GlobeNewswire·Nov 10, 2026, 4:05 PM ET

Biomea Fusion Reports Third Quarter 2026 Financial Results and Corporate Highlights

Biomea Fusion completed enrollment in the Phase II COVALENT-211 trial for icovamenib in insulin-deficient type 2 diabetes, with topline data expected in Q1 2027.
Enrollment remains ongoing in the Phase II COVALENT-212 trial for icovamenib in patients not meeting targets on GLP-1 RA therapy, with data expected in Q2 2027.
Phase I results for BMF-650, an investigational oral GLP-1 RA, showed weight reduction over 28 days & a favorable tolerability profile.
The first patient was dosed in the OPAL trial evaluating icovamenib combined with semaglutide, with top-line data anticipated at the end of 2027.
Cash, cash equivalents, & restricted cash totaled $26.8 million as of September 30, 2026, projecting a runway into Q2 2027.
The company reported a net loss of $6.2 million for the three months ended September 30, 2026, compared to $16.4 million in the prior year period.
Research & development expenses decreased to $8.5 million for the quarter, driven by reduced headcount, manufacturing costs, & external services.
General & administrative expenses rose slightly to $4.4 million for the quarter, offset by lower personnel-related costs.
BMF-650 demonstrated weight reductions ranging from 1.5% to 6.1% across cohorts, with no severe adverse events or study discontinuations reported.
Biomea plans to pursue strategic partnerships for BMF-650 following the completion of additional long-term toxicology studies.