Omega Therapeutics Q1 net loss $20.1M; cash $60M funds into Q1 2025; OTX-2002 advances

Omega Therapeutics, Inc.

2024-Q1 EPS reported -$0.36 revenue$2,360,000

Net loss of $20.1M for Q1 2024 vs $25.3M in Q1 2023; R&D expenses fell 23% to $15.4M.
Cash and cash equivalents $60.0M as of March 31, 2024; expected to fund operations into Q1 2025.
Phase 1/2 MYCHELANGELO I trial of OTX-2002 advanced to Cohort 5 at 0.3 mg/kg; additional data expected mid-2024.
Presented preclinical data for MYC-targeting epigenomic controller in EGFRi-resistant NSCLC at AACR 2024.
New preclinical data on durable gene upregulation to be presented at ASGCT 2024.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Omega Therapeutics, Inc. reported first quarter ended March 31, 2024 results: net income $20.1 million.

Period: first quarter ended March 31, 2024
Net income: $20.1 million
Result: reported results

Exact text from the filing

Net loss for the first quarter of 2024 was $20.1 million, compared to $25.3 million for the first quarter of 2023.

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Source: SEC EDGAR

accession 0000950170-24-053194

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