Biomea Fusion prices $24,999,898 offering of stock and warrants at $2.05

The offering

Biomea Fusion, Inc. said in a prospectus supplement dated October 6, 2025 that it is issuing 11,195,121 shares of common stock at $2.05 each and pre-funded warrants for 1,000,000 shares at $2.0499 each. Each share or pre-funded warrant comes with a common stock warrant. The total public offering price is $24,999,898. The underwriting discount is $1,499,994, which leaves $23,499,904 before expenses. Each common stock warrant has an exercise price of $2.50 a share, is immediately exercisable and expires three years from issuance.

Jefferies LLC is book-running manager and H.C. Wainwright & Co., LLC is lead manager. The underwriting table gives Jefferies 10,075,609 shares and 900,000 pre-funded warrants, and H.C. Wainwright 1,119,512 shares and 100,000 pre-funded warrants. The underwriters have a 30-day option to take up to 1,829,268 more shares and warrants. The offering is made under a Form S-3 shelf that became effective on August 15, 2025. The cover and the underwriting table name no counsel to the company or to the underwriters.

The company says the proceeds, together with existing cash, will fund the Phase IIb development of icovamenib in type 2 diabetes, the clinical development of BMF-650 and other general corporate purposes. Biomea describes itself as a clinical-stage diabetes and obesity medicines company. It has also said it will seek partners for its oncology asset BMF-500, a Phase I covalent FLT3 inhibitor, while concentrating its own resources on metabolic diseases.

Dilution and runway

The prospectus puts net tangible book value per share at $0.47 as of June 30, 2025, before the offering, and $0.71 after it. A new investor faces immediate dilution of $1.34 a share. Without the new money, the company says its cash would fund planned operations into the second half of 2026. With net proceeds of about $23.0 million, it expects to fund operations into the second half of 2027. Lock-up agreements bar the parties named in the prospectus from transferring shares for 60 days, unless Jefferies consents to an earlier release.

The icovamenib data and the earlier hold

Icovamenib is an orally bioavailable, selective covalent menin inhibitor. The company is testing it in two clinical trials covering type 1 and type 2 diabetes. In October 2025 it reported 52-week results from COVALENT-111, a randomized, double-blind, placebo-controlled trial of 267 adults with type 2 diabetes. The primary focus was a prespecified subgroup with severe insulin-deficient diabetes, which the company describes as having the lowest beta cell function among type 2 subtypes and rapid progression. In 10 patients in that subgroup, icovamenib dosed for 12 weeks in two arms produced a mean HbA1c reduction of 1.2% (p=0.01), sustained through week 52. The strongest effect was in the 100 mg once-daily arm, at 1.5% (p=0.01).

The company also reports a mean HbA1c reduction of 1.3% (p=0.05), sustained through week 52, in patients on background GLP-1 receptor agonist therapy who had not reached their HbA1c target. The company says icovamenib was generally well tolerated, with no treatment-related serious adverse events and no discontinuations due to adverse events. The prospectus gives subgroup results and no full-population HbA1c figure. A 10-patient subgroup is small, and p=0.05 sits at the conventional threshold for significance.

The prospectus describes BMF-650 as having a unique pharmacokinetic profile and enhanced bioavailability, and says the company believes it could be best in class for diabetes and obesity. The prospectus gives no clinical data for BMF-650.

The prospectus also lists, as a risk, a clinical hold on investigational new drug applications for icovamenib trials in type 2 and type 1 diabetes, which ran from June 2024 to September 2024. The company was formed in Delaware in 2017, completed its initial public offering in April 2021 and has its principal offices at 1599 Industrial Road in San Carlos, California.

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