Biomea Fusion Quick Take - 2Q26 Earnings - Clinical Data from Ph2 COVALENT Trials Now Expected in 2027

Research evidence excerpt

J P M O R G A N

North America Equity Research

05 August 2026

Biomea Fusion

Quick Take - 2Q26 Earnings - Clinical Data from Ph2

COVALENT Trials Now Expected in 2027

Underweight

BMEA, BMEA US

Price (05 Aug 26):$1.26

SMid Biotechnology

Biomea reported 2Q earnings and we wanted to pass on some quick thoughts.

Anupam Rama AC

(1-212) 622-0900

Timelines were pushed out slightly for icovamenib (BMF-650 still on

track) and cash overhang on BMEA shares persists, despite being

extended by approximately one quarter.

Clinical wins are needed and the cash overhang needs to be resolved to

shift sentiment on BMEA shares more positively (and thus returning to

fundamentals), in our view.

The timelines for the icovamenib Phase 2 COVALENT-211 (insulin-deficient

T2D) and COVALENT-212 (T2D inadequately controlled on GLP-1-based

therapy) updates (26-week primary endpoint data) were pushed forward to

1Q27 and 2Q27, respectively (prior both expected in 4Q26).

Initial 28-day weight reduction data from the Phase 1 trial of BMF-650 in

obesity is expected in 3Q26 (on track).

Cash runway ($35.2M as of 6/30/2026) extended into 2Q27 (prior 1Q27).

Joyce Zhou

(1-212) 622-7212

J.P. Morgan Securities LLC

The authors would like to thank Rati

Pinge, of the J.P. Morgan Global

Research Center, for contributions to

this report.