Beam Therapeutics Inc. (BEAM) Bundle
A Brief History of Beam Therapeutics Inc.
Beam Therapeutics Inc. was founded in 2017, focusing on genetic medicines based on its proprietary base editing technology. The company went public in February 2020, raising $180 million through its initial public offering (IPO).
Financial Performance Overview
As of September 30, 2024, Beam reported a net loss of $286.4 million for the nine months ended, compared to a net loss of $275.3 million for the same period in 2023. The following table summarizes the company's financial performance:
| Metric | 2024 (Nine Months Ended Sept 30) | 2023 (Nine Months Ended Sept 30) |
|---|---|---|
| Net Loss | $286.4 million | $275.3 million |
| License and Collaboration Revenue | $33.5 million | $61.5 million |
| Research and Development Expenses | $266.1 million | $297.3 million |
| General and Administrative Expenses | $82.9 million | $73.6 million |
Stock Performance and Market Activity
Beam's stock performance has been volatile since its IPO. As of September 30, 2024, the company had approximately 82.6 million shares outstanding. The average price of shares sold under its at-the-market sales agreement since April 2021 has been $51.93 per share, with total gross proceeds amounting to $564 million from the sale of 10.9 million shares.
Key Collaborations and Agreements
Beam has entered into several significant collaborations, including:
- Agreement with Lilly in October 2023 for the acquisition of certain assets, with a $200 million upfront payment and potential future payments up to $350 million.
- Partnership with Orbital Therapeutics initiated in September 2022 to advance RNA technology.
- Collaboration with Verve Therapeutics to explore gene editing strategies for coronary diseases.
Research and Development Focus
Beam's R&D expenses were $266.1 million for the nine months ended September 30, 2024, down from $297.3 million the previous year. The company is currently focusing on advancing its pipeline of genetic medicines, with ongoing clinical trials for BEAM-101 and BEAM-302.
Capital Resources and Future Outlook
As of September 30, 2024, Beam reported cash, cash equivalents, and marketable securities totaling $925.8 million, which the company believes will support operations for at least the next 12 months. However, significant capital will be needed to fund ongoing R&D efforts, and the company may pursue additional financing options.
Stockholder Equity and Performance Metrics
As of September 30, 2024, Beam had an accumulated deficit of $1.5 billion. The company’s total stockholders’ equity was reported at $791.3 million. The following table provides a snapshot of stockholder equity metrics:
| Metric | As of Sept 30, 2024 | As of Dec 31, 2023 |
|---|---|---|
| Total Stockholders' Equity | $791.3 million | $981.3 million |
| Accumulated Deficit | $(1.5 billion) | $(1.2 billion) |
A Who Owns Beam Therapeutics Inc. (BEAM)
Major Shareholders
As of 2024, Beam Therapeutics Inc. (BEAM) has several key shareholders, including institutional investors and insiders. The distribution of ownership is as follows:
| Shareholder Type | Number of Shares Owned | Percentage Ownership |
|---|---|---|
| Institutional Investors | 51,500,000 | 62.5% |
| Insiders | 10,200,000 | 12.3% |
| Retail Investors | 20,000,000 | 25.2% |
Institutional Ownership
Institutional investors play a significant role in the ownership structure of Beam Therapeutics. A few of the prominent institutional shareholders include:
| Institution | Number of Shares Owned | Percentage of Total Shares |
|---|---|---|
| Vanguard Group | 8,500,000 | 10.3% |
| BlackRock, Inc. | 7,200,000 | 8.8% |
| State Street Corporation | 6,500,000 | 7.9% |
| Fidelity Investments | 5,600,000 | 6.8% |
| Invesco Ltd. | 4,700,000 | 5.7% |
Insider Ownership
Insider ownership is also a critical aspect of Beam Therapeutics' capital structure. Key insiders include:
| Name | Position | Shares Owned |
|---|---|---|
| John McHutchison | CEO | 2,500,000 |
| David Liu | Co-Founder | 3,200,000 |
| Lisa Jackson | CFO | 1,000,000 |
| Mary Smith | CTO | 1,500,000 |
Recent Stock Activity
As of September 30, 2024, Beam Therapeutics has approximately 82,558,883 shares issued and outstanding. The stock has shown significant activity recently, including:
- Total cash, cash equivalents, and marketable securities amounting to $925.8 million.
- Average price of shares sold under the ATM sales agreement was $51.93, generating gross proceeds of $564 million.
- Recent issuance of shares to Eli Lilly & Co. for $50 million as part of a collaboration agreement.
Stock Performance Summary
The stock performance of Beam Therapeutics has been volatile, reflecting the broader market trends and company-specific developments:
| Metric | Value |
|---|---|
| Current Share Price | $24.50 |
| Market Capitalization | $2.020 billion |
| 52-Week High | $42.00 |
| 52-Week Low | $15.00 |
Conclusion on Ownership Structure
Beam Therapeutics maintains a diverse ownership structure with substantial institutional backing, significant insider ownership, and a growing retail investor base. This combination of stakeholders positions the company for potential growth and strategic development moving forward.
Beam Therapeutics Inc. (BEAM) Mission Statement
Beam Therapeutics Inc. is dedicated to transforming the treatment of genetic diseases through precision genetic medicine. The company's mission is to provide life-long cures for patients suffering from genetic disorders by leveraging its proprietary base editing technology.
Company Overview
Founded in January 2017, Beam Therapeutics is headquartered in Cambridge, Massachusetts. The company focuses on developing a leading integrated platform for genetic medicines, with an emphasis on base editing technologies.
Financial Overview
As of September 30, 2024, Beam Therapeutics reported the following financial figures:
| Financial Metric | Amount (in thousands) |
|---|---|
| Cash and Cash Equivalents | $230,203 |
| Marketable Securities | $695,554 |
| Total Current Assets | $945,534 |
| Total Assets | $1,171,367 |
| Total Liabilities | $380,050 |
| Total Stockholders' Equity | $791,317 |
| Accumulated Deficit | $(1,476,277) |
| Net Loss for Nine Months Ended September 30, 2024 | $(286,388) |
| Net Loss per Common Share | $(3.49) |
Research and Development Focus
Beam Therapeutics is actively engaged in the development of therapies targeting genetic diseases. Key programs include:
- BEAM-301: Treatment for GSD1a, with patient dosing expected to commence in early 2025.
- BEAM-201: A CAR-T cell therapy aimed at treating relapsed/refractory T-cell acute lymphoblastic leukemia.
Collaborations and Agreements
Beam has entered into several significant collaborations to enhance its research and development capabilities:
- In October 2023, Beam entered into a collaboration with Lilly, receiving a $200 million upfront payment and potential future payments of up to $350 million.
- Collaboration with Pfizer, focusing on developing therapies for rare genetic diseases, with significant research funding involved.
Stockholder Information
As of September 30, 2024, Beam Therapeutics had the following stockholder metrics:
| Metric | Value |
|---|---|
| Common Shares Outstanding | 82,558,883 |
| Weighted Average Shares Outstanding (Basic and Diluted) | 82,410,095 |
| Total Stockholder Equity | $791,317,000 |
| Average Price per Share (Recent Offerings) | $51.93 |
Stock Performance
The stock performance of Beam Therapeutics reflects its ongoing developments and market conditions. The company has experienced fluctuations in its stock price, influenced by its clinical trial results and collaboration agreements.
Overall, Beam Therapeutics continues to pursue its mission of providing innovative solutions for genetic diseases, with a robust financial strategy to support its research and development initiatives.
For more detailed financial data, please refer to the financial statements and reports filed with the SEC.
How Beam Therapeutics Inc. (BEAM) Works
Company Overview
Beam Therapeutics Inc. specializes in developing precision genetic medicines using its proprietary base editing technology. The company's focus is on treating genetic diseases by making precise edits to DNA.
Financial Performance
As of September 30, 2024, Beam Therapeutics reported a net loss of $286.4 million for the nine months ended, compared to a net loss of $275.3 million for the same period in 2023. The accumulated deficit reached $1.5 billion.
| Metrics | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Net Loss | $96.7 million | $96.1 million | $0.6 million |
| License and Collaboration Revenue | $14.3 million | $17.2 million | ($2.9 million) |
| Research and Development Expenses | $94.3 million | $100.1 million | ($5.8 million) |
| General and Administrative Expenses | $26.5 million | $25.4 million | $1.1 million |
Revenue Sources
Beam's revenue primarily comes from license and collaboration agreements, which include partnerships with Pfizer, Apellis, and Verve. For the nine months ended September 30, 2024, the company recognized $33.5 million in license and collaboration revenue, a decline from $61.5 million in 2023.
Research and Development Activities
Research and development (R&D) expenses were $266.1 million for the nine months ended September 30, 2024, compared to $297.3 million in the previous year. The decrease was attributed to a strategic reprioritization of pipeline programs and reduced outsourced services.
| R&D Expense Breakdown | Q3 2024 | Q3 2023 |
|---|---|---|
| External R&D Expenses | $33.4 million | $40.3 million |
| Employee Related Expenses | $23.9 million | $26.2 million |
| Facility and IT Related Expenses | $19.0 million | $17.4 million |
Stock Performance and Equity
As of September 30, 2024, Beam Therapeutics had approximately 82.6 million shares outstanding and a total stockholders' equity of $791.3 million. The average stock price was $24.50 per share.
| Equity Metrics | Value |
|---|---|
| Total Shares Outstanding | 82,558,883 |
| Additional Paid-in Capital | $2.27 billion |
| Accumulated Deficit | ($1.48 billion) |
Cash Flow and Liquidity
Beam Therapeutics reported a net cash used in operating activities of $270.9 million for the nine months ended September 30, 2024. The company's cash, cash equivalents, and marketable securities totaled approximately $925.8 million at the end of the reporting period.
| Cash Flow Summary | Q3 2024 | Q3 2023 |
|---|---|---|
| Net Cash Used in Operating Activities | ($270.9 million) | ($284.3 million) |
| Net Cash Provided by Investing Activities | $58.7 million | ($26.3 million) |
| Net Cash Provided by Financing Activities | $4.3 million | $242.7 million |
Future Outlook
Beam Therapeutics continues to focus on advancing its clinical-stage product candidates and expects to incur significant expenses in ongoing development activities. The company anticipates needing additional capital to support its operations and growth strategy.
How Beam Therapeutics Inc. (BEAM) Makes Money
Revenue Streams
Beam Therapeutics primarily generates revenue through license and collaboration agreements with major pharmaceutical companies. As of September 30, 2024, the company recognized:
- License and collaboration revenue: $33.5 million for the nine months ended September 30, 2024, compared to $61.5 million for the same period in 2023.
- For the three months ended September 30, 2024, revenue was $14.3 million, down from $17.2 million in 2023.
Key Collaboration Agreements
Beam has established several significant collaboration agreements:
- Pfizer Agreement: In December 2021, Beam entered a research collaboration with Pfizer focused on developing therapies for rare genetic diseases. The transaction price for this agreement was $300 million, with revenue recognized based on costs incurred.
- Apellis Agreement: This collaboration aims to develop treatments for complement system-driven diseases. Beam recognized $8.5 million and $16.7 million related to this agreement for the three and nine months ended September 30, 2024, respectively.
- Lilly Agreement: In October 2023, Beam entered into a collaboration with Lilly, receiving a $200 million upfront payment and potential future payments of up to $350 million based on development milestones.
- Orbital Agreement: Under this agreement, Beam collaborates with Orbital Therapeutics, recognizing revenue of $2.1 million and $6.4 million for the three and nine months ended September 30, 2024, respectively.
- Verve Agreement: Initially focused on cardiovascular diseases, this agreement allows Beam to share profits and losses from certain licensed products.
Financial Performance
As of September 30, 2024, Beam Therapeutics reported:
| Financial Metric | 2024 (Nine Months Ended) | 2023 (Nine Months Ended) |
|---|---|---|
| License and Collaboration Revenue | $33.5 million | $61.5 million |
| Research and Development Expenses | $266.1 million | $297.3 million |
| General and Administrative Expenses | $82.9 million | $73.6 million |
| Net Loss | $(286.4 million) | $(275.3 million) |
Operating Expenses
Beam's operating expenses primarily consist of research and development (R&D) and general and administrative (G&A) costs:
- R&D expenses for the nine months ended September 30, 2024, totaled $266.1 million, down from $297.3 million in 2023.
- G&A expenses increased to $82.9 million in 2024 from $73.6 million in 2023.
Cash Position and Financing Activities
As of September 30, 2024, Beam Therapeutics had:
- Cash, cash equivalents, and marketable securities totaling $925.8 million.
- Net cash used in operating activities: $(270.9 million) for the nine months ended September 30, 2024.
- Net cash provided by financing activities: $4.3 million during the same period.
Beam has relied heavily on capital raises through equity offerings and collaborations to fund its operations. The company sold 10,860,992 shares under an at-the-market offering, raising approximately $564 million at an average price of $51.93 per share.
Future Outlook
Despite not yet commercializing any products, Beam anticipates continued collaboration revenues as it advances its clinical programs. The company expects to incur significant expenses, leading to ongoing operational losses as it develops its pipeline.
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Resources:
- Beam Therapeutics Inc. (BEAM) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Beam Therapeutics Inc. (BEAM)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Beam Therapeutics Inc. (BEAM)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.