Biomea Fusion Posts $12.4M Q1 Loss on $45.1M Cash Runway, Advances Clinical Trials
Biomea Fusion closed Q1 2026 with $45.1 million in cash, a net loss of $12.4 million compared with $29.3 million a year earlier, and projects cash runway into Q1 2027. It reported 52-week Phase II T1D data for icovamenib, initiated two Phase II T2D trials with topline data due Q4 2026; forecasts Phase I obesity data in Q2 2026.
1. First Quarter Financial Results
Biomea Fusion ended Q1 2026 with $45.1 million in cash and restricted cash, reported a net loss attributable to common stockholders of $12.4 million versus $29.3 million in Q1 2025, and reduced R&D expenses to $9.1 million, supporting operations into Q1 2027.
2. Phase II Diabetes Program Advances
The company reported 52-week results from the Phase II COVALENT-112 T1D trial showing a 52% mean increase in C-peptide AUC at Week 12 at the 200 mg dose with persistence through Week 52. It also dosed first patients in two Phase II T2D studies, COVALENT-211 and COVALENT-212, with 26-week topline endpoints expected in Q4 2026.
3. Obesity Program Update
The Phase I GLP-131 trial of the oral GLP-1 RA candidate BMF-650 in overweight or obese participants is progressing on schedule, with initial 28-day weight reduction and safety data anticipated in Q2 2026.