Biomea Fusion, Inc. · NASDAQ:BMEA
Biomea Fusion — Investor Presentation (January 2026)
51 slides from Biomea Fusion's investor presentation, Jan 14, 2026
Slide 1: 1st Quarter 2026 Biomea Fusion Corporate Presentation
Exhibit 99.2 1ST QUARTER 2026 Biomea Fusion Corporate Presentation
Slide 2: Legal Disclaimer & Forward-Looking Statements
LEGAL DISCLAIMER & FORWARD-LOOKING STATEMENTS Certain statements in this presentation and the accompanying oral commentary are forward-looking statements. These statements relate to future events or the future business and financial performance of Biomea Fusion, Inc. (the “Company”) and involve know
Slide 3: Transformative Oral Therapies for Metabolic Disease
Transformative Oral Therapies for Metabolic Disease ICOVAMENIB BMF-650 Biomea Fusion Potentially first-in-class Next-generation, (NASDAQ:BMEA) is a diabetes and investigational selective investigational oral GLP- obesity medicines company developing oral small menin inhibitor 1 receptor agonist mole
Slide 4: Biomea Pipeline
Biomea Pipeline Biomea Fusion retains full worldwide rights across all its programs STUDY NAME INDICATION PRE-CLINICAL PHASE I PHASE II PHASE III NEXT MILESTONE 52-week follow-up data (study completed) COVALENT-111 Type 2 Diabetes ICOVAMENIB presented Oct/Dec 2025 Commencement of Phase IIb Type 2 Di
Slide 5: Potential First-in-Class Oral Menin Inhibitor Target: Diabetes
ICOVAMENIB Potential First -in-Class Oral Menin Inhibitor Target: DIABETES
Slide 6: Current Type 2 Diabetes Therapies Do Not Address the Root Cause
Current Type 2 Diabetes Therapies do not Address the Root Cause of Diabetes - All are Targeting the Symptoms of Hyperglycemia • Existing Type 2 Diabetes therapies primarily address downstream metabolic symptoms • Icovamenib is a first-in- class menin inhibitor, targeting a previously unaddressed pat
Slide 7: Current Therapies Require Chronic Treatment and Do Not Maintain Glucose Control
Current Type 2 Diabetes Therapies Require Chronic Treatment and Typically Do not Maintain Long-term Glucose Control Impact of tirzepatide on HbA1c: Sustained Reduction Mean Time to Loss of Glucose Control (HbA1c>7%) During Treatment, Rebound After Discontinuation Nathan, et al. N Engl J Med 2022;387
Slide 8: Progressive Decline in Beta-Cell Mass and Function is the Root Cause of Diabetes
Progressive Decline in Beta-Cell Mass and Function is the Root Cause of Diabetes Adapted from Lebovitz H. Diabetes Rev. 1999;7:139-153. 8
Slide 9: Addressing Diabetes at the Root Cause Level
ICOVAMENIB Addressing Diabetes at the Root Cause Level Icovamenib is a potentially first -in-class investigational oral therapy designed to be taken for 12 weeks to restore the body’s natural insulin production by regenerating beta cells - offering the potential for durable, disease-modifying benefi
Slide 10: High Unmet Need in Patients with Diabetes
ICOVAMENIB High Unmet Need in Patients with Diabetes 15-25% approx. 20m 60+ 80m $20b Type 2 Diabetes All approved Addressable Type 2 Diabetes Estimated U.S./EU patients are Type 2 Diabetes U.S./EU target US/EU diagnosed revenue potential 1 severely insulin- therapies are patients patients deficient.
Slide 11: Menin is Naturally Inhibited During Pregnancy & Breastfeeding
Menin is Naturally Inhibited During Pregnancy & Breastfeeding Allowing for Beta Cell Regeneration & Reduced Diabetes Risk Menin inhibition with icovamenib may phenocopy the marked reduction in Type 2 Diabetes incidence observed during pregnancy and after breastfeeding 1 • 2007 Stanford study found
Slide 12: Mechanism of Action of Icovamenib
ICOVAMENIB Mechanism of Action of Icovamenib – a Selective and Partial Menin Inhibitor ORAL DIFFERENTIATING FEATURES DUAL EFFECT ORAL BETA CELL GLP-1 RECEPTOR QUANTITY & FUNCTION EXPRESSION NON -CHRONIC Increased beta cell Increased GLP-1 receptor mass and function expression and GLP-1 release; enha
Slide 13: 52-Week Results COVALENT-111 Phase II Study
ICOVAMENIB 52-Week Results COVALENT-111 Phase II Study Icovamenib in Type 2 Diabetes – All Comers Reported in 4Q 2025
Slide 14: Mechanism of Action of Icovamenib
ICOVAMENIB Mechanism of Action of Icovamenib – a Selective and Partial Menin Inhibitor ORAL DIFFERENTIATING FEATURES DUAL EFFECT ORAL BETA CELL GLP-1 RECEPTOR QUANTITY & FUNCTION EXPRESSION NON -CHRONIC Increased beta cell Increased GLP-1 receptor mass and function expression and GLP-1 release; enha
Slide 15: COVALENT-111 Trial Design
ICOVAMENIB | COVALENT -111 COVALENT-111 Trial Design Phase 2a Randomized, Double-Blind, Placebo-controlled Study in Participants with T2D, All Comers Eligibility Criteria • Adults (18-65 years) with T2D (<7 years) • HbA1c 7.0-10.5% icovamenib N=216 Planned • BMI 25-40 kg/m2 Participants x12 wks 100
Slide 16: COVALENT-111 Statistical Analysis Plan
ICOVAMENIB | COVALENT -111 COVALENT-111 Statistical Analysis Plan Read Out of Insulin-Deficient & Insulin Resistant Subgroups at Weeks 26 and 52 Arm A, B, and C primary analysis: Change in HbA1c Prespecified subgroup analysis to include assessment of HbA1c change within each T2D subgroup: • Severe I
Slide 17: COVALENT-111 Baseline Demographics & Characteristics
ICOVAMENIB | COVALENT -111 Baseline Demographics & Characteristics Per Protocol Population* on 1 or More Antihyperglycemic Agents at Baseline (N=163) Arm C Arm A Arm B Combined Arms Combined Arms icovamenib Parameter icovamenib icovamenib icovamenib placebo (8 wks 100 mg QD then 4 (8 wks 100mg QD) (
Slide 18: COVALENT-111 Antihyperglycemic Agents at Baseline
ICOVAMENIB | COVALENT -111 Antihyperglycemic Agents at Baseline Per Protocol Population on 1 or More Antihyperglycemic Agents at Baseline (N=163) Arm C Arm A Arm B Combined Arms Combined Arms icovamenib icovamenib icovamenib Parameter (8 wks 100 mg QD then icovamenib placebo (8 wks 100mg QD) (12 wks
Slide 19: COVALENT-111 T2D Subtype at Baseline
ICOVAMENIB | COVALENT -111 T2D Subtype at Baseline Per Protocol Population on 1 or More Antihyperglycemic Agents at Baseline (N=163) Arm C Arm A Arm B Combined Arms Combined Arms icovamenib icovamenib icovamenib Parameter icovamenib placebo (8 wks 100 mg QD then 4 wks (8 wks 100mg QD) (12 wks 100 mg
Slide 20: COVALENT-111 Change in HbA1c from Baseline through Week 52
ICOVAMENIB | COVALENT -111 Change in HbA1c from Baseline through Week 52 – All Subtypes Across treatment durations (Arm A = 8 weeks 100 mg, Arm B = 12 weeks 100 mg, Arm C = 8 weeks 100 mg 4 weeks at 200 mg) per protocol participants taking one or more antihyperglycemic medications at baseline TREATM
Slide 21: Lasting Benefit Through 52 Weeks for Severe Insulin-Deficient Patients
ICOVAMENIB | COVALENT -111 12 Weeks of Dosing (Arms B & C) Delivered Lasting Benefit Through 52 Weeks for Severe Insulin-Deficient Diabetes Patients - 9 Months After Last Dose INITIAL TARGET POPULATION FOR TREATMENT OFF-TREATMENT ICOVAMENIB -0.5% threshold for clinical significance CMS Clinical Endp
Slide 22: Icovamenib Increased Insulin Secretion as Measured by C-peptide Index
ICOVAMENIB | COVALENT -111 Icovamenib increased Insulin Secretion as Measured by C-peptide Index All severe insulin-deficient participants (All Arms A, B, C) 1.5 TREATMENT OFF-TREATMENT 1.4 29% 1.3 Icovamenib (N=21) 1.2 1.1 Placebo (N=12) 1.0 2% 0.9 0.8 PRIMARY TARGET POPULATION FOR 0.7 ICOVAMENIB 0
Slide 23: Higher HbA1c Reduction Associated with Higher Icovamenib Exposure
ICOVAMENIB | COVALENT -111 Higher HbA1c Reduction was Associated with Higher Icovamenib Exposure Week 52, All Dosing Arms (N=114), HbA1c Reduction vs. Icovamenib Exposure (Mean AUC) • Dosing timing relative to food can impact icovamenib’s pharmacokinetics (PK) • In a ‘Food Effect Study’ icovamenib a
Slide 24: Mechanism of Action of Icovamenib
ICOVAMENIB Mechanism of Action of Icovamenib – a Selective and Partial Menin Inhibitor ORAL DIFFERENTIATING FEATURES DUAL EFFECT ORAL BETA CELL GLP-1 RECEPTOR QUANTITY & FUNCTION EXPRESSION NON -CHRONIC Increased beta cell Increased GLP-1 receptor mass and function expression and GLP-1 release; enha
Slide 25: Post-hoc Analysis: Patients on a GLP-1 Based Therapy at Enrollment
ICOVAMENIB | COVALENT -111 Post-hoc Analysis: Patients on a GLP-1 Based Therapy at Enrollment (n=11, All Obese Patients) Showed Durable & Clinically Meaningful Response 9 Months After Last Dose Treatment Off-Treatment INITIAL TARGET POPULATION FOR ICOVAMENIB -0.5% threshold for clinical significance
Slide 26: Short Treatment Delivered HbA1c Reductions Comparable to Chronic Standards of Care
ICOVAMENIB | COVALENT -111 Short Treatment with Icovamenib Delivered HbA1c Reductions Comparable to Chronic Injectable & Oral Standards of Care Comparing icovamenib to currently approved type 2 diabetes agents with chronic dosing MEAN HbA1c REDUCTION THERAPY DOSING REGIMEN ADMINISTRATION ROUTE OBSER
Slide 27: Overview of Treatment Emergent Adverse Events Through 52 Weeks
ICOVAMENIB | COVALENT -111 Overview of Treatment Emergent Adverse Events (TEAEs) Through 52 Weeks (Safety Population, N=267) Arm A Arm B Arm C Combined Arms Combined Arms placebo Parameter icovamenib icovamenib icovamenib icovamenib (N=66) (N=67) (N=67) (N=67) (N=201) Patients with ≥1 TEAE, N (%) 19
Slide 28: Treatment Emergent Adverse Events Occurring in ≥5%
ICOVAMENIB | COVALENT -111 Treatment Emergent Adverse Events (TEAEs) Occurring in ≥5% in Any Study Arm and TEAEs Reported for ALT and/or AST Elevations (Safety Population, N=267) Arm A Arm B Arm C Combined Arms Parameter Combined Arms placebo icovamenib icovamenib icovamenib icovamenib (N=66) (N=67)
Slide 29: Key Findings and Next Steps
ICOVAMENIB Key Findings Through Week 52 After Only a Short Treatment Course Durable Clinical Activity Menin Inhibition Durable Clinical Activity Favorable Safety in T2D Not Controlled on Potentially Leads to in Insulin Deficient T2D GLP-1-based Therapies Increased Clinical Benefit 1.2% mean HbA1c re
Slide 30: COVALENT-211 Phase II Trial in Insulin Deficient Participants
ICOVAMENIB | COVALENT -211 A Phase II Trial of Icovamenib in Insulin Deficient Participants with Type 2 Diabetes Who Are Not Achieving Glycemic Targets N=60 2:1 randomization Objectives Endpoints Inclusion Criteria • Mean change in HbA1c from baseline at Week • Adult participants with Type 2 Diabete
Slide 31: COVALENT-212 Phase II Trial in Participants on GLP-1-Based Therapy
ICOVAMENIB | COVALENT -212 A Phase II Trial of Icovamenib in Participants with Type 2 Diabetes Who Are Not Achieving Glycemic Targets While Using GLP-1-Based Therapy N=60 2:1 randomization Objectives Inclusion Criteria Endpoints • Adult participants with T2D who are not achieving • Mean change in Hb
Slide 32: Preclinical Study Results: Icovamenib in Combination with GLP-1 Based Therapies
ICOVAMENIB Preclinical Study Results Icovamenib in Combination with GLP-1 Based Therapies
Slide 33: Icovamenib Downregulated Menin and Proliferated Beta Cells in Human Islets
ICOVAMENIB | PRECLINICAL Icovamenib Downregulated Menin Protein Levels and Proliferated Beta Cells In Preclinical Human Islet Experiments Post Icovamenib Treatment Post Icovamenib Treatment Menin Levels are Downregulated Beta Cells Proliferate 33
Slide 34: Icovamenib Enhanced GLP-1 Receptor & Insulin Expression
ICOVAMENIB WITH GLP-1RA Icovamenib Enhanced GLP-1 Receptor & Insulin Expression Cadaver derived (8 mM glucose) human islets Gene expression & Protein analysis Post Icovamenib Treatment Post Icovamenib Treatment Increased Protein Levels of GLP-1 Receptor and Insulin Increased Gene Expression GLP-1 Re
Slide 35: Icovamenib & Low-dose Semaglutide Reduced Food Intake & Body Weight
ICOVAMENIB WITH GLP-1RA Combination Treatment of Icovamenib & Low-dose Semaglutide Reduced Food Intake & Body Weight APPETITE SUPPRESSION BODY WEIGHT REDUCTION OBSERVED SUPERIOR APPETITE SUPPRESSION WITH ABOUT 10% GREATER BODY WEIGHT REDUCTION THAN LOW-DOSE SEMAGLUTIDE ALONE THE OBSERVED BODY WEIGHT
Slide 36: Combination Selectively Promoted Fat Loss with Lean Mass Preservation
ICOVAMENIB WITH GLP-1RA Combination of Icovamenib & Low Dose Semaglutide Selectively Promoted Fat Loss with Complete Lean Mass Preservation in ZDF Rats BODY WEIGHT FAT MASS LEAN MASS 36
Slide 37: BMF-650 Next-Generation Oral GLP-1 Receptor Agonist Target: Obesity
BMF-650 Next-Generation Oral GLP -1 Receptor Agonist Preclinical Results & Clinical Overview Target: OBESITY
Slide 38: BMF-650 Designed for Strong Efficacy with Improved Oral Tolerability
BMF-650 Designed to Deliver Strong Efficacy with Improved Oral Tolerability A Next-Generation Oral GLP-1 Receptor Agonist Differentiated properties exhibited by BMF-650 “Why is a greater therapeutic window important?” Improved PK Generally Patient Friendly • Only 3 of 10 patients remain on GLP-1 the
Slide 39: Pharmacokinetics of BMF-650 Showed Good Preclinical Bioavailability
BMF-650 | PRECLINICAL Pharmacokinetics of BMF-650 Showed Very Good Preclinical Bioavailability with Low Inter-Individual Variability CYNOMOLGUS MONKEY PO PK SPRAGUE-DAWLEY RAT PO PK BMF-650 showed 2 - to 3 -fold BMF-650 showed 2 - to 3 -fold greater oral bioavailability in greater oral bioavailabili
Slide 40: Preclinical Weight-Loss Study in Obese Cynomolgus Monkeys
BMF-650 | PRECLINICAL Preclinical Weight-Loss Study in Obese Cynomolgus Monkeys STUDY OVERVIEW STUDY DESIGN PRE-STUDY: • 14-day acclimation; 3 groups (n=5) STUDY: 28 DAYS 14 DAYS • QD dosing via oral gavage for 28 days • BMF-650: 10 or 30 mg/kg, or vehicle GROUP 1 (n=5) VEHICLE ASSESSMENTS GROUP 2 (
Slide 41: Oral BMF-650 Weight Loss Study vs CT-996 Cross-Study Comparison
BMF BMF- -650 | PRECLINICAL 650 | PRECLINICAL Oral BMF-650 Weight Loss Study in Obese Cynomolgus Monkeys Weight loss in cross-study comparison with CT-996 (Roche/Carmot), while not head-to-head appeared favorable BMF-650 BODY WEIGHT CHANGE CT-996 BODY WEIGHT CHANGE Literature data; Carmot Therape
Slide 42: BMF-650 Dose Dependent Body Weight Reduction in Obese Monkeys
BMF-650 | PRECLINICAL Oral BMF-650 Demonstrated Strong Dose Dependent Body Weight Reduction in Obese Cynomolgus Monkeys BODY WEIGHT CHANGE (individual obese monkey) Mean reduction in BW (Day 29) Vehicle -3.4% BMF-650 10 mg/kg-12.3% BMF-650 30 mg/kg-15.2% 42
Slide 43: Oral BMF-650 Generally Well Tolerated in 28 Day Study
BMF-650 | PRECLINICAL Oral BMF-650 Generally Well Tolerated in 28 Day Preclinical Animal Study Low rate of emesis events, mostly in one animal, that decreased rapidly over time SAFETY SUMMARY • BMF-650 generally well tolerated with no elevations WEEK EMESIS of AST or ALT (Events per 70 weekly dos
Slide 44: GLP-131 First-in-Human Study of BMF-650
BMF-650 | GLP-131 A Randomized, Double-blind, Placebo-controlled, FIH Study of an Oral Non-peptide GLP-1 Receptor Agonist Part 1 is a single ascending dose (SAD) study and Part 2 is a multiple ascending dose (MAD) study. Single Ascending Dose (SAD) Multiple Ascending Dose (MAD) Safety and tolerabili
Slide 45: Allowance for Intellectual Property of BMF-650 Received
BMF-650 Allowance for Intellectual Property of BMF-650 Received BMF-650 Intellectual Property: Our US and PCT applications for BMF-650 are published and proceeding through examination We received allowance in mid December 2025 for our US patent application covering BMF-650 Additional details, includ
Slide 46: Oral BMF-650 Preclinically Demonstrated a Strong Profile
BMF-650 | GLP-131 Oral BMF-650 Preclinically Demonstrated a Strong Profile with Consistent Exposure & Weight Loss Effect Phase I study currently enrolling CLINICAL STUDY Similar to the broader Superior oral bioavailability orforglipron chemotype Intrinsic potency observed vs. orforglipron • Phase I
Slide 47: Advancing Multi Program Clinical Pipeline Through 2026
Advancing Multi Program Clinical Pipeline Through 2026 ICOVAMENIB ICOVAMENIB WITH GLP -1RA ICOVAMENIB BMF-650 COVALENT-121 COVALENT-211 COVALENT-212 GLP-131 Phase II T2D Patients not Food Effect Study Phase IIb Insulin Deficient Phase I Obesity Study controlled on GLP -1 based T2D Patients therapies
Slide 48: Timeline Overview of Key Program Activities
Timeline Overview of Key Program Activities COV-121 Food Effect Study Results COV-212 Phase II First Patient Enrollment Planned COV-111 T2D All Comers (Diabetes Not Controlled on GLP -1 Based Therapies) 52-Week Topline Data COV-211 Phase IIb First Patient Enrollment Planned (Insulin -Deficient Diabe
Slide 49: Key Opinion Leader Highlight: Icovamenib's Potential to Redefine Diabetes Care
Key Opinion Leader Highlight Icovamenib’s Potential to Redefine Diabetes Care “Icovamenib's recent data has shown an “The icovamenib data looks exciting. The “Great foray into precision medicine. We impressive restoration of beta cell data presented today help to confirm need to be addressing patien
Slide 50: Key Opinion Leader Highlight: Icovamenib's Potential to Redefine Diabetes Care
Key Opinion Leader Highlight Icovamenib’s Potential to Redefine Diabetes Care “We do not have an agent today that “The icovamenib data are quite “Icovamenib is a very interesting addresses one of the root cause of interesting because of the continued molecule that acts quite differently than diabete
Slide 51: Thank You
THANK YOU For questions or inquiries, please reach out to Meichiel Weiss at ir@biomeafusion.com www.biomeafusion.com