BioMea Q2 Loss Shrinks; Data From Phase 2 Trials For Icovamenib In Diabetes Expected In '27
(RTTNews) - Biomea Fusion, Inc. (BMEA) recorded a narrowed loss for the second quarter ended June 30, 2026, attributable to lower operating expenses. The biotech company also provided various pipeline updates.
Company Profile
Biomea is a clinical-stage biotechnology company developing oral small-molecule therapies for diabetes and obesity. Its pipeline includes Icovamenib for type 1 and type 2 diabetes and BMF-650, an oral GLP-1 receptor agonist for obesity.
Second Quarter Financial Highlights
For the quarter ended on June the net loss reduced to $8.33 million, or $0.12 per share, compared to $20.74 million or $0.51 per share in the last year.
Cash, cash equivalents and restricted cash totalled $35.19 million as of June 30, 2026.
Pipeline Updates
Icovamenib for Diabetes
Icovamenib, a potential first-in-class oral menin inhibitor for type 2 diabetes (T2D), continues evaluation in the Phase 2 COVALENT-211 trial for insulin-deficient T2D. Currently enrolling patients, the company expects to report primary endpoint data in the first quarter of next year.
The Phase 2 COVALENT-212 trial in T2D patients receiving GLP-1 receptor agonist-based therapy is also enrolling patients, with a primary goal readout expected in the second quarter of 2027.
Biomea is planning a Phase 2 trial evaluating extended dosing of icovamenib alone and in combination with an immunosuppressive agent in collaboration with four U.S. academic centers. The trial initiation is expected in the second half of 2026.
The company has entered a research collaboration with the University of Leicester to evaluate the combination in a Phase 2 trial through the Open Label Adaptive Platform Trial. Patient enrollment is expected to begin in the third quarter of this year.
BMF-650 for obesity
The Phase 1 GLP-131 trial evaluating BMF-650 in overweight or obese participants is ongoing. The company recently expanded the trial to assess a rapid one-step titration regimen for enhanced weight-loss potential. Initial 28-day clinical weight-loss data are expected in the third quarter of 2026.
BMEA has traded between $0.87 and $2.99 over the last year.
BioMea shares closed Wednesday up 2.44% at $1.26.
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