Biomea Fusion reports Q2 EPS (70c), consensus (87c)

As of June 30, the company had cash, cash equivalents, restricted cash, and investments of $223.3M, compared to $113.4M as of December 31, 2022. “At the American Diabetes Association Annual Meeting in June, data presented from the COVALENT-111 study demonstrated for the first time how our investigational agent, BMF-219, may control blood glucose for diabetes patients 8 weeks after treatment had been completed,” said Thomas Butler, CEO and chairman of Biomea. “The loss of mass and function of beta cells is an underlying cause of type 2 diabetes. We have now demonstrated from our clinical data to date, that inhibiting menin with BMF-219, may represent a new and important mechanism of action with lasting benefits for patients with type 2 diabetes. Our goal at Biomea is to develop a treatment that can halt or reverse disease progression in patients with type 1 and type 2 diabetes. A restored pool of healthy beta cells may allow patients to increase insulin production and achieve glycemic control while being off therapy. Our aspiration with BMF-219 is to help millions of type 2 diabetes patients break free from the current treatment paradigm in which, regardless of which currently approved treatments they take, their disease generally continues to progress.”