Beam Therapeutics Inc. (BEAM)

Key figures

The last twelve months reported, with the latest price and balance sheet.

Revenue, last twelve months

$156.0M

Revenue growth

158.9%

Net income, last twelve months

-$85.4M

Earnings per share

-$0.86

Operating margin

-242.3%

Net margin

-54.7%

Free cash flow

-$372.8M

Return on equity

-8.0%

Market value

$3.0B

Cash

$219.8M

Debt

$100.3M

Debt to equity

0.09

Shares outstanding

103.3M

Financial statements

Revenue, profit and cash flow by fiscal year, each year linked to its annual report.

By quarter

What the company said with its results

From the second quarter 2026 results, filed 4 August 2026.

• Net loss rose to $122.7 million. Net loss was $122.7 million, or $1.18 per share, against $102.1 million, or $1.00 per share, a year earlier. Weighted-average shares rose to 104,326,669 from 101,995,184.
• Collaboration revenue lower than last year. License and collaboration revenue was $490 thousand, against $8,466 thousand a year earlier. Six-month revenue was $32.2 million, against $15.9 million.
• Operating loss and comprehensive loss. Loss from operations was $126.6 million, against $120.1 million. Comprehensive loss was $123.8 million, against $102.3 million, including a $1.1 million unrealized loss on marketable securities.
• Cash held near $1.2 billion. Balance sheet cash, cash equivalents and marketable securities were $1,152,927 thousand at June 30, 2026, against $1,245,210 thousand at December 31, 2025.
• Sixth Street draw expected to rise. The company expects an additional $200 million to be drawn from its Sixth Street facility. The first quarter release included $100 million from the financing close and an anticipated further $100 million.
• Runway into mid-2029 maintained. Cash plus the Sixth Street draw is expected to fund operations into mid-2029, through the risto-cel launch, the BEAM-302 pivotal plan and BEAM-304 proof of concept.
• Equity down, liabilities up. Total stockholders’ equity was $1,067,442 thousand at June 30, 2026, against $1,238,358 thousand at December 31, 2025. Total liabilities were $318,913 thousand, against $242,819 thousand.
• R&D spending lower year on year. R&D expenses were $95.1 million, against $101.8 million a year earlier. Six-month R&D expenses were $199.6 million, against $200.6 million.
• G&A expenses higher year on year. G&A expenses were $31.9 million, against $26.9 million a year earlier. Six-month G&A expenses were $66.4 million, against $54.8 million.
• Total operating expenses roughly flat. Total operating expenses were $127.0 million, against $128.6 million a year earlier. Total other income was $3.9 million, against $18.0 million.
• BEACON dosing complete in SCD. Dosing completed for all adult and adolescent patients in the Phase 1/2 BEACON trial of risto-cel in sickle cell disease.
• BEAM-103 healthy volunteer dosing finished. Enrollment and dosing finished in the Phase 1 healthy volunteer trial of BEAM-103, an anti-CD117 antibody. Treatment was well tolerated across all doses tested.
• Targeted LNPs in lead optimization. Targeted lipid nanoparticles for delivering gene editing to hematopoietic stem cells have been identified and are in lead optimization.
• Pivotal cohort first patient dosed. The first patient in the global pivotal cohort was dosed in July. The cohort enrolls patients with AATD-associated lung disease, with or without liver disease.

Company events

The newest 8-K filings of 69 held.

Every filing

The newest filings with the SEC of 162 held.

Insider trades

Form 4 trades by officers, directors and 10% owners, last 12 months.

Planned insider sales

Form 144 notices, filed when the sell order goes to the broker.

Large holders

Schedule 13D and 13G filings by holders of more than 5% of the voting shares.

Short interest

Shares sold short and not yet bought back, on each FINRA settlement date.

Funds that hold it

From each fund's latest Form 13F.

308 funds held it at 30 Jun 2026: 141 added and 76 trimmed in the quarter. The largest:

Peers

Companies in the same industry.

• Amgen Inc. (AMGN): revenue $38.1B, market value $244.4B
• Gilead Sciences, Inc. (GILD): revenue $30.5B, market value $197.6B
• Moderna, Inc. (MRNA): revenue $2.2B, market value $85.4B
• argenx SE (ARGX): revenue $4.2B, market value $55.2B
• Biogen Inc. (BIIB): revenue $10.3B, market value $36.1B
• BioNTech SE (BNTX): revenue $3.2B, market value $22.1B
• Exelixis, Inc. (EXEL): revenue $2.4B, market value $16.5B
• Halozyme Therapeutics, Inc. (HALO): revenue $1.7B, market value $14.8B
• Neurocrine Biosciences Inc. (NBIX): revenue $3.4B, market value $14.8B
• Bio-Techne Corp. (TECH): revenue $1.2B, market value $11.3B

What the company does

Beam Therapeutics is a biotechnology company that develops precision genetic medicines based on its proprietary base editing technology. Base editing targets a single base in the genome without making a double-stranded break in the DNA. The company combines gene editing, delivery technologies and internal manufacturing, including a 100,000 square foot cGMP manufacturing facility in Research Triangle Park, North Carolina.

How base editing works

Each base editor has two principal parts. One is a CRISPR protein bound to a guide RNA, modified so that it does not cut both strands of the DNA. The other is a base editing enzyme, such as a deaminase, which makes the chemical change to the target base. The company uses Cytosine Base Editors, or CBEs, and Adenine Base Editors, or ABEs. A CBE converts a C:G base pair to a T:A pair, and an ABE converts an A:T pair to a G:C pair.

The parts can be swapped. Changing the guide RNA or CRISPR protein retargets the editor to a different gene location, and changing the deaminase changes which base is edited. The company says it believes this makes the technology versatile and scalable for discovering new drug candidates.

Hematology programs

The lead hematology program is ristoglogene autogetemcel, or risto-cel (formerly BEAM-101), for sickle cell disease. It is a patient-specific therapy made from the patient's own hematopoietic stem cells. These cells are collected, edited by electroporation and infused back after a conditioning regimen such as busulfan. The edits are intended to increase fetal hemoglobin.

Risto-cel is being studied in the Phase 1/2 BEACON trial, which includes approximately 50 adults and adolescents with severe sickle cell disease. Enrollment is complete, and manufacturing of all doses was completed as of December 2025. The FDA has granted orphan drug designation and regenerative medicine advanced therapy designation to risto-cel. The company says it expects to submit a biologics license application as early as year-end 2026.

For a next wave of sickle cell treatment, the company is prioritizing in vivo delivery with targeted lipid nanoparticles, or LNPs, aimed at stem cells. It also develops its ESCAPE platform, which uses antibody-based conditioning. BEAM-103, an anti-CD117 monoclonal antibody that enables ESCAPE, is in a Phase 1 healthy volunteer trial.

Liver and metabolic programs

Three programs use liver-targeting LNPs to deliver base editing reagents.

- BEAM-302 is for alpha-1 antitrypsin deficiency, or AATD, caused by the E342K mutation (PiZZ genotype). The Phase 1/2 trial has a Part A for patients with lung disease and a Part B for patients with mild to moderate liver disease. - BEAM-301 is for glycogen storage disease type 1a in patients with the R83C mutation. The Phase 1/2 trial runs at a select number of sites in the United States. Dosing is complete in the first cohort and enrollment has started in the second. - BEAM-304 is for phenylketonuria. Initial development targets the two most prevalent variants, found in nearly half of patients. The company says it plans in 2026 to submit a regulatory application to start a Phase 1/2 trial in patients with the R408W mutation.

Partners and licenses

Partnering is part of the business model. Pfizer began a research collaboration with the company in December 2021 covering three rare disease targets. In December 2025 Pfizer opted in to an exclusive, worldwide license for a liver-targeted development candidate. The company is eligible for milestone payments and has an option to co-develop it with a 35%/65% sharing ratio (Beam/Pfizer).

Apellis Pharmaceuticals has an option on six complement system programs, and has opted in to the program directed to FcRN. Verve Therapeutics holds licenses to three cardiovascular targets (PCSK9, ANGPTL3 and an undisclosed target). Eli Lilly and Company acquired certain rights under that agreement in October 2023 and completed its acquisition of Verve in July 2025. The company also has a cross-license with Orbital Therapeutics, which Bristol-Myers Squibb Company acquired in December 2025, and a collaboration with Prime Medicine.

The company in-licenses base editing patents from Harvard, Editas Medicine and Bio Palette Co., Ltd. These agreements carry development obligations and royalty terms.

Patents

As of 31 December 2025, the company's wholly-owned portfolio held 12 issued U.S. patents and 57 issued patents outside the United States, plus more than 550 pending applications. Its in-licensed portfolio held more than 75 issued U.S. patents, more than 150 issued patents elsewhere and more than 300 pending applications. It also holds 35 registered or allowed trademarks and pending trademark applications. It relies on trade secrets and confidentiality agreements as well.

Competition and regulation

Other companies use base editing, including Life Edit, Metagenomi, Revvity, Aurora Therapeutics, Mammoth Biosciences, YolTech Therapeutics, HuidaGene Therapeutics and Intellia Therapeutics. In sickle cell disease, named competitors include CRISPR Therapeutics, Vertex Pharmaceuticals and Novartis Pharmaceuticals. In AATD they include Wave Life Sciences, Prime Medicine and Arrowhead Pharmaceuticals. The company lists efficacy, safety, convenience and availability of reimbursement as the key competitive factors.

In the United States its candidates are regulated as biologics by the FDA under the Public Health Service Act and the Federal Food, Drug and Cosmetic Act. Gene therapy products are reviewed by the FDA's Center for Biologics Evaluation and Research.

*From Beam Therapeutics's annual report on Form 10-K for the year ended 31 December 2025. [The filing](https://www.sec.gov/Archives/edgar/data/1745999/000119312526065194/beam-20251231.htm)*

From the company's 10-K.