Beam Therapeutics Inc. · Q3 2023 earnings

Briefing

Beam Therapeutics' business was streamlined and pipeline was prioritized, Lilly acquired Beam’s opt-in rights to Verve Therapeutics’ base editing cardiovascular programs, GMP operations were initiated at Beam's North Carolina manufacturing facility.

Beam Therapeutics reported a net loss of $96.1 million for Q3 2023, with R&D expenses at $100.0 million and G&A expenses at $25.4 million. Lilly acquired Beam’s opt-in rights to Verve Therapeutics’ base editing cardiovascular programs for up to $600 million. The company's cash, cash equivalents and marketable securities were $1.0 billion as of September 30, 2023, and anticipates operating runway into the second half of 2026.

• Patient enrollment, mobilization, and manufacturing are progressing well in the BEACON trial, with the first patient expected to be treated with BEAM-101 by year-end 2023 and initial data on multiple patients expected in 2024.
• A regulatory filing for BEAM-302, for patients with alpha-1 anti-trypsin deficiency, is expected in the first quarter of next year, followed by the planned IND submission for BEAM-301 shortly thereafter.
• Eli Lilly and Company (Lilly) acquired certain rights under Beam’s amended collaboration and license agreement with Verve Therapeutics, Inc. (Verve), including Beam’s opt-in rights to co-develop and co-commercialize Verve’s base editing programs for cardiovascular disease.
• GMP operations initiated at Beam's North Carolina manufacturing facility.

Headline financials

Revenue & EPS history

Beam Therapeutics expects that its cash, cash equivalents and marketable securities as of September 30, 2023, together with upfront and equity investment proceeds received from Lilly, will enable the company to fund its anticipated operating expenses and capital expenditure requirements into the second half of 2026.