Braveheart Bio (BRVE) investor relations material

Executive summary

• BHB-1893 is an oral cardiac myosin inhibitor in development for obstructive and non-obstructive HCM; no product revenue to date.

• Q3 net loss was $26.5 million; cash, cash equivalents and investments totaled $503.5 million at September 30, with funding projected into 2029 under the current plan.

• 52-week BHB-1893 data showed sustained oHCM improvements in PVO2 and KCCQ-CSS and supported simpler dosing.

Financial highlights

• Q3 operating expenses were $30.1 million vs. $59.3 million YoY; R&D was $17.5 million vs. less than $0.1 million, and G&A was $12.6 million vs. $0.5 million.

• Q3 net loss was $26.5 million, or $0.51 per share, vs. $59.1 million and $10.05 per share; prior-year costs included $58.8 million of acquired IPR&D.

• Q3 interest income was $3.7 million vs. $0.2 million YoY.

• 9M net loss was $55.8 million vs. $59.6 million; operating cash use was $46.5 million vs. $0.7 million, while prior-year loss included $59.2 million of non-cash acquired IPR&D.

• 9M R&D was $39.6 million, G&A was $21.5 million and operating expenses were $61.1 million vs. $59.8 million, including $59.2 million of prior-year IPR&D.

Outlook and guidance

• Current operating plan projects cash, cash equivalents and investments will fund operating expenses and capital requirements into 2029; assumptions may change and resources could be depleted sooner.

• LIONHEART-HCM is enrolling; its Week 12 LVOT-gradient interim analysis is expected in H2 2027.

• TRUEHEART-HCM fixed-dose Phase 2b and global NOBLEHEART-HCM Phase 3 are planned to start in H1 2027; FDA feedback supported TRUEHEART's fixed-dose approach.

• Hengrui's China Phase 3 trial completed enrollment, with topline results expected in H1 2027; 52-week nHCM Phase 2 OLE data are also expected in H1 2027.

• R&D and G&A expenses are expected to rise as Phase 3 trials advance, manufacturing capacity expands, and public-company and potential commercialization infrastructure grows.