Full Press Release Details
Beam Therapeutics Reports Business Updates and Full Year 2019 Financial Results
Successful Initial Public Offering Completed and Continued Advancement of Broad Portfolio of Novel Base Editing Programs
CAMBRIDGE, Mass., March 30, 2020 - Beam Therapeutics Inc. (Nasdaq: BEAM), a biotechnology company developing precision
genetic medicines through base editing, today reported recent business highlights and full year 2019 financial results.
So far in 2020, we have
made strides across all aspects of our business, and despite the many uncertainties we face today amid the COVID-19 pandemic, we remain committed to moving our programs forward for patients, said John
Evans, chief executive officer of Beam. Following the successful completion of our initial public offering and the recent additions to our team, we have the resources needed to steadily advance a broad and deep portfolio of base editing
programs addressing a wide range of disease areas and to invest in the science of base editing, illustrated by the recent platform technology publications. As we look ahead, we are planning for additional scientific publications throughout the year
and remain on track to file an initial wave of IND applications beginning in 2021, in an effort to bring a new class of precision genetic medicines to the clinic and, ultimately, to patients.
Recent Business Highlights
Full Year 2019 Financial Results
About Beam Therapeutics
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 our plans for scientific publications, the expected timing of filing INDs applications and the therapeutic applications of our technology. 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 and in our Annual Reports on Form 10-K for the year ended December 31, 2019
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
Consolidated Balance Sheet Data
| December 31, | ||||||||
| 2019 | 2018 | |||||||
| Cash, cash equivalents and marketable securities | $ | 91,848 | $ | 146,443 | ||||
| Total assets | 156,099 | 167,012 | ||||||
| Redeemable convertible preferred stock | 302,049 | 251,434 | ||||||
| Total stockholders deficit | (201,104 | ) | (117,406 | ) |
Consolidated Statement of Operations
(in thousands, except share and per share data)
| Year ended December 31, | ||||||||
| 2019 | 2018 | |||||||
| License revenue | $ | 18 | $ | |||||
| Operating expenses: | ||||||||
| Research and development | 54,619 | 33,873 | ||||||
| General and administrative | 20,553 | 11,868 | ||||||
| Total operating expenses | 75,172 | 45,741 | ||||||
| Loss from operations | (75,154 | ) | (45,741 | ) | ||||
| Other income (expense): | ||||||||
| Change in fair value of derivative liabilities | (5,400 | ) | (11,749 | ) | ||||
| Loss on issuance of preferred stock in connection with Blink Merger | (49,500 | ) | ||||||
| Loss on issuance of preferred stock to investors | (5,715 | ) | ||||||
| Change in fair value of preferred stock tranche liabilities | (4,325 | ) | ||||||
| Interest income | 2,486 | 292 | ||||||
| Interest expense | (187 | ) | ||||||
| Other expense | (71 | ) | ||||||
| Total other income (expense) | (3,172 | ) | (70,997 | ) | ||||
| Net loss | $ | (78,326 | ) | $ | (116,738 | ) | ||
| Net loss attributable to noncontrolling interest in Blink | 1,481 | |||||||
| Accretion of redeemable convertible preferred stock to redemption value, including dividends on preferred stock | (12,714 | ) | (2,068 | ) | ||||
| Net loss attributable to common stockholders | $ | (91,040 | ) | $ | (117,325 | ) | ||
| Net loss per common share attributable to common stockholders, basic and diluted | $ | (14.05 | ) | $ | (40.54 | ) | ||
| Weighted-average common shares used in net loss per share attributable to common stockholders, basic and diluted | 6,479,591 | 2,893,978 |