Key Highlights

  • Biomea Fusion shares closed up 16% at $1.59.
  • The company completed target enrollment of 64 participants for the Phase 2 COVALENT-211 study of icovamenib.
  • The study targets individuals with insulin-deficient type 2 diabetes.
  • Topline findings for the primary endpoint after 26 weeks are projected for Q1 2027.

Biomea Fusion, Inc. (NASDAQ: BMEA) shares closed up 16% at $1.59 after the company completed target enrollment of 64 participants for the Phase 2 COVALENT-211 study of icovamenib in individuals with insulin-deficient type 2 diabetes.

What Happened

Topline findings for the primary endpoint after 26 weeks are projected for Q1 2027. Concurrently, participant enrollment remains ongoing for another Phase 2 cohort focused on patients with inadequate response to GLP-1 therapies, with results anticipated in Q2 2027.

Market Reaction

Shares rose as investors responded to the completed enrollment milestone, which sets a clear timeline toward the study's primary endpoint data.

Outlook

Topline data from COVALENT-211, expected in Q1 2027, and results from the GLP-1 inadequate-response cohort, expected in Q2 2027, represent the next major disclosed milestones for icovamenib.