UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
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. ☐
Item 2.02 Results of Operations and Financial Condition.
On February 28, 2023, Beam Therapeutics Inc. (the “Company”) issued a press release announcing the Company’s financial results for the quarter ended December 31, 2022. A copy of this press release is furnished as Exhibit 99.1 and is incorporated herein by reference.
The information in this Item 2.02 as well as in the accompanying Exhibit 99.1 attached hereto is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing by the Company, under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filing.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. |
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Description |
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99.1 |
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Press Release Issued by Beam Therapeutics Inc. on February 28, 2023 |
104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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BEAM THERAPEUTICS INC. |
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Date: February 28, 2023 |
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By: |
/s/ John Evans |
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Name: |
John Evans |
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Title: |
Chief Executive Officer |
Exhibit 99.1
Beam Therapeutics Reports Fourth Quarter and Year-End 2022 Financial Results and Reiterates Anticipated Milestones
Advancing Pipeline of Wholly Owned Base Editing Therapeutics with Four Development-stage Programs
Expanding Investment in a Broad Portfolio of Potential New Programs Designed to Extend Reach of Base Editing Medicines
North Carolina Manufacturing Facility Open and Operational, Expected to Commence cGMP Operations in Late 2023
Ended Fourth Quarter 2022 with $1.1 Billion in Cash, Cash Equivalents and Marketable Securities
CAMBRIDGE, Mass., February 28, 2023 – Beam Therapeutics Inc. (Nasdaq: BEAM), a biotechnology company developing precision genetic medicines through base editing, today reaffirmed its anticipated upcoming milestones across the company’s hematology, immunology-oncology, and genetic disease portfolios and reported fourth quarter and full year 2022 financial results.
“Just five years since our founding, we achieved significant milestones in 2022, having advanced two ex vivo assets – BEAM-101 and BEAM-201 – into clinical-stage development, and two in vivo liver programs – BEAM-301 and BEAM-302 – on a path to regulatory filings,” said John Evans, chief executive officer of Beam. “As we look ahead in 2023, we are focused on the execution of our clinical trials and advancing preclinical work that we expect will support regulatory filings for BEAM-301 and BEAM-302. Importantly, as our confidence in the power and differentiation of our base editing platform grows, we also continue to make important investments in new programs across each of our strategic pillars. This includes our ESCAPE platform in hematology, our next-generation of highly engineered cell therapies in immunology-oncology, and numerous new base editing programs targeting the liver on our own and with our collaborators. I am incredibly excited about the year ahead as we execute our clinical trials and focus on advancing an entirely new class of potentially one-time transformative medicines that could benefit so many patients in need.”
Key 2023-2024 Anticipated Milestones and Investments
Hematology Portfolio
Immunology/Oncology Portfolio
Genetic Disease Portfolio
Manufacturing
Recent Nature Biotechnology Publication
In January 2023, Beam published preclinical research in Nature Biotechnology highlighting work that led to the creation of an improved class of cytosine base editors (CBEs), leveraging a TadA enzyme-based CBE (CBE-T), that demonstrated edits at levels comparable to traditional CBEs and that benefited from favorable attributes of TadA for precise, specific, and flexible base editing. In addition, the paper highlights research to identify cytosine and adenine base editors (CABEs) that can conduct both C-to-T and A-to-G edits with a single TadA deaminase—called CABE-Ts. Together with ABEs, CBE-Ts and CABE-Ts demonstrated programmable installation of all transition mutations using laboratory-evolved TadA variants with improved properties relative to previously reported CBEs.
Fourth Quarter and Full Year 2022 Financial Results
Cash Runway
Beam expects that its cash, cash equivalents and marketable securities as of December 31, 2022, will enable the company to fund its anticipated operating expenses and capital expenditure requirements at least into 2025. This expectation includes funding directed toward reaching each of the key milestones for BEAM-101, BEAM-201, BEAM-301 and BEAM-302 described above, as well as continued investments in platform advancements and manufacturing capabilities.
About Beam Therapeutics
Beam Therapeutics (Nasdaq: BEAM) is a biotechnology company committed to establishing the leading, fully integrated platform for precision genetic medicines. To achieve this vision, Beam has assembled a platform that includes a suite of gene editing and delivery technologies and is in the process of building internal manufacturing capabilities. Beam’s suite of gene editing technologies is anchored by base editing, a proprietary technology that is designed to enable precise, predictable and efficient single base changes, at targeted genomic sequences, without making double-stranded breaks in the DNA. This has the potential to enable a wide range of 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.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned not to place undue reliance on these forward-looking statements, including, but not limited to, statements related to: the therapeutic applications and potential of our technology, including with respect to SCD, GSDIa, T-ALL/TLL, AATD and our conditioning regimens; our plans, and anticipated timing, to advance our programs, including our Key 2023-2024 Anticipated Milestones and Investments; our estimated cash, cash equivalents and marketable securities as of December 31, 2022 and our expectations related thereto; the sufficiency of our capital resources to fund operating expenses and capital expenditure requirements and the period in which such resources are expected to be available; and our ability to develop life-long, curative, precision genetic medicines for patients through base editing. Each forward-looking statement is subject to important risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statement, including, without limitation, risks and uncertainties related to: our ability to develop, obtain regulatory approval for, and commercialize our product candidates, which may take longer or cost more than planned; our ability to raise additional funding, which may not be available; our ability to obtain, maintain and enforce patent and other intellectual property protection for our product candidates; the potential impact of pandemics and other health emergencies, including their impact on the global supply chain; the uncertainty that our product candidates will receive regulatory approval necessary to initiate human clinical studies; that preclinical testing of our product candidates and preliminary or interim data from preclinical studies and clinical trials may not be predictive of the results or success of ongoing or later clinical trials; that enrollment and initiation of our clinical trials may take longer than expected; that our product candidates may experience manufacturing or supply interruptions or failures; risks related to competitive products; and the other risks and uncertainties identified under the headings “Risk Factors Summary” and “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2022, and in any subsequent filings with the Securities and Exchange Commission. These forward-looking statements 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.
This press release contains hyperlinks to information that is not deemed to be incorporated by reference in this press release.
Contacts:
Investors:
Chelcie Lister
THRUST Strategic Communications
chelcie@thrustsc.com
Media:
Dan Budwick
1AB
dan@1abmedia.com
Condensed Consolidated Balance Sheet Data (unaudited) |
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(in thousands) |
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December 31, |
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December 31, |
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Cash, cash equivalents, and marketable securities |
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$ |
1,078,134 |
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$ |
965,647 |
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Total assets |
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1,341,714 |
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1,474,453 |
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Total liabilities |
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608,240 |
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647,715 |
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Total stockholders’ equity |
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733,474 |
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826,738 |
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Condensed Consolidated Statement of Operations (unaudited) |
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(in thousands, except share and per share data) |
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Three Months Ended December 31, |
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Year Ended December 31, |
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2022 |
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2021 |
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2022 |
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2021 |
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License and collaboration revenue |
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$ |
20,037 |
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$ |
51,069 |
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$ |
60,920 |
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$ |
51,844 |
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Operating expenses: |
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Research and development |
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86,341 |
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96,781 |
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311,594 |
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387,087 |
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General and administrative |
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22,681 |
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17,772 |
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87,805 |
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57,222 |
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Total operating expenses |
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109,022 |
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114,553 |
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399,399 |
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444,309 |
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Loss from operations |
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(88,985 |
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(63,484 |
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(338,479 |
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(392,465 |
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Other income (expense): |
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Change in fair value of derivative liabilities |
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3,000 |
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7,400 |
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23,900 |
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(1,000 |
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Change in fair value of non-controlling equity investments |
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21,578 |
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(4,270 |
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20,200 |
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17,690 |
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Change in fair value of contingent consideration liabilities |
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19,447 |
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(4,407 |
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18,904 |
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5,146 |
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Interest and other income (expense), net |
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7,611 |
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54 |
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15,297 |
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(9 |
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Total other income (expense) |
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51,636 |
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(1,223 |
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78,301 |
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21,827 |
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Net loss before income taxes |
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(37,349 |
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(64,707 |
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(260,178 |
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(370,638 |
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Provision for income taxes |
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(1,000 |
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— |
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(3,410 |
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— |
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Loss from equity method investment |
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— |
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— |
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(25,500 |
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— |
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Net loss |
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$ |
(38,349 |
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$ |
(64,707 |
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$ |
(289,088 |
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$ |
(370,638 |
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Unrealized gain (loss) on marketable securities |
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2,244 |
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(12 |
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(2,380 |
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(41 |
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Comprehensive loss |
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$ |
(36,105 |
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$ |
(64,719 |
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$ |
(291,468 |
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$ |
(370,679 |
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Net loss per common share attributable to common stockholders, basic and diluted |
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$ |
(0.54 |
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$ |
(0.95 |
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$ |
(4.13 |
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$ |
(5.77 |
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Weighted-average common shares outstanding, basic and diluted |
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70,777,542 |
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67,988,717 |
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70,015,305 |
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64,227,676 |
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