anticipated milestones, and the timing of such events, and our expectations regarding the Biomea FUSION$(TM)$ Platform and our plans to announce a third development candidate, may be deemed to be forward-looking statements. We intend these forward-looking statements to be covered by the safe harbor provisions for forward-looking statements contained in Section 27A of the Securities Act and Section 21E of the Exchange Act and are making this statement for purposes of complying with those safe harbor provisions.
Any forward-looking statements in this press release are based on our current expectations, estimates and projections only as of the date of this release and are subject to a number of risks and uncertainties that could cause actual results to differ materially and adversely from those set forth in or implied by such forward-looking statements, including the risk that we may encounter delays in preclinical or clinical development, patient enrollment and in the initiation, conduct and completion of our ongoing and planned clinical trials and other research and development activities. These risks concerning Biomea Fusion's business and operations are described in additional detail in its periodic filings with the U.S. Securities and Exchange Commission (the "SEC"), including its most recent periodic report filed with the SEC and subsequent filings thereafter. Biomea Fusion explicitly disclaims any obligation to update any forward-looking statements except to the extent required by law.
- See attached for financial tables -
BIOMEA FUSION, INC.
Condensed Statement of Operations and Comprehensive
Loss
(Unaudited)
(in thousands, except share and per share data)
Three Months Ended Nine Months Ended
September 30, September 30,
------------------------- -------------------------
2024 2023 2024 2023
----------- ----------- ----------- -----------
Operating
expenses:
Research and
development
(1) $ 27,244 $ 25,347 $ 92,845 $ 71,680
General and
administrative
(1) 6,795 5,772 21,151 17,127
---------- ---------- ---------- ----------
Total
operating
expenses 34,039 31,119 113,996 88,807
---------- ---------- ---------- ----------
Loss from
operations (34,039) (31,119) (113,996) (88,807)
Interest and
other income,
net 1,252 2,690 4,872 6,436
---------- ---------- ---------- ----------
Net loss $ (32,787) $ (28,429) $ (109,124) $ (82,371)
========== ========== ========== ==========
Other
comprehensive
loss:
Unrealized gain
(loss) on
investments,
net -- -- -- --
---------- ---------- ---------- ----------
Comprehensive loss $ (32,787) $ (28,429) $ (109,124) $ (82,371)
========== ========== ========== ==========
Net loss per common
share, basic and
diluted $ (0.91) $ (0.80) $ (3.03) $ (2.46)
========== ========== ========== ==========
Weighted-average
number of shares
used to compute
basic and diluted
net loss per
common share 36,220,736 35,653,988 36,052,173 33,551,808
========== ========== ========== ==========
(1) Includes stock-based compensation as follows (non-cash operating expenses):
Three Months Ended Nine Months Ended
September 30, September 30,
------------------- -------------------
2024 2023 2024 2023
---------- ------- ---------- -------
Research and
development $ 2,478 $ 1,778 $ 7,472 $ 4,902
General and
administrative 2,264 1,820 7,132 5,365
------ ------ ------ ------
Total
stock-based
compensation
expense $ 4,742 $ 3,598 $ 14,604 $10,267
====== ====== ====== ======
BIOMEA FUSION, INC.
Condensed Balance Sheet Data
(Unaudited)
(in thousands)
September 30, December 31,
2024 2023
--------------- --------------
Cash, cash equivalents, and
restricted cash $ 88,321 $ 177,236
Working capital 66,026 156,321
Total assets 110,419 199,927
Stockholders' equity 75,972 169,237
Contact:
Investor & Media Relations
Ramses Erdtmann
re@biomeafusion.com
(END) Dow Jones Newswires
October 29, 2024 16:46 ET (20:46 GMT)
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