Biomea Fusion Files Q3 2024 10-Q

TL;DR

BMEA Q3 10-Q filed. Financials out.

AI Summary

Biomea Fusion, Inc. filed its 10-Q for the period ending September 30, 2024. The filing details financial performance and operational updates for the third quarter. Key financial data and disclosures regarding equity, liabilities, and cash flows are presented.

Why It Matters

This filing provides investors with the latest financial health and operational status of Biomea Fusion, crucial for understanding its current market position and future prospects.

Risk Assessment

Risk Level: medium — As a pharmaceutical company, Biomea Fusion faces inherent risks related to drug development, regulatory approvals, and market competition.

Key Numbers

• 900 Middlefield Road — Business Address (Company's headquarters location)
• Redwood City, CA — Location (City and State of company headquarters)
• (650) 980-9099 — Phone Number (Company contact information)

Key Players & Entities

• Biomea Fusion, Inc. (company) — Filer of the 10-Q
• 20240930 (date) — End of reporting period
• 20241029 (date) — Filing date
• 001-40335 (other) — SEC File Number

FAQ

Key Financial Figures

• $0.0001 — nge on which registered Common Stock, $0.0001 par value BMEA The Nasdaq Global Se

Filing Documents

• bmea-20240930.htm (10-Q) — 1964KB
• bmea-ex31_1.htm (EX-31.1) — 16KB
• bmea-ex31_2.htm (EX-31.2) — 16KB
• bmea-ex32_1.htm (EX-32.1) — 9KB
• bmea-ex32_2.htm (EX-32.2) — 9KB
• 0000950170-24-118366.txt ( ) — 5281KB
• bmea-20240930.xsd (EX-101.SCH) — 658KB
• bmea-20240930_htm.xml (XML) — 570KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 1 Condensed Balance Sheets 1 Condensed Statements of Operations and Comprehensive Loss 2 Condensed Statements of Stockholders' Equity 3 Condensed Statements of Cash Flows 5 Notes to Unaudited Condensed Financial Statements 6 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 11 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 20 Item 4.

Controls and Procedures

Controls and Procedures 20 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 21 Item 1A.

Risk Factors

Risk Factors 21 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds. and Issuer Purchases of Equity Securities 74 Item 3. Defaults Upon Senior Securities 74 Item 4. Mine Safety Disclosures 74 Item 5. Other Information 74 Item 6. Exhibits 75

Signatures

Signatures 76 i Special Note Regarding Forward Looking Statements This Quarterly Report on Form 10-Q contains forward-looking statements about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q, including statements regarding our strategy, future financial condition, future operations, projected costs, prospects, plans, objectives of management and expected market growth, are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as "aim," "anticipate," "assume," "believe," "contemplate," "continue," "could," "design," "due," "estimate," "expect," "goal," "intend," "may," "objective," "plan," "positioned," "potential," "predict," "seek," "should," "target," "will," "would" and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology. These forward-looking statements include, but are not limited to, statements about: our financial performance; the sufficiency of our existing cash, and cash equivalents to fund our future operating expenses and capital expenditure requirements; our estimates regarding expenses, future revenue, capital requirements and needs for additional financing; our anticipated use of our existing cash, and cash equivalents; the implementation of our strategic plans for our business and product candidates; the size of the market opportunity for our product candidates and our ability to maximize those opportunities; the initiation, timing, progress and results of our research and development programs, preclinical studies, clinical trials and investigational new drug applications (INDs) and other regulatory submissions; our ability to develop our product candidates in various oncology indications or for the treatment of type 1 and type 2 diabetes mellitus

—FINANCI AL INFORMATION

PART I—FINANCI AL INFORMATION

Financi al Statements

Item 1. Financi al Statements. Biomea Fusion, Inc. Condensed Bal ance Sheets (Unaudited) (in thousands, except share and per share data) September 30, December 31, 2024 2023 Assets Current assets: Cash and cash equivalents $ 87,952 $ 176,866 Prepaid expenses and other current assets 5,646 2,315 Total current assets 93,598 179,181 Property and equipment, net 4,228 5,159 Operating lease right-of-use assets 7,595 9,714 Restricted cash 369 370 Other assets 4,629 5,503 Total assets $ 110,419 $ 199,927 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $ 8,987 $ 6,851 Accrued expenses and other current liabilities 15,893 13,543 Operating lease liabilities, current 2,692 2,466 Total current liabilities 27,572 22,860 Operating lease liabilities, non-current 6,875 7,830 Total liabilities 34,447 30,690 Commitments and contingencies (Note 7) Stockholders' equity: Preferred stock, $ 0.0001 par value; 10,000,000 shares authorized as of September 30, 2024 and December 31, 2023; 0 shares issued and outstanding as of September 30, 2024 and December 31, 2023 — — Common stock, $ 0.0001 par value; 300,000,000 shares authorized as of September 30, 2024 and December 31, 2023; 36,238,280 and 35,866,610 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively 4 4 Additional paid-in capital 433,917 418,058 Accumulated other comprehensive income — — Accumulated deficit ( 357,949 ) ( 248,825 ) Total stockholders' equity 75,972 169,237 Total liabilities and stockholders' equity $ 110,419 $ 199,927 The accompanying notes are an integral part of these unaudited condensed financial statements. 1 Biomea Fusion, Inc. Condensed Stateme nts of Operations and Comprehensive Loss (Unaudited) (in thousands, except share and per share data) Three Months Ended N

View Full Filing

View this 10-Q filing on SEC EDGAR