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Mar 31, 2024
Beam Therapeutics Q1 2024 Earnings Report
Beam Therapeutics reported first quarter 2024 financial results and pipeline updates.
Key Takeaways
Beam Therapeutics reported a net loss of $98.7 million for Q1 2024 and ended the quarter with $1.1 billion in cash, cash equivalents, and marketable securities. The company is progressing with its BEACON Phase 1/2 trial of BEAM-101 in severe sickle cell disease and expects to initiate a Phase 1/2 trial for BEAM-302 in AATD in the first half of 2024.
Dosing completed for sentinel cohort of BEACON Phase 1/2 trial of BEAM-101 in severe sickle cell disease; expansion cohort initiated.
Clinical Trial Authorisation (CTA) application cleared for the Phase 1/2 trial of BEAM-302 in Alpha-1 Antitrypsin Deficiency; study to initiate in first half of 2024.
BEAM-301 is on track for submission of U.S. Investigational New Drug Application (IND) in first half 2024.
Ended first quarter 2024 with $1.1 billion in cash, cash equivalents and marketable securities; cash runway expected to support operating plans into 2027.
Revenue by Segment
Forward Guidance
Beam expects that its cash, cash equivalents and marketable securities as of March 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, as well as continued investments in platform advancements and manufacturing capabilities.
Positive Outlook
- Continuing to enroll and dose patients in the expansion cohort of the BEACON trial, with a total target of up to 45 treated patients.
- Reporting data from multiple patients in the BEACON trial in the second half of 2024.
- Initiating Phase 1-enabling preclinical studies for the ESCAPE program in 2024.
- Initiating the Phase 1/2 clinical trial for BEAM-302 in AATD in the first half of 2024.
- Submitting an IND application in the U.S. for BEAM-301 for the potential treatment of GSD1a in the first half of 2024.
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