Biomea Fusion reports Q3 net loss of $32.8M; FDA lifts clinical hold on diabetes trials

Biomea Fusion, Inc.

2024-Q3 EPS reported -$3.03

Cash and cash equivalents $88.3M as of Sep 30, 2024, down from $177.2M at Dec 31, 2023.
Net loss $32.8M for Q3 2024 vs $28.4M same period 2023; includes $4.7M stock-based comp.
FDA lifted clinical hold on COVALENT-111 (type 2 diabetes) and COVALENT-112 (type 1 diabetes) trials.
Topline Week 26 data for both trials expected in December 2024.
Announced third clinical candidate BMF-650 (oral GLP-1 RA); preclinical data to be shared Oct 30.

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