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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 10-Q

 

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2023

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO

Commission File Number 001-39208

 

Beam Therapeutics Inc.

(Exact name of Registrant as specified in its Charter)

 

 

Delaware

81-5238376

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

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

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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ NO ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ NO ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

 

 

 

 

Non-accelerated filer

Smaller reporting company

 

 

 

 

 

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. ☐

 

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES ☐ NO

 

The number of shares of registrant’s common stock outstanding as of August 1, 2023 was 79,199,501.

 


 

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. Such forward-looking statements reflect, among other things:

our current expectations and anticipated results of operations;
our expectations regarding the initiation, timing, progress and results of our clinical trials, including our Phase 1/2 clinical trial designed to assess the safety and efficacy of BEAM-101 for the treatment of sickle cell disease, which we refer to as our BEACON trial, and our Phase 1/2 clinical trial designed to assess the safety and efficacy of BEAM-201 for the treatment of relapsed, refractory T-cell acute lymphoblastic leukemia/T cell lymphoblastic lymphoma;
our expectations regarding the initiation, timing, progress and results of our research and development programs and preclinical studies, including our expectations that we will submit regulatory applications for BEAM-302 in the first quarter of 2024 and BEAM-301 in the first half of 2024;
our ability to develop and maintain a sustainable portfolio of product candidates;
our ability to develop life-long, curative, precision genetic medicines for patients through base editing;
our ability to create a hub for partnering with other companies;
our plans for preclinical studies for product candidates in our pipeline;
our ability to advance any product candidates that we may develop and successfully complete any clinical trials or preclinical studies, including the manufacture of any such product candidates;
our ability to pursue a broad suite of clinically validated delivery modalities;
our expectations regarding our ability to generate additional novel lipid nanoparticles that we believe could accelerate novel nonviral delivery of gene editing or other nucleic acid payloads to tissues beyond the liver and our ability to expand the reach of our programs;
the scope of protection we are able to establish and maintain for intellectual property rights covering our product candidates and technology;
developments related to our competitors and our industry;
the expected timing, progress and success of our collaborations with third parties, including any future payments we may receive under our collaboration and license agreements, and our ability to identify and enter into future license agreements and collaborations;
developments related to base editing technologies;
our ability to successfully develop our delivery modalities and obtain and maintain approval for our product candidates;
our ability to successfully establish and maintain a commercial-scale current Good Manufacturing Practice, or cGMP, manufacturing facility and our expectations that we will initiate cGMP compliant operations in late 2023;
regulatory developments in the United States and foreign countries;
our ability to attract and retain key scientific and management personnel;
our expectations regarding the strategic and other potential benefits of any acquisition of additional technologies;
our estimates regarding the period over which we believe that our existing cash, cash equivalents and marketable securities, will be sufficient to fund our operating expenses and capital expenditure requirements; and
the impact on our business of macro-economic conditions, as well as the prevailing level of macro-economic, business, and operational uncertainty, including as a result of geopolitical events or other global or regional events.

 

All of these statements are subject to known and unknown important risks, uncertainties and other factors that may cause our actual results, performance or achievements, market trends, or industry results to differ materially from those expressed or implied by such forward-looking statements. Therefore, any statements contained herein that are not statements of historical fact may be forward-looking statements and should be evaluated as such. Without limiting the foregoing, the words “anticipate,” “expect,” “suggest,” “plan,” “believe,” “intend,” “project,” “forecast,” “estimates,” “targets,” “projections,” “should,” “could,” “would,” “may,” “might,” “will,” and the negative thereof and similar words and expressions are intended to identify forward-looking statements. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described in “Risk Factors” in Part II, Item 1A of this Quarterly Report on Form 10-Q and “Risk Factors Summary” and “Risk Factors” in Part I, Item 1A. of our Annual Report on Form 10-K for the fiscal year ended December 31, 2022, or the 2022 Form 10-K. Unless legally required, we assume no obligation to update any such forward-looking information to reflect actual results or changes in the factors affecting such forward-looking information.

When we use the terms “Beam,” the “Company,” “we,” “us” or “our” in this Quarterly Report on Form 10-Q, we mean Beam Therapeutics Inc. and its subsidiaries on a consolidated basis, unless the context indicates otherwise.


 

Table of Contents

Page

PART I

Financial Information

 

Item 1.

Financial Statements (Unaudited)

1

 

Condensed Consolidated Balance Sheets

1

 

Condensed Consolidated Statements of Operations and Other Comprehensive Loss

2

 

Condensed Consolidated Statements of Stockholders’ Equity

3

 

Condensed Consolidated Statements of Cash Flows

5

 

Notes to Condensed Consolidated Financial Statements

7

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

21

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

35

Item 4.

Controls and Procedures

36

 

 

 

PART II

Other Information

 

Item 1.

Legal Proceedings

37

Item 1A.

Risk Factors

37

Item 5.

Other Information

42

Item 6.

Exhibits

44

Signatures

 

45

 

 

 


 

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)

Beam Therapeutics Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

(in thousands, except share and per share amounts)

 

 

 

June 30,
2023

 

 

December 31,
2022

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

225,544

 

 

$

232,767

 

Marketable securities

 

 

847,472

 

 

 

845,367

 

Prepaid expenses and other current assets

 

 

21,789

 

 

 

14,762

 

Total current assets

 

 

1,094,805

 

 

 

1,092,896

 

Property and equipment, net

 

 

128,203

 

 

 

115,620

 

Restricted cash

 

 

15,422

 

 

 

12,754

 

Operating lease right-of-use assets

 

 

114,075

 

 

 

118,513

 

Other assets

 

 

1,382

 

 

 

1,931

 

Total assets

 

$

1,353,887

 

 

$

1,341,714

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

6,886

 

 

$

9,029

 

Accrued expenses and other current liabilities

 

 

37,519

 

 

 

48,059

 

Derivative liabilities

 

 

13,600

 

 

 

18,300

 

Current portion of deferred revenue

 

 

139,127

 

 

 

135,974

 

Current portion of lease liability

 

 

11,492

 

 

 

10,380

 

Current portion of equipment financing liability

 

 

912

 

 

 

1,853

 

Total current liabilities

 

 

209,536

 

 

 

223,595

 

Long-term lease liability

 

 

163,851

 

 

 

168,625

 

Long-term equipment financing liability

 

 

875

 

 

 

1,154

 

Contingent consideration liabilities

 

 

10,588

 

 

 

12,463

 

Long-term portion of deferred revenue

 

 

156,202

 

 

 

202,179

 

Other liabilities

 

 

1,192

 

 

 

224

 

Total liabilities

 

 

542,244

 

 

 

608,240

 

Commitments and contingencies (See Note 7, License agreements and Note 8, Collaboration and license agreements)

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

Preferred stock, $0.01 par value; 25,000,000 shares authorized, and no shares issued or outstanding at June 30, 2023 and December 31, 2022, respectively

 

 

 

 

 

 

Common stock, $0.01 par value; 250,000,000 shares authorized, 77,953,502 and 71,277,339 issued and outstanding at June 30, 2023 and December 31, 2022, respectively

 

 

780

 

 

 

712

 

Additional paid-in capital

 

 

2,049,476

 

 

 

1,792,554

 

Accumulated other comprehensive (loss) income

 

 

(2,015

)

 

 

(2,430

)

Accumulated deficit

 

 

(1,236,598

)

 

 

(1,057,362

)

Total stockholders’ equity

 

 

811,643

 

 

 

733,474

 

Total liabilities and stockholders’ equity

 

$

1,353,887

 

 

$

1,341,714

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

1


 

Beam Therapeutics Inc.

Condensed Consolidated Statements of Operations and Other Comprehensive Loss

(Unaudited)

(in thousands, except share and per share amounts)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

License and collaboration revenue

 

$

20,116

 

 

$

16,652

 

 

$

44,324

 

 

$

25,084

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

97,608

 

 

 

74,556

 

 

 

197,254

 

 

 

139,966

 

General and administrative

 

 

24,656

 

 

 

24,062

 

 

 

48,146

 

 

 

43,309

 

Total operating expenses

 

 

122,264

 

 

 

98,618

 

 

 

245,400

 

 

 

183,275

 

Loss from operations

 

 

(102,148

)

 

 

(81,966

)

 

 

(201,076

)

 

 

(158,191

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Change in fair value of derivative liabilities

 

 

(900

)

 

 

12,200

 

 

 

4,700

 

 

 

25,800

 

Change in fair value of non-controlling equity investments

 

 

6,148

 

 

 

(4,124

)

 

 

(6,649

)

 

 

(11,809

)

Change in fair value of contingent consideration liabilities

 

 

2,171

 

 

 

(120

)

 

 

1,875

 

 

 

332

 

Interest and other income (expense), net

 

 

11,953

 

 

 

2,060

 

 

 

21,914

 

 

 

2,704

 

Total other income (expense)

 

 

19,372

 

 

 

10,016

 

 

 

21,840

 

 

 

17,027

 

Net loss

 

$

(82,776

)

 

$

(71,950

)

 

$

(179,236

)

 

$

(141,164

)

Unrealized gain (loss) on marketable securities

 

 

(1,250

)

 

 

(1,481

)

 

 

415

 

 

 

(4,140

)

Comprehensive loss

 

$

(84,026

)

 

$

(73,431

)

 

$

(178,821

)

 

$

(145,304

)

Net loss per common share, basic and diluted

 

$

(1.08

)

 

$

(1.02

)

 

$

(2.41

)

 

$

(2.03

)

Weighted-average common shares outstanding, basic and diluted

 

 

76,335,175

 

 

 

70,210,227

 

 

 

74,315,721

 

 

 

69,461,207

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

2


 

Beam Therapeutics Inc.

Condensed Consolidated Statements of Stockholders’ Equity

(Unaudited)

(in thousands, except share amounts)

 

 

 

Common Stock

 

 

Additional
Paid-in

 

 

Accumulated
Other
Comprehensive

 

 

Accumulated

 

 

Total
Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income (Loss)

 

 

Deficit

 

 

Equity

 

Balance at December 31, 2021

 

 

68,389,425

 

 

$

684

 

 

$

1,594,378

 

 

$

(50

)

 

$

(768,274

)

 

$

826,738

 

Purchase of common stock under ESPP

 

 

28,990

 

 

 

 

 

 

1,412

 

 

 

 

 

 

 

 

 

1,412

 

Issuance of common stock from At-the-Market offering, net of issuance costs of $1.3 million

 

 

874,770

 

 

 

9

 

 

 

53,927

 

 

 

 

 

 

 

 

 

53,936

 

Vesting of restricted common stock

 

 

283,186

 

 

 

3

 

 

 

(3

)

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

18,035

 

 

 

 

 

 

 

 

 

18,035

 

Exercise of common stock options

 

 

176,652

 

 

 

2

 

 

 

818

 

 

 

 

 

 

 

 

 

820

 

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

(2,659

)

 

 

 

 

 

(2,659

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(69,214

)

 

 

(69,214

)

Balance at March 31, 2022

 

 

69,753,023

 

 

$

698

 

 

$

1,668,567

 

 

$

(2,709

)

 

$

(837,488

)

 

$

829,068

 

Issuance of common stock from At-the-Market offering, net of issuance costs of $0.6 million

 

 

374,677

 

 

 

4

 

 

 

22,296

 

 

 

 

 

 

 

 

 

22,300

 

Vesting of restricted common stock

 

 

37,118

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

21,578

 

 

 

 

 

 

 

 

 

21,578

 

Exercise of common stock options

 

 

147,296

 

 

 

1

 

 

 

645

 

 

 

 

 

 

 

 

 

646

 

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

(1,481

)

 

 

 

 

 

(1,481

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(71,950

)

 

 

(71,950

)

Balance at June 30, 2022

 

 

70,312,114

 

 

$

703

 

 

$

1,713,086

 

 

$

(4,190

)

 

$

(909,438

)

 

$

800,161

 

 

3


 

Beam Therapeutics Inc.

Condensed Consolidated Statements of Stockholders’ Equity - Continued

(Unaudited)

(in thousands, except share amounts)

 

 

Common Stock

 

 

Additional
Paid-in

 

 

Accumulated
Other
Comprehensive

 

 

Accumulated

 

 

Total
Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income (Loss)

 

 

Deficit

 

 

Equity

 

Balance at December 31, 2022

 

 

71,277,339

 

 

$

712

 

 

$

1,792,554

 

 

$

(2,430

)

 

$

(1,057,362

)

 

$

733,474

 

Purchase of common stock under ESPP

 

 

65,620

 

 

 

1

 

 

 

1,707

 

 

 

 

 

 

 

 

 

1,708

 

Issuance of common stock from At-the-Market offering, net of issuance costs of $0.2 million

 

 

2,431,770

 

 

 

24

 

 

 

93,786

 

 

 

 

 

 

 

 

 

93,810

 

Vesting of restricted common stock

 

 

284,858

 

 

 

3

 

 

 

(3

)

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

23,917

 

 

 

 

 

 

 

 

 

23,917

 

Exercise of common stock options

 

 

375,805

 

 

 

4

 

 

 

3,388

 

 

 

 

 

 

 

 

 

3,392

 

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

1,665

 

 

 

 

 

 

1,665

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(96,460

)

 

 

(96,460

)

Balance at March 31, 2023

 

 

74,435,392

 

 

$

744

 

 

$

1,915,349

 

 

$

(765

)

 

$

(1,153,822

)

 

$

761,506

 

Issuance of common stock from At-the-Market offering, net of issuance costs of $5.1 million

 

 

3,387,358

 

 

 

34

 

 

 

107,149

 

 

 

 

 

 

 

 

 

107,183

 

Vesting of restricted common stock

 

 

63,154

 

 

 

1

 

 

 

(1

)

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

26,278

 

 

 

 

 

 

 

 

 

26,278

 

Exercise of common stock options

 

 

67,598

 

 

 

1

 

 

 

701

 

 

 

 

 

 

 

 

 

702

 

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

(1,250

)

 

 

 

 

 

(1,250

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(82,776

)

 

 

(82,776

)

Balance at June 30, 2023

 

 

77,953,502

 

 

$

780

 

 

$

2,049,476

 

 

$

(2,015

)

 

$

(1,236,598

)

 

$

811,643

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

4


 

Beam Therapeutics Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(in thousands)

 

 

 

Six Months Ended June 30,

 

 

 

2023

 

&#