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Sep 30, 2022
Beam Therapeutics Q3 2022 Earnings Report
Portfolio progressed with BEACON clinical trial underway and IND-enabling studies initiated for BEAM-301, while reporting financial results.
Key Takeaways
Beam Therapeutics reported its Q3 2022 financial results with a net loss of $109.6 million, or $1.56 per share. The company ended the quarter with $1.1 billion in cash, cash equivalents and marketable securities. Portfolio updates included patient recruitment underway in the BEACON clinical trial of BEAM-101 and IND-enabling studies underway for BEAM-301.
Patient recruitment is underway in the BEACON clinical trial of BEAM-101 for the treatment of sickle cell disease.
IND-enabling studies are underway for BEAM-301 for the treatment of GSDIa.
BEAM-302 was nominated as a development candidate for the treatment of Alpha-1 Antitrypsin Deficiency.
The company ended the third quarter with $1.1 billion in cash, cash equivalents, and marketable securities.
Beam Therapeutics
Beam Therapeutics
Forward Guidance
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned not to place undue reliance on these forward-looking statements, including, but not limited to, statements related to: our upcoming presentation at the ASH annual meeting; our plans, and anticipated timing, to advance our programs; our expectations for transitioning to a multi-program clinical stage company; the therapeutic applications and potential of our technology, including with respect to SCD and our conditioning regimens, GSDIa, AATD, HBV, and CAR-T cells; the expected timing of enrolling the first subject in our BEACON Phase 1/2 clinical trial of BEAM-101; the sufficiency of our capital resources to fund operating expenses and capital expenditure requirements; and our ability to develop life-long, curative, precision genetic medicines for patients through base editing.
Positive Outlook
- Upcoming presentation at the ASH annual meeting.
- Plans and anticipated timing to advance programs.
- Expectations for transitioning to a multi-program clinical stage company.
- Therapeutic applications and potential of our technology, including with respect to SCD and our conditioning regimens, GSDIa, AATD, HBV, and CAR-T cells.
- Expected timing of enrolling the first subject in our BEACON Phase 1/2 clinical trial of BEAM-101.
Challenges Ahead
- Ability to develop, obtain regulatory approval for, and commercialize product candidates may take longer or cost more than planned.
- Ability to raise additional funding may not be available.
- Ability to obtain, maintain and enforce patent and other intellectual property protection for product candidates.
- Potential impact of the COVID-19 pandemic, including its impact on the global supply chain.
- Uncertainty that product candidates will receive regulatory approval necessary to initiate human clinical studies.