Biomea Fusion Inc (BMEA)

Shares of Biomea Fusion Inc (BMEA) dropped by 30.31% from $16.89 to $11.77 in the trading on Monday, December 11, 2023. The reason why BMEA down today is due to the company's announcement of data presentation at the ASH 2023 Annual Meeting. The data pertains to BMF-219 and its use in treating relapsed/refractory acute myeloid leukemia (AML) patients with menin-dependent mutations. Investors and market participants often react to data presentations related to clinical trials, as the results and findings can significantly influence a biopharmaceutical company's stock performance. In this case, the reaction to the data presented at the ASH 2023 Annual Meeting has contributed to the substantial drop in BMEA shares. Investors will continue to analyze the implications of the data and closely monitor any subsequent developments related to BMF-219 and its potential impact on Biomea Fusion Inc's future prospects.

BMEA's stock fell 20.39% after the company announced new clinical data from the first two cohorts of Phase 2 portion of its ongoing Phase 1/2 study of BMF-219 in type 2 diabetes patients. Although this is good news, investors are still skeptical about how BMF-219 works in T2D or how to best develop it in the presence of an increasing of effective Tx's. It may take a while to see a clear development path/successful commercial application of BMF-219.

https://twitter.com/Quantumup1/status/1673473620406927361?s=20

Shares of Biomea Fusion (BMEA) dropped by 8.55% from $31.71 to $29.00 in the trading on Tuesday, May 02, 2023. The reason why BMEA is down today is due to the company's Q2 results, which reported increasing net loss and higher R&D expenses.

• Cash and Investments: As of March 31, 2023, Biomea had $86.7 million in cash, cash equivalents, restricted cash, and investments, compared to $113.4 million as of December 31, 2022. This decrease was noted despite gross proceeds of $172.5 million from a public offering of common stock in early April 2023.
• Net Income/Loss: Biomea reported a net loss attributable to common stockholders of $29.1 million for the first quarter of 2023, compared to a net loss of $16.4 million for the same period in 2022.
• Research and Development (R&D) Expenses: R&D expenses for the first quarter of 2023 were $24.4 million, up from $11.4 million for the same period in 2022. The increase of $13.0 million was primarily attributed to rising personnel-related costs and increased clinical and preclinical development expenses, including manufacturing and external consulting, related to the company's product candidates, BMF-219 and BMF-500.
• General and Administrative (G&A) Expenses: G&A expenses for the first quarter of 2023 amounted to $5.6 million, compared to $5.1 million for the same period in 2022. The $0.6 million increase was primarily due to higher personnel-related costs and additional corporate costs to support the company's expanding operations as well as additional expenses associated with being a public company.

Shares of Biomea Fusion (BMEA) dropped by 9.67% from $8.48 to $7.66 in the trading on Wednesday, January 04, 2023. The reason why BMEA is down today is due to the company's announcement about accepted abstract data for the 2023 Poster Session of the 21st World Congress Insulin Resistance, Diabetes & Cardiovascular Disease (WCIRDC). The abstract included long-term 26-week follow-up data from the first 20 patients in the COVALENT-111 study. Additionally, the company mentioned that topline data for the COVALENT-111 escalation portion, featuring various BMF-219 dosing cohorts, would be presented before year-end. The market's response to this announcement resulted in the notable decrease in BMEA's stock price on January 4, 2023.