Biomea Fusion(US:BMEA)2024-05-02 20:12Financial Performance - As of March 31, 2024, the company had cash, cash equivalents, and restricted cash of $145.3 million, down from $177.2 million as of December 31, 2023[11] - The company reported a net loss of $39.1 million for Q1 2024, compared to a net loss of $29.1 million for the same period in 2023, reflecting an increase in losses[11] - Total operating expenses for Q1 2024 were $41.1 million, compared to $30.0 million for the same period in 2023[31] - The weighted-average number of common shares used to compute basic and diluted net loss per common share was 35,890,370 for Q1 2024[31] Research and Development - Research and Development (R&D) expenses were $33.8 million for Q1 2024, up from $24.4 million in Q1 2023, primarily due to increased clinical and pre-clinical development costs[11] - The company is on track to complete enrollment of the first three expansion cohorts of the COVALENT-111 study (n=216) in type 2 diabetes patients and provide topline 26-week follow-up data[5] - The company expects to report topline Week 26 data from over 200 patients in the COVALENT-111 study and approximately 40 patients in the COVALENT-112 study throughout 2024[18] - The company is on track to complete the dose escalation portion of COVALENT-101 and establish the recommended Phase 2 dose (RP2D)[7] Clinical Results - Initial data from the first two type 1 diabetes patients dosed with BMF-219 showed early signs of clinical activity with improved measures of beta-cell function[5] - BMF-219 demonstrated a durable glycemic response (≥1.0% HbA1C reduction) in 20% and 36% of patients in the 100 mg and 200 mg cohorts, respectively, after a 4-week treatment period[19]