Biomea Fusion Q2 2023 Earnings Report
Key Takeaways
Biomea Fusion reported second quarter results with a cash position of $223.3 million. The company highlighted positive clinical data from its BMF-219 program in type 2 diabetes and initial responses in relapsed/refractory AML from its COVALENT-101 trial.
Reported additional positive clinical data from the first two cohorts of patients with type 2 diabetes from ongoing Phase I/II study evaluating BMF-219.
Reported initial topline data from ongoing Phase I clinical trial showcasing initial responses in relapsed/refractory Acute Myeloid Leukemia (AML).
Continued enrolling four liquid tumor cohorts in ongoing Phase I study of BMF-219, and three KRAS-mutated solid tumors in ongoing Phase I study of BMF-219.
Continued advancing second product candidate, BMF-500, a novel third generation covalent inhibitor of fms-like tyrosine kinase 3 (FLT3), toward the clinic; initiated a Phase I study of BMF-500.
Biomea Fusion
Biomea Fusion
Forward Guidance
Biomea Fusion anticipates completing dose escalation in COVALENT-111 by YE 2023, initiating the dose expansion portion of COVALENT-111 in Q1 2024, and initiating a clinical trial in Type 1 Diabetes patients in Q1 2024. They also anticipate reporting additional details of the clinical data set of AML/ALL patients dosed in the COVALENT-101 study at an upcoming medical conference.
Positive Outlook
- Complete dose escalation in COVALENT-111 (YE 2023)
- Initiate dose expansion portion of COVALENT-111 (Q1 2024)
- Initiate a clinical trial in Type 1 Diabetes patients (Q1 2024)
- Report additional details of this clinical data set of AML/ALL patients dosed in the COVALENT-101 study at an upcoming medical conference