Biomea Fusion Q1 2024 net loss $39.1M; cash $145.3M; positive diabetes clinical data

Biomea Fusion, Inc.

2024-Q1 EPS reported -$1.09

Net loss of $39.1M in Q1 2024 (incl. $5.0M stock comp) vs $29.1M in Q1 2023; R&D expenses rose to $33.8M.
Cash, equivalents and restricted cash $145.3M at March 31, 2024, down from $177.2M at Dec 31, 2023.
In type 2 diabetes COVALENT-111, 20%/36% of 100mg/200mg cohorts achieved durable HbA1c ≥1.0% reduction off therapy at 26 weeks.
In type 1 diabetes COVALENT-112, first two patients showed improved beta-cell function (C-peptide Index) after BMF-219; well tolerated.
Plan to report Week 26 data from >200 T2D patients (~40 T1D patients) in 2024; expect lower opex in H2 2024.

item 2.02 item 9.01

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Biomea Fusion, Inc. reported financial results for the quarter ended March 31, 2024.

Period: the quarter ended March 31, 2024
Result: reported results

Exact text from the filing

On May 2, 2024, Biomea Fusion, Inc. issued a press release announcing its financial results for the quarter ended March 31, 2024.

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Biomea Fusion, Inc. filing history →

Source: SEC EDGAR

accession 0000950170-24-052121

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