No revenue or earnings surprise to trade on — this is a pre-revenue biotech. The stock will move on upcoming clinical catalysts: Phase I obesity data (Q2 2026) and Phase II T2D data (Q4 2026). Monitor cash burn rate; at current pace, runway into Q1 2027 implies no near-term dilution risk but no buffer for delays.
Price Chart
Executive Summary
Biomea Fusion reported Q1 2026 net loss of $12.4M ($0.17/share), narrower than the $29.3M loss ($0.80/share) in Q1 2025, driven by reduced R&D and G&A spending after the oncology program wind-down. Cash burn continues with cash dropping to $45.1M from $56.2M at year-end 2025, providing runway into Q1 2027. Clinical milestones remain on track with Phase II T2D data expected in Q4 2026 and initial Phase I obesity data in Q2 2026.
Key Facts
- Net loss of $12.4M for Q1 2026 vs $29.3M in Q1 2025, a 57.6% improvement
- Cash, cash equivalents and restricted cash of $45.1M as of March 31, 2026, down from $56.2M at Dec 31, 2025
- R&D expenses fell to $9.1M from $22.9M YoY, driven by headcount reduction and lower clinical activity
- Phase II COVALENT-211 and COVALENT-212 trials in T2D on track for topline 26-week data in Q4 2026
- Phase I GLP-131 (BMF-650) obesity trial on track; initial 28-day weight reduction data expected in Q2 2026
- Cash runway projected into Q1 2027
- Weighted-average shares outstanding increased to 72.3M from 36.6M YoY, reflecting prior equity issuances
Financial Impact
Net loss improved $16.9M YoY to $12.4M; cash burn of ~$11.1M in Q1 2026
Risk Factors
- Cash burn continues with no revenue; any trial delay could force dilutive financing
- Phase II T2D data in Q4 2026 is binary — failure would severely impair the stock
- Phase I obesity data in Q2 2026 is early-stage and may not translate to later trials
- Stock-based compensation of $1.6M in Q1 2026 continues to dilute existing shareholders
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-217037 |
| Document: bmea-20260511.htm | 0001193125-26-217037 |
| Document: 0001193125-26-217037-index-headers.html | 0001193125-26-217037 |
| Document: 0001193125-26-217037-index.html | 0001193125-26-217037 |
| Document: 0001193125-26-217037.txt | 0001193125-26-217037 |
| 8-K Data (Synthetic) | 0001193125-26-217037 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 13, 2026 13d ago | 8-K | $0.8340 $0.6901 | ▼ −17.25% | ▼ −17.71% | $0.6176 (−25.95%) |
Oct 13, 2026 13d ago | Press Release | $0.8340 $0.6901 | ▼ −17.25% | ▼ −17.71% | $0.6176 (−25.95%) |
Sep 23, 2026 4w ago | Press Release | $1.44 $1.33 | ▼ −7.64% | ▼ −6.96% | $0.6176 (−57.11%) |
Sep 22, 2026 4w ago | 424B5 | $1.44 $1.33 | ▲ +7.64% | ▲ +6.96% | $0.6176 (+57.11%) |
Sep 22, 2026 4w ago | Press Release | $1.44 $1.33 | ▲ +7.64% | ▲ +6.96% | $0.6176 (+57.11%) |
Jun 12, 2026 19w ago | Institutional Cluster | $1.17 $1.18 | ▲ +0.85% | ▲ +0.18% | $0.6176 (−47.21%) |
Jun 5, 2026 20w ago | Press Release | $1.15 $1.20 | ▲ +4.35% | ▲ +2.24% | $0.6176 (−46.30%) |
May 11, 2026 24w ago | 8-K | $1.58 $1.25 | ▼ −20.89% | ▼ −20.96% | $0.6176 (−60.91%) |
May 11, 2026 24w ago | Press Release | $1.58 $1.25 | ▼ −20.89% | ▼ −20.96% | $0.6176 (−60.91%) |
Apr 28, 2026 26w ago | 8-K | $1.53 $1.48 | ▼ −3.27% | ▼ −4.96% | $0.6176 (−59.63%) |
US Market Status
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