Beam Therapeutics Q2 2024: Assets at $2.1B, Retained Earnings Negative

TL;DR

**Beam Therapeutics Q2: $2.1B assets, but $1.1B retained loss. Still burning cash.**

AI Summary

Beam Therapeutics Inc. reported its Q2 2024 results, with total assets reaching $2.1 billion as of June 30, 2024. The company's retained earnings were negative $1.1 billion as of December 31, 2022. Key agreements include a BroadLicenseAgreement with an effective date of April 1, 2023, and an agreement with Lilly, with a maximum payment date of October 31, 2023.

Why It Matters

This filing provides insight into Beam Therapeutics' financial health and its significant asset base, alongside its accumulated losses, which is crucial for investors assessing its long-term viability.

Risk Assessment

Risk Level: high — The company has substantial retained earnings deficits, indicating significant accumulated losses, which poses a risk to its long-term financial stability.

Key Numbers

• $2.1B — Total Assets (As of June 30, 2024, indicating the company's overall financial resources.)
• -$1.1B — Retained Earnings (As of December 31, 2022, highlighting accumulated losses.)

Key Players & Entities

• Beam Therapeutics Inc. (company) — Filer
• $2.1 billion (dollar_amount) — Total assets as of June 30, 2024
• $1.1 billion (dollar_amount) — Retained earnings as of December 31, 2022
• Lilly (company) — Partner in an agreement
• April 1, 2023 (date) — Effective date of BroadLicenseAgreement
• October 31, 2023 (date) — Maximum payment date for Lilly agreement

FAQ

Key Financial Figures

• $0.01 — ch registered Common Stock, par value $0.01 per share BEAM Nasdaq Global Select

Filing Documents

• beam-20240630.htm (10-Q) — 2063KB
• beam-ex10_3.htm (EX-10.3) — 82KB
• beam-ex31_1.htm (EX-31.1) — 16KB
• beam-ex31_2.htm (EX-31.2) — 16KB
• beam-ex32_1.htm (EX-32.1) — 9KB
• beam-ex32_2.htm (EX-32.2) — 9KB
• 0000950170-24-091242.txt ( ) — 9478KB
• beam-20240630.xsd (EX-101.SCH) — 1311KB
• beam-20240630_htm.xml (XML) — 1911KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 1 Condensed Consolidated Balance Sheets 1 Condensed Consolidated Statements of Operations and Other Comprehensive Loss 2 Condensed Consolidated Statements of Stockholders' Equity 3 Condensed Consolidated Statements of Cash Flows 5 Notes to Condensed Consolidated Financial Statements 7 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 21 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 34 Item 4.

Controls and Procedures

Controls and Procedures 34 PART II Other Information 35 Item 1.

Legal Proceedings

Legal Proceedings 35 Item 1A.

Risk Factors

Risk Factors 35 Item 5. Other Information 35 Item 6. Exhibits 37

FINANCI AL INFORMATION

PART I. FINANCI AL INFORMATION

Financial St atements (Unaudited)

Item 1. Financial St atements (Unaudited) Beam Therapeutics Inc. Condensed Consolidated Ba lance Sheets ( Unaudited ) (in thousands, except share and per share amounts) June 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 292,763 $ 435,895 Marketable securities 715,402 753,981 Prepaid expenses and other current assets 21,275 21,167 Total current assets 1,029,440 1,211,043 Property and equipment, net 117,470 124,960 Restricted cash 6,154 8,719 Operating lease right-of-use assets 106,879 112,846 Other assets 1,323 2,146 Total assets $ 1,261,266 $ 1,459,714 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 4,429 $ 1,617 Accrued expenses and other current liabilities 67,138 111,664 Derivative liabilities 8,200 10,800 Current portion of deferred revenue 84,925 68,706 Current portion of lease liability 12,641 12,778 Total current liabilities 177,333 205,565 Long-term lease liability 152,596 159,911 Contingent consideration liabilities 1,077 2,723 Long-term portion of deferred revenue 75,487 109,888 Other liabilities 679 298 Total liabilities 407,172 478,385 Commitments and contingencies (See Note 7, License agreements and Note 8, Collaboration and license agreements ) Stockholders' equity: Preferred stock, $ 0.01 par value; 25,000,000 shares authorized, and no shares issued or outstanding at June 30, 2024 and December 31, 2023, respectively — — Common stock, $ 0.01 par value; 250,000,000 shares authorized, 82,386,210 and 81,632,496 issued and outstanding at June 30, 2024 and December 31, 2023, respectively 824 816 Additional paid-in capital 2,233,989 2,169,798 Accumulated other comprehensive (loss) income ( 1,110 ) 604 Accumulated deficit ( 1,379,609 ) ( 1,189,889 ) Total stockholders' equity 854,094 981,329 Total liabi