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Sep 30, 2024
Biomea Fusion Q3 2024 Earnings Report
Reported third quarter 2024 financial results and corporate highlights.
Key Takeaways
Biomea Fusion reported a net loss of $32.8 million for the third quarter of 2024. The FDA lifted the clinical hold on the company's diabetes studies, and they are on track to announce a third clinical candidate, BMF-650, for diabetes and obesity.
FDA lifted Clinical Hold on COVALENT-111 (Type 2 Diabetes) & COVALENT-112 (Type 1 Diabetes) trials.
COVALENT-111 Phase 2b 26-week topline data of the dose expansion cohorts expected in December 2024.
COVALENT-112 Phase 2a 26-week topline data of the open label portion expected in December 2024.
On track to announce our third clinical candidate, BMF-650, for the treatment of diabetes and obesity and preclinical data combining icovamenib (BMF-219) with a GLP-1 RA-based therapy on October 30th.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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