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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 10-Q

 

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2021

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM                 TO                 

Commission File Number 001-39208

 

Beam Therapeutics Inc.

(Exact name of Registrant as specified in its Charter)

 

 

Delaware

81-5238376

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

 

 

26 Landsdowne Street

Cambridge, MA

02139

(Address of principal executive offices)

(Zip Code)

 

Registrant’s telephone number, including area code: (857) 327-8775

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

Trading

Symbol(s)

Name of each exchange

on which registered

Common Stock, par value $0.01 per share

BEAM

Nasdaq Global Select Market

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  ☒    NO  ☐

 

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes  ☒    NO  ☐

 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

 

 

 

 

Non-accelerated filer

Smaller reporting company

 

 

 

 

 

 

Emerging growth company

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

 

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    YES  ☐    NO  

 

The number of shares of registrant’s common stock outstanding as of August 3, 2021 was 66,350,681.

 


 

CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. Such forward-looking statements reflect, among other things:

our current expectations and anticipated results of operations;
our expectations regarding the initiation, timing, progress and results of our research and development programs and preclinical and clinical studies, including our intention to file an Investigational New Drug, or IND, application for BEAM-101 during the second half of 2021, our plans to initiate IND-enabling studies for BEAM-102 during 2021, and our belief that we are on track to nominate our first development candidate from our liver portfolio in the second half of 2021;
our ability to develop a sustainable portfolio;
our ability to create a hub for partnering with other companies;
our plans for pre-clinical studies for product candidates in our pipeline;
our ability to advance any product candidates that we may develop and successfully complete any clinical studies, including the manufacture of any such product candidates;
our ability to pursue a broad suite of clinically validated delivery modalities;
our expectations regarding our ability to generate additional novel lipid nanoparticles, or LNPs, that we believe could accelerate novel nonviral delivery of gene editing payloads to tissues beyond the liver and our ability to expand the reach of gene editing, including as a result of our acquisition of Guide Therapeutics, Inc., or Guide;
the scope of protection we are able to establish and maintain for intellectual property rights covering our product candidates and technology;
developments related to our competitors and our industry;
the expected timing, progress and success of our collaborations with third parties and our ability to identify and enter into future license agreements and collaborations;
developments related to base editing technologies;
our ability to successfully develop our three distinct pipelines and obtain and maintain approval for our product candidates;
our ability to successfully establish and maintain a commercial-scale current Good Manufacturing Practice, or cGMP, manufacturing facility and that this facility will be operational in 2023;
regulatory developments in the United States and foreign countries;
our ability to attract and retain key scientific and management personnel;
our expectations regarding the strategic and other potential benefits of our acquisition of Guide, and
the impact of the coronavirus disease of 2019, or COVID-19, pandemic on our business.

All of these statements are subject to known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements, market trends, or industry results to differ materially from those expressed or implied by such forward-looking statements. Therefore, any statements contained herein that are not statements of historical fact may be forward-looking statements and should be evaluated as such. Without limiting the foregoing, the words “anticipate,” “expect,” “suggest,” “plan,” “believe,” “intend,” “project,” “forecast,” “estimates,” “targets,” “projections,” “should,” “could,” “would,” “may,” “might,” “will,” and the negative thereof and similar words and expressions are intended to identify forward-looking statements. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described in “Risk Factors” in Part II, Item 1A of this report and “Risk Factor Summary” and “Risk Factors” in Part I, Item 1A. of our Annual Report on Form 10-K for the fiscal year ended December 31, 2020, or the 2020 Form 10-K. Unless legally required, we assume no obligation to update any such forward-looking information to reflect actual results or changes in the factors affecting such forward-looking information.

When we use the terms “Beam,” the “Company,” “we,” “us” or “our” in this Quarterly Report on Form 10-Q, we mean Beam Therapeutics Inc. and its subsidiaries on a consolidated basis, unless the context indicates otherwise.


 

Table of Contents

 

 

 

Page

PART I

Financial Information

 

Item 1.

Financial Statements (Unaudited)

1

 

Condensed Consolidated Balance Sheets

1

 

Condensed Consolidated Statements of Operations and Other Comprehensive Loss

2

 

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ Equity (Deficit)

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

22

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

35

Item 4.

Controls and Procedures

35

 

 

 

PART II

Other Information

 

Item 1.

Legal Proceedings

36

Item 1A.

Risk Factors

36

Item 2.

Unregistered Sales of Equity Security and Uses of Proceeds

39

Item 6.

Exhibits

40

Signatures

 

41

 

 

 


 

PART I. FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)

Beam Therapeutics Inc.

Condensed Consolidated Balance Sheets

(Unaudited)

(in thousands, except share and per share amounts)

 

 

 

June 30,
2021

 

 

December 31,
2020

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

212,015

 

 

$

162,171

 

Marketable securities

 

 

403,264

 

 

 

137,500

 

Collaboration receivable

 

 

50,000

 

 

 

 

Prepaid expenses and other current assets

 

 

12,714

 

 

 

8,650

 

Total current assets

 

 

677,993

 

 

 

308,321

 

Property and equipment, net

 

 

64,343

 

 

 

38,513

 

Restricted cash

 

 

14,840

 

 

 

14,840

 

Operating lease right-of-use assets

 

 

105,315

 

 

 

86,859

 

Long-term investments

 

 

29,430

 

 

 

2,577

 

Other assets

 

 

1,157

 

 

 

567

 

Total assets

 

$

893,078

 

 

$

451,677

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

8,030

 

 

$

6,314

 

Accrued expenses and other current liabilities

 

 

19,581

 

 

 

18,463

 

Derivative liabilities

 

 

85,400

 

 

 

71,200

 

Current portion of deferred revenue

 

 

10,024

 

 

 

24

 

Current portion of lease liability

 

 

3,491

 

 

 

4,218

 

Current portion of equipment financing liability

 

 

2,189

 

 

 

2,118

 

Total current liabilities

 

 

128,715

 

 

 

102,337

 

Long-term lease liability

 

 

132,793

 

 

 

96,014

 

Long-term equipment financing liability

 

 

4,176

 

 

 

5,294

 

Contingent consideration liabilities

 

 

37,559

 

 

 

 

Long-term portion of deferred revenue

 

 

40,381

 

 

 

394

 

Other liabilities

 

 

903

 

 

 

2,077

 

Total liabilities

 

 

344,527

 

 

 

206,116

 

Commitments and contingencies (See Note 7, Leases, Note 9, License agreements and Note 10, 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, 2021 and December 31, 2020, respectively

 

 

 

 

 

 

Common stock, $0.01 par value; 250,000,000 shares authorized, 65,045,313 and 58,446,016 issued, and 64,452,682 and 57,254,178 outstanding at June 30, 2021 and December 31, 2020, respectively

 

 

645

 

 

 

573

 

Additional paid-in capital

 

 

1,223,324

 

 

 

642,633

 

Accumulated other comprehensive income (loss)

 

 

31

 

 

 

(9

)

Accumulated deficit

 

 

(675,449

)

 

 

(397,636

)

Total stockholders’ equity

 

 

548,551

 

 

 

245,561

 

Total liabilities and stockholders’ equity

 

$

893,078

 

 

$

451,677

 

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

1


 

Beam Therapeutics Inc.

Condensed Consolidated Statements of Operations and Other Comprehensive Loss

(Unaudited)

(in thousands, except share and per share amounts)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

License revenue

 

$

6

 

 

$

6

 

 

$

12

 

 

$

12

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

45,577

 

 

 

19,354

 

 

 

235,683

 

 

 

40,903

 

General and administrative

 

 

13,403

 

 

 

6,937

 

 

 

23,676

 

 

 

13,749

 

Total operating expenses

 

 

58,980

 

 

 

26,291

 

 

 

259,359

 

 

 

54,652

 

Loss from operations

 

 

(58,974

)

 

 

(26,285

)

 

 

(259,347

)

 

 

(54,640

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Change in fair value of derivative liabilities

 

 

(42,300

)

 

 

(8,700

)

 

 

(44,200

)

 

 

(11,400

)

Change in fair value of long-term investments

 

 

25,814

 

 

 

517

 

 

 

26,852

 

 

 

517

 

Change in fair value of contingent consideration liabilities

 

 

(741

)

 

 

 

 

 

(1,046

)

 

 

 

Interest and other income (expense), net

 

 

(52

)

 

 

250

 

 

 

(72

)

 

 

847

 

Total other income (expense)

 

 

(17,279

)

 

 

(7,933

)

 

 

(18,466

)

 

 

(10,036

)

Net loss

 

$

(76,253

)

 

$

(34,218

)

 

$

(277,813

)

 

$

(64,676

)

Unrealized gain (loss) on marketable securities

 

 

55

 

 

 

517

 

 

 

40

 

 

 

157

 

Comprehensive loss

 

$

(76,198

)

 

$

(33,701

)

 

$

(277,773

)

 

$

(64,519

)

Reconciliation of net loss to net loss attributable to common stockholders:

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(76,253

)

 

$

(34,218

)

 

$

(277,813

)

 

$

(64,676

)

Accretion of redeemable convertible preferred stock to redemption value, including dividends on preferred stock

 

 

 

 

 

 

 

 

 

 

 

(1,277

)

Net loss attributable to common stockholders

 

$

(76,253

)

 

$

(34,218

)

 

$

(277,813

)

 

$

(65,953

)

Net loss per common share attributable to common stockholders, basic and diluted

 

$

(1.23

)

 

$

(0.69

)

 

$

(4.54

)

 

$

(1.65

)

Weighted-average common shares used in net loss per share attributable to common stockholders, basic and diluted

 

 

62,210,239

 

 

 

49,430,138

 

 

 

61,215,705

 

 

 

40,077,788

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

2


 

Beam Therapeutics Inc.

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ (Deficit) Equity

(Unaudited)

(in thousands, except share amounts)

 

 

 

Redeemable Convertible
Preferred Stock

 

 

 

Common Stock

 

 

Additional
Paid-in

 

 

Accumulated
Other
Comprehensive

 

 

Accumulated

 

 

Total
Stockholders’
(Deficit)

 

 

 

Shares

 

 

Amount

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income (Loss)

 

 

Deficit

 

 

Equity

 

Balance at December 31, 2019

 

 

130,616,784

 

 

$

302,049

 

 

 

 

7,326,185

 

 

$

73

 

 

$

1,851

 

 

$

16

 

 

$

(203,044

)

 

$

(201,104

)

Accretion of redeemable convertible preferred stock to redemption value

 

 

 

 

 

1,277

 

 

 

 

 

 

 

 

 

 

(1,277

)

 

 

 

 

 

 

 

 

(1,277

)

Conversion of redeemable convertible preferred stock to common stock upon closing of initial public offering

 

 

(130,616,784

)

 

 

(303,326

)

 

 

 

29,127,523

 

 

 

291

 

 

 

303,035

 

 

 

 

 

 

 

 

 

303,326

 

Issuance of common stock from initial public offering, net of issuance costs of $18.7 million

 

 

 

 

 

 

 

 

 

12,176,471

 

 

 

122

 

 

 

188,201

 

 

 

 

 

 

 

 

 

188,323

 

Vesting of restricted common stock

 

 

 

 

 

 

 

 

 

387,866

 

 

 

4

 

 

 

(4

)

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,792

 

 

 

 

 

 

 

 

 

2,792

 

Exercise of common stock options

 

 

 

 

 

 

 

 

 

59,305

 

 

 

1

 

 

 

151

 

 

 

 

 

 

 

 

 

152

 

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(360

)

 

 

 

 

 

(360

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(30,458

)

 

 

(30,458

)

Balance at March 31, 2020

 

 

 

 

$

 

 

 

 

49,077,350

 

 

$

491

 

 

$

494,749

 

 

$

(344

)

 

$

(233,502

)

 

$

261,394

 

Vesting of restricted common stock

 

 

 

 

 

 

 

 

 

387,870

 

 

 

4

 

 

 

(4

)

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,769

 

 

 

 

 

 

 

 

 

2,769

 

Exercise of common stock options

 

 

 

 

 

 

 

 

 

180,517

 

 

 

1

 

 

 

359

 

 

 

 

 

 

 

 

 

360

 

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

517

 

 

 

 

 

 

517

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(34,218

)

 

 

(34,218

)

Balance at June 30, 2020

 

 

 

 

$

 

 

 

 

49,645,737

 

 

$

496

 

 

$

497,873

 

 

$

173

 

 

$

(267,720

)

 

$

230,822

 

 

3


 

Beam Therapeutics Inc.

Condensed Consolidated Statements of Redeemable Convertible Preferred Stock and Stockholders’ (Deficit) Equity - Continued

(Unaudited)

(in thousands, except share amounts)

 

 

 

Common Stock

 

 

Additional
Paid-in

 

 

Accumulated
Other
Comprehensive

 

 

Accumulated

 

 

Total
Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Income (Loss)

 

 

Deficit

 

 

Equity

 

Balance at December 31, 2020

 

 

57,254,178

 

 

$

573

 

 

$

642,633

 

 

$

(9

)

 

$

(397,636

)

 

$

245,561

 

Issuance of common stock from private placement, net of issuance costs of $8.0 million

 

 

2,795,700

 

 

 

28

 

 

 

251,977

 

 

 

 

 

 

 

 

 

252,005

 

Issuance of common stock to acquire Guide

 

 

1,087,153

 

 

 

10

 

 

 

120,022

 

 

 

 

 

 

 

 

 

120,032

 

Vesting of restricted common stock

 

 

398,804

 

 

 

4

 

 

 

(4

)

 

 

 

 

 

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

4,648

 

 

 

 

 

 

 

 

 

4,648

 

Exercise of common stock options

 

 

199,284

 

 

 

2

 

 

 

1,756

 

 

 

 

 

 

 

 

 

1,758

 

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

(15

)

 

 

 

 

 

(15

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(201,560

)

 

 

(201,560

)

Balance at March 31, 2021

 

 

61,735,119

 

 

$

617

 

 

$

1,021,032

 

 

$

(24

)

 

$

(599,196

)

 

$

422,429

 

Issuance of common stock from At-the-Market offering, net of issuance costs of $5.5 million

 

 

1,761,285

 

 

$

18

 

 

$

157,767

 

 

$

 

 

$

 

 

 

157,785

 

Vesting of restricted common stock

 

 

200,403

 

 

 

2

 

 

 

(2

)

 

 

 

 

 

 

 

 

 

Issuance of common stock for success payment liability

 

 

349,650

 

 

 

4

 

 

 

29,996

 

 

 

 

 

 

 

 

 

30,000

 

Stock-based compensation

 

 

 

 

 

 

 

 

10,452

 

 

 

 

 

 

 

 

 

10,452

 

Exercise of common stock options

 

 

406,225

 

 

 

4

 

 

 

4,079

 

 

 

 

 

 

 

 

 

4,083

 

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

55

 

 

 

 

 

 

55

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(76,253

)

 

 

(76,253

)

Balance at June 30, 2021

 

 

64,452,682

 

 

$

645

 

 

$

1,223,324

 

 

$

31

 

 

$

(675,449

)

 

$

548,551

 

The accompanying notes are an integral part of these condensed consolidated financial statements.

4


 

Beam Therapeutics Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(in thousands)

 

 

 

Six Months Ended June 30,

 

 

 

2021

 

 

2020

 

Operating activities

 

 

 

 

 

 

Net loss

 

$

(277,813

)

 

$

(64,676

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

3,067

 

 

 

2,245

 

Amortization of investment discount (premiums)

 

 

(3

)

 

 

(104

)

In-process research and development charge

 

 

154,953

 

 

 

 

Stock-based compensation expense

 

 

15,100

 

 

 

5,561

 

Change in operating lease right-of-use assets

 

 

4,634

 

 

 

1,985

 

Non-cash research and development license expense, net

 

 

 

 

 

264

 

Change in fair value of derivative liabilities

 

 

44,200

 

 

 

11,400

 

Change in fair value of contingent consideration liabilities

 

 

1,046