Biomea Fusion has quietly morphed from an oncology story into a pure diabetes and obesity medicines company, with a potentially first-in-class oral menin inhibitor (icovamenib) for insulin-deficient type 2 diabetes and an oral GLP-1 receptor agonist (BMF-650) aimed at obesity. 2026 is all about execution: Phase II programs in T2D, first human weight-loss data for BMF-650 and a cash runway that, after the 2025 down-rounds and cost cuts, now stretches into 2027.