10-Q 1 beam-20220930.htm 10-Q 10-Q
0001745999http://fasb.org/us-gaap/2022#LicenseMember--12-31http://fasb.org/us-gaap/2022#LicenseMemberhttp://fasb.org/us-gaap/2022#LicenseMembertwo yearsfalsehttp://fasb.org/us-gaap/2022#LicenseMemberQ30001745999us-gaap:FairValueInputsLevel3Memberbeam:BroadLicenseAgreementMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001745999us-gaap:CommercialPaperMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001745999beam:TwoThousandNineteenEmployeeStockPurchasePlanMember2022-07-012022-09-300001745999beam:MeasurementInputProbabilityOfAchievementMemberbeam:ContingentConsiderationLiabilitiesMembersrt:MinimumMemberbeam:ContingentConsiderationOfTechnologyLiabilitiesMember2021-12-310001745999us-gaap:PrivatePlacementMember2021-01-162021-01-160001745999us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-300001745999srt:MinimumMemberus-gaap:SeriesAPreferredStockMemberbeam:BroadLicenseAgreementMember2022-01-012022-09-300001745999us-gaap:AccumulatedOtherComprehensiveIncomeMember2020-12-310001745999us-gaap:USTreasurySecuritiesMember2022-09-300001745999us-gaap:RetainedEarningsMember2022-09-300001745999beam:TwoThousandNineteenEquityIncentivePlanMember2022-09-300001745999us-gaap:CorporateDebtSecuritiesMember2021-12-310001745999beam:SuccessPaymentLiabilitiesMembersrt:MinimumMemberus-gaap:MeasurementInputExpectedTermMemberbeam:BroadLicenseAgreementMember2022-01-012022-09-300001745999beam:ApellisPharmaceuticalsIncMember2022-09-300001745999us-gaap:GeneralAndAdministrativeExpenseMember2021-01-012021-09-300001745999beam:MeasurementInputProbabilityOfAchievementMembersrt:MaximumMemberbeam:ContingentConsiderationLiabilitiesMemberbeam:ContingentConsiderationOfProductLiabilitiesMember2021-12-310001745999us-gaap:CommonStockMemberbeam:VerveTherapeuticsIncMember2022-09-300001745999us-gaap:CarryingReportedAmountFairValueDisclosureMemberbeam:BroadLicenseAgreementMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001745999us-gaap:CommonStockMember2022-03-310001745999us-gaap:CommonStockMemberbeam:JeffriesLlcSalesAgreementMember2021-04-012021-07-310001745999beam:ContingentConsiderationOfTechnologyLiabilitiesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001745999beam:AssignedToCompanyMemberbeam:PfizerMemberbeam:UponParticipationElectionMember2021-12-310001745999beam:CorporateEquitySecuritiesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001745999beam:ContingentConsiderationLiabilitiesMemberbeam:ContingentConsiderationOfTechnologyLiabilitiesMember2021-12-310001745999us-gaap:AdditionalPaidInCapitalMember2022-06-300001745999us-gaap:AdditionalPaidInCapitalMember2022-09-300001745999beam:ScientificConsultingAndOtherExpensesMemberbeam:FounderShareholdersMember2022-07-012022-09-300001745999beam:PfizerMember2021-12-012021-12-310001745999us-gaap:EmployeeStockOptionMember2022-01-012022-09-300001745999us-gaap:ResearchAndDevelopmentExpenseMember2021-01-012021-09-300001745999beam:HarvardLicenseAgreementMember2021-01-012021-09-300001745999us-gaap:CarryingReportedAmountFairValueDisclosureMemberbeam:ContingentConsiderationOfProductLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001745999beam:VerveTherapeuticsIncMember2021-07-012021-09-300001745999beam:ContingentConsiderationLiabilitiesMember2021-12-310001745999beam:SuccessPaymentLiabilitiesMembersrt:MaximumMemberus-gaap:MeasurementInputExpectedTermMemberbeam:HarvardLicenseAgreementMember2022-01-012022-09-300001745999beam:SuccessPaymentLiabilitiesMemberbeam:BroadLicenseAgreementMemberus-gaap:MeasurementInputPriceVolatilityMember2022-09-3000017459992022-10-310001745999beam:CorporateEquitySecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001745999beam:ApellisPharmaceuticalsIncMember2021-07-012021-09-300001745999beam:OrbitalMember2022-01-012022-09-300001745999beam:SuccessPaymentLiabilitiesMemberbeam:BroadLicenseAgreementMemberbeam:MeasurementInputFairValueOfCommonStockMember2022-09-300001745999us-gaap:RetainedEarningsMember2022-03-310001745999us-gaap:FairValueInputsLevel3Memberbeam:ContingentConsiderationOfTechnologyLiabilitiesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001745999beam:OfficeAndLaboratorySpaceMemberbeam:CommencementOfSecondPhaseOfLeaseInJanuaryTwoThousandTwentyOneMember2019-04-012019-04-300001745999us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001745999beam:OrbitalTherapeuticsIncMember2022-09-300001745999beam:GuideTherapeuticsIncorporatedMemberbeam:MergerAgreementMember2021-02-232021-02-230001745999beam:OfficeAndLaboratorySpaceMemberbeam:VerveTherapeuticsIncMember2021-10-310001745999beam:ContingentConsiderationLiabilitiesMembersrt:MinimumMemberbeam:ContingentConsiderationOfTechnologyLiabilitiesMember2022-01-012022-09-300001745999beam:GuideTherapeuticsIncorporatedMemberbeam:AssembledWorkforceMemberbeam:MergerAgreementMember2021-02-230001745999beam:SuccessPaymentLiabilitiesMemberbeam:HarvardLicenseAgreementMember2022-09-300001745999beam:ApellisPharmaceuticalsIncMember2021-06-300001745999us-gaap:RetainedEarningsMember2022-06-300001745999us-gaap:USTreasurySecuritiesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001745999beam:HarvardLicenseAgreementMember2022-09-300001745999us-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Memberbeam:OrbitalMemberus-gaap:MeasurementInputPriceVolatilityMember2022-09-300001745999us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001745999us-gaap:CommonStockMember2022-04-012022-06-300001745999beam:JeffriesLlcAmendedSalesAgreementMember2022-01-012022-09-300001745999us-gaap:CommercialPaperMember2021-12-310001745999beam:ContingentConsiderationLiabilitiesMembersrt:MaximumMemberbeam:ContingentConsiderationOfTechnologyLiabilitiesMember2022-01-012022-09-300001745999us-gaap:CommonStockMember2022-06-300001745999us-gaap:ResearchAndDevelopmentExpenseMemberbeam:VerveTherapeuticsIncMember2022-01-012022-09-300001745999beam:ContingentConsiderationLiabilitiesMembersrt:MinimumMemberbeam:ContingentConsiderationOfTechnologyLiabilitiesMember2021-01-012021-12-310001745999us-gaap:CommonStockMember2021-06-300001745999beam:HarvardLicenseAgreementMember2021-12-310001745999us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001745999beam:DisputeWithResearchInstitutionMember2022-09-300001745999us-gaap:GeneralAndAdministrativeExpenseMember2022-07-012022-09-300001745999beam:ContingentConsiderationLiabilitiesMembersrt:MinimumMemberbeam:ContingentConsiderationOfProductLiabilitiesMember2021-01-012021-12-310001745999us-gaap:CorporateDebtSecuritiesMember2022-09-300001745999beam:VerveTherapeuticsIncMember2022-07-012022-09-300001745999us-gaap:FairValueInputsLevel2Memberus-gaap:USTreasurySecuritiesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001745999beam:PfizerMember2021-07-012021-09-300001745999beam:ContingentConsiderationLiabilitiesMemberbeam:ContingentConsiderationOfTechnologyLiabilitiesMember2022-09-300001745999us-gaap:RetainedEarningsMember2021-07-012021-09-300001745999beam:OrbitalMember2022-07-012022-09-300001745999us-gaap:EmployeeStockOptionMember2022-01-012022-09-300001745999beam:ScientificConsultingAndOtherExpensesMemberbeam:FounderShareholdersMember2022-01-012022-09-300001745999beam:ContingentConsiderationLiabilitiesMember2022-01-012022-09-300001745999us-gaap:CommonStockMember2022-09-300001745999us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:USTreasurySecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001745999us-gaap:LetterOfCreditMemberus-gaap:ManufacturingFacilityMember2021-12-310001745999us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001745999beam:HarvardLicenseAgreementMember2021-05-310001745999beam:SuccessPaymentLiabilitiesMember2021-12-310001745999beam:MeasurementInputProbabilityOfAchievementMemberbeam:ContingentConsiderationLiabilitiesMembersrt:MaximumMemberbeam:ContingentConsiderationOfTechnologyLiabilitiesMember2021-12-310001745999us-gaap:USGovernmentAgenciesDebtSecuritiesMember2022-09-300001745999us-gaap:RestrictedStockMembersrt:MinimumMember2022-01-012022-09-300001745999us-gaap:CommonStockMember2022-07-012022-09-300001745999beam:OfficeAndLaboratorySpaceMember2019-04-012019-04-300001745999beam:CorporateEquitySecuritiesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001745999us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-01-012021-03-310001745999us-gaap:EmployeeStockOptionMember2021-01-012021-09-300001745999beam:OfficeAndLaboratorySpaceMember2021-06-300001745999us-gaap:FairValueInputsLevel2Memberus-gaap:CommercialPaperMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001745999beam:ContingentConsiderationLiabilitiesMemberus-gaap:MeasurementInputDiscountRateMemberbeam:ContingentConsiderationOfTechnologyLiabilitiesMember2022-09-300001745999us-gaap:AdditionalPaidInCapitalMember2022-04-012022-06-300001745999srt:MaximumMemberbeam:BroadLicenseAgreementMember2022-01-012022-09-300001745999us-gaap:FurnitureAndFixturesMember2022-09-300001745999beam:ScientificConsultingAndOtherExpensesMemberbeam:FounderShareholdersMember2021-07-012021-09-300001745999us-gaap:CommercialPaperMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001745999us-gaap:RetainedEarningsMember2021-03-310001745999us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001745999beam:LaboratorySpaceMember2018-10-012018-10-310001745999beam:PfizerMember2021-12-310001745999us-gaap:CommonStockMemberbeam:JeffriesLlcSalesAgreementMember2021-07-310001745999beam:AtTheMarketMembersrt:MaximumMemberbeam:JeffriesLlcSalesAgreementMember2021-04-012021-04-300001745999beam:BroadLicenseAgreementMember2021-12-310001745999beam:ContingentConsiderationLiabilitiesMemberbeam:ContingentConsiderationOfTechnologyLiabilitiesMember2022-01-012022-09-300001745999beam:LabEquipmentMember2022-09-300001745999beam:GuideTherapeuticsIncorporatedMembersrt:MaximumMemberbeam:FormerStockholdersAndOptionholdersMemberbeam:MergerAgreementMemberbeam:ContingentConsiderationOfTechnologyLiabilitiesMember2021-02-230001745999beam:OfficeAndLaboratorySpaceMemberbeam:CommencementOfSecondPhaseOfLeaseInJanuaryTwoThousandTwentyOneMember2021-01-310001745999beam:SuccessPaymentLiabilitiesMemberbeam:BroadLicenseAgreementMemberus-gaap:MeasurementInputPriceVolatilityMember2021-12-310001745999beam:SuccessPaymentsMemberbeam:HarvardLicenseAgreementMember2022-01-012022-09-300001745999beam:HarvardLicenseAgreementMember2021-07-012021-09-300001745999beam:ContingentConsiderationLiabilitiesMemberbeam:ContingentConsiderationOfProductLiabilitiesMember2021-12-310001745999beam:SuccessPaymentLiabilitiesMembersrt:MaximumMemberus-gaap:MeasurementInputExpectedTermMemberbeam:HarvardLicenseAgreementMember2021-01-012021-12-310001745999beam:JeffriesLlcAmendedSalesAgreementMember2021-07-012022-09-300001745999beam:SuccessPaymentLiabilitiesMember2022-01-012022-09-300001745999beam:SuccessPaymentLiabilitiesMemberbeam:HarvardLicenseAgreementMember2022-01-012022-09-300001745999us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-07-012022-09-300001745999us-gaap:FairValueInputsLevel2Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001745999beam:TwoThousandNineteenEmployeeStockPurchasePlanMember2021-01-012021-09-300001745999srt:MaximumMemberbeam:ApellisPharmaceuticalsIncMember2021-06-012021-06-300001745999beam:JeffriesLlcAmendedSalesAgreementMemberus-gaap:CommonStockMember2022-09-300001745999us-gaap:AdditionalPaidInCapitalMember2021-06-300001745999beam:StockOptionsAndRestrictedStockMemberus-gaap:CommonStockMemberbeam:TwoThousandSeventeenStockOptionAndGrantPlanMember2019-05-310001745999us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001745999us-gaap:ManufacturingFacilityMember2022-06-300001745999beam:GuideTherapeuticsIncorporatedMembersrt:MaximumMemberbeam:FormerStockholdersAndOptionholdersMemberbeam:ContingentConsiderationOfProductLiabilitiesMemberbeam:MergerAgreementMember2021-02-230001745999beam:ContingentConsiderationLiabilitiesMemberbeam:ContingentConsiderationOfProductLiabilitiesMember2022-09-300001745999beam:ApellisPharmaceuticalsIncMember2021-06-012021-06-300001745999us-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001745999srt:MinimumMemberbeam:HarvardLicenseAgreementMember2022-01-012022-09-300001745999beam:SuccessPaymentLiabilitiesMemberbeam:HarvardLicenseAgreementMemberbeam:MeasurementInputFairValueOfCommonStockMember2022-09-3000017459992021-12-310001745999beam:HarvardLicenseAgreementMember2021-06-102021-06-100001745999us-gaap:ManufacturingFacilityMember2022-06-012022-06-300001745999us-gaap:FairValueInputsLevel3Memberbeam:HarvardLicenseAgreementMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001745999us-gaap:ResearchAndDevelopmentExpenseMember2022-07-012022-09-3000017459992021-07-012021-09-300001745999us-gaap:ManufacturingFacilityMember2020-08-310001745999us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310001745999us-gaap:CarryingReportedAmountFairValueDisclosureMemberbeam:ContingentConsiderationOfTechnologyLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001745999us-gaap:AdditionalPaidInCapitalMember2021-03-310001745999us-gaap:LetterOfCreditMemberus-gaap:ManufacturingFacilityMember2022-09-300001745999beam:ApellisPharmaceuticalsIncMember2022-07-012022-09-300001745999us-gaap:FairValueInputsLevel1Memberus-gaap:MoneyMarketFundsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001745999us-gaap:FairValueInputsLevel2Memberus-gaap:CommercialPaperMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001745999us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-09-300001745999srt:MaximumMemberbeam:HarvardLicenseAgreementMemberus-gaap:SeriesAPreferredStockMember2022-01-012022-09-300001745999beam:SuccessPaymentLiabilitiesMembersrt:MaximumMemberus-gaap:MeasurementInputExpectedTermMemberbeam:BroadLicenseAgreementMember2021-01-012021-12-310001745999beam:JeffriesLlcAmendedSalesAgreementMemberbeam:AtTheMarketMember2021-07-070001745999beam:TwoThousandNineteenEmployeeStockPurchasePlanMember2020-02-012020-02-290001745999us-gaap:FairValueInputsLevel3Memberbeam:BroadLicenseAgreementMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001745999us-gaap:RestrictedStockMembersrt:MaximumMember2022-01-012022-09-300001745999beam:VerveTherapeuticsIncMember2021-01-012021-09-300001745999us-gaap:ResearchAndDevelopmentExpenseMemberbeam:VerveTherapeuticsIncMember2022-07-012022-09-300001745999beam:SuccessPaymentLiabilitiesMembersrt:MinimumMemberus-gaap:MeasurementInputExpectedTermMemberbeam:HarvardLicenseAgreementMember2022-01-012022-09-300001745999beam:PfizerMember2022-01-012022-01-310001745999us-gaap:RetainedEarningsMember2021-04-012021-06-300001745999beam:ContingentConsiderationLiabilitiesMembersrt:MaximumMemberbeam:ContingentConsiderationOfProductLiabilitiesMember2022-01-012022-09-300001745999us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-300001745999beam:ContingentConsiderationOfProductLiabilitiesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001745999beam:SuccessPaymentLiabilitiesMemberbeam:BroadLicenseAgreementMember2022-09-3000017459992022-01-012022-03-310001745999beam:SuccessPaymentLiabilitiesMembersrt:MaximumMemberus-gaap:MeasurementInputExpectedTermMemberbeam:BroadLicenseAgreementMember2022-01-012022-09-300001745999beam:SuccessPaymentLiabilitiesMemberbeam:HarvardLicenseAgreementMemberus-gaap:MeasurementInputPriceVolatilityMember2022-09-300001745999beam:OfficeAndLaboratorySpaceMember2021-04-012021-06-300001745999beam:SuccessPaymentLiabilitiesMember2022-09-300001745999beam:SuccessPaymentLiabilitiesMemberbeam:HarvardLicenseAgreementMemberus-gaap:MeasurementInputPriceVolatilityMember2021-12-310001745999us-gaap:AdditionalPaidInCapitalMember2021-12-310001745999beam:GuideTherapeuticsIncorporatedMemberbeam:MergerAgreementMember2021-02-230001745999us-gaap:CommercialPaperMember2022-09-300001745999us-gaap:AdditionalPaidInCapitalMember2021-07-012021-09-300001745999us-gaap:FairValueInputsLevel3Memberbeam:HarvardLicenseAgreementMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001745999beam:TwoThousandNineteenEquityIncentivePlanMember2019-10-310001745999us-gaap:AdditionalPaidInCapitalMember2020-12-310001745999us-gaap:ConstructionInProgressMember2021-12-310001745999us-gaap:PrivatePlacementMemberus-gaap:CommonStockMember2021-01-160001745999beam:BroadLicenseAgreementMember2022-09-300001745999beam:AtTheMarketMember2021-07-012021-09-300001745999srt:MaximumMemberbeam:HarvardLicenseAgreementMember2022-01-012022-09-300001745999beam:OfficeAndLaboratorySpaceMemberbeam:VerveTherapeuticsIncMember2022-01-012022-09-3000017459992022-04-012022-06-3000017459992020-12-310001745999us-gaap:RetainedEarningsMember2022-07-012022-09-300001745999srt:MaximumMemberbeam:BroadLicenseAgreementMember2021-05-310001745999beam:BroadLicenseAgreementMember2021-01-012021-09-300001745999us-gaap:AdditionalPaidInCapitalMember2021-09-300001745999us-gaap:CommonStockMember2021-01-012021-03-310001745999srt:MaximumMemberbeam:BroadLicenseAgreementMemberus-gaap:SeriesAPreferredStockMember2022-01-012022-09-300001745999beam:ContingentConsiderationOfProductLiabilitiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001745999us-gaap:CommonStockMember2021-04-012021-06-300001745999us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001745999beam:OfficeAndLaboratorySpaceMember2021-08-310001745999beam:PfizerMember2022-07-012022-09-300001745999us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001745999beam:HarvardLicenseAgreementMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001745999beam:OfficeAndLaboratorySpaceMemberbeam:VerveTherapeuticsIncMember2022-07-012022-09-300001745999beam:BroadLicenseAgreementMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001745999beam:BroadLicenseAgreementMember2022-07-012022-09-300001745999beam:BroadLicenseAgreementMember2021-07-012021-09-300001745999beam:GuideTherapeuticsIncorporatedMemberus-gaap:CommonStockMemberbeam:MergerAgreementMember2021-02-232021-02-230001745999us-gaap:EmployeeStockOptionMember2022-09-300001745999srt:MinimumMemberbeam:BroadLicenseAgreementMember2022-01-012022-09-300001745999us-gaap:CommercialPaperMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001745999beam:OfficeAndLaboratorySpaceMemberbeam:CommencementOfFirstPhaseOfLeaseInOctoberTwentyTwentyMember2019-04-012019-04-300001745999beam:ContingentConsiderationOfTechnologyLiabilitiesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001745999beam:OrbitalTherapeuticsIncMember2022-01-012022-09-300001745999us-gaap:AdditionalPaidInCapitalMember2021-04-012021-06-300001745999beam:OfficeAndLaboratorySpaceMemberbeam:VerveTherapeuticsIncMember2021-10-012021-10-310001745999beam:CorporateEquitySecuritiesMember2021-12-310001745999beam:AssignedToPfizerMemberbeam:PfizerMemberbeam:UponParticipationElectionMember2021-12-310001745999us-gaap:FairValueInputsLevel3Memberbeam:ContingentConsiderationOfProductLiabilitiesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001745999beam:SuccessPaymentLiabilitiesMemberbeam:BroadLicenseAgreementMemberbeam:MeasurementInputFairValueOfCommonStockMember2021-12-310001745999beam:OrbitalMember2022-09-300001745999beam:ContingentConsiderationOfProductLiabilitiesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-3100017459992021-09-300001745999us-gaap:LeaseholdImprovementsMember2022-09-300001745999beam:ReimbursedCostsMemberbeam:InterestAndOtherIncomeExpenseMemberbeam:PrimeMedicineIncMemberbeam:PrimeAgreementMemberbeam:MonthlyFeeMember2020-10-012021-03-3100017459992022-03-310001745999us-gaap:CommonStockMember2021-12-310001745999us-gaap:FairValueInputsLevel3Memberbeam:ContingentConsiderationOfTechnologyLiabilitiesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001745999us-gaap:MoneyMarketFundsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001745999beam:JeffriesLlcSalesAgreementMember2021-04-012021-07-310001745999us-gaap:RestrictedStockMember2022-09-300001745999us-gaap:CarryingReportedAmountFairValueDisclosureMemberbeam:BroadLicenseAgreementMemberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001745999beam:TwoThousandNineteenEmployeeStockPurchasePlanMember2022-01-012022-09-300001745999srt:MaximumMemberbeam:PfizerMemberbeam:PerProgramMember2021-12-3100017459992021-01-012021-09-300001745999beam:SuccessPaymentLiabilitiesMemberbeam:HarvardLicenseAgreementMember2021-12-310001745999beam:PfizerMember2021-01-012021-09-300001745999beam:PfizerMember2022-09-300001745999us-gaap:RetainedEarningsMember2020-12-310001745999us-gaap:ManufacturingFacilityMembersrt:ScenarioForecastMember2023-03-310001745999beam:AtTheMarketMembersrt:MaximumMemberbeam:JeffriesLlcSalesAgreementMember2021-04-300001745999us-gaap:RestrictedStockMember2022-01-012022-09-300001745999us-gaap:CarryingReportedAmountFairValueDisclosureMemberbeam:HarvardLicenseAgreementMemberus-gaap:FairValueMeasurementsRecurringMember2022-09-3000017459992021-04-012021-06-300001745999us-gaap:GeneralAndAdministrativeExpenseMember2021-07-012021-09-300001745999us-gaap:AdditionalPaidInCapitalMember2022-07-012022-09-300001745999beam:ContingentConsiderationLiabilitiesMemberbeam:ContingentConsiderationOfProductLiabilitiesMember2022-01-012022-09-3000017459992021-01-012021-03-310001745999us-gaap:FairValueInputsLevel1Memberus-gaap:MoneyMarketFundsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001745999beam:ContingentConsiderationLiabilitiesMember2022-09-300001745999beam:HarvardLicenseAgreementMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001745999beam:LaboratorySpaceMember2022-09-300001745999beam:SuccessPaymentsMemberbeam:BroadLicenseAgreementMember2022-01-012022-09-300001745999beam:BroadLicenseAgreementMember2021-06-102021-06-1000017459992022-09-300001745999us-gaap:CommonStockMember2021-03-310001745999us-gaap:CommercialPaperMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001745999beam:LaboratorySpaceMember2018-10-3100017459992022-01-012022-09-300001745999us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-07-012021-09-300001745999beam:MeasurementInputProbabilityOfAchievementMemberbeam:ContingentConsiderationLiabilitiesMembersrt:MinimumMemberbeam:ContingentConsiderationOfProductLiabilitiesMember2021-12-310001745999beam:OrbitalMember2022-09-012022-09-300001745999us-gaap:ManufacturingFacilityMember2022-01-012022-09-300001745999us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001745999us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001745999beam:ContingentConsiderationLiabilitiesMembersrt:MinimumMemberbeam:ContingentConsiderationOfProductLiabilitiesMember2022-01-012022-09-3000017459992022-07-012022-09-300001745999us-gaap:AdditionalPaidInCapitalMember2022-03-310001745999beam:HarvardLicenseAgreementMember2022-07-012022-09-300001745999us-gaap:GeneralAndAdministrativeExpenseMember2022-01-012022-09-300001745999beam:SuccessPaymentLiabilitiesMembersrt:MinimumMemberus-gaap:MeasurementInputExpectedTermMemberbeam:HarvardLicenseAgreementMember2021-01-012021-12-310001745999beam:AtTheMarketMember2022-01-012022-03-310001745999beam:BroadLicenseAgreementMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001745999beam:MeasurementInputProbabilityOfAchievementMembersrt:MaximumMemberbeam:ContingentConsiderationLiabilitiesMemberbeam:ContingentConsiderationOfProductLiabilitiesMember2022-09-300001745999beam:SuccessPaymentLiabilitiesMemberbeam:HarvardLicenseAgreementMemberbeam:MeasurementInputFairValueOfCommonStockMember2021-12-310001745999us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-03-310001745999beam:HarvardLicenseAgreementMember2022-01-012022-09-300001745999beam:CorporateEquitySecuritiesMemberus-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001745999us-gaap:MoneyMarketFundsMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001745999beam:ApellisPharmaceuticalsIncMember2022-01-012022-09-300001745999beam:TwoThousandNineteenEmployeeStockPurchasePlanMember2021-07-012021-09-300001745999us-gaap:FairValueInputsLevel2Memberus-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001745999beam:ContingentConsiderationLiabilitiesMemberbeam:ContingentConsiderationOfProductLiabilitiesMemberus-gaap:MeasurementInputDiscountRateMember2022-09-300001745999us-gaap:ComputerEquipmentMember2022-09-300001745999us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001745999us-gaap:RestrictedStockMember2021-12-310001745999us-gaap:CarryingReportedAmountFairValueDisclosureMemberbeam:ContingentConsiderationOfProductLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001745999us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001745999beam:BroadLicenseAgreementMember2021-05-310001745999us-gaap:CarryingReportedAmountFairValueDisclosureMemberbeam:HarvardLicenseAgreementMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001745999us-gaap:RestrictedStockMember2021-01-012021-09-300001745999us-gaap:FairValueInputsLevel1Memberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001745999beam:OfficeAndLaboratorySpaceMemberus-gaap:LetterOfCreditMember2021-12-310001745999beam:ApellisPharmaceuticalsIncMember2021-01-012021-09-300001745999us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001745999beam:CorporateEquitySecuritiesMember2022-09-300001745999beam:OfficeAndLaboratorySpaceMember2018-02-280001745999srt:MaximumMemberbeam:ContingentConsiderationLiabilitiesMemberbeam:ContingentConsiderationOfTechnologyLiabilitiesMember2021-01-012021-12-310001745999us-gaap:ResearchAndDevelopmentExpenseMember2022-01-012022-09-300001745999beam:AtTheMarketMember2022-04-012022-06-300001745999beam:OfficeAndLaboratorySpaceMember2019-04-300001745999us-gaap:ConstructionInProgressMember2022-09-300001745999us-gaap:RetainedEarningsMember2021-06-300001745999us-gaap:AdditionalPaidInCapitalMember2021-01-012021-03-310001745999beam:AtTheMarketMember2021-04-012021-06-300001745999beam:BroadLicenseAgreementMember2022-01-012022-09-300001745999us-gaap:CarryingReportedAmountFairValueDisclosureMemberbeam:ContingentConsiderationOfTechnologyLiabilitiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001745999beam:ContingentConsiderationLiabilitiesMemberbeam:ContingentConsiderationOfProductLiabilitiesMemberus-gaap:MeasurementInputDiscountRateMember2021-12-310001745999beam:OfficeAndLaboratorySpaceMemberus-gaap:LetterOfCreditMember2022-09-300001745999beam:ScientificConsultingAndOtherExpensesMemberbeam:FounderShareholdersMember2021-01-012021-09-300001745999us-gaap:RetainedEarningsMember2022-01-012022-03-310001745999beam:LabEquipmentMember2021-12-310001745999us-gaap:CommonStockMember2021-07-012021-09-300001745999us-gaap:CommonStockMemberbeam:VerveTherapeuticsIncMember2021-06-300001745999beam:VerveTherapeuticsIncMember2022-01-012022-09-300001745999us-gaap:RetainedEarningsMember2022-04-012022-06-300001745999srt:MaximumMemberbeam:ContingentConsiderationLiabilitiesMemberbeam:ContingentConsiderationOfProductLiabilitiesMember2021-01-012021-12-310001745999us-gaap:PrivatePlacementMemberus-gaap:CommonStockMember2021-01-162021-01-160001745999us-gaap:DomesticCountryMember2021-12-310001745999beam:JeffriesLlcAmendedSalesAgreementMemberus-gaap:CommonStockMember2021-07-012022-09-300001745999us-gaap:RetainedEarningsMember2021-12-310001745999us-gaap:FurnitureAndFixturesMember2021-12-310001745999us-gaap:CommonStockMember2022-01-012022-03-310001745999us-gaap:RetainedEarningsMember2021-09-300001745999srt:MaximumMemberbeam:HarvardLicenseAgreementMember2021-05-310001745999us-gaap:CommonStockMember2020-12-310001745999beam:CorporateEquitySecuritiesMemberus-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001745999beam:GuideTherapeuticsIncorporatedMemberus-gaap:InProcessResearchAndDevelopmentMemberbeam:MergerAgreementMember2021-02-230001745999us-gaap:ManufacturingFacilityMember2020-08-012020-08-310001745999beam:PfizerMember2022-01-012022-09-300001745999beam:MeasurementInputProbabilityOfAchievementMemberbeam:ContingentConsiderationLiabilitiesMembersrt:MinimumMemberbeam:ContingentConsiderationOfProductLiabilitiesMember2022-09-3000017459992021-03-310001745999us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310001745999beam:TwoThousandNineteenEmployeeStockPurchasePlanMember2022-09-300001745999srt:MaximumMemberus-gaap:CommonStockMemberbeam:TwoThousandNineteenEquityIncentivePlanMember2022-01-012022-09-3000017459992021-06-300001745999beam:MeasurementInputProbabilityOfAchievementMemberbeam:ContingentConsiderationLiabilitiesMembersrt:MinimumMemberbeam:ContingentConsiderationOfTechnologyLiabilitiesMember2022-09-300001745999us-gaap:AdditionalPaidInCapitalMember2022-01-012022-03-310001745999beam:OfficeAndLaboratorySpaceMemberbeam:CommencementOfFirstPhaseOfLeaseInOctoberTwentyTwentyMember2020-10-310001745999beam:VerveTherapeuticsIncMember2022-09-300001745999beam:SuccessPaymentLiabilitiesMemberbeam:BroadLicenseAgreementMember2021-12-310001745999beam:SuccessPaymentLiabilitiesMembersrt:MinimumMemberus-gaap:MeasurementInputExpectedTermMemberbeam:BroadLicenseAgreementMember2021-01-012021-12-310001745999us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001745999us-gaap:ResearchAndDevelopmentExpenseMemberbeam:VerveTherapeuticsIncMember2021-01-012021-09-300001745999beam:MeasurementInputProbabilityOfAchievementMemberbeam:ContingentConsiderationLiabilitiesMembersrt:MaximumMemberbeam:ContingentConsiderationOfTechnologyLiabilitiesMember2022-09-300001745999us-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:CorporateDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001745999us-gaap:ComputerEquipmentMember2021-12-310001745999us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001745999us-gaap:LeaseholdImprovementsMember2021-12-310001745999us-gaap:CommonStockMember2021-09-3000017459992022-06-300001745999us-gaap:RestrictedStockMember2022-01-012022-09-300001745999us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-04-012021-06-300001745999us-gaap:PrivatePlacementMember2021-01-012021-03-310001745999beam:SuccessPaymentLiabilitiesMemberbeam:BroadLicenseAgreementMember2022-01-012022-09-300001745999beam:ContingentConsiderationLiabilitiesMemberus-gaap:MeasurementInputDiscountRateMemberbeam:ContingentConsiderationOfTechnologyLiabilitiesMember2021-12-310001745999us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-09-300001745999beam:CorporateEquitySecuritiesMemberus-gaap:CarryingReportedAmountFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2021-12-310001745999beam:OfficeAndLaboratorySpaceMember2018-02-012018-02-280001745999us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-06-300001745999us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueMeasurementsRecurringMember2022-09-300001745999us-gaap:ValuationTechniqueOptionPricingModelMemberus-gaap:FairValueInputsLevel3Memberbeam:OrbitalMemberus-gaap:MeasurementInputDiscountRateMember2022-09-300001745999us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310001745999srt:MinimumMemberbeam:HarvardLicenseAgreementMemberus-gaap:SeriesAPreferredStockMember2022-01-012022-09-300001745999beam:IncludingTwoThousandSeventeenPlanSharesMembersrt:MaximumMemberbeam:TwoThousandNineteenEquityIncentivePlanMember2019-10-310001745999us-gaap:RetainedEarningsMember2021-01-012021-03-310001745999us-gaap:ResearchAndDevelopmentExpenseMember2021-07-012021-09-30beam:Optionxbrli:pureutr:sqftxbrli:sharesbeam:Founderiso4217:USDxbrli:sharesiso4217:USD

 

 

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 September 30, 2022

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 October 31, 2022 was 70,468,961.

 


 

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 research and development programs and preclinical studies;
our expectations regarding the initiation, timing, progress and results of our clinical trials, including our expectation that we will enroll the first patient in 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, in 2022;
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, including as a result of our acquisition of Guide Therapeutics, Inc., or Guide;
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 this facility will be operational in the first quarter of 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 our acquisition of Guide; and
the impact of the coronavirus disease of 2019, or COVID-19, pandemic on our business.

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 report 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, 2021, or the 2021 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

26

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

45

Item 4.

Controls and Procedures

46

 

 

 

PART II

Other Information

 

Item 1.

Legal Proceedings

47

Item 1A.

Risk Factors

47

Item 6.

Exhibits

52

Signatures

 

53

 

 

 


 

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)

 

 

 

September 30,
2022

 

 

December 31,
2021

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

156,511

 

 

$

559,994

 

Marketable securities

 

 

938,043

 

 

 

405,653

 

Collaboration receivable

 

 

 

 

 

300,000

 

Prepaid expenses and other current assets

 

 

14,358

 

 

 

7,360

 

Total current assets

 

 

1,108,912

 

 

 

1,273,007

 

Property and equipment, net

 

 

111,180

 

 

 

84,258

 

Restricted cash

 

 

12,750

 

 

 

12,746

 

Operating lease right-of-use assets

 

 

115,534

 

 

 

102,718

 

Other assets

 

 

1,874

 

 

 

1,724

 

Total assets

 

$

1,350,250

 

 

$

1,474,453

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

7,024

 

 

$

7,474

 

Accrued expenses and other current liabilities

 

 

38,600

 

 

 

28,921

 

Accrued sub-license fees

 

 

 

 

 

38,743

 

Derivative liabilities

 

 

21,300

 

 

 

42,200

 

Current portion of deferred revenue

 

 

159,902

 

 

 

86,270

 

Current portion of lease liability

 

 

9,823

 

 

 

7,540

 

Current portion of equipment financing liability

 

 

2,210

 

 

 

2,287

 

Total current liabilities

 

 

238,859

 

 

 

213,435

 

Long-term lease liability

 

 

165,075

 

 

 

134,810

 

Long-term equipment financing liability

 

 

1,388

 

 

 

3,007

 

Contingent consideration liabilities

 

 

31,910

 

 

 

31,367

 

Long-term portion of deferred revenue

 

 

198,288

 

 

 

262,303

 

Other liabilities

 

 

253

 

 

 

2,793

 

Total liabilities

 

 

635,773

 

 

 

647,715

 

Commitments and contingencies (See Note 7, Leases, Note 10, License agreements and Note 11, Collaboration and license agreements)

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

Preferred stock, $0.01 par value; 25,000,000 shares authorized, and no shares issued or outstanding at September 30, 2022 and December 31, 2021, respectively

 

 

 

 

 

 

Common stock, $0.01 par value; 250,000,000 shares authorized, 70,468,614 and 68,581,251 issued, and 70,457,676 and 68,389,425 outstanding at September 30, 2022 and December 31, 2021, respectively

 

 

705

 

 

 

684

 

Additional paid-in capital

 

 

1,737,459

 

 

 

1,594,378

 

Accumulated other comprehensive (loss) income

 

 

(4,674

)

 

 

(50

)

Accumulated deficit

 

 

(1,019,013

)

 

 

(768,274

)

Total stockholders’ equity

 

 

714,477

 

 

 

826,738

 

Total liabilities and stockholders’ equity

 

$

1,350,250

 

 

$

1,474,453

 

 

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 September 30,

 

 

Nine Months Ended September 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

License and collaboration revenue

 

$

15,799

 

 

$

763

 

 

$

40,883

 

 

$

775

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

85,287

 

 

 

54,623

 

 

 

225,253

 

 

 

290,306

 

General and administrative

 

 

21,815

 

 

 

15,774

 

 

 

65,124

 

 

 

39,450

 

Total operating expenses

 

 

107,102

 

 

 

70,397

 

 

 

290,377

 

 

 

329,756

 

Loss from operations

 

 

(91,303

)

 

 

(69,634

)

 

 

(249,494

)

 

 

(328,981

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Change in fair value of derivative liabilities

 

 

(4,900

)

 

 

35,800

 

 

 

20,900

 

 

 

(8,400

)

Change in fair value of non-controlling equity investments

 

 

10,431

 

 

 

(4,892

)

 

 

(1,378

)

 

 

21,960

 

Change in fair value of contingent consideration liabilities

 

 

(875

)

 

 

10,599

 

 

 

(543

)

 

 

9,553

 

Interest and other income (expense), net

 

 

4,982

 

 

 

9

 

 

 

7,686

 

 

 

(63

)

Total other income (expense)

 

 

9,638

 

 

 

41,516

 

 

 

26,665

 

 

 

23,050

 

Net loss before income taxes

 

 

(81,665

)

 

 

(28,118

)

 

 

(222,829

)

 

 

(305,931

)

Provision for income taxes

 

 

(2,410

)

 

 

 

 

 

(2,410

)

 

 

 

Loss from equity method investment

 

 

(25,500

)

 

 

 

 

 

(25,500

)

 

 

 

Net loss

 

$

(109,575

)

 

$

(28,118

)

 

$

(250,739

)

 

$

(305,931

)

Unrealized gain (loss) on marketable securities

 

 

(484

)

 

 

(12

)

 

 

(4,624

)

 

 

28

 

Comprehensive loss

 

$

(110,059

)

 

$

(28,130

)

 

$

(255,363

)

 

$

(305,903

)

Net loss per common share, basic and diluted

 

$

(1.56

)

 

$

(0.42

)

 

$

(3.59

)

 

$

(4.86

)

Weighted-average common shares outstanding, basic and diluted

 

 

70,343,196

 

 

 

66,377,611

 

 

 

69,758,434

 

 

 

62,960,219

 

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, 2020

 

 

57,254,178

 

 

$

573

 

 

$

642,633

 

 

$

(9

)

 

$

(397,636

)

 

$

245,561

 

Issuance of common stock from private placement, net of issuance costs of $8.0 million

 

 

2,795,700

 

 

 

28

 

 

 

251,977

 

 

 

 

 

 

 

 

 

252,005

 

Issuance of common stock to acquire Guide

 

 

1,087,153

 

 

 

10

 

 

 

120,022

 

 

 

 

 

 

 

 

 

120,032

 

Vesting of restricted common stock

 

 

398,804

 

 

 

4

 

 

 

(4

)

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

4,648

 

 

 

 

 

 

 

 

 

4,648

 

Exercise of common stock options

 

 

199,284

 

 

 

2

 

 

 

1,756

 

 

 

 

 

 

 

 

 

1,758

 

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

(15

)

 

 

 

 

 

(15

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(201,560

)

 

 

(201,560

)

Balance at March 31, 2021

 

 

61,735,119

 

 

$

617

 

 

$

1,021,032

 

 

$

(24

)

 

$

(599,196

)

 

$

422,429

 

Issuance of common stock from At-the-Market offering, net of issuance costs of $5.5 million

 

 

1,761,285

 

 

 

18

 

 

 

157,767

 

 

 

 

 

 

 

 

 

157,785

 

Vesting of restricted common stock

 

 

200,403

 

 

 

2

 

 

 

(2

)

 

 

 

 

 

 

 

 

 

Issuance of common stock for success payment liability

 

 

349,650

 

 

 

4

 

 

 

29,996

 

 

 

 

 

 

 

 

 

30,000

 

Stock-based compensation

 

 

 

 

 

 

 

 

10,452

 

 

 

 

 

 

 

 

 

10,452

 

Exercise of common stock options

 

 

406,225

 

 

 

4

 

 

 

4,079

 

 

 

 

 

 

 

 

 

4,083

 

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

55

 

 

 

 

 

 

55

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(76,253

)

 

 

(76,253

)

Balance at June 30, 2021

 

 

64,452,682

 

 

$

645

 

 

$

1,223,324

 

 

$

31

 

 

$

(675,449

)

 

$

548,551

 

Issuance of common stock from At-the-Market offering, net of issuance costs of $8.6 million

 

 

2,912,557

 

 

$

29

 

 

$

318,580

 

 

 

 

 

 

 

 

 

318,609

 

Vesting of restricted common stock

 

 

200,402

 

 

 

2

 

 

 

(2

)

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

12,968

 

 

 

 

 

 

 

 

 

12,968

 

Exercise of common stock options

 

 

168,843

 

 

 

1

 

 

 

1,815

 

 

 

 

 

 

 

 

 

1,816

 

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

(12

)

 

 

 

 

 

(12

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(28,118

)

 

 

(28,118

)

Balance at September 30, 2021

 

 

67,734,484

 

 

$

677

 

 

$

1,556,685

 

 

$

19

 

 

$

(703,567

)

 

$

853,814

 

 

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, 2021

 

 

68,389,425

 

 

$

684

 

 

$

1,594,378

 

 

$

(50

)

 

$

(768,274

)

 

$

826,738