Biomea Fusion Initiates Two Phase II Diabetes Trials, Projects Q1 2027 Cash Runway
Biomea Fusion initiated two Phase II trials of icovamenib in type 2 diabetes with 26-week readouts due Q4 2026 and launched Phase I GLP-1 RA obesity study, forecasting 28-day weight data in Q2 2026. It closed 2025 with $56.2M cash runway into Q1 2027 and a $61.8M net loss.
1. Clinical Pipeline Updates
Biomea Fusion announced initiation of two Phase II trials of icovamenib in type 2 diabetes (COVALENT-211 and COVALENT-212) with 26-week primary endpoints and topline data expected in Q4 2026. It also completed the 52-week follow-up from COVALENT-112 in type 1 diabetes with data due Q2 2026 and launched the Phase I GLP-131 obesity study, anticipating 28-day weight reduction results in Q2 2026.
2. Full Year 2025 Financial Results
The company reported a net loss of $61.8M for 2025, down from $138.4M in 2024, and ended the year with $56.2M in cash, cash equivalents and restricted cash. R&D expenses declined to $62.0M from $118.1M year-over-year due to lower external clinical, manufacturing and advisory costs, supporting operations into Q1 2027.