BEAM Beam Therapeutics Inc

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 8-K

 

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): February 25, 2025

 

BEAM THERAPEUTICS INC.

(Exact name of registrant as specified in its charter)

 

 

Delaware		001-39208		81-5238376
(State or other jurisdiction		(Commission		(IRS Employer
of incorporation)		File Number)		Identification No.)
238 Main Street
Cambridge, MA				02142
(Address of principal executive offices)				(Zip Code)

 

(Registrant’s telephone number, including area code): (857) 327-8775

Not Applicable

(Former name or former address, if changed since last report)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

 

☐	Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

☐	Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

☐	Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

☐	Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))   Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, par value $0.01 per share	BEAM	Nasdaq Global Select Market

 

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

 

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Item 2.02 Results of Operations and Financial Condition.

On February 25, 2025, Beam Therapeutics Inc. (the “Company”) issued a press release announcing the Company’s financial results for the quarter ended December 31, 2024. A copy of this press release is furnished as Exhibit 99.1 and is incorporated herein by reference.

The information in this Item 2.02 as well as in the accompanying Exhibit 99.1 attached hereto is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing by the Company, under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

 

Exhibit No.		Description
99.1		Press Release Issued by Beam Therapeutics Inc. on February 25, 2025
104		Cover Page Interactive Data File (embedded within the Inline XBRL document)

 

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

		BEAM THERAPEUTICS INC.
Date: February 25, 2025		By:	/s/ John Evans
		Name:	John Evans
		Title:	Chief Executive Officer

 

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Beam Therapeutics Reports Fourth Quarter and Year-End 2024 Financial Results and Reiterates Anticipated Catalysts

Enrollment Target for Adult Sickle Cell Disease Patients Achieved in BEACON Trial of
BEAM-101; Dosing of 30 Patients and Updated Data Expected by Mid-2025

Initial Data from Phase 1/2 Trial of BEAM-302 in Alpha-1 Antitrypsin Deficiency Expected in First Half 2025

Dosing Expected to Initiate in Phase 1/2 Trial of BEAM-301 in Glycogen Storage Disease Type 1a in Early 2025

IND-enabling Studies of ESCAPE Nongenotoxic Conditioning Approach Ongoing; Healthy Volunteer Study of BEAM-103 Antibody Expected to Initiate by Year-end

Ended Fourth Quarter 2024 with $850.7 Million in Cash, Cash Equivalents and Marketable Securities; Cash Runway Expected to Support Operating Plans into 2027

CAMBRIDGE, Mass., February 25, 2025 – Beam Therapeutics Inc. (Nasdaq: BEAM), a biotechnology company developing precision genetic medicines through base editing, today reported fourth quarter and full year 2024 financial results and reiterated anticipated milestones across the company’s hematology and genetic disease franchises.

"We are incredibly proud of the significant progress and momentum across our hematology and liver-targeted genetic disease franchises over the last year,” said John Evans, chief executive officer of Beam. “On the heels of the initial positive results from the BEACON trial for BEAM-101 in patients with sickle cell disease, we recently achieved our adult enrollment target in the study and enrolled our first adolescent patients. Additionally, we remain on track to deliver initial data for our lead in vivo program, BEAM-302 in alpha-1 antitrypsin deficiency, in the first half of 2025, where we have the potential for a one-time treatment to address both the lung and liver manifestations of disease. With a strong financial position and important catalysts on the horizon, we are well equipped to continue driving forward our mission of providing life-long cures to patients suffering from serious diseases."

Fourth Quarter 2024 and Recent Progress

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Key 2025 Anticipated Milestones

Hematology Franchise

Liver-targeted Genetic Disease Franchise

Fourth Quarter and Full Year 2024 Financial Results

Cash Runway

Beam expects that its cash, cash equivalents and marketable securities as of December 31, 2024, will enable the company to fund its anticipated operating expenses and capital expenditure requirements into 2027. This expectation includes funding directed toward reaching each of the key anticipated milestones for BEAM-101, ESCAPE, BEAM-301 and BEAM-302 described above.

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About Beam Therapeutics

Beam Therapeutics (Nasdaq: BEAM) is a biotechnology company committed to establishing the leading, fully integrated platform for precision genetic medicines. To achieve this vision, Beam has assembled a platform with integrated gene editing, delivery and internal manufacturing capabilities. Beam’s suite of gene editing technologies is anchored by base editing, a proprietary technology that is designed to enable precise, predictable and efficient single base changes, at targeted genomic sequences, without making double-stranded breaks in the DNA. This has the potential to enable a wide range of potential therapeutic editing strategies that Beam is using to advance a diversified portfolio of base editing programs. Beam is a values-driven organization committed to its people, cutting-edge science, and a vision of providing life-long cures to patients suffering from serious diseases.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned not to place undue reliance on these forward-looking statements, including, but not limited to, statements related to: the therapeutic applications and potential of our technology, including with respect to SCD, AATD, GSD1a, and ESCAPE; our plans, and anticipated timing, to advance our programs; the clinical trial designs and expectations for BEAM-101, BEAM-103, BEAM-301 and BEAM-302; the sufficiency of our capital resources to fund operating expenses and capital expenditure requirements and the period in which such resources are expected to be available; and our ability to develop life-long, curative, precision genetic medicines for patients through base editing. Each forward-looking statement is subject to important risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statement, including, without limitation, risks and uncertainties related to: our ability to develop, obtain regulatory approval for, and commercialize our product candidates, which may take longer or cost more than planned; our ability to raise additional funding, which may not be available; our ability to obtain, maintain and enforce patent and other intellectual property protection for our product candidates; the uncertainty that our product candidates will receive regulatory approval necessary to initiate or continue human clinical trials; that preclinical testing of our product candidates and preliminary or interim data from preclinical studies and clinical trials may not be predictive of the results or success of ongoing or later clinical trials; that initiation and enrollment of, and anticipated timing to advance, our clinical trials may take longer than expected; that our product candidates, including the delivery modalities we rely on to administer them, may cause serious adverse events; that our product candidates may experience manufacturing or supply interruptions or failures; risks related to competitiveproducts; and the other risks and uncertainties identified under the headings “Risk Factors Summary” and “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2024, and in any subsequent filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this press release. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by applicable law.

Contacts:

Investors:

Holly Manning

Beam Therapeutics

hmanning@beamtx.com

Media:

Josie Butler

1AB

josie@1abmedia.com

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Condensed Consolidated Balance Sheet Data (unaudited)
(in thousands)
		December 31, 2024				December 31, 2023
Cash, cash equivalents, and marketable securities		$	850,740			$	1,189,876
Total assets			1,103,824				1,459,714
Total liabilities			370,279				478,385
Total stockholders’ equity			733,545				981,329

 

Condensed Consolidated Statement of Operations (unaudited)
(in thousands, except share and per share data)
		Three Months Ended December 31,								Years Ended December 31,
		2024				2023				2024				2023
License and collaboration revenue		$	30,067			$	316,192			$	63,518			$	377,709
Operating expenses:
Research and development			101,444				140,077				367,561				437,381
General and administrative			28,660				43,257				111,525				116,813
Total operating expenses			130,104				183,334				479,086				554,194
Income (loss) from operations			(100,037	)			132,858				(415,568	)			(176,485	)
Other income (expense):
Change in fair value of derivative liabilities			(128	)			(1,900	)			2,272				7,500
Change in fair value of non-controlling equity investments			(1,090	)			(722	)			(14,093	)			(18,592	)
Change in fair value of contingent consideration liabilities			(27	)			1,863				1,592				9,740
Interest and other income (expense), net			10,928				12,064				49,094				46,676
Total other income (expense)			9,683				11,305				38,865				45,324
Net income (loss) before income taxes			(90,354	)			144,163				(376,703	)			(131,161	)
Provision for income taxes			—				(1,366	)			(39	)			(1,366	)
Loss from equity method investment			—				—				—				—
Net income (loss)		$	(90,354	)		$	142,797			$	(376,742	)		$	(132,527	)
Unrealized gain (loss) on marketable securities			(1,080	)			2,628				75				3,034
Comprehensive income (loss)		$	(91,434	)		$	145,425			$	(376,667	)		$	(129,493	)
Net income (loss) per common share - basic		$	(1.09	)		$	1.77			$	(4.58	)		$	(1.72	)
Basic weighted-average common shares outstanding			82,824,151				80,858,517				82,313,008				77,151,771
Net income (loss) per common share - diluted		$	(1.09	)		$	1.73			$	(4.58	)		$	(1.72	)
Diluted weighted-average common shares outstanding			82,824,151				82,702,302				82,313,008				77,151,771

 

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v3.25.0.1

Document and Entity Information	Feb. 25, 2025
Cover [Abstract]
Amendment Flag	false
Entity Central Index Key	0001745999
Document Type	8-K
Document Period End Date	Feb. 25, 2025
Entity Registrant Name	BEAM THERAPEUTICS INC.
Entity Incorporation, State or Country Code	DE
Entity File Number	001-39208
Entity Tax Identification Number	81-5238376
Entity Address, Address Line One	238 Main Street
Entity Address, City or Town	Cambridge
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02142
City Area Code	857
Local Phone Number	327-8775
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	BEAM
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false

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