Biomea Fusion Inc. (BMEA), a clinical-stage diabetes and obesity company, reported on Monday its first-quarter financial results and provided updates across its diabetes and obesity drug pipeline.
Q1 2026:
The company recorded a net loss of $12.41 million, or $0.17 per share, in Q1 2026, while in the same period of 2025, the net loss was $29.26 million, or $0.80 per share.
Research and development expenses (R&D) were $9.12 million, compared to $22.89 million in the previous year.
Cash, cash equivalents, and marketable securities on March 31, 2026, amounted to $45.06 million.
Pipeline Highlights:
The company is developing Icovamenib, a potential first-in-class oral small molecule, that targets menin for the treatment of diabetes. Chronic toxicology studies in two species were completed and showed a favorable safety profile in over 400 dosed subjects, consistent with results from the preclinical studies.
COVALENT-211 and COVALENT-212 trials are Phase 2 randomized, double-blind, placebo-controlled studies evaluating icovamenib in treating Type-2 Diabetes (T2D). The trials are currently enrolling patients and have a 26-week primary endpoint with topline results expected in the fourth quarter of this year. While COVALENT-211 is enrolling patients with insulin-deficient T2D not achieving glycemic targets despite standard of care therapy, COVALENT-212 is enrolling patients with T2D not achieving glycemic targets despite GLP-1 RA therapy.
The Phase 2 COVALENT-112 trial on type-1 diabetes patients has yielded 52-week follow-up data, which demonstrated a 52% reduction in mean C-peptide levels at week 12, with favorable safety and tolerability.
BMF-650 is a next-generation oral small molecule GLP-1 RA drug for treating obesity. The Phase 1 GLP-131 randomized, double-blind, placebo-controlled trial is currently evaluating BMF-650 in healthy and obese patients, with initial 28-day weight reduction data expected by the second quarter of 2026.
BMEA closed Monday at $1.57, up 1.95%. In the overnight market, shares are trading at $1.60, up 1.91%.
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