Beam Therapeutics — Third Quarter 2026 Earnings Summary

Financial Performance:

• Cash, cash equivalents, and marketable securities totaled $1.0 billion as of September 30, 2026, down from $1.2 billion as of December 31, 2025.
• Research & Development (R&D) expenses were $110.1 million for the third quarter of 2026, compared to $109.8 million in the same period of 2025.
• General & Administrative (G&A) expenses were $31.5 million for the third quarter of 2026, an increase from $26.7 million in the third quarter of 2025.
• Net loss was $134.4 million ($1.28 per share) for the third quarter of 2026, compared to a net loss of $112.6 million ($1.10 per share) in the third quarter of 2025.
• Total operating expenses were $141.6 million for the three months ended September 30, 2026, versus $136.5 million in the prior year period.
• Loss from operations was $141.3 million for the third quarter of 2026, compared to $126.8 million in the third quarter of 2025.
• License and collaboration revenue was $0.3 million for the third quarter of 2026, down from $9.7 million in the third quarter of 2025.
• Total other income (expense) was $6.9 million for the third quarter of 2026, compared to $14.2 million in the third quarter of 2025.

Guidance and Future Outlook:

• Dosing in the global pivotal cohort for BEAM-302 is expected to be completed in the first half of 2027.
• A U.S. Biologics License Application (BLA) submission for risto-cel in Sickle Cell Disease is expected as early as year-end 2026.
• Dosing for the Phase 1/2 trial of BEAM-304 in PKU is anticipated to initiate in early 2027.
• Cash runway, including an additional $200 million expected to be drawn from a facility with Sixth Street, is projected to support operating plans into mid-2029.
• Beam plans to engage with the U.S. FDA regarding a potential approval path for BEAM-301.

Business Segments and Product Lines:

• BEAM-302 (AATD): Updated Phase 1/2 data presented at ERS 2026 showed durable increases in functional AAT, reduced mutant Z-AAT, and decreased neutrophil elastase activity following a single dose.
• BEAM-304 (PKU): The program now includes three distinct base editors targeting different mutations, potentially addressing up to 50% of U.S. PKU patients. The Phase 1/2 trial will initially evaluate the R408W mutation.
• BEAM-301 (GSDIa): Initial data presented at ESGCT demonstrated dose-dependent improvements in time to fasting hypoglycemia, with two of three patients in the 40 mg cohort achieving a controlled fasting duration of ≥15 hours and complete elimination of starch supplementation. Enrollment in the 60 mg cohort is underway.
• Risto-cel (SCD): Beam expects to report updated clinical data by year-end 2026.
• Next-Generation Programs: Targeted lipid nanoparticles (LNPs) for hematopoietic stem cell (HSC) delivery have been identified and are in advanced lead optimization.
• Commercial Leadership: Eric Foster was appointed chief commercial officer in September to lead commercial organization and strategy.

Market and Competitive Landscape:

• The company positions its base editing platform as a differentiated, first-in-class approach for liver-targeting therapies and mutation-specific corrections.
• BEAM-302 is designed to address both liver and lung manifestations of alpha-1 antitrypsin deficiency.
• BEAM-304 aims to develop mutation-specific base editors for the majority of patients with PKU.

Risks and Challenges:

• Forward-looking statements highlight risks related to the ability to develop, obtain regulatory approval for, and commercialize product candidates, which may take longer or cost more than planned.
• Risks include the uncertainty of product candidates receiving regulatory approval to initiate or continue human clinical trials.
• Potential for serious adverse events related to product candidates and delivery modalities is noted.
• Risks include the possibility that preclinical or preliminary clinical data may not be predictive of future trial results.
• The company faces risks related to competitive products and the ability to raise additional funding.
• There is a risk that funding milestones under the credit facility with Sixth Street may not be satisfied.

Management Commentary and Tone:

• CEO John Evans stated that progress reflects the "growing maturity and momentum" of the platform with "predictable clinical translation."
• Management expressed confidence in the platform's ability to translate predictably and carry knowledge forward from one program to the next.
• Evans highlighted the potential for a first BLA filing with risto-cel and the rapid advancement of the BEAM-302 pivotal cohort.

Other Key Points:

• The company has a cash runway extending into mid-2029, contingent on the satisfaction of conditions for the additional $200 million draw from the Sixth Street facility.
• Management will participate in fireside chats at the Guggenheim, UBS, Jefferies, and Evercore Healthcare Conferences in November and December 2026.
• Total assets were $1.27 billion as of September 30, 2026, compared to $1.48 billion as of December 31, 2025.
• Total liabilities increased to $316.4 million as of September 30, 2026, from $242.8 million as of December 31, 2025.
• Total stockholders' equity decreased to $952.7 million as of September 30, 2026, from $1.24 billion as of December 31, 2025.