Olema Pharmaceuticals, Inc. 10-Q

Item 4. Controls and Procedures. Evaluation of Disclosure Controls and Procedures As of September 30, 2021, management, with the participation of our Chief Executive Officer and Chief Financial Officer, performed an evaluation of the effectiveness of the design and operation of our disclosure controls and procedures as defined in Rules 13a-15(e) and 15d-15(e) of the Exchange Act. Our disclosure controls and procedures are designed to ensure that information required to be disclosed in the reports we file or submit under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the SEC’s rules and forms, and that such information is accumulated and communicated to our management, including the Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosures. Any controls and procedures, no matter how well designed and operated, can provide only reasonable assurance of achieving the desired control objective and management necessarily applies its judgment in evaluating the cost-benefit relationship of possible controls and procedures. Based on this evaluation, our Chief Executive Officer and Chief Financial Officer concluded that, as of September 30, 2021, the design and operation of our disclosure controls and procedures were effective at a reasonable assurance level. Because we now expect to lose our status as an emerging growth company on December 31, 2021, we believe that management will be required to conduct an ICFR assessment for the current fiscal year, and the company to include management’s report in our Annual Report on Form 10-K for the fiscal year ending December 31, 2021. Should this occur, our independent public registered accounting firm will be required to attest to and report on management’s assessment of the effectiveness of the Company’s internal control over financial reporting in connection with its audit of our annual consolidated financial statements to be included in such Form 10-K. 33 Table of Contents Changes in Internal Control over Financial Reporting During the third quarter of 2021, we completed our new enterprise resource planning (“ERP”) system implementation and migrated our general ledger and consolidation processes onto the new system. In connection with this implementation, we modified the design and documentation of our internal control processes and procedures relating to the new system. Following the implementation, the changes to our control environment were validated according to our established processes. No other changes in our internal control over financial reporting identified in connection with the evaluation required by Rules 13a-15(d) and 15d-15(d) of the Exchange Act that occurred during the three months ended September 30, 2021 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting. We have not experienced any material impact to our internal controls over financial reporting despite the fact that most of our employees are working remotely due to the COVID-19 pandemic. We are continually monitoring and assessing the COVID-19 situation to minimize the impact to the design and operating effectiveness of our internal controls. PART II-OTHER INFORMATION Item 1. Legal Proceedings. We are not currently a party to any material litigation or other material legal proceedings.