BMEA @ JEF HC Conf: Key Takes from Fireside Chat

研报英文原文证据摘录

BMEA @ JEF HC Conf: Key Takes from Fireside Chat

USA | Biotechnology

Biomea EquityJuneResearch6, 2026

FLASH NOTEBMEA @ JEF HC Conf: Key Takes from Fireside

RATING BUYChat

PRICE $1.27^

We hosted mgmt for a fireside chat at JEF NY healthcare conference. Co is

continuing to develop Icovamenib in severely insulin deficient diabetes (SIDD) PRICE TARGET | % TO PT $5.00 | +294%

patients and GLP-1 failed T2D patients w/ topline data from 2 Ph2 trials 52W HIGH-LOW $3.08 - $0.87

expected in 4Q26. Beyond Icovamenib, Co expects to release 28-day weight FLOAT (%) | ADV MM (USD) 110.6% | 1.69

reduction data from the Ph1 trial for BMF-650 in 2Q26. MARKET CAP $76.2M

TICKER BMEA

^Prior trading day's closing price unless otherwise

Bottom line. We continue to see Icovamenib in T2D subsets as the main value driver for BMEA as noted.

a potentially novel first-in-class, disease-modifying, convenient oral short-course Tx for T2D SIDD

and GLP-1 failed pts, bolstered by encouraging long-term 52wk data (NOTE). Despite small N, the

promising data in SIDD pts is especially encouraging given the rapid progression of these pts to

insulin dependence and the dearth of approved products for this pt population that makes up a

sizable ~18% of the T2D pts in the Western world, with this percentage increasing to ~40% of T2D

pts in Asia. Co is continuing to study Icovamenib in T2D SIDD and GLP-1 failed pts in a Ph2 study

and is on track to release Ph2 26 wk data for Icovamenib in 2 subgroups of T2D pts (severely insulin

deficient diabetes (SIDD) patients and GLP-1 failed patients) in 4Q26.

Key takes from BMEA's fireside chat:

Menin inhibition in diabetes is supported by the positive effect seen in women who give live•

births and breastfeed who subsequently have increased prolactin which goes on to reduce