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Biomea Fusion

BMEA Lead: Phase 2 9 Biotech Distilled articles ↓ 25 filings & releases ↓ Cash $34.8M (Jun 30, 2026) ↓ 9 verdicts ↓ 6 timing quotes ↓
MetabolicOncology Small Molecule

Market cap $41.1M 72.5M shares (10-Q, Jul 31, 2026) × $0.567 close Nov 6, 2026

Most recent annual filing: 2026-03-24

Catalyst timeline

4 trackedQuarter catalyst calendar →
  1. Icovamenib topline1Q 2027Icovamenib topline, 1Q 2027, thesis-defining
  2. Icovamenib COVALENT-211 topline1Q 2027Icovamenib COVALENT-211 topline, 1Q 2027, thesis-defining
  3. Biomea Fusion corporate financing1Q 2027Biomea Fusion corporate financing, 1Q 2027, routine
  4. Icovamenib COVALENT-212 topline2Q 2027Icovamenib COVALENT-212 topline, 2Q 2027, major

Bar width shows how precise the guidance is — a pin is a stated date, a wide band a six-month window. Deeper blue means more of the thesis rides on the event; it is not a view on the stock.

Pipeline (4 active programs)

Discontinued (1)

Capital (as filed)

Cash
$34.8M cash and cash equivalents · Jun 30, 2026 (10-Q)
Operating cash flow
−$10.0M quarter Mar 31, 2026 → Jun 30, 2026, year-to-date difference (10-Q)
As stated in coverage
$35.2M cash, runway second quarter of 2027 per the update of Oct 13, 2026 — the company's own words as read there, not the filed figure

Offering documents (1)

Cash, investments and operating cash flow are the company's own XBRL facts as filed with the SEC, each shown with its period end and tag. As-stated figures come from the company's own words as read in Biotech Distilled coverage, dated, and routinely count securities and planned financing that a balance sheet does not. Offering rows are the SEC cover pages as filed. Not investment advice. Figures as of Nov 7, 2026.

Biotech Distilled coverage (9)

Articles open on Substack. Some are subscriber-only; those marked ★ Distilled Pro are for Distilled Pro members.

Verdict history (9 calls)

Every verdict Biotech Distilled has published on Biomea Fusion, oldest first — the full history, never a selection. How calls are scored: the track record.

  1. 2026-04-04 Watch Biomea Fusion (BMEA) - Scientific Deep Dive for Icovamenib and Pipeline Products Compelling science but a terrifying balance sheet with a going concern warning; wait for institutional investors to absorb Q2 2026 dilution before re-evaluating entry ahead of pivotal Q4 2026 icovamenib readouts.
  2. 2026-04-28 Speculative buy speculative UPDATE: Biomea Fusion (BMEA) - The Zombie Trial Wakes Up COVALENT-112 T1D data showed durable C-peptide increases in two indications, upgrading the mechanism's credibility, though the balance sheet remains terrifying and position sizing must assume 20–40% dilution.
  3. 2026-06-08 Speculative buy speculative UPDATE: Biomea Fusion (BMEA) - The ADA Receipts and the Quiet Catalyst Slip Safety signal in T1D came back clean, GLP-1 combo thesis got a 1.8% placebo-adjusted A1c receipt, and translational muscle-preservation data strengthens the M&A narrative, but BMF-650 slipped to Q3 and the liquidity event likely comes before the data.
  4. 2026-08-06 Speculative buy speculative UPDATE: Biomea Fusion (BMEA) - The Catalysts Moved Past the Cash Both Phase IIb T2D readouts slipped into 2027 while cash runs out in the same quarter the first data lands, worsening the financing sequencing, though the biology remains intact and the Leicester semaglutide combination arm adds human-trial optionality at low cost.
  5. 2026-08-24 Speculative buy speculative UPDATE: Biomea Fusion (BMEA) - "Near Completion" Became "Completed" COVALENT-211 is fully enrolled with a placebo-controlled design and a Q1 2027 date that now has operational support, retiring the slip risk, though the dilution gravity well and going concern are unchanged.
  6. 2026-09-23 Speculative buy speculative UPDATE: Biomea Fusion (BMEA) - The Raise Landed Before the Data The financing event moved from expected to actual, arriving ahead of the BMF-650 catalyst with a demand-constrained deal structure, but the science is unchanged and the pricing print will determine the real cost of capital.
  7. 2026-09-23 Watch UPDATE: Biomea Fusion (BMEA) - The Raise That Didn't Land The offering was pulled with zero shares sold, leaving the going-concern gap open and public, and the financing problem now tested against real demand and come up short, making standing aside until October's BMF-650 print the lower-variance path.
  8. 2026-10-14 Watch UPDATE: Biomea Fusion (BMEA) - The Financing Print Came Back Quiet BMF-650 Phase 1 showed clean tolerability but only 1.5–3.2% outpatient weight loss at or below the class benchmark, with management pivoting to licensing; the icovamenib thesis is untouched but standing aside until the financing is actually priced remains the lower-variance path.
  9. 2026-10-15 Avoid UPDATE: Biomea Fusion (BMEA) - The Deck Said the Quiet Part The slide deck revealed suspected dosing-compliance failure in the top-dose cohort, breaking the dose-response curve and weakening the licensing pitch, while the stock fell below $1 with a going concern warning and no disclosed partner, making the cost of capital prohibitively high until a financing is priced.

Every verdict Biotech Distilled has published on this company, in order, with the post it came from — the full history, never a selection. Position figures are the same ones shown on /track-record, computed by the same method. Editorial opinion, not investment advice.

Timing, in the company's words (6 quotes from 5 filings)

Sentences quoted verbatim from the company's SEC filings, newest filing first. Each sits under the filing it appeared in; the "matched to" tag names the calendar row it was read for.

Timing sentences quoted from the company's own SEC filings, each under the filing it appeared in. The 'matched to' tag is the calendar row the sentence was read for; the filing is the source. Not investment advice.

Filings & releases (25)

SEC filings from EDGAR and press releases captured from the company's investor-relations site, newest first. Releases captured from May 5, 2026; filings from March 2026. Summaries come from the BD update that read the document; "BD extracted" counts point at the pipeline table above. All companies →

1 more filing (13G holder notices, S-8, proxy material, SEC correspondence …)