Biomea Fusion Reports Second Quarter 2024 Financial Results and Corporate Highlights

Core Insights - Biomea Fusion, Inc. is progressing with its clinical trials and anticipates key data readouts for its diabetes programs in Q4 2024 [1][2][4] Diabetes Programs - The company is focused on resolving a clinical hold from the FDA regarding BMF-219 for diabetes, with COVALENT-111 (Type 2 Diabetes) and COVALENT-112 (Type 1 Diabetes) both set for topline readouts in Q4 2024, involving approximately 195 and 20 patients respectively [2][3][4] - Initial data from COVALENT-112 shows early signs of clinical activity in Type 1 diabetes patients, with improved beta-cell function observed [3] Obesity Program - A third program targeting obesity, which is an oral small molecule GLP-1 receptor agonist, is expected to be announced in Q3 2024 [5] Oncology Programs - Biomea is also advancing its oncology pipeline, with milestones for COVALENT-101 (liquid tumors), COVALENT-102 (solid tumors), and COVALENT-103 (acute leukemias) all expected to complete dose escalation by the end of 2024 [6] Financial Results - As of June 30, 2024, the company reported cash, cash equivalents, and restricted cash of $113.7 million, down from $177.2 million at the end of 2023 [8][15] - The net loss for Q2 2024 was $37.3 million, compared to a net loss of $24.9 million in Q2 2023, with R&D expenses increasing to $31.8 million from $21.9 million year-over-year [8][13] - General and administrative expenses also rose to $7.1 million in Q2 2024 from $5.7 million in Q2 2023 [8][13]