Full Press Release Details
Beam Therapeutics Announces First Development Candidates for Sickle Cell Disease and Reports Second Quarter 2020 Results
BEAM-101 and BEAM-102 Named as Development Candidates Targeting Distinct Approaches to Treating Sickle Cell Disease
Lease Agreement Signed to Build In-house Manufacturing Facility Dedicated to Producing Base Editing Therapeutics
Broad Partnering Strategy Continues to Advance and Expand the Therapeutic Application of Novel Base Editing Technologies
CAMBRIDGE, Mass., Aug. 12, 2020 - Beam Therapeutics Inc. (Nasdaq: BEAM), a biotechnology company developing precision genetic medicines through base editing, today reported pipeline updates, recent business highlights and second quarter 2020 financial results.
"Throughout the first half of 2020, we made significant progress across all aspects of our business, culminating into naming the first two base editing development candidates from our portfolio. As we move closer to the clinic, we have also made the important strategic decision to establish a build-to-suit manufacturing facility, which will significantly enhance our capability to manufacture a wide range of base editing medicines," said John Evans, chief executive officer of Beam. "In addition, we continue to execute our strategy of establishing innovative partnerships to access new capabilities and to accelerate the development of base editors as a new class of precision genetic medicines for patients. Amidst the evolving COVID-19 situation, our team is performing well, and we remain on track to initiate IND-enabling studies in 2020 and file at least one Investigational New Drug application in 2021."
Giuseppe Ciaramella, Ph.D., president and chief scientific officer of Beam added, "Achieving our first development candidates with base editing is one of the most important milestones for our company yet. BEAM-101 and BEAM-102 are highly differentiated editing programs that may enable a one-time treatment option for patients with sickle cell disease. Both candidates are supported by promising preclinical data, and we are working to advance them to the next stage of development to assess the impact they could have in treating this devastating disease."
Base Editing Progress
Recent Business Highlights
Second Quarter 2020 Financial Results
About Beam Therapeutics
Beam Therapeutics (Nasdaq: BEAM) is a biotechnology company developing precision genetic medicines through the use of base editing. Beam's proprietary base editors create precise, predictable and efficient single base changes, at targeted genomic sequences, without making double-stranded breaks in the DNA. This enables a wide range of potential therapeutic editing
strategies that Beam is using to advance a diversified portfolio of base editing programs. Beam is a values-driven organization committed to its people, cutting-edge science, and a vision of providing life-long cures to patients suffering from serious diseases. For more information, visit www.beamtx.com.
Forward-Looking Statements
This press release contains forward-looking statements. Investors are cautioned not to place undue reliance on these forward-looking statements, including statements about the expected timing of filing INDs applications, the therapeutic applications of our technology and our ability to develop base editors as a new class of precision genetic medicines for patients. Each forward-looking statement is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statement. Applicable risks and uncertainties include the risks and uncertainties, among other things, regarding: the success in development and potential commercialization of our product candidates; our ability to obtain, maintain and enforce patent and other intellectual property protection for our product candidates; whether preclinical testing of our product candidates and preliminary or interim data from preclinical and clinical trials will be predictive of the results or success of ongoing or later clinical trials; that enrollment of clinical trials may take longer than expected; that our product candidates will experience manufacturing or supply interruptions or failures; that we will be unable to successfully initiate or complete the preclinical and clinical development and eventual commercialization of our product candidates; that the development and commercialization of our product candidates will take longer or cost more than planned; and the other risks and uncertainties identified under the heading "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2019, our Quarterly Report on Form 10-Q for the quarter ended March 31, 2020 and in any subsequent filings with the Securities and Exchange Commission. These forward-looking statements (except as otherwise noted) speak only as of the date of this press release. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by applicable law.
THRUST Strategic Communications
| Condensed Consolidated Balance Sheet Data | ||||||||
| (in thousands) | ||||||||
| June 30, 2020 | December 31, 2019 | |||||||
| Cash, cash equivalents, and marketable securities | $ | 227,950 | $ | 91,848 | ||||
| Total assets | 299,975 | 156,099 | ||||||
| Redeemable convertible preferred stock | - | 302,049 | ||||||
| Total stockholders' equity (deficit) | 230,822 | (201,104 | ) |
| Condensed Consolidated Statement of Operations | ||||||||||||||||
| (in thousands, except share and per share data) | ||||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | |||||||||||||||
| 2020 | 2019 | 2020 | 2019 | |||||||||||||
| License revenue | $ | 6 | $ | 6 | $ | 12 | $ | 6 | ||||||||
| Operating expenses: | ||||||||||||||||
| Research and development | 19,354 | 12,680 | 40,903 | 21,859 | ||||||||||||
| General and administrative | 6,937 | 4,977 | 13,749 | 8,906 | ||||||||||||
| Total operating expenses | 26,291 | 17,657 | 54,652 | 30,765 | ||||||||||||
| Loss from operations | (26,285 | ) | (17,651 | ) | (54,640 | ) | (30,759 | ) | ||||||||
| Other income (expense): | ||||||||||||||||
| Change in fair value of derivative liabilities | (8,700 | ) | (1,000 | ) | (11,400 | ) | (2,000 | ) | ||||||||
| Interest and other income, net | 767 | 790 | 1,364 | 1,288 | ||||||||||||
| Total other expense | (7,933 | ) | (210 | ) | (10,036 | ) | (712 | ) | ||||||||
| Net loss | $ | (34,218 | ) | $ | (17,861 | ) | $ | (64,676 | ) | $ | (31,471 | ) | ||||
| Accretion of redeemable convertible preferred stock to redemption value, including dividends on preferred stock | - | (3,226 | ) | (1,277 | ) | (6,189 | ) | |||||||||
| Net loss attributable to common stockholders | $ | (34,218 | ) | $ | (21,087 | ) | $ | (65,953 | ) | $ | (37,660 | ) | ||||
| Net loss per common share attributable to common stockholders, basic and diluted | $ | (0.69 | ) | $ | (3.38 | ) | $ | (1.65 | ) | $ | (6.26 | ) | ||||
| Weighted-average common shares used in net loss per share attributable to common stockholders, basic and diluted | 49,430,138 | 6,238,798 | 40,077,788 | 6,018,364 |