Beam Therapeutics Files Q3 2024 10-Q
Ticker: BEAM · Form: 10-Q · Filed: Nov 5, 2024
Sentiment: neutral
Topics: 10-Q, biotech, financials
TL;DR
Beam Therapeutics Q3 10-Q is in. Financials updated, key licenses and Pfizer deal details included.
AI Summary
Beam Therapeutics Inc. filed its 10-Q for the period ending September 30, 2024. The company reported on its financial position, including details on its common stock and retained earnings. Key agreements mentioned include the Harvard License Agreement and arrangements with Pfizer.
Why It Matters
This filing provides investors with an update on Beam Therapeutics' financial health and operational details for the third quarter of 2024.
Risk Assessment
Risk Level: medium — Biotech companies often carry higher risk due to the nature of drug development and regulatory hurdles.
Key Numbers
- 2024-09-30 — Reporting Period End Date (Indicates the timeframe covered by the financial statements.)
- 2023-12-31 — Prior Year End Date (Provides a comparative point for financial analysis.)
Key Players & Entities
- Beam Therapeutics Inc. (company) — Filer of the 10-Q
- Pfizer (company) — Mentioned in relation to agreements
- Harvard License Agreement (company) — Key agreement mentioned
- 2024-09-30 (date) — End of reporting period
FAQ
What is the reporting period for this 10-Q filing?
The Conformed Period of Report is 20240930, meaning the filing covers the period up to September 30, 2024.
What are some key agreements or collaborations mentioned in the filing?
The filing mentions the Harvard License Agreement and an assignment to Pfizer.
When was Beam Therapeutics incorporated?
The filing does not explicitly state the incorporation date, but it does mention the Harvard License Agreement was effective on 2021-06-10.
What is the company's primary business sector?
Beam Therapeutics Inc. is in the BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) sector, SIC code [2836].
What is the company's fiscal year end?
The company's fiscal year ends on 1231.
Filing Stats: 4,343 words · 17 min read · ~14 pages · Grade level 20 · Accepted 2024-11-05 09:06:00
Key Financial Figures
- $0.01 — ch registered Common Stock, par value $0.01 per share BEAM Nasdaq Global Select
Filing Documents
- beam-20240930.htm (10-Q) — 2231KB
- beam-ex31_1.htm (EX-31.1) — 17KB
- beam-ex32_1.htm (EX-32.1) — 9KB
- 0000950170-24-121104.txt ( ) — 9576KB
- beam-20240930.xsd (EX-101.SCH) — 1368KB
- beam-20240930_htm.xml (XML) — 1868KB
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 39 Item 6. Exhibits 40
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) September 30, 2024 December 31, 2023 Assets Current assets: Cash and cash equivalents $ 230,203 $ 435,895 Marketable securities 695,554 753,981 Prepaid expenses and other current assets 19,777 21,167 Total current assets 945,534 1,211,043 Property and equipment, net 113,502 124,960 Restricted cash 6,549 8,719 Operating lease right-of-use assets 104,704 112,846 Other assets 1,078 2,146 Total assets $ 1,171,367 $ 1,459,714 Liabilities and stockholders' equity Current liabilities: Accounts payable $ 3,812 $ 1,617 Accrued expenses and other current liabilities 51,769 111,664 Current portion of derivative liabilities 8,400 10,800 Current portion of deferred revenue 89,327 68,706 Current portion of lease liability 12,936 12,778 Total current liabilities 166,244 205,565 Long-term lease liability 149,129 159,911 Contingent consideration liabilities 1,104 2,723 Long-term portion of deferred revenue 57,816 109,888 Long-term portion of derivative liabilities 5,276 — Other liabilities 481 298 Total liabilities 380,050 478,385 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 September 30, 2024 and December 31, 2023, respectively — — Common stock, $ 0.01 par value; 250,000,000 shares authorized, 82,558,883 and 81,632,496 issued and outstanding at September 30, 2024 and December 31, 2023, respectively 826 816 Additional paid-in capital 2,265,009 2,169,798 Accumulated other comprehensive (loss) income 1,759 604 Accumulated deficit ( 1,476,277