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Sep 30, 2022
Biomea Fusion Q3 2022 Earnings Report
Reported third quarter 2022 financial results and business highlights.
Key Takeaways
Biomea Fusion reported a net loss of $22.9 million for the third quarter of 2022, with a cash position of $133.8 million. The company continued to advance its pipeline, including BMF-219 and BMF-500, and expects to provide an update on its third development candidate in the first half of 2023.
Continued to establish Biomea Fusion as the next-generation leader in covalent medicines.
Expanded clinical development footprint of BMF-219 in multiple liquid and solid tumor indications, including first in class potential in KRAS-mutated solid tumors.
Continued to advance company’s second product candidate, BMF-500, a highly selective and potent covalent third generation FLT3 inhibitor, toward the clinic.
Cash position of $133.8 million at the end of the third quarter of 2022.
Forward Guidance
Biomea Fusion plans to submit IND for BMF-219 in type 2 diabetes patients before the end of 2022 and present clinical updates for AML/ALL and type 2 diabetes patients in the first half of 2023. They also plan to submit IND for BMF-500 in patients with FLT3 mutations in the first half of 2023 and provide an update on their third development candidate in the first half of 2023.
Positive Outlook
- Submit IND for BMF-219 in type 2 diabetes patients before the end of 2022
- Present clinical update of AML/ALL patients (including those with MLL rearrangement and NPM1 mutation), dosed in COVALENT-101 study in the first half of 2023
- Present clinical update on type 2 diabetes patients in the first half of 2023
- Submit IND for BMF-500 in patients with FLT3 mutations in the first half of 2023
- Present clinical update of the healthy volunteer section of our Phase I/II type 2 diabetes COVALENT-111 study of BMF-219 at a scientific meeting in 2023
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