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Biomea Fusion Inc. (BMEA+9.55%) has filed its annual report on Form 10-K filing for the fiscal year ended December 31, 2024.
The company reported a net loss of $138.4 million for the year, compared to a net loss of $117.3 million in the previous year. The increase in net loss is primarily attributed to higher research and development expenses.
Research and development expenses rose to $118.1 million from $102.5 million in the prior year. This increase was driven by higher costs associated with clinical activities and personnel-related expenses.
General and administrative expenses also increased to $26.0 million from $23.6 million, reflecting higher personnel-related costs and professional fees.
Biomea Fusion's cash, cash equivalents, and restricted cash totaled $58.6 million as of December 31, 2024. The company noted that its existing cash resources are insufficient to fund operations for the next twelve months, indicating a need for additional financing.
The company is focused on the development of icovamenib, a covalent inhibitor of menin, for the treatment of type 1 and type 2 diabetes, and has shifted its strategic focus to become a diabetes and obesity medicines company.
Biomea Fusion announced a leadership transition in March 2025, appointing Mick Hitchcock, Ph.D., as Interim Chief Executive Officer, succeeding Thomas Butler.
The company plans to continue the development of its pipeline, including BMF-650, an investigational GLP-1 receptor agonist, which is advancing through IND-enabling studies.
Biomea Fusion is exploring strategic partnerships to advance its oncology assets while concentrating internal resources on metabolic disorders.
The company acknowledges the risks associated with its limited operating history and the need for substantial additional capital to finance its operations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Biomea Fusion Inc. annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.