Omega Therapeutics Reports Second Quarter 2024 Financial Results and Highlights Recent Company Progress

Core Viewpoint - Omega Therapeutics is making significant progress in its MYCHELANGELO™ I clinical trial and the development of its OMEGA platform, which focuses on programmable epigenomic mRNA medicines aimed at treating various diseases [1][2]. Development Pipeline and Platform - The company is advancing the dose escalation phase of the MYCHELANGELO™ I trial for OTX-2002, targeting hepatocellular carcinoma (HCC), with ongoing patient enrollment in Cohort 6 at a 0.2 mg/kg dose level [3]. - New preclinical data presented at the ASGCT Annual Meeting demonstrated durable upregulation of gene expression across various gene types and regulatory mechanisms, showcasing the OMEGA platform's potential [3]. - The company is evaluating multiple epigenomic controller programs in preclinical studies, including OTX-2101 for non-small cell lung cancer (NSCLC) and a collaboration with Novo Nordisk for obesity management [3]. Corporate Developments - The leadership team has been strengthened with the appointment of Kaan Certel, Ph.D., as Chief Business Officer and the election of Richard N. Kender to the Board of Directors, both bringing extensive experience in biopharmaceuticals and corporate finance [4]. Financial Results - As of June 30, 2024, Omega Therapeutics reported cash and cash equivalents of $45.9 million, expected to fund operations into Q1 2025 [5]. - Research and development expenses for Q2 2024 were $12.9 million, a decrease from $25.0 million in Q2 2023, primarily due to reduced external research and contract manufacturing costs [5][6]. - The net loss for Q2 2024 was $16.3 million, down from $29.7 million in Q2 2023, largely attributed to decreased R&D expenses [6][13].