Biomea Fusion, a clinical-stage company, reported a significantly narrowed net loss for the second quarter, driven by lower research and development and administrative expenses. The company provided updates on its ongoing clinical trials for diabetes and obesity, stating it has a cash runway into the second quarter of 2027.
Key Highlights
- Net loss for the second quarter was $8.3 million, or ($0.12) per share, compared to a net loss of $20.7 million, or ($0.51) per share, in the same period last year.
- Research and Development (R&D) expenses decreased to $9.1 million from $16.6 million year-over-year, primarily due to lower costs for preclinical programs and manufacturing.
- The company ended the quarter with $35.2 million in cash and cash equivalents, which is projected to fund operations into the second quarter of 2027.
- Initial 28-day weight reduction data from the Phase I trial of BMF-650 in obesity is expected in the third quarter of 2026.