Company Overview and Q2 2025 Highlights Biomea Fusion, a clinical-stage diabetes and obesity company, reported Q2 2025 results, highlighting clinical data and a **$42.8 million** financing [Introduction and CEO Commentary](index=1&type=section&id=1.1.%20Introduction%20and%20CEO%20Commentary) The Interim CEO highlighted positive clinical and preclinical data for icovamenib and BMF-650, and a **$42.8 million** equity financing to advance programs - Biomea Fusion is a clinical-stage diabetes and obesity company[2](index=2&type=chunk) - Icovamenib demonstrated potential as a novel, potentially first-in-class investigational agent for type 2 diabetes and obesity, with preclinical data showing superior glycemic control and weight reduction in combination with low-dose semaglutide, while fully preserving lean mass[3](index=3&type=chunk) - BMF-650 showed encouraging results in obese cynomolgus monkeys, achieving up to **15% weight reduction** and robust dose-dependent appetite suppression, reinforcing its potential as an oral GLP-1 RA[3](index=3&type=chunk) - Completed a **$42.8 million** equity financing to advance high-priority diabetes and obesity programs[3](index=3&type=chunk) [Second Quarter 2025 Corporate Highlights](index=1&type=section&id=1.2.%20Second%20Quarter%202025%20Corporate%20Highlights) Q2 2025 highlights included icovamenib presentations, robust BMF-650 preclinical results, a **$42.8 million** public offering, and workforce reduction to optimize expenses - Three presentations at ADA 2025 highlighted icovamenib's therapeutic potential, demonstrating durable HbA1c reduction and improved beta-cell function in T2D patients, and promoting healthy myotube morphology[5](index=5&type=chunk)[6](index=6&type=chunk) - BMF-650 demonstrated robust, dose-dependent weight loss and appetite suppression in obese non-human primates; planned Investigational New Drug (IND) submission remains on track for the second half of 2025[5](index=5&type=chunk) - Raised approximately **$42.8 million** in gross proceeds through a public offering, extending projected cash runway into the second half of 2026[5](index=5&type=chunk) - Reduced workforce and quarterly expenses to support core programs, anticipating future quarterly operational expenses to be approximately **40% lower**[5](index=5&type=chunk)[8](index=8&type=chunk) Clinical Development Program Updates Updates on clinical development programs for icovamenib, BMF-650, and BMF-500 detail their progress and key findings [Icovamenib (Oral Small Molecule Menin Inhibitor for T2D and T1D)](index=1&type=section&id=2.1.%20Icovamenib%20%28Oral%20Small%20Molecule%20Menin%20Inhibitor%20for%20T2D%20and%20T1D%29) Icovamenib showed significant therapeutic potential in T2D patients with durable HbA1c reduction and enhanced beta-cell function, and superior metabolic benefits in preclinical models - In T2D patients, icovamenib demonstrated durable HbA1c reduction and enhanced beta-cell function three months post-dosing, particularly in severe insulin deficient patients enrolled in its Phase II trial[6](index=6&type=chunk) - In a ZDF rat model of T2D, treatment of icovamenib in combination with low-dose semaglutide delivered superior metabolic benefits compared to low-dose semaglutide alone, including[10](index=10&type=chunk) Fasting Blood Glucose, Glucose OGTT AUC, HbA1c Decline, HOMA-IR (Insulin Resistance), C-peptide to Glucose Ratio, Body Weight Reduction | Metric | Icovamenib + Low-dose Semaglutide vs. Low-dose Semaglutide Alone | | :-------------------------------- | :---------------------------------------------------------------- | | Fasting Blood Glucose | **60% lower** | | Glucose OGTT AUC | **50% lower** | | HbA1c Decline | **>1% by Day 28** and **>2% by Day 39** | | HOMA-IR (Insulin Resistance) | **75% lower** | | C-peptide to Glucose Ratio | **2-fold increase** | | Body Weight Reduction | **10% greater**, primarily due to fat mass reduction with complete lean mass preservation | - Icovamenib also promoted healthy myotube morphology and diminished drug-induced atrophy in ex vivo human myotube cultures[10](index=10&type=chunk) [BMF-650 (Next-generation Oral Small Molecule GLP-1 RA for Obesity)](index=2&type=section&id=2.2.%20BMF-650%20%28Next-generation%20Oral%20Small%20Molecule%20GLP-1%20RA%20for%20Obesity%29) BMF-650 demonstrated rapid, dose-dependent reductions in food intake and significant weight loss in obese cynomolgus monkeys, achieving average weight reductions of **15%** at the higher dose - In a 28-day study in obese cynomolgus monkeys, BMF-650 achieved rapid, dose-dependent reductions in food intake and significant weight loss, with average weight reductions of **15%** at the higher dose of 30 mg/kg/day[10](index=10&type=chunk) - BMF-650 was generally well tolerated across all dose levels and showed no aminotransferase elevations[10](index=10&type=chunk) - These preclinical results compare favorably to published preclinical data from other leading oral GLP-1 RA candidates in development, supporting BMF-650's potential as a best-in-class oral small-molecule GLP-1 RA[10](index=10&type=chunk) [BMF-500 (Oral Small Molecule FLT3 Inhibitor in Acute Myeloid Leukemia ("AML"))](index=2&type=section&id=2.3.%20BMF-500%20%28Oral%20Small%20Molecule%20FLT3%20Inhibitor%20in%20Acute%20Myeloid%20Leukemia%20%28%22AML%22%29%29) Updated Phase I data for BMF-500 in relapsed/refractory FLT3-mutant AML patients showed sustained antileukemic responses, deep bone marrow blast reductions, and survival benefit; the company is now exploring strategic partnerships - Presented updated Phase I data at EHA 2025, showing sustained antileukemic responses, deep bone marrow blast reductions, and survival benefit in relapsed/refractory FLT3-mutant AML patients, all of whom had failed FLT3 inhibitor gilteritinib[10](index=10&type=chunk) - The Company concluded its oncology efforts and is now exploring strategic partnerships for BMF-500[10](index=10&type=chunk) Key Anticipated 2025 Milestones Biomea Fusion anticipates key milestones for icovamenib and BMF-650 in 2025, including clinical data releases and IND submission [Icovamenib Milestones](index=2&type=section&id=3.1.%20Icovamenib%20Milestones) Biomea Fusion anticipates 52-week data from the Phase II COVALENT-111 study, initiation of a new Phase II study for T2D, and preliminary data from the Phase II COVALENT-112 study in T1D in the second half of 2025 - 52-week data from the Phase II COVALENT-111 study in T2D expected in the second half of 2025[12](index=12&type=chunk) - Initiation of Phase II study of icovamenib in T2D patients currently uncontrolled on a GLP-1 based therapy in the second half of 2025[12](index=12&type=chunk) - Preliminary data from the Phase II COVALENT-112 study in T1D anticipated in the second half of 2025[12](index=12&type=chunk) [BMF-650 Milestones](index=3&type=section&id=3.2.%20BMF-650%20Milestones) Key milestones for BMF-650 in 2025 include the planned submission of the Investigational New Drug (IND) application and the anticipated initiation of a Phase I study in obese, otherwise healthy volunteers - Submission of the IND application for BMF-650 is planned for the second half of 2025[12](index=12&type=chunk) - Phase I study initiation in obese, otherwise healthy volunteers anticipated by late 2025, pending regulatory clearance[12](index=12&type=chunk) Second Quarter 2025 Financial Results Biomea Fusion reported a reduced net loss for Q2 and H1 2025, driven by decreased R&D and G&A expenses, with **$56.6 million** cash expected to fund operations into H2 2026 [Financial Summary](index=3&type=section&id=4.1.%20Financial%20Summary) Biomea Fusion reported a reduced net loss for Q2 and H1 2025, primarily due to significant decreases in R&D and G&A expenses, with **$56.6 million** in cash expected to fund operations into H2 2026 Cash, Cash Equivalents, and Restricted Cash | As of | Amount (in millions) | | :---- | :------------------- | | June 30, 2025 | **$56.6** | | Expected Runway | Into H2 2026 | Net Loss Attributable to Common Stockholders (in millions) | Period | 2025 | 2024 | Change (YoY) | | :----- | :--- | :--- | :----------- | | Q2 Ended June 30 | **$(20.7)** | $(37.3) | **$(16.6) decrease** | | H1 Ended June 30 | **$(50.0)** | $(76.3) | **$(26.3) decrease** | Research and Development (R&D) Expenses (in millions) | Period | 2025 | 2024 | Decrease (YoY) | Primary Drivers | | :----- | :--- | :--- | :------------- | :-------------- | | Q2 Ended June 30 | **$16.6** | $31.8 | **$15.3** | Clinical activities (**$9.1M**), preclinical/explor

Core Insights - Biomea Fusion, Inc. reported its financial results for Q2 2025, highlighting advancements in its diabetes and obesity treatment programs, particularly icovamenib and BMF-650 [1][2] Financial Performance - The company reported a net loss of $20.7 million for Q2 2025, a decrease from a net loss of $37.3 million in Q2 2024 [10] - Research and Development (R&D) expenses were $16.6 million for Q2 2025, down from $31.8 million in the same period last year, reflecting a decrease in clinical activities and operational costs [11][13] - General and Administrative (G&A) expenses were $4.7 million for Q2 2025, compared to $7.1 million in Q2 2024, primarily due to reduced personnel-related expenses [14] - As of June 30, 2025, the company had cash, cash equivalents, and restricted cash totaling $56.6 million, expected to fund operations into the second half of 2026 [9] Clinical Developments - Icovamenib demonstrated significant improvements in glycemic control and weight loss in combination with low-dose semaglutide, with a 60% reduction in fasting blood glucose and over 2% decline in HbA1c by Day 39 in rodent models [4][5] - BMF-650 showed promising results in a 28-day study with obese cynomolgus monkeys, achieving up to 15% weight reduction and robust appetite suppression [2][11] - The company plans to submit an Investigational New Drug (IND) application for BMF-650 in the second half of 2025 [12] Strategic Initiatives - Biomea raised approximately $42.8 million through a public offering, enhancing its financial position to support ongoing diabetes and obesity programs [7] - The company has reduced its workforce and operational expenses, anticipating future quarterly operational expenses to be approximately 40% lower than the most recent quarter [8]

Core Viewpoint - Biomea Fusion, Inc. has appointed Julianne Averill to its Board of Directors, effective July 22, 2025, succeeding Bihua Chen, who has served for over four years [1][2]. Group 1: Appointment Details - Julianne Averill brings extensive financial, operational, and strategic expertise in life sciences and digital health, which will benefit Biomea's mission to transform diabetes and obesity care [2]. - Averill has over two decades of experience in high-growth life sciences and digital health companies, currently serving as Managing Director at Danforth Advisors [2]. - She has been involved in transactions and strategic initiatives exceeding $10 billion in aggregate value [2]. Group 2: Background of Julianne Averill - Averill holds a B.S. in Business Administration and an M.S. in Accountancy from California State University [3]. - She is a licensed CPA in California and holds certifications from the Society of Human Resources and the National Association of Corporate Directors [3]. Group 3: Company Overview - Biomea Fusion is focused on developing oral small molecules, icovamenib and BMF-650, aimed at improving the lives of patients with diabetes, obesity, and metabolic diseases [4].

Icovamenib Program - Icovamenib, a menin inhibitor, demonstrates significant and durable HbA1c reductions, up to approximately 1.5%, sustained well beyond the end of treatment[5] - In a Phase 2a study (COVALENT-111), a 12-week oral dosing of Icovamenib led to a placebo-adjusted HbA1c reduction of 1.5% (p=0.02) at Week 26 in patients with severe insulin-deficient diabetes[71] - At Week 26, patients with Severe Insulin-Deficient Diabetes (SIDD) showed a 53% mean increase in C-peptide levels after Icovamenib treatment[60] - Icovamenib has a $6 billion+ estimated U S revenue potential based on 10% penetration at $10,000 per year in the target T2D patients[7, 15] BMF-650 Program - BMF-650, an oral GLP-1 RA, is built on a similar scaffold as orforglipron, aiming for best-in-class status with an optimized exposure profile[7] - Preclinical studies of BMF-650 showed approximately 2 to 3-fold greater oral bioavailability compared to orforglipron[100] - In obese cynomolgus monkeys, BMF-650 demonstrated meaningful appetite suppression over a 6-day treatment period[110, 112] - In a weight loss study in obese cynomolgus monkeys, BMF-650 at 30 mg/kg resulted in a 15.2% average weight reduction from baseline over 28 days[126, 133] Financials and Milestones - For the three months ended March 31, 2025, Biomea Fusion reported a net loss of $29.262 million, or $0.80 per share[139] - As of March 31, 2025, Biomea Fusion had $36.2 million in cash, cash equivalents, and restricted cash[139]

Core Insights - Biomea Fusion, Inc. presented new preclinical and clinical data for icovamenib, an investigational oral menin inhibitor, at the 85th Scientific Sessions of the American Diabetes Association [1][2] - The data highlights icovamenib's potential to enhance glycemic control and promote weight loss while preserving lean mass, particularly when used in combination with GLP-1 receptor agonists [3][4] Presentation Summaries - The combination of icovamenib and low-dose semaglutide showed superior metabolic benefits in a Type 2 Diabetes animal model, suggesting that icovamenib can enhance the effects of GLP-1 therapies [4] - Icovamenib demonstrated the ability to rescue human myotube atrophy and preserve lean mass in a Type 2 Diabetes rat model, indicating its potential for muscle health [5][6] - In the Phase II COVALENT-111 trial, icovamenib achieved a 1.0% placebo-adjusted mean HbA1c reduction and a 55% increase in C-peptide at Week 26, showcasing its efficacy in insulin-deficient patients [6][14] Key Findings - Icovamenib led to a 60% reduction in fasting blood glucose and a 50% lower glucose OGTT AUC, with significant improvements in insulin sensitivity and appetite suppression [7] - The treatment resulted in a greater than 1% decline in HbA1c by Day 28 and over 2% by Day 39, indicating its effectiveness in glycemic control [7] - The combination therapy with GLP-1-based treatments allows for lower doses to achieve desired glycemic and weight loss targets, enhancing tolerability [4][8] Mechanism of Action - Icovamenib is designed to inhibit menin, which is believed to support the regeneration of insulin-producing beta cells, potentially halting or reversing the progression of Type 2 Diabetes [11][16] - The drug's mechanism aims to promote the proliferation and preservation of healthy beta cells, making it a candidate for disease-modifying therapy in diabetes [16] Company Overview - Biomea Fusion is focused on developing oral small molecules, including icovamenib and BMF-650, aimed at improving the lives of patients with diabetes, obesity, and metabolic diseases [17]

Core Insights - Biomea Fusion, Inc. announced promising preclinical findings for BMF-650, an investigational oral GLP-1 receptor agonist, showing significant weight loss in obese non-human primates [1][3] Study Design and Key Preclinical Findings - The study involved 15 obese cynomolgus monkeys, with groups receiving either a vehicle or BMF-650 at doses of 10 mg/kg and 30 mg/kg for 28 days [7] - Results indicated a dose-dependent reduction in food intake, with average daily intake dropping to 35g/day (10 mg/kg) and 16g/day (30 mg/kg) compared to 109g/day for the control group [7] - Weight loss was significant, with reductions of 12% for the 10 mg/kg group and 15% for the 30 mg/kg group from baseline by Day 28 [7] - BMF-650 was well tolerated, showing no elevations in aminotransferase levels [7] BMF-650 Preclinical Highlights - BMF-650 demonstrated a favorable pharmacokinetic profile, with enhanced oral bioavailability and less variability compared to other oral GLP-1 RAs [9] - The compound showed robust glycemic control and appetite suppression, leading to pronounced weight reduction in preclinical models [9][10] - The company aims to submit an Investigational New Drug (IND) application in the second half of 2025, with a Phase I trial in obese volunteers expected to start in late 2025 [6][10] About Obesity - Obesity is a chronic disease affecting over 40% of adults in the U.S. and over 650 million adults globally, leading to serious health complications [11] - The condition is associated with metabolic disorders, cardiovascular diseases, and increased risks of chronic diseases [11] About GLP-1 Receptor Agonists - GLP-1 receptor agonists are medications that mimic the effects of the GLP-1 hormone, improving glycemic control and promoting weight loss in individuals with type 2 diabetes and obesity [12] About Biomea Fusion - Biomea Fusion focuses on developing oral small molecules for diabetes and obesity, including BMF-650, aimed at significantly improving patient outcomes [13]

Core Viewpoint - Biomea Fusion, Inc. has announced a public offering of common stock and warrants, aiming to raise approximately $40 million before expenses, with the offering expected to close on June 20, 2025 [1][2]. Group 1: Offering Details - The offering consists of 19,450,000 shares of common stock and accompanying warrants, along with pre-funded warrants for an additional 550,000 shares [1]. - The combined offering price for each share of common stock and accompanying warrant is set at $2.00, while the pre-funded warrant and accompanying warrant are priced at $1.9999 [1]. - Underwriters have a 30-day option to purchase up to an additional 3,000,000 shares and/or warrants at the public offering price [1]. Group 2: Financial Proceeds - The gross proceeds from the offering are expected to be approximately $40 million, excluding any additional shares or warrants purchased by underwriters [2]. - The offering is subject to customary closing conditions and is anticipated to close on June 20, 2025 [2]. Group 3: Management and Regulatory Information - Jefferies is acting as the sole book-running manager for the offering [3]. - The securities are being offered under an effective shelf registration statement previously filed with the SEC [3].

Core Viewpoint - Biomea Fusion, Inc. has initiated an underwritten public offering of its common stock and accompanying warrants, with a potential additional 15% of shares available for underwriters [1][2]. Group 1: Offering Details - The offering includes common stock, pre-funded warrants, and warrants to purchase common stock, all to be sold by Biomea [1]. - The expected closing date for the offering is around June 20, 2025, pending customary closing conditions [2]. - Jefferies is the sole book running manager for this public offering [2]. Group 2: Regulatory Information - The securities are being offered under an effective shelf registration statement on Form S-3, filed with the SEC on October 14, 2022, and declared effective on October 24, 2022 [3]. - A preliminary prospectus supplement and accompanying prospectus will be filed with the SEC and will be available through Jefferies and the SEC's website [3]. Group 3: Company Overview - Biomea Fusion is a clinical-stage company focused on developing oral small molecules, icovamenib and BMF-650, aimed at improving the lives of patients with diabetes, obesity, and metabolic diseases [5].

Core Insights - Biomea Fusion, Inc. announced updated preliminary clinical data from the ongoing Phase I COVALENT-103 trial of BMF-500 in adults with relapsed or refractory acute leukemia, highlighting sustained clinical responses and encouraging survival rates in FLT3-mutant AML patients [1][8] Clinical Activity Observed - Among 27 enrolled patients, 9 of 11 efficacy-evaluable FLT3m patients showed bone marrow blast reduction, with 5 achieving over 50% reduction [7] - One FLT3m patient achieved complete remission with incomplete hematologic recovery (CRi) sustained for 6 cycles, while another achieved a morphologic leukemia-free state (MLFS) [7] - Two of four efficacy-evaluable FLT3 wild-type patients achieved durable disease control for at least 120 days [7] Pharmacokinetics/Pharmacodynamics - BMF-500 demonstrated good compartmental penetration, with bone marrow and plasma concentrations being comparable [7] - The median overall survival (mOS) for all treated FLT3m patients was 3.8 months for Arm A and 3.5 months for Arm B, which is an improvement compared to the historical mOS of 2.1 months for similar patients [7] Ongoing Dose Escalation - Dose escalation is ongoing at 200 mg BID for Arm A and 75 mg BID for Arm B, with no dose-limiting toxicities reported [7][13] - The company plans to conclude the internal development of BMF-500 in oncology and is exploring strategic partnerships to advance the program [8] About BMF-500 - BMF-500 is an investigational, orally bioavailable, covalent small molecule inhibitor of FLT3, designed to be highly potent and selective, with encouraging potential demonstrated in preclinical studies [10]

Core Viewpoint - Biomea Fusion, Inc. (BMEA) has been upgraded to a Zacks Rank 2 (Buy), indicating a positive trend in earnings estimates which is a significant factor influencing stock prices [1][3]. Earnings Estimates and Stock Price Movement - The Zacks rating system is based on the consensus measure of EPS estimates from sell-side analysts, reflecting the company's changing earnings picture [1][2]. - A strong correlation exists between earnings estimate revisions and near-term stock price movements, making the Zacks rating system valuable for investors [4][6]. Institutional Investor Influence - Institutional investors utilize earnings estimates to determine the fair value of a company's shares, impacting stock price movements through their large transactions [4]. Business Improvement Indicators - The upgrade in rating for Biomea Fusion signifies an improvement in the company's underlying business, which is expected to drive the stock price higher [5][10]. Earnings Estimate Revisions - For the fiscal year ending December 2025, Biomea Fusion is projected to earn -$3 per share, reflecting a 21.7% change from the previous year [8]. - Over the past three months, the Zacks Consensus Estimate for Biomea Fusion has increased by 20.8%, indicating a positive trend in earnings estimates [8]. Zacks Rank System Overview - The Zacks Rank system classifies stocks into five groups based on earnings estimates, with a proven track record of generating significant returns for top-ranked stocks [7][9]. - Biomea Fusion's upgrade to Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, suggesting potential for market-beating returns in the near term [10].