Beam Therapeutics Inc 8-K, filed Aug 10, 2021
Beam Therapeutics Inc. (BEAM)
About this 8-K
Beam Therapeutics Inc filed this 8-K on August 10, 2021.
Items reported
- Item 2.02: Financial results
- Item 9.01: Financial statements and exhibits
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported):
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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Item 2.02 Results of Operations and Financial Condition.
On August 10, 2021, Beam Therapeutics Inc. (the “Company”) issued a press release announcing the Company’s financial results for the quarter ended June 30, 2021. A copy of this press release is furnished as Exhibit 99.1 and is incorporated herein by reference.
The information in this Form 8-K (including Exhibit 99.1 attached hereto) is being furnished and shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing by the Company, under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such filling.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits
Exhibit No. |
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Description |
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99.1 |
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Press Release Issued by Beam Therapeutics Inc. on August 10, 2021 |
104 |
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Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
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BEAM THERAPEUTICS INC. |
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Date: August 10, 2021 |
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By: |
/s/ John Evans |
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Name: |
John Evans |
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Title: |
Chief Executive Officer |
Exhibit 99.1
Beam Therapeutics Provides Business and Pipeline Updates and Reports Second Quarter 2021 Financial Results
Company On-track to Submit First IND for BEAM-101 in the Second Half of 2021
Continued Progress Across Base Editing Portfolio, Including Initiation of IND-Enabling Studies for BEAM-201
CAMBRIDGE, Mass., Aug. 10, 2021 -Beam Therapeutics Inc. (Nasdaq: BEAM), a biotechnology company developing precision genetic medicines through base editing, today reported recent business and pipeline updates, as well as second quarter 2021 financial results.
“We have made meaningful progress in advancing our base editing programs in the first half of the year, and importantly, remain on track to submit our first investigational new drug (IND) for BEAM-101 in the second half of this year,” said John Evans, chief executive officer of Beam. “With the initiation of IND-enabling studies for BEAM-201, we are now bringing the versatility and precision of base editing to a second therapeutic area, targeting the high unmet need in T-cell cancers with the first quad-edited cell therapy. We’ve also continued to expand our innovative collaborator network, most recently through our partnership with Apellis to apply base editing to the more biologically complex disease area of the complement pathway. With a strong balance sheet, we are well positioned to advance our robust pipeline of novel base editing programs through IND filings and into the clinic as we strive to provide potentially life-long cures for patients suffering from serious diseases.”
Base Editing Pipeline Progress
Upcoming Base Editing Data Presentations
Title: Adenine base editing strategy for the treatment of sickle cell disease by elimination of the pathogenic globin protein
Session: Disease/Therapeutic
Date: Friday, August 20, 2021, 2:30 -5:30 p.m. ET
Title: Optimization of LNP for in vivo Base Editing in Liver
Track: mRNA and Genome Editing TRACK: Emerging Genome Editing Technologies
Date/Time: Thursday, September 23, 2021, 11:15 a.m. - 11:45 a.m. ET
Business Highlights
Second Quarter 2021 Financial Results
About Beam Therapeutics
Beam Therapeutics Inc. (Nasdaq: BEAM) is a biotechnology company committed to establishing the leading, fully integrated platform for precision genetic medicines. To achieve this vision, Beam has assembled a platform that includes a suite of gene editing and delivery technologies and is in the process of building internal manufacturing capabilities. Beam’s suite of gene editing technologies is anchored by base editing, a proprietary technology that enables precise, predictable and efficient single base changes, at targeted genomic sequences, without making double-stranded breaks in the DNA. This enables a wide range of potential therapeutic editing strategies that Beam is using to advance a diversified portfolio of base editing programs. Beam is a values-driven organization committed to its people, cutting-edge science, and a vision of providing life-long cures to patients suffering from serious diseases.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned not to place undue reliance on these forward-looking statements, including, but not limited to, statements related to: our plans to enter the clinic; our expected timing for filing an investigational new drug application for BEAM-101, for initiating IND-enabling studies for BEAM-102, for nominating a development candidate for in vivo base editing of the liver using LNP delivery, and for our manufacturing facility becoming operational; any future payments we may receive under our collaboration agreement with Apellis; our planned base editing data presentations at upcoming scientific conferences; and the therapeutic applications and potential of our technology, including our ability to develop life-long, curative, precision genetic medicines for patients through base editing. Each forward-looking statement is subject to risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statement, including, without limitation, risks and uncertainties related to: our ability to develop, obtain regulatory approval for, and commercialize our product candidates, which may take longer or cost more than planned; our ability to raise additional funding, which may not be available; our ability to obtain, maintain and enforce patent and other intellectual property protection for our product candidates; the potential impact of the COVID-19 pandemic; that preclinical testing of our product candidates and preliminary or interim data from preclinical and clinical trials may not be predictive of the results or success of ongoing or later clinical trials; that enrollment of our clinical trials may take longer than expected; that our product candidates may experience manufacturing or supply interruptions or failures; risks related to competitive products; and the other risks and uncertainties identified under the headings “Risk Factors Summary” and “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2020, our Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, our Quarterly Report on Form 10-Q that we will file for the quarter ended June 30, 2021, and in any subsequent filings with the Securities and Exchange Commission. These forward-looking statements (except as otherwise noted) speak only as of the date of this press release. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by applicable law.
Contacts:
Investors:
Chelcie Lister
THRUST Strategic Communications
chelcie@thrustsc.com
Media:
Dan Budwick
1AB
dan@1abmedia.com
Condensed Consolidated Balance Sheet Data (unaudited) |
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(in thousands) |
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June 30, |
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December 31, |
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Cash, cash equivalents, and marketable securities |
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$ |
615,279 |
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$ |
299,671 |
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Total assets |
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893,078 |
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451,677 |
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Total liabilities |
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344,527 |
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206,116 |
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Total stockholders’ equity |
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548,551 |
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245,561 |
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Condensed Consolidated Statement of Operations (unaudited) |
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(in thousands, except share and per share data) |
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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2021 |
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2020 |
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2021 |
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2020 |
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License revenue |
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$ |
6 |
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$ |
6 |
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$ |
12 |
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$ |
12 |
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Operating expenses: |
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Research and development |
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45,577 |
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19,354 |
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235,683 |
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40,903 |
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General and administrative |
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13,403 |
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6,937 |
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23,676 |
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13,749 |
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Total operating expenses |
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58,980 |
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26,291 |
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259,359 |
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54,652 |
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Loss from operations |
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(58,974 |
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(26,285 |
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(259,347 |
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(54,640 |
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Other income (expense): |
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Change in fair value of derivative liabilities |
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(42,300 |
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(8,700 |
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(44,200 |
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(11,400 |
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Change in fair value of long-term investments |
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25,814 |
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517 |
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26,852 |
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517 |
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Change in fair value of contingent consideration liabilities |
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(741 |
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— |
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(1,046 |
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— |
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Interest and other income (expense), net |
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(52 |
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250 |
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(72 |
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847 |
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Total other income (expense) |
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(17,279 |
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(7,933 |
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(18,466 |
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(10,036 |
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Net loss |
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$ |
(76,253 |
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$ |
(34,218 |
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$ |
(277,813 |
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$ |
(64,676 |
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Accretion of redeemable convertible preferred stock to redemption value, including dividends on preferred stock |
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— |
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— |
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— |
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(1,277 |
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Net loss attributable to common stockholders |
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$ |
(76,253 |
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$ |
(34,218 |
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$ |
(277,813 |
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$ |
(65,953 |
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Net loss per common share attributable to common stockholders, basic and diluted |
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$ |
(1.23 |
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$ |
(0.69 |
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$ |
(4.54 |
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$ |
(1.65 |
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Weighted-average common shares used in net loss per share attributable to common stockholders, basic and diluted |
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62,210,239 |
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49,430,138 |
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61,215,705 |
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40,077,788 |
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