Bvf Partners L P/Il - Mar 31, 2021 Form 4 Insider Report for Olema Pharmaceuticals, Inc. (OLMA)

Role: Director, 10%+ Owner
Signature: BVF Partners L.P., By: BVF Inc., its general partner, By: /s/ Mark N. Lampert, President
Stock symbol: OLMA
Transactions as of: Mar 31, 2021
Transactions value $: $0
Form type: 4
Date filed: 5/26/2021, 09:37 PM
Next filing: May 17, 2021

Transactions Table

Type	Sym	Class	Transaction	Shares	Shares After	Date	Ownership	Footnotes
transaction	OLMA	Common stock, $0.0001 par value	Other	+99.6K	99.6K	Mar 31, 2021	See footnote	F1, F6
holding	OLMA	Common stock, $0.0001 par value			3.39M	Mar 31, 2021	Direct	F1, F2
holding	OLMA	Common stock, $0.0001 par value			2.52M	Mar 31, 2021	Direct	F1, F3
holding	OLMA	Common stock, $0.0001 par value			436K	Mar 31, 2021	Direct	F1, F4

Derivative Securities (e.g., puts, calls, warrants, options, convertible securities)

Type	Sym	Class	Shares After	Date	Underlying Class	Amount	Exercise Price	Ownership	Footnotes
holding	OLMA	Stock Option (Right to buy)	21.5K	Mar 31, 2021	Common stock, $0.0001 par value	21.5K	$19.00	See footnote	F5, F7
holding	OLMA	Stock Option (Right to buy)	21.5K	Mar 31, 2021	Common stock, $0.0001 par value	21.5K	$19.00	See footnote	F5, F8
holding	OLMA	Stock Option (Right to buy)	21.5K	Mar 31, 2021	Common stock, $0.0001 par value	21.5K	$19.00	See footnote	F5, F8

* An asterisk sign (*) next to the price indicates that the price is likely invalid.

Explanation of Responses:

Id	Content
F1	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 that beneficially owns over 10% of 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.
F2	Securities owned directly by BVF. As the general partner of BVF, BVF GP may be deemed to beneficially own the securities owned directly by BVF. As the sole member of BVF GP, BVF GPH may be deemed to beneficially own securities owned directly by BVF. As the investment manager of BVF, Partners may be deemed to beneficially own the securities owned directly by BVF. As the investment adviser and general partner of Partners, BVF Inc. may be deemed to beneficially own the securities owned directly by BVF. As a director and officer of BVF Inc., Mr. Lampert may be deemed to beneficially own the securities owned directly by BVF.
F3	Securities owned directly by BVF2. As the general partner of BVF2, BVF2 GP may be deemed to beneficially own the securities owned directly by BVF2. As the sole member of BVF2 GP, BVF GPH may be deemed to beneficially own securities owned directly by BVF2. As the investment manager of BVF2, Partners may be deemed to beneficially own the securities owned directly by BVF2. As the investment adviser and general partner of Partners, BVF Inc. may be deemed to beneficially own the securities owned directly by BVF2. As a director and officer of BVF Inc., Mr. Lampert may be deemed to beneficially own the securities owned directly by BVF2.
F4	Securities owned directly by Trading Fund OS. As the general partner of Trading Fund OS, Partners OS may be deemed to beneficially own the securities owned directly by Trading Fund OS. As the investment manager of Trading Fund OS and the sole member of Partners OS, Partners may be deemed to beneficially own the securities owned directly by Trading Fund OS. As the investment adviser and general partner of Partners, BVF Inc. may be deemed to beneficially own the securities owned directly by Trading Fund OS. As a director and officer of BVF Inc., Mr. Lampert may be deemed to beneficially own the securities owned directly by Trading Fund OS.
F5	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 Mr. 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, Mr. Hrustanovic disclaims beneficial ownership of the securities reported herein except to the extent of his pecuniary interest therein.
F6	Securities held in a certain Partners managed account (the "Partners Managed Account"). This Form 4 is being filed solely to report that Partners may be deemed to have indirect beneficial ownership of the securities of the Issuer held by the Partners Managed Account for purposes of Rule 16a-1(a)(2) because as of March 31, 2021 the securities account for more than 10% of the market value of the portfolio. Partners, as the investment manager of the Partners Managed Account, may be deemed to beneficially own the securities held by the Partners Managed Account. As the investment adviser and general partner of Partners, BVF Inc. may be deemed to beneficially own the securities held by the Partners Managed Account. As a director and officer of BVF Inc., Mr. Lampert may be deemed to beneficially own the securities held by the Partners Managed Account.
F7	The shares subject to the option vest in a series of 12 successive equal monthy installments measured from June 1, 2020, subject to the Mr. Hrustanovic's continuous service on the Issuer's board of directors 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 Mr. Hrustanovic's continuous service through such vesting date.
F8	The shares subject to the option vest in a series of 36 successive equal monthy installments measured from November 18, 2020, subject to Mr. Hrustanovic's continuous service on the Issuer's board of directors through each applicable vesting date.

Remarks:

For purposes of Section 16 of the Securities Exchange Act of 1934, as amended, Partners may be deemed to be a director by deputization of the Issuer due to a member of Partners, Gorjan Hrustanovic, serving on the Board of Directors of the Issuer, and his agreement 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 set forth in Footnote (5).