Overview

* Biomea Fusion ( BMEA ) Q2 net loss narrows to $20.7 mln from $37.3 mln in 2024

* Company raised $42.8 mln in public offering, extending cash runway into H2 2026

* Reduced workforce and expenses to support core diabetes and obesity programs

Outlook

* Biomea plans IND submission for BMF-650 in H2 2025

* Company anticipates Phase I study of BMF-650 by late 2025

* Biomea expects 52-week data from Phase II COVALENT-111 in H2 2025

Result Drivers

* ICOVAMENIB RESULTS - Demonstrated durable HbA1c reduction and improved beta-cell function in T2D patients

* COST REDUCTION - Reduced workforce and quarterly expenses to support ongoing core programs

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q2 Net -$20.74

Income mln

Q2 Basic -$0.51

EPS

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 6 "strong buy" or "buy", 2 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the biotechnology & medical research peer group is "buy"

* Wall Street's median 12-month price target for Biomea Fusion Inc ( BMEA ) is $9.00, about 82.1% above its August 4 closing price of $1.61

Press Release:

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)