Biomea Fusion (BMEA) Q3 2026 earnings summary

Executive summary

• COVALENT-211 enrollment is complete and COVALENT-212 enrollment continues; primary data are expected in Q1 and Q2 2027, respectively.

• Phase I BMF-650 results showed early weight reduction with generally favorable tolerability; cash runway is projected into Q2 2027.

Financial highlights

• Q3 2026 net loss was $6.2M vs. $16.4M a year earlier, partly reflecting a $6.5M noncash gain from warrant-liability revaluation.

• Q3 R&D expense was $8.5M vs. $14.4M; G&A was $4.4M vs. $4.2M; total operating expenses were $13.0M vs. $20.8M.

• 9M 2026 net loss was $26.9M vs. $66.4M; operating expenses were $38.5M vs. $71.8M.

• Cash, cash equivalents and restricted cash were $26.8M at September 30, 2026, vs. $56.2M at December 31, 2025; 9M operating cash use was $30.1M vs. $56.4M.

Outlook and guidance

• COVALENT-211 Week 26 primary HbA1c data are expected in Q1 2027; COVALENT-212 Week 26 data are expected in Q2 2027, followed by 52-week secondary data.

• OPAL assesses its primary endpoint at Week 24, with topline data anticipated at the end of 2027.

• Cash is expected to fund operations into Q2 2027; additional capital is required to continue operations and planned development.

• R&D expenses and operating losses are expected to rise as icovamenib trials continue and BMF-650 advances; further BMF-650 development requires longer-term toxicology studies.