Biomea Fusion(US:BMEA) Globenewswireยท2025-05-05 20:05Core Viewpoint - Biomea Fusion, Inc. is undergoing a strategic realignment to focus on core programs, particularly in diabetes and obesity, while extending its cash runway for long-term success [2][10]. Strategic Realignment Highlights - The company is prioritizing the development of icovamenib, an oral small molecule menin inhibitor for diabetes, and BMF-650, a next-generation oral GLP-1 receptor agonist [8]. - A workforce reduction of approximately 35% has been implemented to streamline operations and reduce costs [8]. - Biomea is consolidating its workforce at the Biomea Innovation Lab Center in San Carlos, CA, effective May 31, 2025 [8]. Key Anticipated 2025 Milestones - Submission of the Investigational New Drug (IND) application for BMF-650 is planned for the second half of 2025 [5]. - Phase II study of icovamenib in T2D patients currently uncontrolled on GLP-1 therapy is set to initiate in the second half of 2025 [8]. - Preliminary data from the Phase II COVALENT-112 study in type 1 diabetes is expected in the second half of 2025 [8]. Financial Results - As of March 31, 2025, the company had cash, cash equivalents, and restricted cash totaling $36.2 million, expected to fund operations into the fourth quarter of 2025 [11]. - The net loss for the first quarter of 2025 was $29.3 million, a decrease from a net loss of $39.1 million in the same period of 2024 [12]. - Research and Development (R&D) expenses were $22.9 million for the first quarter of 2025, down from $33.8 million in the same period of 2024 [13].