Rankings Pharma & medtech Biomea Fusion
Biomea Fusion
30
15070100
A view of the same findings, not a new score. How it works
The model found several serious problems. That does not mean the stock will fall.
Biggest deductions
- Margin−14
- Going concern−10
- Capital allocation−6
Strengths
- Cost discipline+1
How the score is built
From 100 to 30, step by step: points off for the business, the price and the cracks, back for documented strengths, then three data adjustments.
Start
Score
Hover or select a step to see what drove it. Steps with findings open them below.
Key numbers
As of 2 Nov 2026. Analyst targets tend to be optimistic; read upside as a hint, not a forecast.
- Price
- 0.66 USD
- Median analyst target
- 6.00 USD
- Upside to median
- +809.2%
- Analysts
- 7
- Target range
- 4.00 – 10.00 USD
- 52-week change
- −51%
- P/E (trailing)
- n/a
- Forward P/E
- n/a
- PEG
- n/a
Findings
Every deduction and every plus, with its source. Open a step to read them.
Business
Is the company getting stronger, not just bigger? · 4 findings−30 of −30
- −14MarginNo revenue and an operating loss of USD 55.9m TTM. Q2 2026: R&D 9.1m, G&A 3.6m, net loss 8.3m (−USD 0.12/share). Operating cash flow −21.7m in H1 2026.
- −5Quality of growthNo products close to market: icovamenib is in phase 2 (data 2027) and BMF-650 in phase 1. The company has shifted strategy from cancer (BMF-500 closed) to diabetes and obesity, so the pipeline is narrow and early.
- −6Capital allocationTotal net losses of about USD 440m in 2021–2025, and the share count has risen 84% in a year. The price has fallen from USD 14.52 (end-2023) to 1.27, and the market cap from USD 518m to 92m.
- −5MoatOral GLP-1 pills are the most competitive field in biotech (Novo Nordisk, Eli Lilly, Structure, AstraZeneca, Pfizer/Metsera etc.), and menin inhibition as a diabetes treatment is an unproven principle with only small datasets (e.g. n=3 in type 1 diabetes).
Price
Today's multiples against the company's own history and its peers. · 2 findings−3 of −35
- −2Multiples vs own historyP/B 7.6 vs 1.2–3.1 in 2021–2025, because equity has shrunk to 12m. EV of USD 58m is on a par with the end of 2024 (62) and 2025 (48), i.e. no discount relative to recent years despite fewer assets.
- −1Peers and absolute levelEV about USD 58m (before Q3 burn) for two clinical programs is low in absolute terms, but cash per share (about USD 0.34-0.47) falls by about USD 0.15 per quarter, so a large part of the low price is spent cash.
Cracks
Cash flow, customers, debt, insiders, guidance and what sits behind the headline numbers. · 6 findings−26 of −35
- −10Going concern10-Q for Q2 2026: 'substantial doubt' about the ability to continue operations without new financing. Cash of USD 35.2m only lasts into Q2 2027, i.e. before or just around the key phase 2 data.
- −5Dilution, ATM and warrantsATM programme with Piper Sandler with USD 94.8m of unused capacity (equal to the entire market cap) and 37m warrants at USD 2.50 (23m expire 20/12-2026, 14m in October 2028). Share count +84% in a year.
- −5Execution and delaysThe first 28-day weight-loss data for BMF-650 was pushed from H1 to Q3 2026 and was not published by quarter-end. Icovamenib was hit by a clinical hold from the FDA in 2024 due to liver effects.
- −3ManagementThe company is led by an interim CEO (Mick Hitchcock) after a leadership change and several rounds of layoffs; there is no permanent top executive to carry out financing and partnerships.
- −2Short interest13.2m shares sold short = 19.5% of free float, 5.9 days to cover, up from 12.0m the month before.
- −1Nasdaq listingThe price is USD 1.27, close to the USD 1 limit; disappointing BMF-650 data or a discounted issue could quickly send it below USD 1 and start a deficiency process.
Plus
Only documented strengths. · 1 finding+1 of +15
- +1Cost disciplineThe net loss fell 60% to USD 8.3m in Q2 2026 (R&D −45%, G&A −23%) after focusing on two programmes, which extends cash into Q2 2027.
Caveats
What the score does not capture, or where the data is weak.
Price USD 1.27 (2/10-2026). 72.5m shares (31/7-2026) give a market cap of about USD 92m (about DKK 606m), close to Nordnet's DKK 601m. Cash of 35.2m including restricted cash at 30/6; at roughly 10-11m burn per quarter it is probably about 24-25m at the end of Q3. Analyst price targets (USD 4-9, avg. 6.50, +412%) date from August 2026 and disregard the going concern warning and the coming dilution; they are hardly realistic on a 12-month horizon. Going concern warning and ATM program (94.8m unused) are in the 10-Q. No Nasdaq notice. BMF-650 data was promised for Q3 2026 and had not been published as of 3/10-2026 (not found). Insider trades (Form 4) not reviewed. Industry: diabetes/obesity medicine = 'Medicine & medtech'.
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