shares purchased at each separate price will be provided.

The weighted average sale price for the transaction reported was $28.60, and the range of prices was between $27.80 and $28.79. Upon request from the SEC staff, the issuer, or any security holder of the issuer, full information regarding the number of shares sold at each separate price will be provided.

The weighted average sale price for the transaction reported was $29.12, and the range of prices were between $29.00 and $29.23. Upon request from the SEC staff, the issuer, or any security holder of the issuer, full information regarding the number of shares sold at each separate price will be provided.

The weighted average sale price for the transaction reported was $28.99, and the range of prices was between $28.80 and $29.39. Upon request from the SEC staff, the issuer, or any security holder of the issuer, full information regarding the number of shares sold at each separate price will be provided.

25% of the shares subject to the option vest on February 1, 2024 and 1/48 of the total number of shares subject to the option vest each month thereafter, subject to the Reporting Person's continuous service through each applicable vesting date.

On December 23, 2025, the Reporting Person filed a Form 4 that contained a scrivener's error that resulted in the number of shares beneficially owned directly by the Reporting Person to be overstated by 120 shares. That error has been corrected in this Form 4.

The weighted average sale price for the transaction reported was $28.01, and the range of prices were between $28.00 and $28.03. Upon request from the SEC staff, the issuer, or any security holder of the issuer, full information regarding the number of shares sold at each separate price will be provided.

25% of the shares subject to the option vest on February 1, 2024 and 1/48 of the total number of shares subject to the option vest each month thereafter, subject to the Reporting Person's continuous service through each applicable vesting date.

The weighted average purchase price for the transaction reported was $27.60, and the range of prices were between $27.35 and $28.21. Upon request from the SEC staff, the issuer, or any security holder of the issuer, full information regarding the number of shares purchased at each separate price will be provided.

The weighted average sale price for the transaction reported was $28.34, and the range of prices were between $28.07 and $28.66. Upon request from the SEC staff, the issuer, or any security holder of the issuer, full information regarding the number of shares sold at each separate price will be provided.

The shares are held by Myles Properties Inc., of which the Reporting Person is President.

Reflects the gift of common stock to a charitable donor advised fund.

Includes 4,488 shares acquired under the Issuer's Employee Stock Purchase Plan on June 30, 2025.

25% of the shares subject to the option vested on January 31, 2023 and 1/48 of the total number of shares subject to the option vest each month thereafter, subject to the Reporting Person's continuous service through each applicable vesting date.

The weighted average sale price for the transaction reported was $27.66, and the range of prices was between $27.50 and $27.83. Upon request from the SEC staff, the issuer, or any security holder of the issuer, full information regarding the number of shares sold at each separate price will be provided.

25% of the shares subject to the option vest on February 1, 2025 and 1/48 of the total number of shares subject to the option vest each month thereafter, subject to the Reporting Person's continuous service through each applicable vesting date.