NASDAQ$BMEA
Biomea Fusion Inc · Q2 2024 earnings
Q2 2024 earnings · · After market close · Investor relations
Briefing
Biomea Fusion Inc reported financial results for the second quarter of 2024 with increased R&D spending and a larger net loss.
The company recorded no revenue and a net loss of $37.3 million for the three months ended June 30, 2024, driven by higher research and development expenses of $31.8 million. Cash and cash equivalents stood at $113.3 million at quarter end. Management continues to advance clinical programs for BMF-219 and BMF-500 while addressing a recent FDA clinical hold on diabetes trials.
- Net loss widened to $37.3 million from $24.9 million in Q2 2023 due to elevated R&D and G&A costs.
- Research and development expenses rose 45% year-over-year to $31.8 million, reflecting expanded clinical trial activity.
- Cash position declined to $113.3 million, supporting operations amid ongoing development programs.
- Stock-based compensation totaled $4.8 million for the quarter, allocated across R&D and G&A functions.
Headline financials
Revenue & EPS history
Biomea Fusion · Revenue · Quarterly
$0
Forward guidance
Topline data from Phase 2b COVALENT-111 and Phase 2a COVALENT-112 expected in Q4 2024; dose escalation for COVALENT-101, 102, and 103 targeted for completion by year-end 2024.
Tailwinds
- Clinical data readouts anticipated in fourth quarter 2024
- Dose escalation progress across multiple oncology trials
Headwinds
- Clinical hold on diabetes INDs requires resolution with FDA
- Continued net losses and cash burn expected
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 17 quarterly earnings reports
+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 |
|---|---|---|---|---|
| Q2 2024 | — | — | — | |
| 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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