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Sep 30, 2020
Beam Therapeutics Q3 2020 Earnings Report
Beam Therapeutics reported pipeline updates, recent business highlights, and third quarter 2020 financial results.
Key Takeaways
Beam Therapeutics reported a net loss of $34.5 million, or $0.69 per share, for the third quarter of 2020. The company's cash, cash equivalents, and marketable securities were $202.2 million as of September 30, 2020. BEAM-201 was named as a development candidate for T-ALL treatment.
BEAM-201, an off-the-shelf allogeneic CD7-targeting CAR-T, was named as a development candidate for the treatment of T-ALL.
The company is on track to submit its first IND in the second half of 2021, with BEAM-101 for the treatment of sickle cell disease.
Successful follow-on offering completed, raising $135 million.
Courtney Wallace was promoted to Chief Business Officer.
Beam Therapeutics
Beam Therapeutics
Forward Guidance
The press release contains forward-looking statements regarding the expected timing of filing investigational new drug applications, the ability to advance programs to the clinic, the sufficiency of the cash position, expected presentations at upcoming conferences, and the therapeutic applications and potential of the technology.
Positive Outlook
- Ability to develop, obtain regulatory approval for, and commercialize product candidates.
- Ability to raise additional funding.
- Ability to obtain, maintain and enforce patent and other intellectual property protection for product candidates.
- Potential impact of the COVID-19 pandemic.
- Preclinical testing of product candidates and preliminary or interim data from preclinical and clinical trials may be predictive of the results or success of ongoing or later clinical trials.
Challenges Ahead
- Development, regulatory approval, and commercialization of product candidates may take longer or cost more than planned.
- Additional funding may not be available.
- Preclinical testing and preliminary data from trials may not be predictive of future results.
- Enrollment of clinical trials may take longer than expected.
- Product candidates may experience manufacturing or supply interruptions or failures.