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Dec 31, 2023
Biomea Fusion Q4 2023 Earnings Report
Reported fourth quarter and full year results, highlighting progress in diabetes and oncology programs.
Key Takeaways
Biomea Fusion reported a net loss of $34.9 million for Q4 2023 and ended the quarter with $177.2 million in cash, cash equivalents, and restricted cash. The company highlighted positive data from its Phase 2 trial in type 2 diabetes and the initiation of a Phase 2 study in type 1 diabetes.
Reported Phase 2 data in type 2 diabetes patients supporting the disease-modifying potential of BMF-219.
Initiated a Phase 2 study of BMF-219 in type 1 diabetes patients.
Reported initial topline data from Phase 1 study of BMF-219 in acute myeloid leukemia (AML).
Ended the fourth quarter of 2023 with a cash position of $177.2 million.
Forward Guidance
Biomea Fusion anticipates key milestones in 2024, including completing enrollment and reporting data from Phase 2 trials in type 2 and type 1 diabetes, advancing oncology programs, and announcing a third development candidate.
Positive Outlook
- Complete and report the results of dosing and follow-up of over 200 type 2 diabetes patients enrolled in Phase 2 expansion cohorts.
- Report data from 40 patients enrolled in the open label portion of Phase 2 study in type 1 diabetes patients.
- Complete dose escalation steps in liquid and solid tumor studies of BMF-219 and BMF-500.
- Establish recommended Phase 2 dose (RP2D) for COVALENT-101 in liquid tumors.
- Announce a third development candidate from the Biomea FUSION™ Platform technology.
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