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SAN CARLOS, Calif. - Biomea Fusion, Inc. (NASDAQ:BMEA), a clinical-stage diabetes and obesity medicines company with a market capitalization of $105 million, has appointed Julianne Averill to its Board of Directors effective July 22, 2025, according to a press release statement issued Thursday. According to InvestingPro data, the company maintains a healthy balance sheet with more cash than debt and a current ratio of 2.25x, though it faces significant cash burn challenges.
Averill, who will also serve on the company’s Audit Committee, replaces Bihua Chen, who stepped down after more than four years on the board.
The new appointee brings over two decades of experience in finance and strategy within the life sciences and digital health sectors. She currently serves as Managing Director at Danforth Advisors, where she provides interim Chief Financial Officer services and strategic guidance to late-stage biopharma organizations.
Her professional background includes expertise in capital markets, mergers and acquisitions, and operational scaling, with involvement in transactions exceeding $10 billion in aggregate value.
Averill holds a B.S. in Business Administration and an M.S. in Accountancy from California State University. She is a licensed CPA in California, a Society of Human Resources Certified Professional, and holds a National Association of Corporate Directors Directorship Certification.
Mick Hitchcock, Interim Chief Executive Officer and board member, noted that Averill’s "financial, operational, and strategic expertise" would benefit the company as it advances its development programs.
Biomea Fusion is developing oral small molecules called icovamenib and BMF-650 for patients with diabetes, obesity, and metabolic diseases.
In other recent news, Biomea Fusion announced an underwritten public offering of its common stock and accompanying warrants. The offering includes options for pre-funded warrants in lieu of common stock for certain investors, with a 30-day option for underwriters to purchase an additional 15% of shares and pre-funded warrants. H.C. Wainwright reiterated its Buy rating on Biomea Fusion, although it adjusted the price target from $40 to $18. This adjustment came after Biomea Fusion reported its first-quarter 2025 earnings, which revealed an EPS of ($0.80), slightly better than H.C. Wainwright’s estimate of ($0.85) but below the consensus estimate of ($0.60). The company ended the quarter with $36.2 million in cash reserves, expected to sustain operations until the fourth quarter of 2025. Additionally, Biomea Fusion presented initial data from its Phase 1 COVALENT-103 trial, which showed favorable tolerability and improved survival outcomes in patients with relapsed/refractory acute leukemia. The trial enrolled 27 heavily pretreated patients, with nearly all having failed previous therapies.
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