NASDAQ$BMEA
Biomea Fusion Inc · Q1 2024 earnings
Q1 2024 earnings · · Investor relations
Briefing
Reported first quarter 2024 financial results and corporate highlights.
Biomea Fusion reported a net loss of $39.1 million for the first quarter of 2024, with cash, cash equivalents, and restricted cash totaling $145.3 million. The company highlighted positive data from its Phase 1/2 study in type 2 diabetes and initial clinical data from its Phase 2 study in type 1 diabetes, and anticipates a reduction in operating expenses in the second half of the year.
- Reported positive data from Phase 1/2 study (COVALENT-111) in type 2 diabetes patients, displaying durable improved glycemic control while off therapy for 22 weeks.
- Announced initial clinical data from Phase 2 study (COVALENT-112) in type 1 diabetes, demonstrating early signs of clinical activity with improved measures of beta-cell function.
- Expects a reduction in operating expenses in the second half of the year due to near completion of enrollment in type 2 and type 1 diabetes studies.
- Cash position of $145.3 million at the end of the first quarter of 2024.
Headline financials
Revenue & EPS history
Biomea Fusion · Revenue · Quarterly
$0
Forward guidance
Biomea Fusion anticipates several milestones in 2024, including completing the 400 mg cohort from the Escalation Phase of COVALENT-111, completing enrollment of the first three expansion cohorts of COVALENT-111 in type 2 diabetes, completing enrollment of the open label portion of COVALENT-112 in type 1 diabetes, and completing the dose escalation portion of COVALENT-101, COVALENT-102, and COVALENT-103.
Tailwinds
- On track to complete 400 mg cohort from the Escalation Phase of COVALENT-111.
- On track to complete enrollment of the first three expansion cohorts of COVALENT-111 (n=216) in type 2 diabetes patients with poorly controlled diabetes and provide topline 26-week follow-up data.
- On track to complete enrollment of the open label portion (n=40) of COVALENT-112 in type 1 diabetes dosed for 12 weeks with BMF-219 and provide topline 26-week follow-up data.
- On track to complete dose escalation portion of COVALENT-101 and establish recommended Phase 2 dose (RP2D).
- On track to complete dose escalation portion of COVALENT-102 and establish RP2D.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 17 quarterly earnings reports · overlaid with Q1 2024
+5.2%
Avg return
Earnings day
+3.3%
Avg return
5 days after
+3.0%
Avg return
30 days after
40%
8 / 20 earnings
Positive
+109.7%
Q4 2022
Best reaction
-16.7%
Q3 2024
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q4 2026 | +15.3% | -13.5% | -23.7% | |
| Q3 2025 | -0.7% | -4.3% | -21.0% | |
| Q2 2025 | +0.6% | -3.2% | +21.5% | |
| Q1 2025 | -1.3% | -4.6% | +73.0% | |
| Q4 2024 | +1.2% | -7.8% | -8.7% | |
| Q3 2024 | -16.7% | -27.2% | -43.4% | |
| Q1 2024 | +6.7% | +3.7% | -9.1% | |
| Q4 2023 | -14.4% | -14.8% | -22.6% | |
| Q3 2023 | -6.8% | -7.9% | +16.3% | |
| Q2 2023 | -2.4% | -9.3% | -22.2% | |
| Q1 2023 | -3.3% | +2.6% | +12.5% | |
| Q4 2022 | +109.7% | +101.0% | +84.6% | |
| Q3 2022 | -15.6% | -29.4% | -43.3% | |
| Q2 2022 | +3.3% | +11.8% | +8.5% | |
| Q1 2022 | +35.2% | +69.4% | +127.2% | |
| Q4 2021 | -13.8% | -7.7% | -36.2% | |
| Q3 2021 | +7.6% | +2.0% | -7.9% | |
| Q2 2021 | -0.6% | -11.0% | -3.4% | |
| Q1 2021 | -0.3% | +7.9% | -21.4% | |
| Q4 2020 | -0.3% | +7.9% | -21.4% | |
| Q3 2020 | — | — | — | |
| Q2 2020 | — | — | — | |
| Q1 2020 | — | — | — |
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