Omega Therapeutics (OMGA) investor relations material

Executive summary

• Completed Phase 1 MYCHELANGELO I trial for OTX-2002 in HCC, establishing clinical proof-of-mechanism and showing a 50% disease control rate.

• Prioritized pipeline to focus on obesity (Novo Nordisk collaboration), regenerative medicine (HNF4A), and metabolic indications (FGF21), with other programs deprioritized.

• Leadership changes: Kaan Certel, Ph.D., appointed CEO; Jennifer Nelson, Ph.D., named Chief Scientific Officer.

• Strategic partnerships, including Novo Nordisk, are being pursued to support development and expand the pipeline.

• Strategic prioritization and cost reductions were implemented in March 2024 to extend the cash runway.

Financial highlights

• Q3 2024 collaboration revenue was $2.6 million, up 214% year-over-year; nine-month revenue was $7.1 million, up 238%.

• Q3 2024 R&D expenses were $12.8 million, down 22% year-over-year; G&A expenses were $6.2 million, down 14% year-over-year.

• Net loss for Q3 2024 was $16.4 million, with net loss per share of $0.30, both improved from prior year periods.

• Cash and cash equivalents were $30.4 million as of September 30, 2024, expected to fund operations into Q2 2025.

• Net cash used in operating activities was $38.5 million for the nine months, a 52% reduction from the prior year.

Outlook and guidance

• Cash runway is expected to last into the second quarter of 2025; additional funding will be required thereafter.

• The company anticipates continued operating losses and negative cash flows as it advances clinical and preclinical programs.

• Focused on advancing prioritized programs and forming strategic partnerships for capital efficiency and accelerated development.