Biomea goes for $125M offering after early diabetes data nearly doubled stock price

Basking in record-high stock prices thanks to early data in type 2 diabetes, Biomea Fusion is out to raise $125 million from a stock sale.

If it succeeds in bringing the money, Biomea will more than double its reserves and save itself from the brink. On Tuesday, the biotech disclosed in its annual report that it ended 2022 with $113.4 million in cash, cash equivalents, restricted cash and investments — not enough for the company to continue as a going concern for at least one year.