0000950170-25-103041 | 10-Q | XBRL Viewer

Balance Sheet Components (Tables)

6 Months Ended

Jun. 30, 2025

Balance Sheet Related Disclosures [Abstract]

Summary of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):


	June 30,		December 31,
	2025		2024
Prepaid research and development cost	$	4,972	$	6,417
Security deposit		2,114		2,114
Prepaid insurance		696		496
Interest receivable		22		24
Other		635		1,002
Total prepaid expenses and other current assets	$	8,439	$	10,053

Property, Plant and Equipment [Table Text Block]

Property and equipment, net consists of the following (in thousands):


	June 30,			December 31,
	2025			2024
Laboratory equipment	$	3,928		$	3,928
Leasehold improvements		3,439			3,439
Computer equipment		146			146
Furniture and fixtures		432			432
Total property and equipment, gross		7,945			7,945
Less: accumulated depreciation		(5,114	)		(4,179	)
Total property and equipment, net	$	2,831		$	3,766

Schedule of Accrued Liabilities [Table Text Block]

Accrued expenses and other current liabilities consisted of the following (in thousands):


	June 30,		December 31,
	2025		2024
Accrued research and development materials and services	$	5,001	$	5,947


Accrued personnel expenses		2,810		452
Accrued professional services		414		60
Other		210		203
Total accrued expenses and other current liabilities	$	8,435	$	6,662

Subsequent Events	6 Months Ended
Jun. 30, 2025
Subsequent Events [Abstract]
Subsequent Events	Note 10. Subsequent Events On July 15, 2025, in connection with the completed underwritten public offering, the underwriters partially exercised their over-allotment option to purchase an additional 1,381,262 shares of common stock at an offering price of $2.00 per share. The gross proceeds from the offering pursuant to the over-allotment option were approximately $2.8 million, before deducting underwriting discounts and commissions and offering expenses.

Subsequent Events

6 Months Ended

Jun. 30, 2025

Subsequent Events [Abstract]

Subsequent Events

Note 10. Subsequent Events

On July 15, 2025, in connection with the completed underwritten public offering, the underwriters partially exercised their over-allotment option to purchase an additional 1,381,262 shares of common stock at an offering price of $2.00 per share. The gross proceeds from the offering pursuant to the over-allotment option were approximately $2.8 million, before deducting underwriting discounts and commissions and offering expenses.

Balance Sheet Components

6 Months Ended

Jun. 30, 2025

Balance Sheet Related Disclosures [Abstract]

Balance Sheet Components

Note 4. Balance Sheet Components

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following (in thousands):


	June 30,		December 31,
	2025		2024
Prepaid research and development cost	$	4,972	$	6,417
Security deposit		2,114		2,114
Prepaid insurance		696		496
Interest receivable		22		24
Other		635		1,002
Total prepaid expenses and other current assets	$	8,439	$	10,053

In September 2022, the Company entered into a thirty-month sublease agreement for office space located at 900 Middlefield Road, 4th Floor, Redwood City, California, which commenced in January 2023 and expired in July 2025. In connection with the sublease, the Company made a security deposit of $2.1 million which is included in other current assets on the balance sheet at June 30, 2025.

Property and Equipment, Net

Property and equipment, net consists of the following (in thousands):


	June 30,			December 31,
	2025			2024
Laboratory equipment	$	3,928		$	3,928
Leasehold improvements		3,439			3,439
Computer equipment		146			146
Furniture and fixtures		432			432
Total property and equipment, gross		7,945			7,945
Less: accumulated depreciation		(5,114	)		(4,179	)
Total property and equipment, net	$	2,831		$	3,766

Depreciation expense for the three and six months ended June 30, 2025 was $0.5 million and $0.9 million, respectively. Depreciation expense for the three and six months ended June 30, 2024 was $0.4 million and $0.8 million, respectively.

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consisted of the following (in thousands):


	June 30,		December 31,
	2025		2024
Accrued research and development materials and services	$	5,001	$	5,947


Accrued personnel expenses		2,810		452
Accrued professional services		414		60
Other		210		203
Total accrued expenses and other current liabilities	$	8,435	$	6,662

Subsequent Events - Additional Infomation (Details) - Common Stock - USD ($) $ / shares in Units, $ in Millions		1 Months Ended
	Jul. 17, 2025	Jun. 30, 2025	Apr. 30, 2023
Subsequent Event [Line Items]
Issuance of common stock (in shares)		19,450,000	5,750,000
Public offering price		$ 2	$ 30
Subsequent Event \| Completed Underwritten Public Offering
Subsequent Event [Line Items]
Issuance of common stock (in shares)	1,381,262
Public offering price	$ 2
Gross proceeds from offering	$ 2.8

Fair Value Measurement - Summary of Investments Measured and Recognized at Fair Value (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Liabilities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	$ 21,786
Fair Value	21,786
Financial Assets Included Within Cash and Cash Equivalents
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	53,845	$ 56,031
Fair Value	53,845	56,031
Money Market Funds \| Level 1 \| Financial Assets Included Within Cash and Cash Equivalents
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	53,845	56,031
Fair Value	53,845	$ 56,031
Warrant Liability \| Level 3 \| Liabilities
Schedule Of Available For Sale Securities [Line Items]
Amortized Cost	21,786
Fair Value	$ 21,786

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

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+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Balance Sheet Components - Summary of Accrued Expense and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Accrued Liabilities, Current [Abstract]
Accrued research and development materials and services	$ 5,001	$ 5,947
Accrued personnel expenses	2,810	452
Accrued professional services	414	60
Other	210	203
Total accrued expenses and other current liabilities	$ 8,435	$ 6,662

Segment Reporting - Reconciliation of Segment Loss From Operations to Net Loss (Details) - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2025	Jun. 30, 2024
Segment Reporting [Abstract]
Loss from operations of reportable segments	$ (21,276)		$ (38,898)		$ (50,988)	$ (79,957)
Interest and other income, net	536		1,622		986	3,620
Net loss	$ (20,740)	$ (29,262)	$ (37,276)	$ (39,061)	$ (50,002)	$ (76,337)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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-Subparagraph (SX 210.9-04(22))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Fair Value Measurement - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Unrealized gains (losses) on available for sale securities	$ 0		$ 0		$ 0
Investments	0		0		0
Allowance for credit Loss	0		0
Fair value liabilities transferred from level 1 to level 2	0	$ 0	0	$ 0
Fair value liabilities transferred from level 2 to level 1	0	0	0	0
Fair value assets transferred from level 1 to level 2	0	0	0	0
Fair value assets transferred from level 2 to level 1	0	0	0	0
Fair value liabilities transferred to level 3			0	0
Fair value liabilities transferred from level 3			0	0
Fair value assets transferred to level 3			0	0
Fair value assets transferred from level 3			0	0
Impairment loss on investments	$ 0	0	$ 0	0
Level 2
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair Value		$ 0		$ 0	$ 0

Segment Reporting - Additional Information (Details)	6 Months Ended
Segment Reporting - Additional Information (Details)	Jun. 30, 2025 Segment
Segment Reporting [Abstract]
Number of reportable segments	1
Number of operating segments	1
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember

Segment Reporting (Tables)

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Reconciliation of Segment Loss From Operations to Net Loss

Reconciliation of segment loss from operations to net loss:


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2025			2024			2025			2024
Loss from operations of reportable segments	$	(21,276	)	$	(38,898	)	$	(50,988	)	$	(79,957	)
Interest and other income, net		536			1,622			986			3,620
Net loss	$	(20,740	)	$	(37,276	)	$	(50,002	)	$	(76,337	)

Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

Summary of Investments Measured and Recognized at Fair Value

The Company measures and reports certain financial instruments as assets and liabilities at fair value on a recurring basis. The following tables set forth the fair value of the Company’s financial assets, which consist of cash equivalents and marketable securities measured and recognized at fair value (in thousands):


		June 30, 2025
	Fair Value Hierarchy Level	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Financial assets included in cash and cash equivalents:
Money market funds	Level 1	$	53,845	$	—	$	—	$	53,845
Total		$	53,845	$	—	$	—	$	53,845
Liabilities
Warrant liability	Level 3	$	21,786	$	—	$	—	$	21,786
Total		$	21,786	$	—	$	—	$	21,786


		December 31, 2024
	Fair Value Hierarchy Level	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Financial assets included in cash and cash equivalents:
Money market funds	Level 1	$	56,031	$	—	$	—	$	56,031
Total		$	56,031	$	—	$	—	$	56,031

Fair Value Measurement - Summary of Roll Forward of Aggregate Fair Value of Warrant Liability Categorized within Level 3 Inputs (Details) $ in Thousands	6 Months Ended
	Jun. 30, 2025 USD ($)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Change in fair value	$ (227)
Level 3
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Fair value of the warrant liability, balance	0
Issuance of common warrants	22,013
Change in fair value	(227)
Fair value of the warrant liability, balance	$ 21,786

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2025

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

Note 2. Summary of Significant Accounting Policies

There have been no significant changes to the significant accounting policies during the six months ended June 30, 2025, as compared to those included in the Company’s Annual Report on Form 10-K filed with the SEC on March 31, 2025, except as described below.

Warrant Liability

The Company accounts for its warrants in accordance with ASC 815, Derivatives and Hedging - Contracts in Entity's Own Equity, as either liabilities or as equity instruments depending on the specific terms of the warrant agreement. The common warrants issued in connection with the June 2025 underwritten public offering (see Note 5) are classified as liabilities and are recorded at fair value. The warrants are subject to re-measurement at each settlement date and at each balance sheet date and any change in fair value is recognized in Interest and Other income, net in the condensed statements of operations and comprehensive loss. The Company estimates the fair value of the warranty liability using a Black-Scholes pricing model. The Company is required to make assumptions and estimates in determining an appropriate expected term, risk-free interest rate, volatility factor, dividend yield, and the fair value of common stock. Any significant adjustments to the unobservable inputs would have a direct impact on the fair value of the warrant liability.

Recent Accounting Pronouncements - Not Yet Adopted

In December 2023, the Financial Accounting Standard Board (FASB) issued Accounting Standards Update (ASU) 2023-09, “Income Taxes - Improvements to Income Tax Disclosures” requiring, on annual basis, enhancements and further transparency to certain income tax disclosures, most notably the tax rate reconciliation and income taxes paid. This ASU is effective for fiscal years beginning after December 15, 2024 on a prospective basis and retrospective application is permitted. The Company is currently evaluating the impact of the adoption of this standard on the Company’s financial statements and related disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (ASU 2024-03), which requires disaggregated information about certain income statement expense line items on an annual and interim basis. ASU 2024-03 is effective for annual periods beginning after December 15, 2026 and interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted and can be applied prospectively or retrospectively. The Company is evaluating the impact of the adoption of this standard on the Company’s financial statements and related disclosures.

Condensed Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 56,224	$ 58,279
Prepaid expenses and other current assets	8,439	10,053
Total current assets	64,663	68,332
Property and equipment, net	2,831	3,766
Operating lease right-of-use assets	5,296	6,852
Restricted cash	369	369
Other non-current assets	4	619
Total assets	73,163	79,938
Current liabilities:
Accounts payable	8,378	12,932
Accrued expenses and other current liabilities	8,435	6,662
Operating lease liabilities, current	755	2,079
Total current liabilities	17,568	21,673
Operating lease liabilities, non-current	6,299	6,692
Warrant liability, non-current	21,786
Total liabilities	45,653	28,365
Commitments and contingencies (Note 7)
Stockholders' equity
Preferred stock, $0.0001 par value; 10,000,000 shares authorized as of June 30, 2025 and December 31, 2024; 0 shares issued and outstanding as of June 30, 2025 and December 31, 2024
Common stock, $0.0001 par value; 300,000,000 shares authorized as of June 30, 2025 and December 31, 2024; 58,127,256 and 36,310,713 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively	6	4
Additional paid-in capital	464,757	438,820
Accumulated deficit	(437,253)	(387,251)
Total stockholders' equity	27,510	51,573
Total liabilities and stockholders' equity	$ 73,163	$ 79,938

Balance Sheet Components - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 7,945	$ 7,945
Less: accumulated depreciation	(5,114)	(4,179)
Total property and equipment, net	2,831	3,766
Laboratory Equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	3,928	3,928
Leasehold Improvements
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	3,439	3,439
Computer Equipment
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	146	146
Furniture and Fixtures
Property, Plant and Equipment [Line Items]
Total property and equipment, gross	$ 432	$ 432

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2025

Accounting Policies [Abstract]

Recent Accounting Pronouncements - Not Yet Adopted

Capital Structure

6 Months Ended

Jun. 30, 2025

Equity [Abstract]

Capital Structure

Note 5. Capital Structure

Common Stock

The Company’s amended and restated certificate of incorporation authorizes the Company to issue up to 300,000,000 shares of common stock with a par value of $0.0001 per share and 10,000,000 shares of preferred stock with a par value of $0.0001 per share.

Common stockholders are entitled to dividends when and if declared by the Company’s Board of Directors and after any preferred share dividends are fully paid. The holder of each share of common stock is entitled to one vote. As of June 30, 2025, no dividends have been declared.

Public Offerings

In April 2023, pursuant to a registration statement on Form S-3, the Company issued and sold 5,750,000 shares of common stock at a public offering price of $30.00 per share in an underwritten public offering. The net proceeds to the Company from the offering were approximately $161.8 million, after deducting underwriting discounts and commissions and offering costs of approximately $11.0 million.

In June 2025, the Company completed an underwritten public offering transaction in which it issued and sold 19,450,000 shares of common stock at an offering price of $2.00 per share and, to a certain investor in lieu of common stock, pre-funded warrants to purchase up to 550,000 shares of common stock at an offering price of $1.9999 per share and accompanying common warrants to purchase up to 23,000,000 shares of common stock at a per share exercise price of $2.50. The net proceeds to the Company from the offering were approximately $37.2 million, after deducting underwriting discounts and commissions and offering costs of approximately $2.8 million. The Company concluded that the common warrants do not meet the equity contract scope exception. The liability associated with the common warrants is recorded as warrant liability in the condensed balance sheet as of June 30, 2025.

The valuation of the common warrants is adjusted to fair value (Level 3) at each subsequent balance sheet date until the common warrants are settled or expired. To this date, due primarily to fluctuations in the Company's common stock price between the issuance date and June 30, 2025, the warrant liability was revaluated at $21.8 million as of June 30, 2025. The change in fair value of $0.2 million has been recorded as other income.

The Company calculated the fair value of common warrants using the Black-Scholes option pricing model with the following inputs:


	Common Warrants
	June 20, 2025 (issuance)			June 30, 2025
Common stock price	$	1.81		$	1.80
Expected dividend yield		—	%		—	%
Expected term (years)		1.5			1.5
Risk-free interest rate		4.0	%		3.8	%
Expected volatility		132.9	%		134.1	%

Common Stock Warrants

As of June 30, 2025, the following warrants and pre-funded warrants to purchase shares of the Company's common stock were issued and outstanding:

         Warrant Type

         Issue Date

         Expiration Date

         Exercise Price

         Number of Warrants Outstanding

Pre-funded warrants

June 20, 2025

None

0.0001

550,000

Common warrants

June 20, 2025

December 20, 2026

2.50

23,000,000

23,550,000

There were no warrants exercised during the three and six months ended June 30, 2025.

ATM Offering Agreement with Piper Sandler & Co.

On November 25, 2022, the Company entered into an equity distribution agreement (the 2022 ATM Agreement) with Piper Sandler & Co., as sales agent (the Sales Agent), with respect to an ATM offering program (the 2022 ATM Offering Program). Pursuant to the

prospectus supplement relating to the Offering (as defined below), dated as of November 25, 2022 (the Prospectus Supplement), the Company may offer and sell, from time to time in its sole discretion, shares of its common stock, par value $0.0001 per share (the Common Stock), having an aggregate offering price of up to $100 million (the Shares) through the Sales Agent (the Offering).

The Offering was registered under the Securities Act of 1933, as amended (the Securities Act), pursuant to our shelf registration statement on Form S-3 (Registration Statement No. 333-267884), as previously filed with the SEC and declared effective on October 14, 2022. The Company filed a prospectus supplement, dated November 25, 2022, with the SEC that provides for the sale of shares of common stock having an aggregate offering price of up to $100 million in connection with the 2022 ATM Offering Program.

The 2022 ATM Agreement contains customary representations, warranties and agreements by us, and customary indemnification and contribution rights and obligations of the parties. The Company agreed to pay the sales agent a placement fee of up to 3.0% of the aggregate gross proceeds from the sale. The Company also agreed to reimburse the sales agent for certain specified expenses in connection with entering into the 2022 ATM Agreement.

During the six months ended June 30, 2025, the Company has received aggregate proceeds from its 2022 ATM Offering Program of $4.9 million, net of commissions and offering costs, pursuant to the issuance of 2,271,122 shares of its common stock.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Balance Sheet Components - Summary of Prepaid Expenses and Other Current Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepaid research and development cost	$ 4,972	$ 6,417
Security deposit	2,114	2,114
Prepaid insurance	696	496
Interest receivable	22	24
Other	635	1,002
Total prepaid expenses and other current assets	$ 8,439	$ 10,053

Stock-Based Compensation - Additional Information (Details) - USD ($) $ in Millions	6 Months Ended
	Jun. 30, 2025	Jan. 01, 2025
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total unrecognized stock-based compensation expense	$ 15.4
Unrecognized stock-based compensation expense, weighted-average period	1 year 7 months 6 days
2021 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Reserved shares of common stock to grant stock-based compensation awards	5,197,494
Increase in number of shares of common stock available under evergreen provision		1,815,535
2021 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Reserved shares of common stock to grant stock-based compensation awards	850,949
Increase in number of shares of common stock available under evergreen provision		363,107
2023 Inducement Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Reserved shares of common stock to grant stock-based compensation awards	1,839,250

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Balance Sheet Components - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended	3 Months Ended		6 Months Ended
	Sep. 30, 2022	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Balance Sheet Related Disclosures [Line Items]
Depreciation expense		$ 500	$ 400	$ 935	$ 843
CALIFORNIA
Balance Sheet Related Disclosures [Line Items]
Operating sublease, term of contract	30 months
Operating sublease, lease not yet commenced, expiration period	2025-07
Amount paid as deposit in connection with sublease included in prepaid expenses and other current assets	$ 2,100

Capital Structure (Tables)

6 Months Ended

Jun. 30, 2025

Equity [Abstract]

Schedule of Fair Value of Common Warrants Using the Black-Scholes Option Pricing Model

The Company calculated the fair value of common warrants using the Black-Scholes option pricing model with the following inputs:


	Common Warrants
	June 20, 2025 (issuance)			June 30, 2025
Common stock price	$	1.81		$	1.80
Expected dividend yield		—	%		—	%
Expected term (years)		1.5			1.5
Risk-free interest rate		4.0	%		3.8	%
Expected volatility		132.9	%		134.1	%

Schedule of Warrants and Pre-Funded Warrants to Purchase Shares

As of June 30, 2025, the following warrants and pre-funded warrants to purchase shares of the Company's common stock were issued and outstanding:

         Warrant Type

         Issue Date

         Expiration Date

         Exercise Price

         Number of Warrants Outstanding

Pre-funded warrants

June 20, 2025

None

0.0001

550,000

Common warrants

June 20, 2025

December 20, 2026

2.50

23,000,000

23,550,000

Stock-Based Compensation - Summary of Stock Option Activity (Details) - $ / shares	6 Months Ended	12 Months Ended
	Jun. 30, 2025	Dec. 31, 2024
Share-Based Payment Arrangement [Abstract]
Shares, Beginning Balance	9,168,745
Shares, Granted	772,880
Shares, Cancelled	(3,313,155)
Shares, Ending Balance	6,628,470	9,168,745
Shares, Exercisable	4,422,597
Weighted Average Exercise Price, Beginning Balance	$ 10.19
Weighted Average Exercise Price, Granted	2.49
Weighted Average Exercise Price, Cancelled	10.01
Weighted Average Exercise Price, Ending Balance	9.38	$ 10.19
Weighted Average Exercise, Exercisable	$ 9.51
Weighted Average Remaining Contract Term	6 years 8 months 12 days	7 years 7 months 6 days
Weighted Average Remaining Contract Term, Exercisable	6 years 1 month 6 days

Fair Value Measurement

6 Months Ended

Jun. 30, 2025

Fair Value Disclosures [Abstract]

Fair Value Measurement

Note 3. Fair Value Measurement


		June 30, 2025
	Fair Value Hierarchy Level	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Financial assets included in cash and cash equivalents:
Money market funds	Level 1	$	53,845	$	—	$	—	$	53,845
Total		$	53,845	$	—	$	—	$	53,845
Liabilities
Warrant liability	Level 3	$	21,786	$	—	$	—	$	21,786
Total		$	21,786	$	—	$	—	$	21,786


		December 31, 2024
	Fair Value Hierarchy Level	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Financial assets included in cash and cash equivalents:
Money market funds	Level 1	$	56,031	$	—	$	—	$	56,031
Total		$	56,031	$	—	$	—	$	56,031

The Company evaluates transfers between levels at the end of each reporting period. There were no transfers between Levels 1, 2 and

3 during the three and six months ended June 30, 2025 and 2024. As of June 30, 2025 and December 31, 2024, there were no financial instruments classified as Level 2. There have been no realized or unrealized gains or losses recognized for the periods presented.

There were no investments as of June 30, 2025 and December 31, 2024, as such, no allowance for credit losses has been recognized as of June 30, 2025. During the three and six months ended June 30, 2025 and 2024, the Company did not recognize any impairment losses related to investments.

The warrant liability in the table above consisted of the fair value of the Common Warrants (see Note 5) and was based on significant inputs not observable in the market, which represents a Level 3 measurement within the fair value hierarchy.

The following table provides a full roll forward of the aggregate fair value of the warrant liability categorized within Level 3 inputs:


	Warrant Liability
Balance at December 31, 2024	$	—
Issuance of common warrants		22,013
Change in fair value		(227	)
Balance at June 30, 2025	$	21,786

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
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-Name Accounting Standards Codification
-Section 55
-Paragraph 107
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-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2025	Mar. 31, 2025	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2025	Jun. 30, 2024
Pay vs Performance Disclosure
Net Income (Loss)	$ (20,740)	$ (29,262)	$ (37,276)	$ (39,061)	$ (50,002)	$ (76,337)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

Condensed Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	At the Market Offering	IPO	Common Stock	Common Stock At the Market Offering	Common Stock IPO	Additional Paid-In Capital	Additional Paid-In Capital At the Market Offering	Additional Paid-In Capital IPO	Accumulated Deficit
Balance at Dec. 31, 2023	$ 169,237			$ 4			$ 418,058			$ (248,825)
Balance (in shares) at Dec. 31, 2023				35,866,610
Issuance of restricted stock (in shares)				44,226
Exercise of stock options	116						116
Exercise of stock options, (in shares)				22,750
Stock-based compensation expense	5,022						5,022
Net Income (Loss)	(39,061)									(39,061)
Balance at Mar. 31, 2024	135,314			$ 4			423,196			(287,886)
Balance (in shares) at Mar. 31, 2024				35,933,586
Balance at Dec. 31, 2023	169,237			$ 4			418,058			(248,825)
Balance (in shares) at Dec. 31, 2023				35,866,610
Net Income (Loss)	(76,337)
Balance at Jun. 30, 2024	103,948			$ 4			429,106			(325,162)
Balance (in shares) at Jun. 30, 2024				36,184,485
Balance at Mar. 31, 2024	135,314			$ 4			423,196			(287,886)
Balance (in shares) at Mar. 31, 2024				35,933,586
Issuance of restricted stock (in shares)				16,833
Exercise of stock options	333						333
Exercise of stock options, (in shares)				72,795
Purchases under employee stock purchase plan	737						737
Purchases under employee stock purchase plan (in shares)				161,271
Stock-based compensation expense	4,840						4,840
Net Income (Loss)	(37,276)									(37,276)
Balance at Jun. 30, 2024	103,948			$ 4			429,106			(325,162)
Balance (in shares) at Jun. 30, 2024				36,184,485
Balance at Dec. 31, 2024	51,573			$ 4			438,820			(387,251)
Balance (in shares) at Dec. 31, 2024				36,310,713
Issuances of common stock under at the market equity offering program		$ 3,257						$ 3,257
Issuance of common stock (in shares)					1,261,537
Stock-based compensation expense	3,169						3,169
Net Income (Loss)	(29,262)									(29,262)
Balance at Mar. 31, 2025	28,737			$ 4			445,246			(416,513)
Balance (in shares) at Mar. 31, 2025				37,572,250
Balance at Dec. 31, 2024	51,573			$ 4			438,820			(387,251)
Balance (in shares) at Dec. 31, 2024				36,310,713
Net Income (Loss)	(50,002)
Balance at Jun. 30, 2025	27,510			$ 6			464,757			(437,253)
Balance (in shares) at Jun. 30, 2025				58,127,256
Balance at Mar. 31, 2025	28,737			$ 4			445,246			(416,513)
Balance (in shares) at Mar. 31, 2025				37,572,250
Purchases under employee stock purchase plan	117						117
Purchases under employee stock purchase plan (in shares)				95,421
Issuances of common stock under at the market equity offering program		$ 1,651						$ 1,651
Issuance of common stock (in shares)					1,009,585
Issuance of common stock and pre-funded warrants under the public offering			$ 15,172			$ 2			$ 15,170
Issuance of common stock and pre-funded warrants under the public offering (in shares)						19,450,000
Stock-based compensation expense	2,573						2,573
Net Income (Loss)	(20,740)									(20,740)
Balance at Jun. 30, 2025	$ 27,510			$ 6			$ 464,757			$ (437,253)
Balance (in shares) at Jun. 30, 2025				58,127,256

Condensed Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
Condensed Statements of Cash Flows - USD ($) $ in Thousands	Jun. 30, 2025	Jun. 30, 2024
Operating Activities
Net loss	$ (50,002)	$ (76,337)
Adjustments to reconcile net loss to net cash used in operating activities
Depreciation expense	935	843
Non-cash operating lease expense	1,557	1,376
Stock-based compensation expense	5,742	9,862
Change in fair value of warrant liability	(227)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	1,614	(687)
Other assets	615	(1,244)
Accounts payable	(4,703)	(1,058)
Accrued expenses and other current liabilities	1,308	2,503
Operating lease liabilities	(1,718)	69
Net cash used in operating activities	(44,879)	(64,673)
Investing Activities
Purchase of property and equipment	0	(94)
Net cash used in investing activities	0	(94)
Financing Activities
Proceeds from issuances of common stock under at the market equity offering program	5,032	0
Proceeds from issuance of common stock, common warrants and pre-funded warrants from public offering	37,800	0
Payments of financing costs	(125)	0
Proceeds from stock option exercise and purchases under the employee stock purchase plan	117	1,186
Net cash provided by financing activities	42,824	1,186
Net decrease in cash, cash equivalents, and restricted cash	(2,055)	(63,581)
Cash, cash equivalents, and restricted cash at the beginning of the period	58,648	177,236
Cash, cash equivalents, and restricted cash at the end of the period	56,593	113,655
Non-cash financing and investing activities:
Acquisition of property and equipment in accounts payable and accrued liabilities	0	35
Financing costs included in accounts payable and accrued liabilities	619	0
Reconciliation of cash and cash equivalents, and restricted cash:
Cash and cash equivalents	56,224	113,286
Restricted cash	369	369
Cash, cash equivalents, and restricted cash at the end of the period	$ 56,593	$ 113,655

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2025	Aug. 01, 2025
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2025
Document Fiscal Year Focus	2025
Document Fiscal Period Focus	Q2
Document Quarterly Report	true
Document Transition Report	false
Entity Registrant Name	Biomea Fusion, Inc.
Entity Central Index Key	0001840439
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Trading Symbol	BMEA
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity Small Business	true
Entity Common Stock, Shares Outstanding		59,508,518
Entity Interactive Data Current	Yes
Title of 12(b) Security	Common Stock, $0.0001 par value
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Shell Company	false
Entity File Number	001-40335
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	82-2520134
Entity Address, Address Line One	1599 Industrial Road
Entity Address, City or Town	San Carlos
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94070
City Area Code	650
Local Phone Number	980-9099
Former Address
Document Information [Line Items]
Entity Address, Address Line One	900 Middlefield Road, 4th Floor
Entity Address, City or Town	Redwood City
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94063

Net Loss Per Share - Summary of Potential Dilutive Securities Excluded from Calculation of Diluted Per Share (Details) - shares	6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti Dilutive Shares	29,667,217	9,355,918
Stock Options
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti Dilutive Shares	6,628,470	9,289,437
Estimated Shares Issuable Under the ESPP
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti Dilutive Shares	38,747	18,184
Restricted Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti Dilutive Shares	0	48,297
Common Warrants to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Anti Dilutive Shares	23,000,000	0

Condensed Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2025	Dec. 31, 2024
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	300,000,000	300,000,000
Common stock, shares issued	58,127,256	36,310,713
Common stock, shares outstanding	58,127,256	36,310,713

Stock-Based Compensation - Summary of Stock-Based Compensation Expense Recorded in Statements of Operations and Allocated (Details) - Equity Incentive Plan and Employee Stock Purchase Plan - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 2,573	$ 4,840	$ 5,742	$ 9,862
Research and Development
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	1,568	2,448	3,488	4,994
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total stock-based compensation expense	$ 1,005	$ 2,392	$ 2,254	$ 4,868

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Segment Reporting

6 Months Ended

Jun. 30, 2025

Segment Reporting [Abstract]

Segment Reporting

Note 9. Segment Reporting

The Company operates and manages its business as one reportable and operating segment, which is the business of developing small molecule drugs to treat patients with metabolic diseases. The Company’s interim chief executive officer, who is the chief operating decision maker, reviews financial information on an aggregate basis for allocating resources and evaluating financial performance. All long-lived assets are maintained in, and all losses are attributable to, the United States of America.

The following table presents reportable segment profit and loss, including significant expense categories, attributable to our reportable segment for the periods indicated:


	Three Months Ended					Six Months Ended
	June 30,					June 30,
	2025			2024		2025		2024
External costs:
Clinical research organization expenses
COVALENT - 101	$	926			124	$	1,927	$	582
COVALENT - 102		(142	)		122		472		474
COVALENT - 103		859			885		1,598		1,580
COVALENT - 111		1,093			5,398		3,335		13,158
COVALENT - 112		311			1,530		813		3,263
Other clinical related expenses		843			4,913		3,330		8,816
Preclinical activities related expenses		1,594			3,624		3,550		6,589
Expenses related to manufacturing of clinical and research material		1,421			1,473		2,269		4,131
Other external costs		1,899			2,104		4,471		3,820
Internal costs:
Personnel-related expenses (including stock-based compensation)		5,693			9,498		13,520		19,005
Facilities and other allocated expenses		2,069			2,154		4,178		4,183
Total research and development expenses	$	16,566		$	31,825	$	39,463	$	65,601


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
External costs	$	1,282	$	1,716	$	3,548	$	3,514
Internal costs:
Personnel-related expenses (including stock-based compensation)		3,020		4,964		7,110		10,067
Facilities and other allocated expenses		408		393		867		775
Total general and administrative expenses	$	4,710	$	7,073	$	11,525	$	14,356

Reconciliation of segment loss from operations to net loss:


	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2025			2024			2025			2024
Loss from operations of reportable segments	$	(21,276	)	$	(38,898	)	$	(50,988	)	$	(79,957	)
Interest and other income, net		536			1,622			986			3,620
Net loss	$	(20,740	)	$	(37,276	)	$	(50,002	)	$	(76,337	)

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

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+ Details

Net Loss Per Share (Tables)

6 Months Ended

Jun. 30, 2025

Earnings Per Share [Abstract]

Summary of Potential Dilutive Securities Excluded from Calculation of Diluted Per Share

The following equity instruments were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive for the periods presented:


	June 30,
	2025		2024
Stock options, issued and outstanding		6,628,470		9,289,437
Estimated shares issuable under the ESPP		38,747		18,184
Restricted stock, issued and outstanding		—		48,297
Common warrants to purchase common stock		23,000,000		—
Total		29,667,217		9,355,918

Commitments and Contingencies

6 Months Ended

Jun. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 7. Commitments and Contingencies

Legal Proceedings

The Company, from time to time, may be party to litigation arising in the ordinary course of business. The Company records a liability for such matters when it is probable that future losses will be incurred and that such losses can be reasonably estimated. Significant judgment by the Company is required to determine both probability and the estimated amount. Management is currently not aware of any legal matters that could have a material adverse effect on the Company's financial position, results of operations or cash flows.

Indemnification

The Company enters into standard indemnification agreements in the ordinary course of business. Pursuant to these arrangements, the Company indemnifies, holds harmless and agrees to reimburse the indemnified parties for losses suffered or incurred by the indemnified party, in connection with any trade secret, copyright, patent or other intellectual property infringement claim by any third party with respect to its technology. The term of these indemnification agreements is generally perpetual any time after the execution of the agreement. The maximum potential amount of future payments the Company could be required to make under these arrangements is not determinable. The Company has never incurred costs to defend lawsuits or settle claims related to these indemnification agreements. As a result, the Company believes the fair value of these agreements is not material.

The Company has also entered into indemnification agreements with its directors and officers that may require the Company to indemnify its directors and officers against liabilities that may arise by reason of their status or service as directors or officers to the fullest extent permitted by Delaware corporate law. The Company currently has directors’ and officers’ insurance.

Segment Reporting - Summary of Research and Development Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
External costs
Other clinical related expenses	$ 843	$ 4,913	$ 3,330	$ 8,816
Preclinical activities related expenses	1,594	3,624	3,550	6,589
Expenses related to manufacturing of clinical and research material	1,421	1,473	2,269	4,131
Other external costs	1,899	2,104	4,471	3,820
Internal costs:
Personnel-related expenses (including stock-based compensation)	5,693	9,498	13,520	19,005
Facilities and other allocated expenses	2,069	2,154	4,178	4,183
Total research and development expenses	16,566	31,825	39,463	65,601
COVALENT - 101
External costs
Clinical research organization expenses	926	124	1,927	582
COVALENT - 102
External costs
Clinical research organization expenses	(142)	122	472	474
COVALENT - 103
External costs
Clinical research organization expenses	859	885	1,598	1,580
COVALENT - 111
External costs
Clinical research organization expenses	1,093	5,398	3,335	13,158
COVALENT - 112
External costs
Clinical research organization expenses	$ 311	$ 1,530	$ 813	$ 3,263

Organization - Additional Information (Detail) - USD ($) $ in Thousands	Jun. 30, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Accumulated deficit	$ (437,253)	$ (387,251)
Cash, cash equivalents, and restricted cash	$ 56,600

- Definition

Amount of accumulated undistributed earnings (deficit).

+ References + Details

Condensed Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands	3 Months Ended
	Jun. 30, 2025	Mar. 31, 2025
At the Market Offering
Issuance of common stock issuance costs	$ 129	$ 5
IPO
Issuance of common stock and pre-funded warrants issuance costs	$ 2,815

Stock-Based Compensation

6 Months Ended

Jun. 30, 2025

Share-Based Payment Arrangement [Abstract]

Stock-Based Compensation

Note 6. Stock-Based Compensation

Effective January 1, 2025, the number of shares of common stock available under the 2021 Incentive Award Plan (the 2021 Plan) increased by 1,815,535 shares pursuant to the evergreen provision. As of June 30, 2025, 5,197,494 shares of common stock remained available for issuance under the 2021 Plan.

Effective January 1, 2025, the number of shares of common stock available under the 2021 Employee Stock Purchase Plan (the ESPP) increased by 363,107 shares pursuant to the evergreen provision of the ESPP. As of June 30, 2025, 850,949 shares of common stock remained available for issuance under the ESPP.

As of June 30, 2025, 1,839,250 shares of common stock remained available for issuance under the 2023 Inducement Equity Plan as adopted in November 2023.

Stock-Based Compensation Expense

Total stock-based compensation expense related to the Company’s equity incentive plans and ESPP was recorded in the statements of operations and allocated as follows (in thousands):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Research and development	$	1,568	$	2,448	$	3,488	$	4,994
General and administrative		1,005		2,392		2,254		4,868
Total stock-based compensation expense	$	2,573	$	4,840	$	5,742	$	9,862

As of June 30, 2025, there was $15.4 million of total unrecognized stock-based compensation expense which is expected to be recognized over a weighted-average period of 1.6 years.

Stock Options

The following table summarizes stock option activity:


	Outstanding Options
	Shares			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (Years)
Balance, December 31, 2024		9,168,745		$	10.19		7.6
Granted		772,880		$	2.49
Exercised		—			—
Cancelled		(3,313,155	)	$	10.01
Balance, June 30, 2025		6,628,470		$	9.38		6.7
Exercisable, June 30, 2025		4,422,597		$	9.51		6.1

Stock-Based Compensation (Tables)

6 Months Ended

Jun. 30, 2025

Share-Based Payment Arrangement [Abstract]

Summary of Stock-Based Compensation Expense Recorded in Statements of Operations and Allocated

Total stock-based compensation expense related to the Company’s equity incentive plans and ESPP was recorded in the statements of operations and allocated as follows (in thousands):


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2025		2024		2025		2024
Research and development	$	1,568	$	2,448	$	3,488	$	4,994
General and administrative		1,005		2,392		2,254		4,868
Total stock-based compensation expense	$	2,573	$	4,840	$	5,742	$	9,862

Summary of Stock Option Activity

The following table summarizes stock option activity:


	Outstanding Options
	Shares			Weighted-Average Exercise Price		Weighted-Average Remaining Contractual Term (Years)
Balance, December 31, 2024		9,168,745		$	10.19		7.6
Granted		772,880		$	2.49
Exercised		—			—
Cancelled		(3,313,155	)	$	10.01
Balance, June 30, 2025		6,628,470		$	9.38		6.7
Exercisable, June 30, 2025		4,422,597		$	9.51		6.1

Capital Structure - Schedule of Warrants and Pre-Funded Warrants to Purchase Shares (Details)	Jun. 30, 2025 $ / shares shares
Class of Warrant or Right [Line Items]
Number of Warrants Outstanding	23,550,000
Pre-Funded Warrants
Class of Warrant or Right [Line Items]
Issue Date	Jun. 20, 2025
Exercise Price \| $ / shares	$ 0.0001
Number of Warrants Outstanding	550,000
Common Warrants
Class of Warrant or Right [Line Items]
Issue Date	Jun. 20, 2025
Expiration Date	Dec. 20, 2026
Exercise Price \| $ / shares	$ 2.5
Number of Warrants Outstanding	23,000,000

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Jun. 30, 2025
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b5-1 Arrangement Modified	false
Non-Rule 10b5-1 Arrangement Modified	false

Segment Reporting - Summary of General and Administrative Expenses (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Segment Reporting [Abstract]
External costs	$ 1,282	$ 1,716	$ 3,548	$ 3,514
Internal costs:
Personnel-related expenses (including stock-based compensation)	3,020	4,964	7,110	10,067
Facilities and other allocated expenses	408	393	867	775
Total general and administrative expenses	$ 4,710	$ 7,073	$ 11,525	$ 14,356

Capital Structure - Additional Information (Details) - USD ($)		1 Months Ended		3 Months Ended	6 Months Ended
	Nov. 25, 2022	Jun. 30, 2025	Apr. 30, 2023	Jun. 30, 2025	Jun. 30, 2025	Jun. 30, 2024	Dec. 31, 2024
Class Of Stock [Line Items]
Common stock, par value		$ 0.0001		$ 0.0001	$ 0.0001		$ 0.0001
Common stock, shares issued		58,127,256		58,127,256	58,127,256		36,310,713
Common stock, shares authorized		300,000,000		300,000,000	300,000,000		300,000,000
Preferred stock, shares authorized		10,000,000		10,000,000	10,000,000		10,000,000
Preferred stock, par value		$ 0.0001		$ 0.0001	$ 0.0001		$ 0.0001
Dividends declared		$ 0		$ 0	$ 0
Net proceeds from offering		37,200,000	$ 161,800,000		5,032,000	$ 0
Warrant liability revaluated		$ 21,786,000		$ 21,786,000	21,786,000
Change in fair value of warrant liability					$ 227,000
Number of warrants exercised				0	0
2022 ATM Agreement
Class Of Stock [Line Items]
Common stock, par value	$ 0.0001
Aggregate proceeds					$ 4,900,000
Common stock, shares issued		2,271,122		2,271,122	2,271,122
Maximum \| 2022 ATM Agreement
Class Of Stock [Line Items]
Aggregate offering price	$ 100,000,000
Pre-Funded Warrants
Class Of Stock [Line Items]
Warrants exercise price		$ 0.0001		$ 0.0001	$ 0.0001
Common Warrants
Class Of Stock [Line Items]
Warrants exercise price		$ 2.5		2.5	2.5
Common Stock
Class Of Stock [Line Items]
Issuance of common stock (in shares)		19,450,000	5,750,000
Public offering price		$ 2	$ 30	2	2
Underwritting discounts and commissions and offering costs			$ 11,000,000
Underwriting commissions and offering costs		$ 2,800,000
Common Stock \| Pre-Funded Warrants
Class Of Stock [Line Items]
Public offering price		$ 1.9999		$ 1.9999	$ 1.9999
Common Stock \| Pre-Funded Warrants \| Maximum
Class Of Stock [Line Items]
Number of shares called by warrants		550,000		550,000	550,000
Common Stock \| Common Warrants
Class Of Stock [Line Items]
Warrants exercise price		$ 2.5		$ 2.5	$ 2.5
Common Stock \| Common Warrants \| Maximum
Class Of Stock [Line Items]
Number of shares called by warrants		23,000,000		23,000,000	23,000,000

Organization

6 Months Ended

Jun. 30, 2025

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization

Note 1. Organization

Organization

Biomea Fusion, Inc., (the Company), was established in the state of Delaware in August 2017 as Biomea Fusion, LLC. In December 2020, all outstanding membership interests in Biomea Fusion, LLC were converted into equity interests in the Company. The capitalization information included in these unaudited condensed financial statements is consistently presented as if it is that of Biomea Fusion, Inc., even during the prior period when investors held their equity interests in Biomea Fusion, LLC.

The Company is a clinical-stage diabetes and obesity medicines company dedicated to discovering and developing novel small molecules to treat and improve the lives of patients with diabetes, obesity and metabolic disorders. Since its inception in 2017, the Company has built its proprietary FUSIONTM System platform to design and develop a pipeline of novel covalent product candidates.

Basis of Presentation

The accompanying unaudited condensed financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America (GAAP) and applicable rules and regulations of the Securities and Exchange Commission (SEC) regarding interim financial reporting. As permitted under those rules, certain footnotes or other financial information that are normally required by GAAP have been condensed or omitted, and accordingly the balance sheet as of December 31, 2024 has been derived from the audited financial statements at that date but does not include all of the information required by GAAP for complete financial statements. These unaudited condensed financial statements have been prepared on the same basis as the Company’s annual financial statements and, in the opinion of management, reflect all adjustments, consisting only of normal recurring adjustments which are necessary for a fair statement of the Company’s financial information. The unaudited interim results of operations for the three and six months ended June 30, 2025 are not necessarily indicative of the results to be expected for the year ending December 31, 2025 or for any other interim period or for any other future year.

The accompanying unaudited condensed financial statements should be read in conjunction with the audited financial statements and the related notes thereto for the year ended December 31, 2024, included in the Company’s Annual Report on Form 10-K filed with the SEC on March 31, 2025.

Liquidity and Capital Resources

The Company has incurred net operating losses and negative cash flows from operations since its inception and had an accumulated deficit of $437.3 million at June 30, 2025. As of June 30, 2025, the Company had cash, cash equivalents, and restricted cash of $56.6 million. Management believes that the existing financial resources are not sufficient to continue operating activities for at least one year past the issuance date of these unaudited condensed financial statements. The Company’s ability to continue as a going concern will require the Company to raise additional capital to fund the Company's operations through public or private equity offerings, debt financings, collaborations and licensing arrangements or other sources. There can be no assurance that additional financing will be available to the Company or that such financing, if available, will be available on terms acceptable to the Company. Accordingly, there is substantial doubt about the Company’s ability to continue as a going concern.

The Company has historically financed its operations primarily through the sale of common stock and the issuance of unsecured promissory notes. To date, none of the Company’s product candidates have been approved for commercial sale, and the Company has not generated any revenue since inception. Management expects operating losses to continue and increase for the foreseeable future, as the Company continues clinical development activities for its lead product candidate and advances the preclinical and clinical development of other product candidates. The Company’s prospects are subject to risks, expenses and uncertainties frequently encountered by companies in the biotechnology industry as discussed below. There can be no assurance that in the event the Company requires additional financing, such financing will be available on terms which are favorable or at all. Failure to generate sufficient cash flows from operations, raise additional capital or reduce certain discretionary spending would have a material adverse effect on the Company’s ability to achieve its intended business objectives.

Capital Structure - Schedule of Fair Value of Common Warrants Using the Black-Scholes Option Pricing Model (Details) - Common Warrants	Jun. 30, 2025 $ / shares	Jun. 20, 2025 $ / shares
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Common stock price	$ 1.8	$ 1.81
Expected term (years)	1 year 6 months	1 year 6 months
Risk-Free Interest Rate
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input	3.8	4
Expected Volatility
Fair Value Measurement Inputs and Valuation Techniques [Line Items]
Warrants and rights outstanding, measurement input	134.1	132.9

Condensed Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2025	Jun. 30, 2024	Jun. 30, 2025	Jun. 30, 2024
Operating expenses:
Research and development	$ 16,566	$ 31,825	$ 39,463	$ 65,601
General and administrative	4,710	7,073	11,525	14,356
Total operating expenses	21,276	38,898	50,988	79,957
Loss from operations	(21,276)	(38,898)	(50,988)	(79,957)
Interest and other income, net	536	1,622	986	3,620
Net and comprehensive loss	$ (20,740)	$ (37,276)	$ (50,002)	$ (76,337)
Net loss per common share, basic	$ (0.51)	$ (1.03)	$ (1.29)	$ (2.12)
Net loss per common share, diluted	$ (0.51)	$ (1.03)	$ (1.29)	$ (2.12)
Weighted-average number of common shares used to compute basic net loss per common share	40,630,403	36,043,561	38,639,834	35,966,965
Weighted-average number of common shares used to compute diluted net loss per common share	40,630,403	36,043,561	38,639,834	35,966,965

Net Loss Per Share

6 Months Ended

Jun. 30, 2025

Earnings Per Share [Abstract]

Net Loss Per Share

Note 8. Net Loss Per Share

Basic and diluted net loss per share is computed by dividing net loss by the weighted-average number of shares of common stock outstanding for the period. For periods in which the Company generated a net loss, the Company does not include the potential impact of dilutive securities in diluted net loss per share, as the impact of these items is anti-dilutive.

The following equity instruments were excluded from the calculation of diluted net loss per share because their effect would have been anti-dilutive for the periods presented:


	June 30,
	2025		2024
Stock options, issued and outstanding		6,628,470		9,289,437
Estimated shares issuable under the ESPP		38,747		18,184
Restricted stock, issued and outstanding		—		48,297
Common warrants to purchase common stock		23,000,000		—
Total		29,667,217		9,355,918