Biomea Fusion is a clinical-stage biotech developing oral, small molecule drugs for diabetes and obesity, with no approved products and no revenue. Biomea's lead candidate, icovamenib, is a covalent menin inhibitor designed to restore beta cell mass and function in the pancreas—a mechanism intended to address the root cause of both type 1 and type 2 diabetes rather than just managing blood sugar. A completed Phase II trial showed a placebo-adjusted HbA1c reduction of 1.5% at week 52 following just 12 weeks of dosing, suggesting durable effects after treatment ends. Icovamenib is also being studied as an add-on to GLP-1 receptor agonist therapies like Ozempic for patients not hitting glycemic targets. Two new Phase II trials are enrolling, with data expected in Q4 2026. Biomea's second candidate, BMF-650, is an oral small molecule GLP-1 receptor agonist for obesity, positioned as a next-generation alternative to existing oral GLP-1 drugs, with claimed advantages in bioavailability and pharmacokinetic consistency. BMF-650 is in Phase I, with initial weight loss data expected in Q2 2026. Biomea retains worldwide rights to both candidates and prefers to commercialize independently in the U.S. while partnering internationally. The company has roughly 40 employees, outsources manufacturing, and funds operations entirely through capital raises.