Biomea Fusion Q2 net loss narrows to $20.7 mln

Reuters

06 Aug

<a href="https://laohu8.com/S/BMEA">Biomea Fusion</a> <a href="https://laohu8.com/S/QTWO">Q2</a> net loss narrows to $20.7 mln

Overview

Biomea Fusion 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/Miss	Actual	Consensus Estimate
Q2 Net Income		-$20.74 mln
Q2 Basic EPS		-$0.51

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 is $9.00, about 82.1% above its August 4 closing price of $1.61

Press Release: ID:nGNX2mVCyd

(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.)

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medical research peer group is \"buy\"</p></li><li><p>Wall Street's median 12-month price target for Biomea Fusion Inc is $9.00, about 82.1% above its August 4 closing price of $1.61</p></li></ul><p>Press Release: <span>ID:nGNX2mVCyd</span></p><p>(This story was created using Reuters automation and AI based on LSEG and company data. 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It was checked and edited by a Reuters journalist prior to publication.)","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":false,"code":"91000000","status":"200"}}}