0000950170-24-091242 | 10-Q | XBRL Viewer

Insider Trading Arrangements

3 Months Ended

Jun. 30, 2024

Director and Officer Trading Arrangements

The following table describes for the quarterly period covered by this report each trading arrangement for the sale or purchase of Company securities adopted or terminated by our directors and officers that is either (1) a contract, instruction or written plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c), or a “Rule 10b5-1 trading arrangement,” or (2) a “non-Rule 10b5-1 trading arrangement” (as defined in Item 408(c) of Regulation S-K):


Name(Title)	Action Taken (Date of Action)	Type of Trading Arrangement	Nature of Trading Arrangement	Duration of Trading Arrangement	Aggregate Number of Securities
John Evans (Chief Executive Officer)	Adoption (June 14, 2024)	Rule 10b5-1 trading arrangement	Sale	Until June 30, 2025, or such earlier date upon which all transactions are completed or expire without execution.	Up to 200,000 shares
Giuseppe Ciaramella (President)	Adoption (June 28, 2024)	Rule 10b5-1 trading arrangement	Sale	Until March 31, 2025, or such earlier date upon which all transactions are	Up to 102,220 shares


				completed or expire without execution.

Item 6. Exhibits.

       
      Incorporated by Reference

      Exhibit
Number

      Description of Exhibit

Form

      File
Number

      Date of
Filing

      Exhibit
Number

      Filed
Herewith

      3.1

      Fourth Amended Certificate of Incorporation of Beam Therapeutics Inc.

      8-K

      001-39208

      02/11/2020

      3.1

      3.2

      Second Amended and Restated Bylaws of Beam Therapeutics Inc.

      10-K

      001-39208

      02/28/2023

      3.2

      10.1

      Amended and Restated Beam Therapeutics Inc. Non-Employee Director Compensation Policy

      10-Q

      001-39208

      05/07/2024

      10.1

      10.2+

      Form of Addendum to Letter Agreement between Beam Therapeutics Inc. and each of its executive officers

      10-Q

      001-39208

      05/07/2024

      10.2

      10.3

      Amendment to License Agreement between The Broad Institute, Inc. and Beam Therapeutics Inc., dated May 31, 2024.

      X

       31.1

      Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

      X

       31.2

      Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.

      X

       32.1

      Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

      X

       32.2

      Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.

      X

      101.INS

      XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document

      X

      101.SCH

      Inline XBRL Taxonomy Extension Schema Document

      X

      101.CAL

      Inline XBRL Taxonomy Calculation Linkbase Document

      X

      101.DEF

      Inline XBRL Taxonomy Extension Definition Linkbase Document

      X

      101.LAB

      Inline XBRL Taxonomy Label Linkbase Document

      X

      101.PRE

      Inline XBRL Taxonomy Presentation Linkbase Document

      X

      104

      Cover Page Interactive Data File (embedded within the Inline XBRL document) 

      X

+ Indicates management contract or compensatory plan.

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 thereunto duly authorized.


	BEAM THERAPEUTICS INC.

Date: August 6, 2024	By:	/s/ John Evans
		John Evans
		Chief Executive Officer
		(Principal executive officer)


Date: August 6, 2024	By:	/s/ Terry-Ann Burrell
		Terry-Ann Burrell
		Chief Financial Officer and Treasurer
		(Principal financial and accounting officer)

John Evans

Trading Arrangements, by Individual

Name

John Evans

Title

Chief Executive Officer

Rule 10b5-1 Arrangement Adopted

true

June 14, 2024

June 30, 2025

382 days

200,000

Trading Arrangements, by Individual

Name

Giuseppe Ciaramella

Title

President

Rule 10b5-1 Arrangement Adopted

true

June 28, 2024

March 31, 2025

277 days

102,220

Common Stock	6 Months Ended
Jun. 30, 2024
Equity, Attributable to Parent [Abstract]
Common Stock	9. Common stock In April 2021, the Company entered into the Sales Agreement with Jefferies, pursuant to which the Company was entitled to offer and sell, from time to time at prevailing market prices, shares of the Company’s common stock having aggregate gross proceeds of up to $300.0 million. The Company agreed to pay Jefferies a commission of up to 3.0% of the aggregate gross sale proceeds of any shares sold by Jefferies under the Sales Agreement. Between April 2021 and July 2021, the Company sold 2,908,009 shares of its common stock under the Sales Agreement at an average price of $103.16 per share for aggregate gross proceeds of $300.0 million, before deducting commissions and offering expenses payable by the Company. In July 2021 and May 2023, the Company and Jefferies entered into amendments to the Sales Agreement to provide for increases in the aggregate offering amount under the Sales Agreement, such that as of May 10, 2023, the Company may offer and sell shares of common stock having an aggregate offering price of up to an additional $800.0 million. As of June 30, 2024, the Company has sold 10,860,992 additional shares of its common stock under the amended Sales Agreement at an average price of $51.93 per share for aggregate gross proceeds of $564.0 million, before deducting commissions and offering expenses payable by the Company.

Common Stock

6 Months Ended

Jun. 30, 2024

Equity, Attributable to Parent [Abstract]

Common Stock

9. Common stock

In April 2021, the Company entered into the Sales Agreement with Jefferies, pursuant to which the Company was entitled to offer and sell, from time to time at prevailing market prices, shares of the Company’s common stock having aggregate gross proceeds of up to $300.0 million. The Company agreed to pay Jefferies a commission of up to 3.0% of the aggregate gross sale proceeds of any shares sold by Jefferies under the Sales Agreement. Between April 2021 and July 2021, the Company sold 2,908,009 shares of its common stock under the Sales Agreement at an average price of $103.16 per share for aggregate gross proceeds of $300.0 million, before deducting commissions and offering expenses payable by the Company.

In July 2021 and May 2023, the Company and Jefferies entered into amendments to the Sales Agreement to provide for increases in the aggregate offering amount under the Sales Agreement, such that as of May 10, 2023, the Company may offer and sell shares of common stock having an aggregate offering price of up to an additional $800.0 million. As of June 30, 2024, the Company has sold 10,860,992 additional shares of its common stock under the amended Sales Agreement at an average price of $51.93 per share for aggregate gross proceeds of $564.0 million, before deducting commissions and offering expenses payable by the Company.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Stock Option and Grant Plan - Summary of Stock Option Activity Under Equity Award Plans (Details) - $ / shares	6 Months Ended
	Jun. 30, 2024
Number of options
Outstanding at December 31, 2023	8,276,033
Granted	2,260,584
Exercised	(184,634)
Forfeited	(213,581)
Outstanding at June 30, 2024	10,138,402
Exercisable as of June 30, 2024	5,768,050
Weighted average exercise price
Outstanding at December 31, 2023	$ 42.59
Granted	24.6
Exercised	10.37
Forfeited	50.64
Outstanding at June 30, 2024	38.99
Exercisable as of June 30, 2024	$ 38.87

Fair Value of Financial Instruments - Schedule of Change in Fair Value of Contingent Consideration Liabilities Based on Level 3 Inputs (Details) - Contingent Consideration Liabilities $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning Balance	$ 2,723
Change in fair value	(1,646)
Ending Balance	1,077
Technology Milestones
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning Balance	1,371
Change in fair value	(898)
Ending Balance	473
Product Milestones
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning Balance	1,352
Change in fair value	(748)
Ending Balance	$ 604

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 292,763	$ 435,895
Marketable securities	715,402	753,981
Prepaid expenses and other current assets	21,275	21,167
Total current assets	1,029,440	1,211,043
Property and equipment, net	117,470	124,960
Restricted cash	6,154	8,719
Operating lease right-of-use assets	106,879	112,846
Other assets	1,323	2,146
Total assets	1,261,266	1,459,714
Current liabilities:
Accounts payable	4,429	1,617
Accrued expenses and other current liabilities	67,138	111,664
Derivative liabilities	8,200	10,800
Current portion of deferred revenue	84,925	68,706
Current portion of lease liability	12,641	12,778
Total current liabilities	177,333	205,565
Long-term lease liability	152,596	159,911
Contingent consideration liabilities	1,077	2,723
Long-term portion of deferred revenue	75,487	109,888
Other liabilities	679	298
Total liabilities	407,172	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 June 30, 2024 and December 31, 2023, respectively
Common stock, $0.01 par value; 250,000,000 shares authorized, 82,386,210 and 81,632,496 issued and outstanding atJune 30, 2024 and December 31, 023, respectively	824	816
Additional paid-in capital	2,233,989	2,169,798
Accumulated other comprehensive (loss) income	(1,110)	604
Accumulated deficit	(1,379,609)	(1,189,889)
Total stockholders' equity	854,094	981,329
Total liabilities and stockholders' equity	$ 1,261,266	$ 1,459,714

Net Loss per Share - Summary of Computation of Basic and Diluted Net Loss per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Numerator:
Net loss	$ (91,051)	$ (82,776)	$ (189,720)	$ (179,236)
Denominator:
Weighted - average common shares outstanding, basic	82,312,467	76,335,175	82,005,550	74,315,721
Weighted - average common shares outstanding, diluted	82,312,467	76,335,175	82,005,550	74,315,721
Net loss per common share, basic	$ (1.11)	$ (1.08)	$ (2.31)	$ (2.41)
Net loss per common share, diluted	$ (1.11)	$ (1.08)	$ (2.31)	$ (2.41)

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

+ References

+ Details

- Definition

The amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

+ Details

Net Loss per Share

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Net Loss per Share

11. Net loss per share

For periods in which the Company reports a net loss, potentially dilutive securities have been excluded from the computation of diluted net loss per share as their effects would be anti-dilutive. Therefore, the weighted average number of common shares outstanding used to calculate both basic and diluted net loss per share is the same. The Company excluded the following potential common shares, presented based on amounts outstanding at period end, from the computation of diluted net loss per share because including them would have had an anti-dilutive effect:


	As of June 30,
	2024		2023
Unvested restricted stock		3,358,342		2,193,178
Outstanding options to purchase common stock		10,138,402		8,832,976
ESPP		50,722		64,080
Total		13,547,466		11,090,234

The following table summarizes the computation of basic and diluted net loss per share of the Company (in thousands, except share and per share amounts):


	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Numerator:
Net loss	$	(91,051	)	$	(82,776	)	$	(189,720	)	$	(179,236	)
Denominator:
Weighted average common shares outstanding, basic and diluted		82,312,467			76,335,175			82,005,550			74,315,721
Net loss per common share, basic and diluted	$	(1.11	)	$	(1.08	)	$	(2.31	)	$	(2.41	)

Nature of the Business and Basis of Presentation

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Nature of the Business and Basis of Presentation

1. Nature of the business and basis of presentation

Organization

Beam Therapeutics Inc., which we refer to herein as the “Company” or “Beam,” is a biotechnology company committed to establishing the leading, fully integrated platform for precision genetic medicines. Beam’s vision is to provide life-long cures to patients suffering from genetic diseases. The Company was incorporated on January 25, 2017 as a Delaware corporation and began operations in July 2017. Its principal offices are in Cambridge, Massachusetts.

Liquidity and capital resources

Since its inception, the Company has devoted substantially all of its resources to building its base editing platform and advancing development of its portfolio of programs, establishing and protecting its intellectual property, conducting research and development activities, making arrangements to conduct manufacturing activities with contract manufacturing organizations, organizing and staffing the Company, establishing and maintaining internal manufacturing capabilities, conducting clinical trials, maintaining its facilities and new facility build-outs, business planning, raising capital and providing general and administrative support for these operations. The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry including, but not limited to, technical risks associated with the successful research, development and manufacturing of product candidates, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations and the ability to secure additional capital to fund operations. Current and future programs will require significant research and development efforts, including extensive preclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure. Even if the Company’s product development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales.

In April 2021, the Company entered into an at the market, or ATM, sales agreement, or the Sales Agreement, with Jefferies LLC, or Jefferies, pursuant to which the Company was entitled to offer and sell, from time to time at prevailing market prices, shares of the Company’s common stock having aggregate gross proceeds of up to $300.0 million. The Company agreed to pay Jefferies a commission of up to 3.0% of the aggregate gross sale proceeds of any shares sold by Jefferies under the Sales Agreement. Between April 2021 and July 2021, the Company sold 2,908,009 shares of its common stock under the Sales Agreement at an average price of $103.16 per share for aggregate gross proceeds of $300.0 million, before deducting commissions and offering expenses payable by the Company.

Since its inception, the Company has incurred substantial losses and had an accumulated deficit of $1.4 billion as of June 30, 2024. The Company expects to generate operating losses and negative operating cash flows for the foreseeable future.

The Company expects that its cash, cash equivalents, and marketable securities as of June 30, 2024 of $1.0 billion will be sufficient to fund its operations for at least the next 12 months from the date of issuance of these financial statements. The Company will need additional financing to support its continuing operations and pursue its growth strategy. Until such time as the Company can generate significant revenue from product sales, if ever, it expects to finance its operations through a combination of equity offerings, debt financings, collaborations, strategic alliances and licensing arrangements. The Company may be unable to raise additional funds or enter into such other agreements when needed on favorable terms or at all. The inability to raise capital as and when needed would have a negative impact on the Company’s financial condition and its ability to pursue its business strategy. The Company will need to generate significant revenue to achieve profitability, and it may never do so.

Related Party Transactions

6 Months Ended

Jun. 30, 2024

Related Party Transactions

13. Related party transactions

Orbital

The Company has significant influence over, but does not control, Orbital through its noncontrolling representation on Orbital's board of directors and the Company’s equity interest in Orbital. The Company and Orbital are also parties to a collaboration and license agreement and have multiple common board members.

Founders

The Company made payments of $0.2 million to its three founder shareholders for scientific consulting and other expenses for each of the six months ended June 30, 2024 and 2023.

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477968/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479134/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
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-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483326/850-10-50-1

+ Details

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Operating activities
Net loss	$ (189,720)	$ (179,236)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:
Depreciation and amortization	11,007	9,463
Amortization of investment discount (premiums)	(12,502)	(14,505)
Stock-based compensation expense	60,885	50,195
Change in operating lease right-of-use assets	4,755	4,829
Change in fair value of derivative liabilities	(2,600)	(4,700)
Change in fair value of contingent consideration liabilities	(1,646)	(1,875)
Change in fair value of non-controlling equity investments	10,939	6,649
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	714	(6,476)
Accounts payable	3,057	(2,765)
Accrued expenses and other liabilities	(43,761)	(10,154)
Operating lease liabilities	(6,241)	(4,054)
Deferred revenue	(18,182)	(42,824)
Other long-term liabilities	539	969
Net cash provided by (used in) operating activities	(182,756)	(194,484)
Investing activities
Purchases of property and equipment	(4,399)	(22,195)
Purchases of marketable securities	(329,714)	(657,359)
Maturities of marketable securities	368,142	663,525
Net cash provided by (used in) investing activities	34,029	(16,029)
Financing activities
Proceeds from issuance of common shares, net of commissions		201,623
Proceeds from issuances of stock under ESPP	1,398	1,708
Payment of equity offering costs		(247)
Repayment of equipment financings	(284)	(1,220)
Proceeds from exercise of stock options	1,916	4,094
Net cash provided by (used in) financing activities	3,030	205,958
Net change in cash, cash equivalents and restricted cash	(145,697)	(4,555)
Cash, cash equivalents and restricted cash—beginning of period	444,614	245,521
Cash, cash equivalents and restricted cash—end of period	298,917	240,966
Supplemental disclosure of cash flow information:
Cash paid for interest	22	112
Supplemental disclosure of non-cash investing and financing activities:
Property and equipment additions in accounts payable and accrued expenses	521	5,634
Operating lease liabilities arising from obtaining right-of-use assets	$ (1,273)	392
Equity issuance costs in accounts payable and accrued expenses		$ 384

Collaboration and License Agreements - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	1 Months Ended						3 Months Ended		6 Months Ended		12 Months Ended
	Nov. 30, 2023	Oct. 31, 2023	Sep. 30, 2022	Dec. 31, 2021	Jun. 30, 2021	Apr. 30, 2019	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Dec. 31, 2023
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Current portion of deferred revenue							$ 84,925		$ 84,925		$ 68,706
Long-term portion of deferred revenue							$ 75,487		$ 75,487		$ 109,888
Common stock, shares issued							82,386,210		82,386,210		81,632,496
Common stock, par or stated value per share							$ 0.01		$ 0.01		$ 0.01
Lilly Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Sale and issuance of common stock		2,004,811
Aggregated purchase price		$ 50,000
Stock purchase agreement amount received		$ 50,000
Agreement description		In October 2023, the Company entered into a Transfer and Delegation Agreement, or the Lilly Agreement, with Eli Lilly and Company, or Lilly, pursuant to which Lilly acquired certain assets and other rights under the Company’s amended collaboration and license agreement with Verve, or the Verve Agreement, including the Company’s opt-in rights to co-develop and co-commercialize Verve’s base editing programs for cardiovascular disease (see discussion below related to the Verve Agreement). The Company granted Lilly an exclusive sublicense to the Verve technology originally licensed to the Company under the Verve Agreement. Lilly also acquired from the Company the right to receive any future milestone or royalty payments payable by Verve under the Verve Agreement and the rights and obligations to designate representatives and participate on the joint steering committee with Verve. The Company received a $200.0 million nonrefundable upfront payment and is eligible to receive up to $350.0 million in potential future development-stage payments upon the completion of certain clinical, regulatory and alliance events.
Collaboration agreement aggregate transaction price		$ 216,400
Collaboration agreement upfront payment received	$ 200,000
Collaboration agreement performance obligation revenue recognized									$ 0		$ 216,400
Collaboration agreement term of contract		6 years
Deferred revenue liability							$ 0		0
Lilly Agreement \| Common Stock
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Fair value of common stock sold		$ 16,400
Collaboration license agreement fair value of shares issued		33,600
Lilly Agreement \| Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Additional proceeds from potential future development-stage payments		$ 350,000
Pfizer
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Agreement description				In December 2021, the Company entered into a research collaboration agreement, or the Pfizer Agreement, with Pfizer Inc., or Pfizer, focused on the use of certain of the Company’s base editing technology to develop in vivo therapies for rare genetic diseases of the liver, muscle, and central nervous system. Under the terms of the Pfizer Agreement, the Company will conduct all research activities through development candidate selection for three base editing programs that target specific genes corresponding to specific diseases that are the subject of such programs. Pfizer will have exclusive rights to license each of the three programs at no additional cost, each an Opt-In Right, and will assume responsibility for subsequent development and commercialization. At the end of the Phase 1/2 clinical trials, the Company may elect to enter into a global co-development and co-commercialization agreement with Pfizer with respect to one program licensed under the collaboration for an option exercise fee equal to a percentage of the applicable development costs incurred by Pfizer, or the Participation Election. In the event the Company elects to exercise its Participation Election, upon the payment of its option exercise fee, Pfizer and the Company would share net profits as well as development and commercialization costs in a 65%/35% (Pfizer/Company) split for such program. The research collaboration is managed on an overall basis by a Joint Research Committee, or JRC, formed by an equal number of representatives from the Company and Pfizer.
Collaboration arrangement, initial term				4 years
Collaboration arrangement extension term description				extended for an additional year on a program-by-program basis.
Potential total consideration				$ 1,350,000
Collaboration agreement aggregate transaction price				300,000
Nonrefundable upfront payment receivable				$ 300,000
Collaboration agreement performance obligation revenue recognized							6,300	$ 10,100	5,700	$ 26,300
Earn-out payment period				10 years
Current portion of deferred revenue							57,500		57,500
Long-term portion of deferred revenue							54,300		54,300
Pfizer \| Assigned to Company \| Upon Participation Election
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Net profits as well as development and commercialization costs percentage				35.00%
Pfizer \| Assigned to Pfizer \| Upon Participation Election
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Net profits as well as development and commercialization costs percentage				65.00%
Pfizer \| Maximum \| Per Program
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Development regulatory and commercial milestones receivable				$ 350,000
Apellis Pharmaceuticals, Inc
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Agreement description					In June 2021, the Company entered into a research collaboration agreement, or the Apellis Agreement, with Apellis Pharmaceuticals, Inc., or Apellis, focused on the use of certain of the Company’s base editing technology to discover new treatments for complement system-driven diseases. Under the terms of the Apellis Agreement, the Company will conduct preclinical research on six base editing programs that target specific genes within the complement system in various organs, including the eye, liver, and brain. Apellis has an exclusive option to license any or all of the six programs, or in each case, an Opt-In Right, and will assume responsibility for subsequent development. The Company may elect to enter into a 50-50 U.S. co-development and co-commercialization agreement with Apellis with respect to one program instead of a license. The collaboration is managed on an overall basis by an alliance steering committee formed by an equal number of representatives from the Company and Apellis.
Collaboration arrangement, initial term					5 years
Collaboration agreement aggregate transaction price					$ 75,000
Collaboration agreement performance obligation revenue recognized							2,900	6,900	8,200	12,200
Upfront fee receivable upon signing contract					50,000
Collaboration agreement first anniversary amount receivable					$ 25,000
Current portion of deferred revenue							18,900		18,900
Long-term portion of deferred revenue							19,100		19,100
Apellis Pharmaceuticals, Inc \| Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Collaboration arrangement extension term					2 years
Verve
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Agreement description						In April 2019, the Company entered into the Verve Agreement to investigate gene editing strategies to modify genes associated with an increased risk of coronary diseases and in July 2022, the Company and Verve amended the Verve Agreement. Under the terms of the Verve Agreement, as amended, the Company granted Verve an exclusive license to certain base editor technology and improvements and Verve granted the Company a non-exclusive license under certain know-how and patents controlled by Verve, an interest in joint collaboration technology and a non-exclusive license under certain delivery technology.
Deferred revenue liability							0		0
Verve \| US \| Two Target
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Profit on future development and commercialization percentage						50.00%
Verve \| Non-US \| One Target
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Profit on future development and commercialization percentage						35.00%
Orbital
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Common stock shares received at closing			75,000,000
Agreement description			. Under the terms of the Orbital Agreement, the Company will collaborate with Orbital to advance nonviral delivery and ribonucleic acid, or RNA, technology by providing Orbital with certain proprietary materials, a non-exclusive research license to certain RNA technology and nonviral delivery technology controlled by the Company, and by performing research and development support services as outlined in a research plan. The Company also granted Orbital an exploitation license to certain RNA technology and nonviral delivery technology controlled by the Company. The exploitation license is exclusive in the fields of vaccines and certain protein therapeutics and nonexclusive in all other fields other than gene editing and conditioning. The collaboration is managed on an overall basis by a Joint Steering Committee, or JSC, comprised of an equal number of representatives from the Company and Orbital.
Collaboration agreement performance obligation revenue period for recognition			3 years
Collaboration agreement aggregate transaction price			$ 25,500
Collaboration agreement performance obligation revenue recognized							2,100	$ 2,100	4,200	$ 4,200
Current portion of deferred revenue							8,500		8,500
Long-term portion of deferred revenue							$ 2,100		$ 2,100
Orbital \| Exploitation Licenses
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Collaboration arrangement, initial term			3 years
Collaboration arrangement extension term description			which may be extended for up to two successive one-year periods
Orbital \| Research Plan
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Collaboration arrangement, initial term			3 years

Property and Equipment, Net

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

3. Property and equipment, net

Property and equipment consist of the following (in thousands):


	June 30, 2024			December 31, 2023
Leasehold improvements	$	100,727		$	100,186
Lab equipment		67,913			61,674
Furniture and fixtures		4,836			4,836
Computer equipment		3,163			3,163
Construction in process		2,020			5,283
Total property and equipment		178,659			175,142
Less accumulated depreciation		(61,189	)		(50,182	)
Property and equipment, net	$	117,470		$	124,960

The following table summarizes depreciation expense incurred (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Depreciation expense	$	5,576	$	4,816	$	11,007	$	9,463

Net Loss per Share - Schedule of Potential Common Shares Excluded from Computation of Diluted Net Loss per Share (Details) - shares	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of diluted net loss per share	13,547,466	11,090,234
ESPP
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of diluted net loss per share	50,722	64,080
Unvested Restricted Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of diluted net loss per share	3,358,342	2,193,178
Outstanding Options to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive shares excluded from computation of diluted net loss per share	10,138,402	8,832,976

License Agreements - Harvard License Agreement - Success Payment Liability (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Harvard
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Success payment liability	$ 3,900	$ 5,200

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Operating Loss Carryforwards [Line Items]
Provision (Benefit) for income tax	$ 39,000	$ 0	$ 39,000	$ 0
Maximum
Operating Loss Carryforwards [Line Items]
Provision (Benefit) for income tax	$ 100,000		$ 100,000

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 4: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-9

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.7)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-8

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-10

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(9))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Subparagraph (a)
-SubTopic 20
-Topic 740
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482659/740-20-45-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h))
-SubTopic 10
-Topic 235
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1

+ Details

Marketable Securities

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Marketable Securities

5. Marketable securities

The following table summarizes the Company’s marketable securities held at June 30, 2024 (in thousands):


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Commercial paper	$	275,217	$	15	$	(317	)	$	274,915
Corporate notes		60,363		—		(162	)		60,201
U.S. Treasury securities		253,835		11		(549	)		253,297
U.S. Government securities		116,161		34		(142	)		116,053
Corporate equity securities		10,936		—		—			10,936
Total	$	716,512	$	60	$	(1,170	)	$	715,402

The following table summarizes the Company’s marketable securities held at December 31, 2023 (in thousands):


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Commercial paper	$	285,054	$	250	$	(15	)	$	285,289
Corporate notes		23,462		63		—			23,525
U.S. Treasury securities		151,805		436		(94	)		152,147
U.S. Government securities		271,181		328		(364	)		271,145
Corporate equity securities		21,875		—		—			21,875
Total	$	753,377	$	1,077	$	(473	)	$	753,981

The amortized cost of marketable securities is adjusted for amortization of premiums and accretion of discounts to maturity. At June 30, 2024, the balance in accumulated other comprehensive (loss) income was related to marketable securities. There were no realized gains or losses recognized on the sale or maturity of marketable securities for the six months ended June 30, 2024 and 2023 and, as a result, the Company did not reclassify any amounts out of accumulated other comprehensive (loss) income for the same periods.

The Company holds debt securities of companies with high credit quality and has determined that there was no material change in the credit risk of any of its debt securities.

Document and Entity Information - shares	6 Months Ended
Document and Entity Information - shares	Jun. 30, 2024	Jul. 31, 2024
Cover [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Trading Symbol	BEAM
Entity Registrant Name	Beam Therapeutics Inc.
Entity Central Index Key	0001745999
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Emerging Growth Company	false
Entity Small Business	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Title of 12(b) Security	Common Stock, par value $0.01 per share
Security Exchange Name	NASDAQ
Entity File Number	001-39208
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-5238376
Entity Address, Address Line One	238 Main Street
Entity Address, City or Town	Cambridge
Entity Address, State or Province	MA
Entity Address, Postal Zip Code	02142
City Area Code	857
Local Phone Number	327-8775
Document Quarterly Report	true
Document Transition Report	false
Entity Common Stock, Shares Outstanding		82,415,619

Accrued Expenses and Other Current Liabilities - Additional Information (Details) - USD ($) $ in Millions	Jul. 19, 2024	Jun. 30, 2024
Loss Contingencies [Line Items]
Liability accrued for loss based on settlement offer		$ 20.2
Subsequent Event
Loss Contingencies [Line Items]
Settlement agreement upfront payment	$ 15.0

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

License Agreements - Broad License Agreement - Success Payment Liability (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Broad Institute
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Success payment liability	$ 4,300	$ 5,600

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) - USD ($) $ in Thousands	Total	ATM Offering	Common Stock	Common Stock ATM Offering	Additional Paid-in Capital	Additional Paid-in Capital ATM Offering	Accumulated Other Comprehensive Income (Loss)	Accumulated Deficit
Beginning Balance at Dec. 31, 2022	$ 733,474		$ 712		$ 1,792,554		$ (2,430)	$ (1,057,362)
Beginning Balance, Shares at Dec. 31, 2022			71,277,339
Purchase of common stock under ESPP	1,708		$ 1		1,707
Purchase of common stock under ESPP, Shares			65,620
Issuance of common stock from At-the-Market offering, net of issuance costs		$ 93,810		$ 24		$ 93,786
Issuance of common stock from At-the-Market offering, net of issuance costs, Shares				2,431,770
Vesting of restricted common stock			$ 3		(3)
Vesting of restricted common stock, Shares			284,858
Stock-based compensation	23,917				23,917
Exercise of common stock options	3,392		$ 4		3,388
Exercise of common stock options, Shares			375,805
Other comprehensive income (loss)	1,665						1,665
Net loss	(96,460)							(96,460)
Ending Balance at Mar. 31, 2023	761,506		$ 744		1,915,349		(765)	(1,153,822)
Ending Balance, Shares at Mar. 31, 2023			74,435,392
Beginning Balance at Dec. 31, 2022	733,474		$ 712		1,792,554		(2,430)	(1,057,362)
Beginning Balance, Shares at Dec. 31, 2022			71,277,339
Net loss	(179,236)
Ending Balance at Jun. 30, 2023	811,643		$ 780		2,049,476		(2,015)	(1,236,598)
Ending Balance, Shares at Jun. 30, 2023			77,953,502
Beginning Balance at Mar. 31, 2023	761,506		$ 744		1,915,349		(765)	(1,153,822)
Beginning Balance, Shares at Mar. 31, 2023			74,435,392
Issuance of common stock from At-the-Market offering, net of issuance costs		$ 107,183		$ 34		$ 107,149
Issuance of common stock from At-the-Market offering, net of issuance costs, Shares				3,387,358
Vesting of restricted common stock			$ 1		(1)
Vesting of restricted common stock, Shares			63,154
Stock-based compensation	26,278				26,278
Exercise of common stock options	702		$ 1		701
Exercise of common stock options, Shares			67,598
Other comprehensive income (loss)	(1,250)						(1,250)
Net loss	(82,776)							(82,776)
Ending Balance at Jun. 30, 2023	811,643		$ 780		2,049,476		(2,015)	(1,236,598)
Ending Balance, Shares at Jun. 30, 2023			77,953,502
Beginning Balance at Dec. 31, 2023	981,329		$ 816		2,169,798		604	(1,189,889)
Beginning Balance, Shares at Dec. 31, 2023			81,632,496
Purchase of common stock under ESPP	1,398		$ 1		1,397
Purchase of common stock under ESPP, Shares			76,461
Vesting of restricted common stock			$ 4		(4)
Vesting of restricted common stock, Shares			420,579
Stock-based compensation	29,281				29,281
Exercise of common stock options	1,676		$ 2		1,674
Exercise of common stock options, Shares			151,291
Other comprehensive income (loss)	(1,525)						(1,525)
Net loss	(98,669)							(98,669)
Ending Balance at Mar. 31, 2024	913,490		$ 823		2,202,146		(921)	(1,288,558)
Ending Balance, Shares at Mar. 31, 2024			82,280,827
Beginning Balance at Dec. 31, 2023	$ 981,329		$ 816		2,169,798		604	(1,189,889)
Beginning Balance, Shares at Dec. 31, 2023			81,632,496
Exercise of common stock options, Shares	184,634
Net loss	$ (189,720)
Ending Balance at Jun. 30, 2024	854,094		$ 824		2,233,989		(1,110)	(1,379,609)
Ending Balance, Shares at Jun. 30, 2024			82,386,210
Beginning Balance at Mar. 31, 2024	913,490		$ 823		2,202,146		(921)	(1,288,558)
Beginning Balance, Shares at Mar. 31, 2024			82,280,827
Vesting of restricted common stock			$ 1		(1)
Vesting of restricted common stock, Shares			72,040
Stock-based compensation	31,604				31,604
Exercise of common stock options	240				240
Exercise of common stock options, Shares			33,343
Other comprehensive income (loss)	(189)						(189)
Net loss	(91,051)							(91,051)
Ending Balance at Jun. 30, 2024	$ 854,094		$ 824		$ 2,233,989		$ (1,110)	$ (1,379,609)
Ending Balance, Shares at Jun. 30, 2024			82,386,210

Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Schedule of Fair Value of Financial Assets and Liabilities

The following tables set forth the fair value of the Company’s financial assets and liabilities by level within the fair value hierarchy at June 30, 2024 (in thousands):


	Carrying amount		Fair value		Level 1		Level 2		Level 3
Assets
Cash equivalents:
Money market funds	$	262,674		262,674	$	262,674	$	—	$	—
Commercial paper		29,907		29,907		—		29,907		—
Marketable securities:
Commercial paper		274,915		274,915		—		274,915		—
Corporate notes		60,201		60,201		—		60,201
U.S. Treasury securities		253,297		253,297		—		253,297		—
U.S. Government securities		116,053		116,053		—		116,053		—
Corporate equity securities		10,936		10,936		10,936		—		—
Total assets	$	1,007,983	$	1,007,983	$	273,610	$	734,373	$	—

Liabilities
Success payment liability – Harvard	$	3,900	$	3,900	$	—	$	—	$	3,900
Success payment liability – Broad Institute		4,300		4,300		—		—		4,300
Contingent consideration liability – Technology		473		473		—		—		473
Contingent consideration liability – Product		604		604		—		—		604
Total liabilities	$	9,277	$	9,277	$	—	$	—	$	9,277

The following tables set forth the fair value of the Company’s financial assets and liabilities by level within the fair value hierarchy at December 31, 2023 (in thousands):


	Carrying amount		Fair value		Level 1		Level 2		Level 3
Assets
Cash equivalents:
Money market funds	$	435,689		435,689	$	435,689	$	—	$	—
Marketable securities:
Commercial paper		285,289		285,289		—		285,289		—
Corporate notes		23,525		23,525		—		23,525		—
U.S. Treasury securities		152,147		152,147		—		152,147		—
U.S. Government securities		271,145		271,145		—		271,145		—
Corporate equity securities		21,875		21,875		21,875		—		—
Total assets	$	1,189,670	$	1,189,670	$	457,564	$	732,106	$	—

Liabilities
Success payment liability – Harvard	$	5,200	$	5,200	$	—	$	—	$	5,200
Success payment liability – Broad Institute		5,600		5,600		—		—		5,600
Contingent consideration liability – Technology		1,371		1,371		—		—		1,371
Contingent consideration liability – Product		1,352		1,352		—		—		1,352
Total liabilities	$	13,523	$	13,523	$	—	$	—	$	13,523

Summary Of Other Income (Expense) Recorded Due To Changes In Fair Value Of Corporate Equity Securities Held

The following table summarizes other income (expense) recorded due to changes in the fair value of corporate equity securities held (in thousands):


	Three Months Ended June 30,					Six Months Ended June 30,
	2024			2023		2024			2023
Other income (expense)	$	(7,586	)	$	6,148	$	(10,939	)	$	(6,649	)

Success Payment Liabilities

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Schedule of Variables Included in Calculation of Estimated Fair Value

The following variables were incorporated in the calculation of the estimated fair value of the Harvard and Broad Institute success payment liabilities:


	Harvard						Broad Institute
	June 30, 2024			December 31, 2023			June 30, 2024			December 31, 2023
Fair value of common stock (per share)	$	23.43		$	27.22		$	23.43		$	27.22
Expected volatility		81	%		80	%		80	%		79	%
Expected term (years)	0.05-4.99			0.06-5.49			0.05-5.86			0.06-6.36

Schedule of change in Fair Value of Liabilities based on Level 3 inputs

The following table reconciles the change in the fair value of success payment liabilities based on Level 3 inputs (in thousands):


	Six Months Ended June 30, 2024
	Harvard			Broad Institute			Total
Balance at December 31, 2023	$	5,200		$	5,600		$	10,800
Change in fair value		(1,300	)		(1,300	)		(2,600	)
Balance at June 30, 2024	$	3,900		$	4,300		$	8,200

Contingent Consideration Liabilities

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Schedule of Variables Included in Calculation of Estimated Fair Value

The following variables were incorporated in the calculation of the estimated fair value of the contingent consideration liabilities:


	Technology Milestones						Product Milestones
	June 30, 2024			December 31, 2023			June 30, 2024			December 31, 2023
Discount Rate		10.00	%		10.00	%		10.00	%		10.00	%
Probability of Achievement		2	%	2-5%			1-2%			1-2%
Projected Year of Achievement	2026			2025			2028-2034			2025-2031

Schedule of change in Fair Value of Liabilities based on Level 3 inputs

The following table reconciles the change in fair value of the contingent consideration liabilities based on level 3 inputs (in thousands):


	Six Months Ended June 30, 2024
	Technology Milestones			Product Milestones			Total
Balance at December 31, 2023	$	1,371		$	1,352		$	2,723
Change in fair value		(898	)		(748	)		(1,646	)
Balance at June 30, 2024	$	473		$	604		$	1,077

Stock Option and Grant Plan

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Stock Option and Grant Plan

10. Stock option and grant plan

2019 equity incentive plan

As of June 30, 2024, the Company had 14,964,420 shares reserved including 1,467,676 shares available for future issuance, pursuant to the Beam Therapeutics Inc. 2019 Equity Incentive Plan.

Stock-based compensation expense recorded as research and development and general and administrative expenses in the condensed consolidated statements of operations and other comprehensive loss is as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Research and development	$	18,803	$	15,521	$	36,448	$	29,743
General and administrative		12,801		10,757		24,437		20,452
Total stock-based compensation expense	$	31,604	$	26,278	$	60,885	$	50,195

Stock options

The following table provides a summary of stock option activity under the Company’s equity award plans:


	Number of options			Weighted average exercise price
Outstanding at December 31, 2023		8,276,033		$	42.59
Granted		2,260,584			24.60
Exercised		(184,634	)		10.37
Forfeited		(213,581	)		50.64
Outstanding at June 30, 2024		10,138,402			38.99
Exercisable as of June 30, 2024		5,768,050		$	38.87

The weighted-average grant date fair value per share of stock options granted in the six months ended June 30, 2024 was $16.94. As of June 30, 2024, there was $115.8 million of unrecognized compensation expense related to unvested stock options, which is expected to be recognized over a weighted-average remaining vesting period of approximately 2.6 years.

Restricted stock

The Company issues shares of restricted common stock, including both restricted stock units and restricted stock awards. Restricted common stock issued generally vests over a period of two to four years.

The following table summarizes the Company’s restricted stock activity:


	Shares			Weighted- average grant date fair value
Unvested as of December 31, 2023		2,927,152		$	40.89
Issued		1,044,450			32.21
Vested		(492,619	)		52.51
Forfeited		(120,641	)		38.81
Unvested as of June 30, 2024		3,358,342		$	36.56

At June 30, 2024, there was approximately $99.4 million of unrecognized stock-based compensation expense related to restricted stock that is expected to vest. These costs are expected to be recognized over a weighted-average remaining vesting period of approximately 2.3 years.

2019 employee stock purchase plan

The Company issued 76,461 and 65,620 shares under the Beam Therapeutics Inc. 2019 Employee Stock Purchase Plan, or ESPP, during the six months ended June 30, 2024 and 2023, respectively. As of June 30, 2024, the Company had 2,987,432 shares available for issuance under the ESPP.

Stock-based compensation recognized under the ESPP for the three and six months ended June 30, 2024 was $0.3 million and $0.6 million, respectively. The Company recognized stock-based compensation under the ESPP of $0.3 million and $0.8 million for the three and six months ended June 30, 2023, respectively.

Stock Option and Grant Plan (Tables)

6 Months Ended

Jun. 30, 2024

Share-Based Payment Arrangement [Abstract]

Summary of Stock-based Compensation Expense


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Research and development	$	18,803	$	15,521	$	36,448	$	29,743
General and administrative		12,801		10,757		24,437		20,452
Total stock-based compensation expense	$	31,604	$	26,278	$	60,885	$	50,195

Summary of Stock Option Activity Under Equity Award Plans

The following table provides a summary of stock option activity under the Company’s equity award plans:


	Number of options			Weighted average exercise price
Outstanding at December 31, 2023		8,276,033		$	42.59
Granted		2,260,584			24.60
Exercised		(184,634	)		10.37
Forfeited		(213,581	)		50.64
Outstanding at June 30, 2024		10,138,402			38.99
Exercisable as of June 30, 2024		5,768,050		$	38.87

Summary of Restricted Stock Activity

The following table summarizes the Company’s restricted stock activity:


	Shares			Weighted- average grant date fair value
Unvested as of December 31, 2023		2,927,152		$	40.89
Issued		1,044,450			32.21
Vested		(492,619	)		52.51
Forfeited		(120,641	)		38.81
Unvested as of June 30, 2024		3,358,342		$	36.56

Marketable Securities (Tables)

6 Months Ended

Jun. 30, 2024

Investments, Debt and Equity Securities [Abstract]

Summary of Marketable Securities Held

The following table summarizes the Company’s marketable securities held at June 30, 2024 (in thousands):


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Commercial paper	$	275,217	$	15	$	(317	)	$	274,915
Corporate notes		60,363		—		(162	)		60,201
U.S. Treasury securities		253,835		11		(549	)		253,297
U.S. Government securities		116,161		34		(142	)		116,053
Corporate equity securities		10,936		—		—			10,936
Total	$	716,512	$	60	$	(1,170	)	$	715,402

The following table summarizes the Company’s marketable securities held at December 31, 2023 (in thousands):


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
Commercial paper	$	285,054	$	250	$	(15	)	$	285,289
Corporate notes		23,462		63		—			23,525
U.S. Treasury securities		151,805		436		(94	)		152,147
U.S. Government securities		271,181		328		(364	)		271,145
Corporate equity securities		21,875		—		—			21,875
Total	$	753,377	$	1,077	$	(473	)	$	753,981

Fair Value of Financial Instruments - Additional Information (Details) - USD ($) $ in Millions	Jun. 30, 2024	Feb. 23, 2021
Verve Therapeutics, Inc.
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity securities	$ 2.7
Verve Therapeutics, Inc. \| Common Stock
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity shares held	546,970
Prime Medicine Inc
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity securities	$ 8.3
Prime Medicine Inc \| Common Stock
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Equity shares held	1,608,337
Technology Milestones \| Guide Therapeutics, Inc. \| Maximum \| Merger Agreement \| Former Stockholders and Optionholders
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Potential milestone payable in form of common stock		$ 100.0
Product Milestones \| Guide Therapeutics, Inc. \| Maximum \| Merger Agreement \| Former Stockholders and Optionholders
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Potential milestone payable in form of common stock		$ 220.0

Fair Value of Financial Instruments - Schedule of Calculation of Estimated Fair Value of Success Payment Liabilities (Details) - Success Payment Liabilities	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Fair Value of Common Stock \| Harvard
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Success payment liability measurement input	23.43	27.22
Fair Value of Common Stock \| Broad Institute
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Success payment liability measurement input	23.43	27.22
Expected Volatility \| Harvard
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Success payment liability measurement input	0.81	0.80
Expected Volatility \| Broad Institute
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Success payment liability measurement input	0.80	0.79
Expected Term (years) \| Minimum \| Harvard
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Success payment liability, term	18 days	21 days
Expected Term (years) \| Minimum \| Broad Institute
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Success payment liability, term	18 days	21 days
Expected Term (years) \| Maximum \| Harvard
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Success payment liability, term	4 years 11 months 26 days	5 years 5 months 26 days
Expected Term (years) \| Maximum \| Broad Institute
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Success payment liability, term	5 years 10 months 9 days	6 years 4 months 9 days

Nature of the Business and Basis of Presentation - Additional Information (Details) - USD ($)	1 Months Ended	4 Months Ended	36 Months Ended
	Apr. 30, 2021	Jul. 31, 2021	Jun. 30, 2024	Dec. 31, 2023	May 10, 2023
Nature Of Business And Basis Of Presentation [Line Items]
Accumulated deficit			$ 1,379,609,000	$ 1,189,889,000
Cash, cash equivalents, and marketable securities			1,000,000,000
Jeffries LLC Amended Sales Agreement
Nature Of Business And Basis Of Presentation [Line Items]
Gross proceeds from issuance of common stock			$ 564,000,000
Jeffries LLC Amended Sales Agreement \| Common Stock
Nature Of Business And Basis Of Presentation [Line Items]
Stock sold during period shares, new issues			10,860,992
Price per share of shares issued			$ 51.93
Jeffries LLC Amended Sales Agreement \| Maximum \| ATM Offering
Nature Of Business And Basis Of Presentation [Line Items]
Aggregate gross proceeds of shares authorized under ATM sales agreement					$ 800,000,000
Jeffries LLC Sales Agreement
Nature Of Business And Basis Of Presentation [Line Items]
Stock sold during period shares, new issues		2,908,009
Gross proceeds from issuance of common stock		$ 300,000,000
Jeffries LLC Sales Agreement \| Common Stock
Nature Of Business And Basis Of Presentation [Line Items]
Price per share of shares issued		$ 103.16
Jeffries LLC Sales Agreement \| Maximum \| ATM Offering
Nature Of Business And Basis Of Presentation [Line Items]
Commission rate	3.00%
Aggregate gross proceeds of shares authorized under ATM sales agreement	$ 300,000,000

License Agreements

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

License Agreements

7. License agreements

The Company has various license agreements related to technology used in its research and development activities. The license agreements may include up-front payments, option fees, ongoing maintenance fees, sublicense fees, royalty-based payments, milestone payments, success-based payments, and other payments. Option fees, when applicable, are recognized when exercised, maintenance fees, sublicense fees, and other payments are recorded as incurred based on the estimated amounts due or that will ultimately be paid. Contingent payments that are not required to be accounted for as a derivative are recognized as incurred. As the success-based payments due under the Company’s license arrangements are derivatives, the change in the fair value of the success-based payments are recognized in a separate line item in the statement of operations and comprehensive loss, as discussed further below.

The value attributable to sublicenses and the related sublicense fees due under the Company’s license agreements may require estimates and other judgments related to contractual requirements, which creates uncertainty over the ultimate amount that would be paid under these arrangements. Contractual amounts due are accrued and if a contingency exists related to the interpretation of the amounts due under the license agreement, the Company recognizes a liability for the amount that is probable and estimable. When no amount within the range of potential payments is a better estimate than any other amount, however, the minimum amount in the range is accrued. If some amount within a range of loss appears to be a better estimate than any other amount within the range, that amount is accrued. The Company’s accrued liabilities for license fees includes estimates, including approximately $21.6 million of contingent obligations that may be due associated with payments received under the Lilly Agreement for which discussions are continuing related to the potential applicability to such payments of the terms of license agreements. As of June 30, 2024, management believes that it is remote that an adjustment to its estimated accrual would result in a material charge in excess of the amount accrued. The ultimate amount paid may differ materially from the estimated amounts.

Harvard license agreement

Under the Harvard License Agreement, Harvard is entitled to receive success payments, in cash or shares of Company stock, determined based upon the achievement of specified multiples of the initial weighted average value of the Company’s Series A Preferred at specified valuation dates. The success payments range from $5.0 million to a maximum of $105.0 million and have valuation multiples that range from 5 times to 40 times the initial weighted average value of the Series A Preferred. Subsequent to the Company’s February 2020 IPO, the amount of success payments is based on the market value of the Company's common stock.

The Company is required to make success payments to Harvard during a period of time, or the Harvard Success Payment Period, which has been determined to be the later of (1) the ninth anniversary of the Harvard License Agreement or (2) the earlier of (a) the twelfth anniversary of the Harvard License Agreement and (b) the third anniversary of the first date on which a licensed product receives regulatory approval in the United States. During the Harvard Success Payment Period, the Company will perform a calculation of any amounts owed to Harvard on each rolling 90-day period, commencing one year after the Company’s IPO.

In May 2021, the first success payment measurement occurred and amounts due to Harvard were calculated to be $15.0 million. The Company elected to make the payment in shares of the Company’s common stock and issued 174,825 shares of the Company’s common stock to settle this liability on June 10, 2021. The Company may owe Harvard success payments of up to an additional $90.0 million. As of June 30, 2024, no success payments were due to Harvard.

The following table summarizes the Company’s success payment liability for Harvard (in thousands):


	June 30, 2024		December 31, 2023
Harvard success payment liability	$	3,900	$	5,200

The following table summarizes the expense (income) resulting from the change in the fair value of the success payment liability for Harvard (in thousands):


	Three Months Ended June 30,					Six Months Ended June 30,
	2024			2023		2024			2023
Change in fair value of Harvard success payment liability	$	(2,800	)	$	500	$	(1,300	)	$	(2,300	)

Broad license agreement

Under the Broad License Agreement, Broad Institute is entitled to receive success payments, in cash or shares of Company common stock, determined based upon the achievement of specified multiples of the initial weighted average value of the Series A Preferred at specified valuation dates. The success payments range from $5.0 million to a maximum of $105.0 million and have valuation multiples that range from 5 times to 40 times the initial weighted average value of the Series A Preferred. Subsequent to the February 2020 IPO, the amount of success payments is based on the market value of the Company’s common stock.

The Company is required to make success payments to Broad Institute during a period of time, or the Broad Success Payment Period, which has been determined to be the earliest of (1) the twelfth anniversary of the Broad License Agreement or (2) the third anniversary of the first date on which a licensed product receives regulatory approval in the United States. During the Broad Success Payment Period, the Company will perform a calculation of any amounts owed to Broad Institute on each rolling 90-day period, commencing one year after the Company’s IPO.

In May 2021, the first success payment measurement occurred and amounts due to Broad Institute were calculated to be $15.0 million. The Company elected to make the payment in shares of the Company’s common stock and issued 174,825 shares of the Company’s common stock to settle this liability on June 10, 2021. The Company may owe Broad Institute success payments of up to an additional $90.0 million. As of June 30, 2024, no success payments were due to Broad Institute.

The following table summarizes the Company’s success payment liability for Broad Institute (in thousands):


	June 30, 2024		December 31, 2023
Broad Institute success payment liability	$	4,300	$	5,600

The following table summarizes the expense (income) resulting from the change in the fair value of the success payment liability for Broad Institute (in thousands):


	Three Months Ended June 30,					Six Months Ended June 30,
	2024			2023		2024			2023
Change in fair value of Broad Institute success payment liability	$	(2,700	)	$	400	$	(1,300	)	$	(2,400	)

Editas license agreement

In May 2018, the Company entered into a license agreement, or the Editas License Agreement, with Editas Medicine, Inc., or Editas. Pursuant to the Editas License Agreement, Editas granted to the Company licenses and options to acquire licenses to certain intellectual property rights owned or controlled by Editas, for specified uses.

The annual maintenance fees under the Editas License Agreement are recorded as research and development expense. Annual patent costs are expensed as incurred. In addition, the Company is required to make certain development, regulatory and commercial milestone payments to Editas upon the achievement of specified milestones.

Common Stock - Additional Information (Details) - USD ($)	1 Months Ended	4 Months Ended	36 Months Ended
	Apr. 30, 2021	Jul. 31, 2021	Jun. 30, 2024	May 10, 2023
Jeffries LLC Sales Agreement
Class Of Stock [Line Items]
Shares issued and sold		2,908,009
Gross proceeds from issuance of common stock		$ 300,000,000
Jeffries LLC Sales Agreement \| Common Stock
Class Of Stock [Line Items]
Price per share of shares issued		$ 103.16
Jeffries LLC Amended Sales Agreement
Class Of Stock [Line Items]
Gross proceeds from issuance of common stock			$ 564,000,000
Jeffries LLC Amended Sales Agreement \| Common Stock
Class Of Stock [Line Items]
Shares issued and sold			10,860,992
Price per share of shares issued			$ 51.93
At-The-Market \| Jeffries LLC Sales Agreement \| Maximum
Class Of Stock [Line Items]
Aggregate gross proceeds of shares authorized under ATM sales agreement	$ 300,000,000
Commission rate	3.00%
At-The-Market \| Jeffries LLC Amended Sales Agreement \| Maximum
Class Of Stock [Line Items]
Aggregate gross proceeds of shares authorized under ATM sales agreement				$ 800,000,000

Summary of Significant Accounting Policies (Policies)

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Basis of Presentation

Basis of presentation

The accompanying condensed consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles, or GAAP. Any reference in these notes to applicable guidance is meant to refer to the authoritative GAAP as found in the Accounting Standards Codification, or ASC, and Accounting Standards Update, or ASU, of the Financial Accounting Standards Board, or FASB.

Principles of Consolidation

Principles of consolidation

The accompanying condensed consolidated financial statements include the results of operations of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.

Use of Estimates

Use of estimates

The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the disclosure of contingent assets and liabilities as of and during the reporting period. The Company bases its estimates and assumptions on historical experience when available and on various factors that it believes to be reasonable under the circumstances. Significant estimates and assumptions reflected in these condensed consolidated financial statements include, but are not limited to, incremental borrowing rate used in the calculation of lease liabilities, research and development expenses, stock-based compensation, contingent consideration liabilities, success payments and certain judgments regarding revenue recognition. Actual results could differ from these estimates.

Recently Announced Accounting Pronouncements

Recently announced accounting pronouncements

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280). The amendments in this update expand segment disclosure requirements, including new segment disclosure requirements for entities with a single reportable segment among other disclosure requirements. This update is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740). The amendments in this update expand income tax disclosure requirements, including additional information pertaining to the rate reconciliation, income taxes paid, and other disclosures. This update is effective for annual periods beginning after December 15, 2024. The adoption of this standard is not expected to have a material impact on the Company’s consolidated financial statements.

Cash, Cash Equivalents, and Restricted Cash

Cash, cash equivalents, and restricted cash

Cash and cash equivalents consist of standard checking accounts, money market accounts, and all highly liquid investments with a remaining maturity of three months or less at the date of purchase. Restricted cash represents collateral provided for letters of credit issued as security deposits in connection with the Company’s leases of its corporate and manufacturing facilities.

The following table reconciles cash, cash equivalents, and restricted cash reported within the Company’s condensed consolidated balance sheets to the total of the amounts shown in the condensed consolidated statements of cash flows (in thousands):


	June 30, 2024		June 30, 2023
Cash and cash equivalents	$	292,763	$	225,544
Restricted cash		6,154		15,422
Total cash, cash equivalents, and restricted cash	$	298,917	$	240,966

Marketable Securities - Additional Information (Details) - USD ($)	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Investments, Debt and Equity Securities [Abstract]
Realized gains or losses recognized on sale or maturity of marketable securities	$ 0	$ 0

Summary of Significant Accounting Policies (Tables)

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Reconciliation of Cash, Cash Equivalents and Restricted Cash


	June 30, 2024		June 30, 2023
Cash and cash equivalents	$	292,763	$	225,544
Restricted cash		6,154		15,422
Total cash, cash equivalents, and restricted cash	$	298,917	$	240,966

Reconciliation of Restricted Cash, Cash Equivalents


	June 30, 2024		June 30, 2023
Cash and cash equivalents	$	292,763	$	225,544
Restricted cash		6,154		15,422
Total cash, cash equivalents, and restricted cash	$	298,917	$	240,966

Stock Option and Grant Plan - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock-based compensation expense	$ 31,604	$ 26,278	$ 60,885	$ 50,195
Weighted-average grant date fair value per share of stock options granted			$ 16.94
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation expense related to unvested stock options	115,800		$ 115,800
Unrecognized compensation cost, cost to recognize over a weighted-average remaining vesting period			2 years 7 months 6 days
Restricted Stock
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized compensation cost, cost to recognize over a weighted-average remaining vesting period			2 years 3 months 18 days
Unrecognized stock-based compensation expense, expected to vest	$ 99,400		$ 99,400
Restricted Stock \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period			4 years
Restricted Stock \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period			2 years
2019 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares reserved for future issuance	14,964,420		14,964,420
Number of shares available for future issuance	1,467,676		1,467,676
2019 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for future issuance	2,987,432		2,987,432
Number of shares issued			76,461	65,620
Stock-based compensation expense	$ 300	$ 300	$ 600	$ 800

Fair Value of Financial Instruments - Summarizes Other Income ( Expense) Recorded Due To Changes In Fair Value Of Corporate Equity Securities Held (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Fair Value Disclosures [Abstract]
Other income (expense)	$ (7,586)	$ 6,148	$ (10,939)	$ (6,649)

Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

4. fair value of financial instruments

The Company’s financial instruments that are measured at fair value on a recurring basis consist of cash equivalents, marketable securities, corporate equity securities of Verve Therapeutics, Inc., or Verve, and Prime Medicine, Inc., or Prime, contingent consideration liabilities related to the Agreement and Plan of Merger, dated February 23, 2021, between Guide Therapeutics, Inc., or Guide, and the Company, or the Guide Merger Agreement, and success payment derivative liabilities pursuant to the license agreement, or the Harvard License Agreement, between President and Fellows of Harvard University, or Harvard, and the Company, and the license agreement, or the Broad License Agreement, between The Broad Institute, Inc., or Broad Institute, and the Company.

The following tables set forth the fair value of the Company’s financial assets and liabilities by level within the fair value hierarchy at June 30, 2024 (in thousands):


	Carrying amount		Fair value		Level 1		Level 2		Level 3
Assets
Cash equivalents:
Money market funds	$	262,674		262,674	$	262,674	$	—	$	—
Commercial paper		29,907		29,907		—		29,907		—
Marketable securities:
Commercial paper		274,915		274,915		—		274,915		—
Corporate notes		60,201		60,201		—		60,201
U.S. Treasury securities		253,297		253,297		—		253,297		—
U.S. Government securities		116,053		116,053		—		116,053		—
Corporate equity securities		10,936		10,936		10,936		—		—
Total assets	$	1,007,983	$	1,007,983	$	273,610	$	734,373	$	—

Liabilities
Success payment liability – Harvard	$	3,900	$	3,900	$	—	$	—	$	3,900
Success payment liability – Broad Institute		4,300		4,300		—		—		4,300
Contingent consideration liability – Technology		473		473		—		—		473
Contingent consideration liability – Product		604		604		—		—		604
Total liabilities	$	9,277	$	9,277	$	—	$	—	$	9,277

The following tables set forth the fair value of the Company’s financial assets and liabilities by level within the fair value hierarchy at December 31, 2023 (in thousands):


	Carrying amount		Fair value		Level 1		Level 2		Level 3
Assets
Cash equivalents:
Money market funds	$	435,689		435,689	$	435,689	$	—	$	—
Marketable securities:
Commercial paper		285,289		285,289		—		285,289		—
Corporate notes		23,525		23,525		—		23,525		—
U.S. Treasury securities		152,147		152,147		—		152,147		—
U.S. Government securities		271,145		271,145		—		271,145		—
Corporate equity securities		21,875		21,875		21,875		—		—
Total assets	$	1,189,670	$	1,189,670	$	457,564	$	732,106	$	—

Liabilities
Success payment liability – Harvard	$	5,200	$	5,200	$	—	$	—	$	5,200
Success payment liability – Broad Institute		5,600		5,600		—		—		5,600
Contingent consideration liability – Technology		1,371		1,371		—		—		1,371
Contingent consideration liability – Product		1,352		1,352		—		—		1,352
Total liabilities	$	13,523	$	13,523	$	—	$	—	$	13,523

Cash equivalents – Money market funds included within cash equivalents are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets. Commercial paper and corporate notes are classified within Level 2 of the fair value hierarchy because pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined through the use of models or other valuation methodologies.

Marketable securities – Marketable securities, excluding corporate equity securities (held in Verve and Prime), are classified within Level 2 of the fair value hierarchy because pricing inputs are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting date, and fair value is determined using models or other valuation methodologies.

The Company holds an investment in Verve consisting of shares of Verve’s common stock. As of June 30, 2024, the Company owned 546,970 shares of Verve's common stock valued at $2.7 million, which is included in marketable securities in the condensed consolidated balance sheet.

The Company also holds an investment in Prime consisting of 1,608,337 shares of Prime's common stock. As of June 30, 2024, the Company's investment in Prime's common stock was valued at $8.3 million, which is included in marketable securities in the condensed consolidated balance sheet.

Pursuant to ASC 825, Financial instruments, the Company records changes in the fair value of its investments in equity securities to other income (expense), in the Company’s condensed consolidated statements of operations.

The following table summarizes other income (expense) recorded due to changes in the fair value of corporate equity securities held (in thousands):


	Three Months Ended June 30,					Six Months Ended June 30,
	2024			2023		2024			2023
Other income (expense)	$	(7,586	)	$	6,148	$	(10,939	)	$	(6,649	)

Success payment liabilities – As discussed further in Note 7, License agreements, the Company is required to make payments to Harvard and Broad Institute based upon the achievement of specified multiples of the market value of the Company's common stock, at specified valuation dates. The Company’s liability for the share-based success payments under the Harvard License Agreement and the Broad License Agreement is carried at fair value. To determine the estimated fair value of the success payment liability, the Company uses a Monte Carlo simulation methodology, which models the future movement of stock prices based on several key variables.

The following variables were incorporated in the calculation of the estimated fair value of the Harvard and Broad Institute success payment liabilities:


	Harvard						Broad Institute
	June 30, 2024			December 31, 2023			June 30, 2024			December 31, 2023
Fair value of common stock (per share)	$	23.43		$	27.22		$	23.43		$	27.22
Expected volatility		81	%		80	%		80	%		79	%
Expected term (years)	0.05-4.99			0.06-5.49			0.05-5.86			0.06-6.36

The computation of expected volatility was estimated using available information about the historical volatility of stocks of similar publicly traded companies in addition to the Company's own data for a period matching the expected term assumption. In addition, the Company incorporated the estimated number, timing, and probability of valuation measurement dates in the calculation of the success payment liability.

The following table reconciles the change in the fair value of success payment liabilities based on Level 3 inputs (in thousands):


	Six Months Ended June 30, 2024
	Harvard			Broad Institute			Total
Balance at December 31, 2023	$	5,200		$	5,600		$	10,800
Change in fair value		(1,300	)		(1,300	)		(2,600	)
Balance at June 30, 2024	$	3,900		$	4,300		$	8,200

Contingent consideration liabilities – Under the Guide Merger Agreement, Guide’s former stockholders and optionholders are eligible to receive up to an additional $100.0 million in technology milestone payments and $220.0 million in product milestone payments, payable in the Company’s common stock valued using the volume-weighted average price of the Company’s stock over the ten-day trading period ending two trading days prior to the date on which the applicable milestone is achieved. As these milestones are payable with a variable number of shares of the Company’s common stock, the milestone payments result in liability classification under ASC 480, Distinguishing Liabilities from Equity. These contingent consideration liabilities are carried at fair value which was estimated by applying a probability-based model, which utilized inputs based on timing of achievement that were unobservable in the market. These contingent consideration liabilities are classified within Level 3 of the fair value hierarchy.

The following table reconciles the change in fair value of the contingent consideration liabilities based on level 3 inputs (in thousands):


	Six Months Ended June 30, 2024
	Technology Milestones			Product Milestones			Total
Balance at December 31, 2023	$	1,371		$	1,352		$	2,723
Change in fair value		(898	)		(748	)		(1,646	)
Balance at June 30, 2024	$	473		$	604		$	1,077

The following variables were incorporated in the calculation of the estimated fair value of the contingent consideration liabilities:


	Technology Milestones						Product Milestones
	June 30, 2024			December 31, 2023			June 30, 2024			December 31, 2023
Discount Rate		10.00	%		10.00	%		10.00	%		10.00	%
Probability of Achievement		2	%	2-5%			1-2%			1-2%
Projected Year of Achievement	2026			2025			2028-2034			2025-2031

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Fair Value of Financial Instruments - Schedule of Fair Value of Financial Assets and Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Commercial Paper
Assets
Marketable securities	$ 274,915	$ 285,289
Harvard
Liabilities
Success payment liability	3,900	5,200
Broad Institute
Liabilities
Success payment liability	4,300	5,600
Recurring \| Carrying Amount
Assets
Total assets	1,007,983	1,189,670
Liabilities
Total liabilities	9,277	13,523
Recurring \| Carrying Amount \| Money Market Funds
Assets
Cash equivalents	262,674	435,689
Recurring \| Carrying Amount \| Commercial Paper
Assets
Cash equivalents	29,907
Marketable securities	274,915	285,289
Recurring \| Carrying Amount \| Corporate Notes
Assets
Marketable securities	60,201	23,525
Recurring \| Carrying Amount \| U.S. Treasury Securities
Assets
Marketable securities	253,297	152,147
Recurring \| Carrying Amount \| U.S Government Securities
Assets
Marketable securities	116,053	271,145
Recurring \| Carrying Amount \| Corporate Equity Securities
Assets
Equity securities included in marketable securities	10,936	21,875
Recurring \| Carrying Amount \| Consideration of Technology Liabilities
Liabilities
Contingent consideration liability	473	1,371
Recurring \| Carrying Amount \| Contingent Consideration of Product Liabilities
Liabilities
Contingent consideration liability	604	1,352
Recurring \| Fair Value
Assets
Total assets	1,007,983	1,189,670
Liabilities
Total liabilities	9,277	13,523
Recurring \| Fair Value \| Money Market Funds
Assets
Cash equivalents	262,674	435,689
Recurring \| Fair Value \| Commercial Paper
Assets
Cash equivalents	29,907
Marketable securities	274,915	285,289
Recurring \| Fair Value \| Corporate Notes
Assets
Marketable securities	60,201	23,525
Recurring \| Fair Value \| U.S. Treasury Securities
Assets
Marketable securities	253,297	152,147
Recurring \| Fair Value \| U.S Government Securities
Assets
Marketable securities	116,053	271,145
Recurring \| Fair Value \| Corporate Equity Securities
Assets
Equity securities included in marketable securities	10,936	21,875
Recurring \| Fair Value \| Consideration of Technology Liabilities
Liabilities
Contingent consideration liability	473	1,371
Recurring \| Fair Value \| Contingent Consideration of Product Liabilities
Liabilities
Contingent consideration liability	604	1,352
Recurring \| Fair Value \| Level 1
Assets
Total assets	273,610	457,564
Recurring \| Fair Value \| Level 1 \| Money Market Funds
Assets
Cash equivalents	262,674	435,689
Recurring \| Fair Value \| Level 1 \| Corporate Equity Securities
Assets
Equity securities included in marketable securities	10,936	21,875
Recurring \| Fair Value \| Level 2
Assets
Total assets	734,373	732,106
Recurring \| Fair Value \| Level 2 \| Commercial Paper
Assets
Cash equivalents	29,907
Marketable securities	274,915	285,289
Recurring \| Fair Value \| Level 2 \| Corporate Notes
Assets
Marketable securities	60,201	23,525
Recurring \| Fair Value \| Level 2 \| U.S. Treasury Securities
Assets
Marketable securities	253,297	152,147
Recurring \| Fair Value \| Level 2 \| U.S Government Securities
Assets
Marketable securities	116,053	271,145
Recurring \| Fair Value \| Level 3
Liabilities
Total liabilities	9,277	13,523
Recurring \| Fair Value \| Level 3 \| Consideration of Technology Liabilities
Liabilities
Contingent consideration liability	473	1,371
Recurring \| Fair Value \| Level 3 \| Contingent Consideration of Product Liabilities
Liabilities
Contingent consideration liability	604	1,352
Recurring \| Harvard \| Carrying Amount
Liabilities
Success payment liability	3,900	5,200
Recurring \| Harvard \| Fair Value
Liabilities
Success payment liability	3,900	5,200
Recurring \| Harvard \| Fair Value \| Level 3
Liabilities
Success payment liability	3,900	5,200
Recurring \| Broad Institute \| Carrying Amount
Liabilities
Success payment liability	4,300	5,600
Recurring \| Broad Institute \| Fair Value
Liabilities
Success payment liability	4,300	5,600
Recurring \| Broad Institute \| Fair Value \| Level 3
Liabilities
Success payment liability	$ 4,300	$ 5,600

Property and Equipment, Net - Summary of Depreciation Expense Incurred (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Property, Plant and Equipment [Abstract]
Depreciation expense	$ 5,576	$ 4,816	$ 11,007	$ 9,463

License agreements - Additional Information (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Accrued liabilities for license fees	$ 21,640	$ 43,280
Lilly Agreement
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Accrued liabilities for license fees	$ 21,600

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - $ / shares	Jun. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par or stated value per share	$ 0.01	$ 0.01
Preferred stock, shares authorized	25,000,000	25,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par or stated value per share	$ 0.01	$ 0.01
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	82,386,210	81,632,496
Common stock, shares outstanding	82,386,210	81,632,496

Condensed Consolidated Statements of Stockholders' Equity (Unaudited) (Parenthetical) - USD ($) $ in Millions	3 Months Ended
	Jun. 30, 2023	Mar. 31, 2023
ATM Offering
Stock issuance costs	$ 5.1	$ 0.2

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2024

Accounting Policies [Abstract]

Summary of Significant Accounting Policies

2. Summary of significant accounting policies

The Company’s significant accounting policies are disclosed in the audited consolidated financial statements for the year ended December 31, 2023, and notes thereto, which are included in the Company’s Annual Report on Form 10-K that was filed with the Securities and Exchange Commission, or the SEC, on February 27, 2024, or the 2023 Form 10-K. Since the date of those financial statements, there have been no material changes to the Company's significant accounting policies.

Basis of presentation

Principles of consolidation

Use of estimates

Recently announced accounting pronouncements

Cash, cash equivalents, and restricted cash


	June 30, 2024		June 30, 2023
Cash and cash equivalents	$	292,763	$	225,544
Restricted cash		6,154		15,422
Total cash, cash equivalents, and restricted cash	$	298,917	$	240,966

Property and Equipment, Net (Tables)

6 Months Ended

Jun. 30, 2024

Property, Plant and Equipment [Abstract]

Schedule of Property and Equipment

Property and equipment consist of the following (in thousands):


	June 30, 2024			December 31, 2023
Leasehold improvements	$	100,727		$	100,186
Lab equipment		67,913			61,674
Furniture and fixtures		4,836			4,836
Computer equipment		3,163			3,163
Construction in process		2,020			5,283
Total property and equipment		178,659			175,142
Less accumulated depreciation		(61,189	)		(50,182	)
Property and equipment, net	$	117,470		$	124,960

Summary of Depreciation Expense Incurred

The following table summarizes depreciation expense incurred (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Depreciation expense	$	5,576	$	4,816	$	11,007	$	9,463

Summary of Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 292,763	$ 435,895	$ 225,544
Restricted cash	6,154	8,719	15,422
Total cash, cash equivalents, and restricted cash	$ 298,917	$ 444,614	$ 240,966	$ 245,521

Fair Value of Financial Instruments - Schedule of Calculation of Estimated Fair Value of Contingent Consideration Liabilities (Details) - Contingent Consideration Liabilities	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Technology Milestones
Derivative Liability [Abstract]
Milestone liabilities projected year of achievement	2026	2025
Product Milestones \| Minimum
Derivative Liability [Abstract]
Milestone liabilities projected year of achievement	2028	2025
Product Milestones \| Maximum
Derivative Liability [Abstract]
Milestone liabilities projected year of achievement	2034	2031
Discount Rate \| Technology Milestones
Derivative Liability [Abstract]
Contingent consideration liability measurement input	0.10	0.10
Discount Rate \| Product Milestones
Derivative Liability [Abstract]
Contingent consideration liability measurement input	0.10	0.10
Probability of Achievement \| Technology Milestones
Derivative Liability [Abstract]
Contingent consideration liability measurement input	0.02
Probability of Achievement \| Technology Milestones \| Minimum
Derivative Liability [Abstract]
Contingent consideration liability measurement input		0.02
Probability of Achievement \| Technology Milestones \| Maximum
Derivative Liability [Abstract]
Contingent consideration liability measurement input		0.05
Probability of Achievement \| Product Milestones \| Minimum
Derivative Liability [Abstract]
Contingent consideration liability measurement input	0.01	0.01
Probability of Achievement \| Product Milestones \| Maximum
Derivative Liability [Abstract]
Contingent consideration liability measurement input	0.02	0.02

Accrued Expenses and Other Current Liabilities

6 Months Ended

Jun. 30, 2024

Payables and Accruals [Abstract]

Accrued Expenses and Other Current Liabilities

6. Accrued expenses and other current liabilities

Accrued expenses and other current liabilities consist of the following (in thousands):


	June 30, 2024		December 31, 2023
Accrued contingent obligation, refer to Note 7	$	21,640	$	43,280
Employee compensation and related benefits		9,635		21,774
Research costs		6,896		9,804
Professional fees		3,724		3,468
Process development and manufacturing costs		1,703		4,697
Other		23,540		28,641
Total	$	67,138	$	111,664

The Company previously received correspondence from a research institution alleging, among other things, that the Company breached the terms of a confidentiality agreement. On July 19, 2024, the Company entered into a settlement agreement with the research institution, pursuant to which, in exchange for a release of claims in its favor, the Company agreed, among other things, to pay the institution an upfront payment of $15.0 million upon signing and to make additional success payments in connection with the development and commercialization of BEAM-102 and BEAM-302. As of June 30, 2024, the Company had a liability accrued of $20.2 million included within Other in the table above for the loss based on the settlement agreement.

Stock Option and Grant Plan - Summary of Stock-based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 31,604	$ 26,278	$ 60,885	$ 50,195
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	18,803	15,521	36,448	29,743
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Stock-based compensation expense	$ 12,801	$ 10,757	$ 24,437	$ 20,452

Income Taxes

6 Months Ended

Jun. 30, 2024

Income Tax Disclosure [Abstract]

Income Taxes

12. Income taxes

Through June 30, 2024, the Company recorded a full valuation allowance on federal and state deferred tax assets since there is insufficient evidence that the deferred tax assets are more likely than not realizable. The Company recorded a current tax provision of less than $0.1 million in each of the three and six months ended June 30, 2024 and did not record any tax provision or benefit during the three and six months ended June 30, 2023.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
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-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
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-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
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-URI https://asc.fasb.org/1943274/2147482685/740-10-50-14

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (b)
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

License Agreements - Broad License Agreement - Additional Information (Details) - Broad Institute		6 Months Ended
	Jun. 10, 2021 shares	Jun. 30, 2024 USD ($)	May 31, 2021 USD ($)
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Success payment amount due		$ 0	$ 15,000,000
Common Stock
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Issuance of common stock for success payment liability, Shares \| shares	174,825
Success Payments
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Agreement description		The Company is required to make success payments to Broad Institute during a period of time, or the Broad Success Payment Period, which has been determined to be the earliest of (1) the twelfth anniversary of the Broad License Agreement or (2) the third anniversary of the first date on which a licensed product receives regulatory approval in the United States. During the Broad Success Payment Period, the Company will perform a calculation of any amounts owed to Broad Institute on each rolling 90-day period, commencing one year after the Company’s IPO.
Minimum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Success payments		$ 5,000,000
Minimum \| Series A Preferred Stock
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Success Payments, valuation multiples		5
Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Success payments		$ 105,000,000
Additional success payment amount due			$ 90,000,000
Maximum \| Series A Preferred Stock
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Success Payments, valuation multiples		40

Net Loss per Share (Tables)

6 Months Ended

Jun. 30, 2024

Earnings Per Share [Abstract]

Schedule of Potential Common Shares Excluded from Computation of Diluted Net Loss per Share

The Company excluded the following potential common shares, presented based on amounts outstanding at period end, from the computation of diluted net loss per share because including them would have had an anti-dilutive effect:


	As of June 30,
	2024		2023
Unvested restricted stock		3,358,342		2,193,178
Outstanding options to purchase common stock		10,138,402		8,832,976
ESPP		50,722		64,080
Total		13,547,466		11,090,234

Summary of Computation of Basic and Diluted Net Loss per Share

The following table summarizes the computation of basic and diluted net loss per share of the Company (in thousands, except share and per share amounts):


	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
Numerator:
Net loss	$	(91,051	)	$	(82,776	)	$	(189,720	)	$	(179,236	)
Denominator:
Weighted average common shares outstanding, basic and diluted		82,312,467			76,335,175			82,005,550			74,315,721
Net loss per common share, basic and diluted	$	(1.11	)	$	(1.08	)	$	(2.31	)	$	(2.41	)

Marketable Securities - Summary of Marketable Securities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Debt Securities, Available-for-Sale [Line Items]
Marketable securities held, Amortized Cost	$ 716,512	$ 753,377
Marketable securities held, Gross Unrealized Gains	60	1,077
Marketable securities held, Gross Unrealized Losses	(1,170)	(473)
Marketable securities held, Fair Value	715,402	753,981
Commercial Paper
Debt Securities, Available-for-Sale [Line Items]
Available-for-sale, Amortized Cost	275,217	285,054
Available-for-sale, Gross Unrealized Gains	15	250
Available-for-sale, Gross Unrealized Losses	(317)	(15)
Available-for-sale, Fair Value	274,915	285,289
Corporate Notes
Debt Securities, Available-for-Sale [Line Items]
Available-for-sale, Amortized Cost	60,363	23,462
Available-for-sale, Gross Unrealized Gains		63
Available-for-sale, Gross Unrealized Losses	(162)
Available-for-sale, Fair Value	60,201	23,525
U.S. Treasury Securities
Debt Securities, Available-for-Sale [Line Items]
Available-for-sale, Amortized Cost	253,835	151,805
Available-for-sale, Gross Unrealized Gains	11	436
Available-for-sale, Gross Unrealized Losses	(549)	(94)
Available-for-sale, Fair Value	253,297	152,147
Corporate Equity Securities
Debt Securities, Available-for-Sale [Line Items]
Equity securities, Amortized Cost	10,936	21,875
Equity securities, Fair Value	10,936	21,875
U.S Government Securities
Debt Securities, Available-for-Sale [Line Items]
Available-for-sale, Amortized Cost	116,161	271,181
Available-for-sale, Gross Unrealized Gains	34	328
Available-for-sale, Gross Unrealized Losses	(142)	(364)
Available-for-sale, Fair Value	$ 116,053	$ 271,145

License Agreements (Tables)

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Success Payment Liability

The following table summarizes the Company’s success payment liability for Harvard (in thousands):


	June 30, 2024		December 31, 2023
Harvard success payment liability	$	3,900	$	5,200

The following table summarizes the Company’s success payment liability for Broad Institute (in thousands):


	June 30, 2024		December 31, 2023
Broad Institute success payment liability	$	4,300	$	5,600

Schedule of Change in Fair Value of Success Payment Liability

The following table summarizes the expense (income) resulting from the change in the fair value of the success payment liability for Harvard (in thousands):


	Three Months Ended June 30,					Six Months Ended June 30,
	2024			2023		2024			2023
Change in fair value of Harvard success payment liability	$	(2,800	)	$	500	$	(1,300	)	$	(2,300	)

The following table summarizes the expense (income) resulting from the change in the fair value of the success payment liability for Broad Institute (in thousands):


	Three Months Ended June 30,					Six Months Ended June 30,
	2024			2023		2024			2023
Change in fair value of Broad Institute success payment liability	$	(2,700	)	$	400	$	(1,300	)	$	(2,400	)

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended				6 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Jun. 30, 2024	Mar. 31, 2024	Jun. 30, 2023	Mar. 31, 2023	Jun. 30, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ (91,051)	$ (98,669)	$ (82,776)	$ (96,460)	$ (189,720)	$ (179,236)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 15: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Property and Equipment, Net - Schedule of Property and Equipment (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Property Plant And Equipment [Line Items]
Total property and equipment	$ 178,659	$ 175,142
Less accumulated depreciation	(61,189)	(50,182)
Property and equipment, net	117,470	124,960
Leasehold Improvements
Property Plant And Equipment [Line Items]
Total property and equipment	100,727	100,186
Lab Equipment
Property Plant And Equipment [Line Items]
Total property and equipment	67,913	61,674
Furniture and Fixtures
Property Plant And Equipment [Line Items]
Total property and equipment	4,836	4,836
Computer Equipment
Property Plant And Equipment [Line Items]
Total property and equipment	3,163	3,163
Construction in Process
Property Plant And Equipment [Line Items]
Total property and equipment	$ 2,020	$ 5,283

Collaboration and License Agreements

6 Months Ended

Jun. 30, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Collaboration and License Agreements

8. Collaboration and license agreements

Eli Lilly and Company

In October 2023, the Company entered into a Transfer and Delegation Agreement, or the Lilly Agreement, with Eli Lilly and Company, or Lilly, pursuant to which Lilly acquired certain assets and other rights under the Company’s amended collaboration and license agreement with Verve, or the Verve Agreement, including the Company’s opt-in rights to co-develop and co-commercialize Verve’s base editing programs for cardiovascular disease (see discussion below related to the Verve Agreement). The Company granted Lilly an exclusive sublicense to the Verve technology originally licensed to the Company under the Verve Agreement. Lilly also acquired from the Company the right to receive any future milestone or royalty payments payable by Verve under the Verve Agreement and the rights and obligations to designate representatives and participate on the joint steering committee with Verve. The Company received a $200.0 million nonrefundable upfront payment and is eligible to receive up to $350.0 million in potential future development-stage payments upon the completion of certain clinical, regulatory and alliance events. If Lilly does not opt-in to co-develop and co-commercialize a licensed product, Lilly is obligated to pay the Company a percentage of any royalties received from Verve for sales of such product, subject to certain caps on a licensed product-by-licensed product basis.

For a period of six years from the effective date of the Lilly Agreement, Lilly has the right to request the Company to perform any critical research and development services, if Lilly reasonably determines that the Company is uniquely able to provide such services and other conditions are met, including that no other third parties can provide such services. The parties will negotiate an agreement governing the Company’s performance of such activity, if any, and the Company will be compensated for any services at approximately cost plus a margin. The Company has not been requested to perform any services and believes it is remote that the Company would be requested to provide any services.

In connection with the Lilly Agreement, the Company and Lilly entered into a Stock Purchase Agreement providing for the sale and issuance of 2,004,811 shares of the Company’s common stock to Lilly for an aggregate purchase price of $50.0 million.

The Company received the consideration under the Stock Purchase Agreement of $50.0 million in October 2023 and the upfront payment of $200.0 million in November 2023.

The Lilly Agreement and Stock Purchase Agreement were negotiated at the same time as a package and have been accounted for as one combined contract. The Company accounts for the component of the arrangement to transfer common stock to Lilly under ASC 505, Equity, or ASC 505, and the revenue component under ASC 606, Revenue from Contracts with Customers, or ASC 606, as it includes a customer-vendor relationship as defined under ASC 606 and meets the criteria to be considered a contract. The Company first applied the guidance in ASC 505 to measure the fair value of the common stock issued and allocated the remaining consideration to the ASC 606 component of the arrangement.

The overall ASC 606 transaction price as of the inception of the contract was determined to be $216.4 million, which is comprised of the upfront payment of $200.0 million and the residual value of the proceeds received in excess of the fair value of the common stock sold to Lilly of $16.4 million. The fair value of the common stock issued to Lilly was $33.6 million, as determined by management with the assistance of a third-party valuation specialist. There is no variable consideration included in the transaction price at inception. The Company will re-evaluate the transaction price at each reporting period.

The Company concluded that the collaboration rights and licenses to intellectual property have the same pattern and timing of transfer and are transferred as of the effective date of the Lilly Agreement. Lilly’s right to request research and development services represents an optional purchase in the agreement that does not constitute a material right. All other items promised to Lilly are immaterial in the context of the agreement.

The Company recognized revenue for the performance obligation at a point-in-time in October 2023 as all requirements related to the performance obligation have been completed. Any consideration received related to Lilly’s optional purchase of the Company’s research and development services will be accounted for as a separate contract if and when the option is exercised in accordance with ASC 606. During the year ended December 31, 2023, the Company recognized the full $216.4 million of revenue related to the Lilly Agreement. As of June 30, 2024, there was no deferred revenue related to the Lilly Agreement and there has been no revenue recognized subsequent to the up-front payment.

Orbital

In September 2022, the Company entered into a License and Research Collaboration Agreement, or the Orbital Agreement, with Orbital Therapeutics, Inc., or Orbital. Under the terms of the Orbital Agreement, the Company will collaborate with Orbital to advance nonviral delivery and ribonucleic acid, or RNA, technology by providing Orbital with certain proprietary materials, a non-exclusive research license to certain RNA technology and nonviral delivery technology controlled by the Company, and by performing research and development support services as outlined in a research plan. The Company also granted Orbital an exploitation license to certain RNA technology and nonviral delivery technology controlled by the Company. The exploitation license is exclusive in the fields of vaccines and certain protein therapeutics and nonexclusive in all other fields other than gene editing and conditioning. The

collaboration is managed on an overall basis by a Joint Steering Committee, or JSC, comprised of an equal number of representatives from the Company and Orbital.

In exchange for the licenses and services provided by the Company under the Orbital Agreement, the Company received a non-exclusive research license to certain RNA technology and nonviral delivery technology controlled by Orbital, and research and development support services as outlined in a research plan. Orbital also granted the Company an exploitation license to certain RNA technology and nonviral delivery technology controlled by Orbital. The exploitation license is exclusive in the fields of gene editing and conditioning and nonexclusive in all other fields other than vaccines and certain protein therapeutics. The Company also received 75 million shares of Orbital’s common stock at closing. The Company accounts for its investment in Orbital under the equity method of accounting.

The research plan has a term of three years and can be extended for unspecified periods upon mutual agreement between the Company and Orbital. The exploitation licenses are exclusive for an initial research term of three years, which may be extended for up to two successive one-year periods by mutual agreement between the Company and Orbital. Either party may terminate the licenses granted to it under the Orbital Agreement for convenience on a product-by-product basis at any time by providing 90 days’ prior written notice.

The Company accounts for the Orbital Agreement under ASC 606, as it includes a customer-vendor relationship as defined under ASC 606 and meets the criteria to be considered a contract.

The overall transaction price as of the inception of the contract was determined to be $25.5 million, which represents the fair value of the Company’s equity interest in Orbital’s common stock at inception. There is no variable consideration included in the transaction price at inception.

The Company concluded that the research and exploitation licenses are not distinct from the other promises in the Orbital Agreement, and as such the Company has determined that the licenses combined with the research and development services, know-how transfers, committee participation and materials transfer represent a combined performance obligation. The Company recognizes revenue associated with the Orbital performance obligation over time as it is satisfied during the term of the Orbital Agreement, which is three years. During each of the three and six months ended June 30, 2024 and 2023, the Company recognized $2.1 and $4.2 million of revenue, respectively, related to the Orbital agreement. As of June 30, 2024, there was $8.5 million and $2.1 million of current and long-term deferred revenue, respectively, related to the Orbital Agreement.

Pfizer

In December 2021, the Company entered into a research collaboration agreement, or the Pfizer Agreement, with Pfizer Inc., or Pfizer, focused on the use of certain of the Company’s base editing technology to develop in vivo therapies for rare genetic diseases of the liver, muscle, and central nervous system. Under the terms of the Pfizer Agreement, the Company will conduct all research activities through development candidate selection for three base editing programs that target specific genes corresponding to specific diseases that are the subject of such programs. Pfizer will have exclusive rights to license each of the three programs at no additional cost, each an Opt-In Right, and will assume responsibility for subsequent development and commercialization. At the end of the Phase 1/2 clinical trials, the Company may elect to enter into a global co-development and co-commercialization agreement with Pfizer with respect to one program licensed under the collaboration for an option exercise fee equal to a percentage of the applicable development costs incurred by Pfizer, or the Participation Election. In the event the Company elects to exercise its Participation Election, upon the payment of its option exercise fee, Pfizer and the Company would share net profits as well as development and commercialization costs in a 65%/35% (Pfizer/Company) split for such program. The research collaboration is managed on an overall basis by a Joint Research Committee, or JRC, formed by an equal number of representatives from the Company and Pfizer.

At the inception of the Pfizer Agreement, the Company was entitled to receive a nonrefundable upfront payment of $300.0 million in consideration for the rights granted to Pfizer under the collaboration. Should Pfizer exercise its Opt-In Right for any of the three programs, the Company would be eligible to receive development, regulatory, and commercial milestones of up to $350.0 million per program, for potential total consideration of up to $1.35 billion, plus royalty payments on global net sales for each licensed program, if any. If Pfizer does not exercise its Opt-In Right for a program, the Company’s rights in such program revert to the Company and the Company will be required to pay Pfizer earn-out payments equal to a low single digit percentage of net sales earned on such program for a ten-year period, if any.

During the collaboration term, Pfizer has a one-time option to substitute a disease that is the subject of a specific program with one pre-defined substitute disease. The collaboration has an initial term of four years and may be extended for an additional year on a program-by-program basis. Pfizer may terminate the Pfizer Agreement for convenience on any or all of the programs by providing 90 days’ prior written notice.

The Company accounts for the Pfizer Agreement under ASC 606, as it includes a customer-vendor relationship as defined under ASC 606 and meets the criteria to be considered a contract.

The overall transaction price as of the inception of the contract was determined to be $300.0 million, which is comprised entirely of the nonrefundable upfront payment. There is no variable consideration included in the transaction price at inception as the future milestone payments are fully constrained and the Company is not required to estimate variable consideration for the royalty payments at contract inception. The Company re-evaluates the transaction price in each reporting period.

The Company has concluded that the licenses to its base editing technology, including the exclusive development and commercialization rights, are not capable of being distinct from the other performance obligations, and as such the Company has determined that the licenses combined with the other research and development services represent performance obligations and no up-front revenue was recognized for the licenses.

The selling price of each performance obligation was determined based on the Company’s estimated standalone selling price, or the ESSP. The Company developed the ESSP for all of the performance obligations included in the Pfizer Agreement by determining the total estimated costs to fulfill each performance obligation identified with the objective of determining the price at which it would sell such an item if it were to be sold regularly on a standalone basis. The Company allocated the stand-alone selling price to the performance obligations based on the relative standalone selling price method.

The Company recognizes revenue for each performance obligation as it is satisfied during the term of the agreement using an input method. The Company allocated the transaction price of $300.0 million to each of the three performance obligations, which includes each of the three base editing programs combined with the research and development services, licenses, and exclusive development and commercialization rights. Revenue is recognized using an input method based on the actual costs incurred as a percentage of total estimated costs towards satisfying the performance obligation as this method provides the most faithful depiction of the entity’s performance in transferring control of the goods and services promised to Pfizer and represents the Company’s best estimate of the period of the obligation. During the three and six months ended June 30, 2024, the Company recognized $6.3 million and $5.7 million of revenue related to the Pfizer Agreement, respectively. The Company recognized $10.1 million and $26.3 million of revenue related to the Pfizer Agreement during the three and six months ended June 30, 2023, respectively. As of June 30, 2024, there was $57.5 million and $54.3 million of current and long-term deferred revenue, respectively, related to the Pfizer Agreement.

Apellis Pharmaceuticals

In June 2021, the Company entered into a research collaboration agreement, or the Apellis Agreement, with Apellis Pharmaceuticals, Inc., or Apellis, focused on the use of certain of the Company’s base editing technology to discover new treatments for complement system-driven diseases. Under the terms of the Apellis Agreement, the Company will conduct preclinical research on six base editing programs that target specific genes within the complement system in various organs, including the eye, liver, and brain. Apellis has an exclusive option to license any or all of the six programs, or in each case, an Opt-In Right, and will assume responsibility for subsequent development. The Company may elect to enter into a 50-50 U.S. co-development and co-commercialization agreement with Apellis with respect to one program instead of a license. The collaboration is managed on an overall basis by an alliance steering committee formed by an equal number of representatives from the Company and Apellis.

As part of the collaboration, the Company received a total of $75.0 million in upfront and near-term milestones from Apellis, which was comprised of $50.0 million received upon signing and an additional $25.0 million payment on June 30, 2022, the one-year anniversary of the effective date of the Apellis Agreement, or the First Anniversary Payment. Following any exercise of an Opt-In Right for any of the six programs, the Company will be eligible to receive development, regulatory, and sales milestones from Apellis, as well as royalty payments on sales. The collaboration has an initial term of five years and may be extended up to two years on a per year and program-by-program basis. During the collaboration term, Apellis may, subject to certain limitations, substitute a specific complement gene and/or organ for any of the initial base editing programs. Apellis may terminate the Apellis Agreement for convenience on any or all of the programs by providing prior written notice.

The Company accounts for the Apellis Agreement under ASC 606 as it includes a customer-vendor relationship as defined under ASC 606 and meets the criteria to be considered a contract.

The overall transaction price as of the inception of the contract was determined to be $75.0 million, which is composed of the upfront payment of $50.0 million and the First Anniversary Payment of $25.0 million. The Company re-evaluates the transaction price in each reporting period.

The Company concluded that each of the six base editing programs combined with the research and development service, licenses, substitution rights and governance participation were material promises that were both capable of being distinct and were distinct within the context of the Apellis Agreement and represented separate performance obligations. The Company further concluded that the Opt-In Rights and option to extend the collaboration term did not grant Apellis a material right. The Company determined that the term of the contract is five years, as this is the period during which both parties have enforceable rights.

The selling price of each performance obligation was determined based on the Company’s ESSP. The Company developed the ESSP for all of the performance obligations included in the Apellis Agreement by determining the total estimated costs to fulfill each performance obligation identified with the objective of determining the price at which it would sell such an item if it were to be sold

regularly on a standalone basis. The Company allocated the stand-alone selling price to the performance obligations based on the relative standalone selling price method.

The Company recognizes revenue for each performance obligation as it is satisfied over the five-year term using an input method. The Company allocated the transaction price of $75.0 million to each of the six performance obligations, which includes each of the six base editing programs combined with the research and development service, licenses, substitution rights and governance participation, and is being recognized using an input method based on the actual costs incurred as a percentage of total estimated costs towards satisfying the performance obligation as this method provides the most faithful depiction of the entity’s performance in transferring control of the goods and services promised to Apellis and represents the Company’s best estimate of the period of the obligation. For the three and six months ended June 30, 2024, the Company recognized $2.9 million and $8.2 million of revenue related to the Apellis Agreement, respectively. For the three and six months ended June 30, 2023, the Company recognized $6.9 million and $12.2 million of revenue related to the Apellis Agreement, respectively. As of June 30, 2024, there is $18.9 million and $19.1 million of current and long-term deferred revenue, respectively, related to the Apellis Agreement.

Verve

In April 2019, the Company entered into the Verve Agreement to investigate gene editing strategies to modify genes associated with an increased risk of coronary diseases and in July 2022, the Company and Verve amended the Verve Agreement. Under the terms of the Verve Agreement, as amended, the Company granted Verve an exclusive license to certain base editor technology and improvements and Verve granted the Company a non-exclusive license under certain know-how and patents controlled by Verve, an interest in joint collaboration technology and a non-exclusive license under certain delivery technology. The Company retained the option, after the dosing of the final patient in a Phase 1 clinical trial of a licensed product, to participate in future development and commercialization, and share 35% of worldwide profits and losses, for any licensed product directed against one of the Verve program targets, and share 50% of U.S. profits and losses for any licensed product directed against the other two targets.

In October 2023, the Company entered into the Lilly Agreement, pursuant to which Lilly acquired certain assets and other rights under the Verve Agreement, including the Company’s opt-in rights to co-develop and co-commercialize Verve’s base editing programs for cardiovascular disease, which consist of programs targeting PCSK9, ANGPTL3 and an undisclosed liver-mediated, cardiovascular target. In addition, Lilly acquired the right to receive any future milestone or royalty payments payable to the Company under the Verve Agreement.

During the year ended December 31, 2023, the Company recognized all remaining license revenue related to the Verve Agreement and has no related deferred revenue as of June 30, 2024.

Stock Option and Grant Plan - Summary of Restricted Stock Activity (Details) - Restricted Stock	6 Months Ended
	Jun. 30, 2024 $ / shares shares
Shares
Unvested as of December 31, 2023 \| shares	2,927,152
Issued \| shares	1,044,450
Vested \| shares	(492,619)
Forfeited \| shares	(120,641)
Unvested as of June 30, 2024 \| shares	3,358,342
Weighted-average grant date fair value
Unvested as of December 31, 2023 \| $ / shares	$ 40.89
Issued \| $ / shares	32.21
Vested \| $ / shares	52.51
Cancelled \| $ / shares	38.81
Unvested as of June 30, 2024 \| $ / shares	$ 36.56

License Agreements - Harvard License Agreement - Additional Information (Details)		1 Months Ended	6 Months Ended
	Jun. 10, 2021 shares	Oct. 31, 2023	Jun. 30, 2024 USD ($)	May 31, 2021 USD ($)
Lilly Agreement
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Agreement description		In October 2023, the Company entered into a Transfer and Delegation Agreement, or the Lilly Agreement, with Eli Lilly and Company, or Lilly, pursuant to which Lilly acquired certain assets and other rights under the Company’s amended collaboration and license agreement with Verve, or the Verve Agreement, including the Company’s opt-in rights to co-develop and co-commercialize Verve’s base editing programs for cardiovascular disease (see discussion below related to the Verve Agreement). The Company granted Lilly an exclusive sublicense to the Verve technology originally licensed to the Company under the Verve Agreement. Lilly also acquired from the Company the right to receive any future milestone or royalty payments payable by Verve under the Verve Agreement and the rights and obligations to designate representatives and participate on the joint steering committee with Verve. The Company received a $200.0 million nonrefundable upfront payment and is eligible to receive up to $350.0 million in potential future development-stage payments upon the completion of certain clinical, regulatory and alliance events.
Harvard
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Success payment amount due			$ 0	$ 15,000,000
Harvard \| Common Stock
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Issuance of common stock for success payment liability, Shares \| shares	174,825
Harvard \| Minimum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Success payments			$ 5,000,000
Harvard \| Minimum \| Series A Preferred Stock
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Success Payments, valuation multiples			5
Harvard \| Maximum
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Additional success payment amount due				$ 90,000,000
Success payments			$ 105,000,000
Harvard \| Maximum \| Series A Preferred Stock
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Success Payments, valuation multiples			40
Success Payments \| Harvard
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Agreement description			The Company is required to make success payments to Harvard during a period of time, or the Harvard Success Payment Period, which has been determined to be the later of (1) the ninth anniversary of the Harvard License Agreement or (2) the earlier of (a) the twelfth anniversary of the Harvard License Agreement and (b) the third anniversary of the first date on which a licensed product receives regulatory approval in the United States. During the Harvard Success Payment Period, the Company will perform a calculation of any amounts owed to Harvard on each rolling 90-day period, commencing one year after the Company’s IPO.

Fair Value of Financial Instruments - Schedule of Change in Fair Value of Success Payment Liabilities Based on Level 3 Inputs (Details) - Success Payment Liabilities $ in Thousands	6 Months Ended
	Jun. 30, 2024 USD ($)
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning Balance	$ 10,800
Change in fair value	(2,600)
Ending Balance	8,200
Harvard
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning Balance	5,200
Change in fair value	(1,300)
Ending Balance	3,900
Broad Institute
Fair Value Liabilities Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Beginning Balance	5,600
Change in fair value	(1,300)
Ending Balance	$ 4,300

Accrued Expenses and Other Current Liabilities (Tables)

6 Months Ended

Jun. 30, 2024

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities consist of the following (in thousands):


	June 30, 2024		December 31, 2023
Accrued contingent obligation, refer to Note 7	$	21,640	$	43,280
Employee compensation and related benefits		9,635		21,774
Research costs		6,896		9,804
Professional fees		3,724		3,468
Process development and manufacturing costs		1,703		4,697
Other		23,540		28,641
Total	$	67,138	$	111,664

Condensed Consolidated Statements of Operations and Other Comprehensive Loss (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Income Statement [Abstract]
License and collaboration revenue	$ 11,772,000	$ 20,116,000	$ 19,182,000	$ 44,324,000
Revenue, Product and Service [Extensible List]	us-gaap:LicenseMember	us-gaap:LicenseMember	us-gaap:LicenseMember	us-gaap:LicenseMember
Operating expenses:
Research and development	$ 87,041,000	$ 97,608,000	$ 171,859,000	$ 197,254,000
General and administrative	29,626,000	24,656,000	56,350,000	48,146,000
Total operating expenses	116,667,000	122,264,000	228,209,000	245,400,000
Loss from operations	(104,895,000)	(102,148,000)	(209,027,000)	(201,076,000)
Other income (expense):
Change in fair value of derivative liabilities	5,500,000	(900,000)	2,600,000	4,700,000
Change in fair value of non-controlling equity investments	(7,586,000)	6,148,000	(10,939,000)	(6,649,000)
Change in fair value of contingent consideration liabilities	1,779,000	2,171,000	1,646,000	1,875,000
Interest and other income (expense), net	14,190,000	11,953,000	26,039,000	21,914,000
Total other income (expense)	13,883,000	19,372,000	19,346,000	21,840,000
Net loss before income taxes	(91,012,000)	(82,776,000)	(189,681,000)	(179,236,000)
Provision for income taxes	(39,000)	0	(39,000)	0
Net loss	(91,051,000)	(82,776,000)	(189,720,000)	(179,236,000)
Unrealized gain (loss) on marketable securities	(189,000)	(1,250,000)	(1,714,000)	415,000
Comprehensive loss	$ (91,240,000)	$ (84,026,000)	$ (191,434,000)	$ (178,821,000)
Net loss per common share, basic	$ (1.11)	$ (1.08)	$ (2.31)	$ (2.41)
Net loss per common share, diluted	$ (1.11)	$ (1.08)	$ (2.31)	$ (2.41)
Weighted - average common shares outstanding, basic	82,312,467	76,335,175	82,005,550	74,315,721
Weighted - average common shares outstanding, diluted	82,312,467	76,335,175	82,005,550	74,315,721

Accrued Expenses and Other Current Liabilities - Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2024	Dec. 31, 2023
Payables and Accruals [Abstract]
Accrued contingent obligation, refer to Note 7	$ 21,640	$ 43,280
Employee compensation and related benefits	9,635	21,774
Research costs	6,896	9,804
Professional fees	3,724	3,468
Process development and manufacturing costs	1,703	4,697
Other	23,540	28,641
Total	$ 67,138	$ 111,664

Related Party Transactions - Additional Information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2024 USD ($) Founder	Jun. 30, 2023 USD ($)
Related Party Transaction [Line Items]
Number of founder shareholders \| Founder	3
Founder Shareholders \| Scientific Consulting and Other Expenses
Related Party Transaction [Line Items]
Payments received from (made to) related parties \| $	$ 0.2	$ 0.2

License Agreements - Broad License Agreement - Change in Fair Value of Success Payment Liability (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Change in fair value of derivative liabilities	$ (5,500)	$ 900	$ (2,600)	$ (4,700)
Broad Institute
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Change in fair value of derivative liabilities	$ (2,700)	$ 400	$ (1,300)	$ (2,400)

License Agreements - Harvard License Agreement - Change in Fair Value of Success Payment Liability (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Change in fair value of derivative liabilities	$ (5,500)	$ 900	$ (2,600)	$ (4,700)
Harvard
Collaborative Arrangements And Noncollaborative Arrangement Transactions [Line Items]
Change in fair value of derivative liabilities	$ (2,800)	$ 500	$ (1,300)	$ (2,300)