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Jun 30, 2024
Beam Therapeutics Q2 2024 Earnings Report
Reported pipeline updates and financial results for the second quarter of 2024.
Key Takeaways
Beam Therapeutics reported progress in its clinical portfolio, including the FDA clearance of the IND application for BEAM-301 and enrollment advancements in the BEACON trial of BEAM-101. The company ended the quarter with $1.0 billion in cash, cash equivalents and marketable securities, expecting an operating runway into 2027. Net loss for the quarter was $91.1 million, or $1.11 per share.
FDA cleared the Investigational New Drug application for BEAM-301 in Glycogen Storage Disease Type Ia (GSDIa).
More than 20 patients enrolled and six patients dosed in BEACON Phase 1/2 Trial of BEAM-101 in Severe Sickle Cell Disease.
First patient dosed in the Phase 1/2 Trial of BEAM-302 in Alpha-1 Antitrypsin Deficiency (AATD); initial clinical data expected in 2025.
Ended Second Quarter 2024 with $1.0 Billion in Cash, Cash Equivalents and Marketable Securities; Expected Operating Runway into 2027.
Forward Guidance
Beam Therapeutics expects its current cash, cash equivalents, and marketable securities to fund operating expenses and capital expenditures into 2027. This includes funding key milestones for BEAM-101, ESCAPE, BEAM-301, and BEAM-302, as well as investments in platform advancements and manufacturing capabilities. Commercial spend related to the potential launch of BEAM-101 is excluded.
Positive Outlook
- Funding secured to reach key milestones for BEAM-101.
- Funding secured to reach key milestones for ESCAPE.
- Funding secured to reach key milestones for BEAM-301.
- Funding secured to reach key milestones for BEAM-302.
- Continued investments in platform advancements and manufacturing capabilities.
Challenges Ahead
- Excludes commercial spend related to the potential launch of BEAM-101.
- Therapeutic applications and potential of our technology, including with respect to SCD, T-ALL/T-LL, AATD, GSDIa, and ESCAPE
- Plans, and anticipated timing, to advance our programs
Historical Earnings Impact
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