$BEAM
Beam Therapeutics Inc.

2024 Q2 Form 10-Q Financial Statement

#000095017024053939 Filed on May 07, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $11.77M $7.410M
YoY Change -41.48% -69.39%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $29.63M $26.72M
YoY Change 20.16% 13.77%
% of Gross Profit
Research & Development $87.04M $84.82M
YoY Change -10.83% -14.88%
% of Gross Profit
Depreciation & Amortization $5.576M $5.431M
YoY Change 15.78% 16.87%
% of Gross Profit
Operating Expenses $116.7M $111.5M
YoY Change -4.58% -9.42%
Operating Profit -$104.9M -$104.1M
YoY Change 2.69% 5.26%
Interest Expense $12.10M $5.596M
YoY Change -29.63% 102.46%
% of Operating Profit
Other Income/Expense, Net $13.88M $5.463M
YoY Change 539.47% 121.35%
Pretax Income -$91.01M -$98.67M
YoY Change 9.95% 2.29%
Income Tax $39.00K $0.00
% Of Pretax Income
Net Earnings -$91.05M -$98.67M
YoY Change 10.0% 2.29%
Net Earnings / Revenue -773.45% -1331.57%
Basic Earnings Per Share -$1.11 -$1.21
Diluted Earnings Per Share -$1.11 -$1.21
COMMON SHARES
Basic Shares Outstanding 82.31M 81.66M
Diluted Shares Outstanding 82.31M 81.70M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $1.008B $1.095B
YoY Change -6.04% 3.31%
Cash & Equivalents $292.8M $287.8M
Short-Term Investments $715.4M $806.7M
Other Short-Term Assets $21.28M $27.16M
YoY Change -2.36% 15.26%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $1.029B $1.122B
YoY Change -5.97% 3.57%
LONG-TERM ASSETS
Property, Plant & Equipment $117.5M $120.9M
YoY Change -51.51% -0.74%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.323M $1.689M
YoY Change -92.13% 9.82%
Total Long-Term Assets $231.8M $238.1M
YoY Change -10.52% -4.51%
TOTAL ASSETS
Total Short-Term Assets $1.029B $1.122B
Total Long-Term Assets $231.8M $238.1M
Total Assets $1.261B $1.360B
YoY Change -6.84% 2.06%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.429M $2.790M
YoY Change -35.68% -80.16%
Accrued Expenses $79.78M $98.62M
YoY Change 62.78% 101.24%
Deferred Revenue $84.93M $72.11M
YoY Change -38.96% -49.48%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $177.3M $187.2M
YoY Change -15.37% -14.87%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change -100.0% -100.0%
Other Long-Term Liabilities $679.0K $719.0K
YoY Change -99.8% 315.61%
Total Long-Term Liabilities $679.0K $719.0K
YoY Change -99.8% 315.61%
TOTAL LIABILITIES
Total Short-Term Liabilities $177.3M $187.2M
Total Long-Term Liabilities $679.0K $719.0K
Total Liabilities $407.2M $446.3M
YoY Change -24.91% -21.82%
SHAREHOLDERS EQUITY
Retained Earnings -$1.400B -$1.300B
YoY Change 16.67% 8.33%
Common Stock $824.0K $823.0K
YoY Change 5.64% 10.62%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $854.1M $913.5M
YoY Change
Total Liabilities & Shareholders Equity $1.261B $1.360B
YoY Change -6.84% 2.06%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$91.05M -$98.67M
YoY Change 10.0% 2.29%
Depreciation, Depletion And Amortization $5.576M $5.431M
YoY Change 15.78% 16.87%
Cash From Operating Activities -$83.01M -$99.75M
YoY Change -1.96% -9.17%
INVESTING ACTIVITIES
Capital Expenditures $1.961M $2.438M
YoY Change -87.88% -59.48%
Acquisitions
YoY Change
Other Investing Activities $89.45M -$51.03M
YoY Change -453.55% -262.15%
Cash From Investing Activities $87.49M -$53.46M
YoY Change -310.93% -310.07%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 133.0K 2.897M
YoY Change -99.88% -97.06%
NET CHANGE
Cash From Operating Activities -83.01M -99.75M
Cash From Investing Activities 87.49M -53.46M
Cash From Financing Activities 133.0K 2.897M
Net Change In Cash 4.617M -150.3M
YoY Change -124.81% -1169.7%
FREE CASH FLOW
Cash From Operating Activities -$83.01M -$99.75M
Capital Expenditures $1.961M $2.438M
Free Cash Flow -$84.97M -$102.2M
YoY Change -15.74% -11.78%

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CY2023Q1 us-gaap Proceeds From Stock Plans
ProceedsFromStockPlans
1708000
CY2023Q1 us-gaap Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
62000
CY2024Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
177000
CY2023Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
603000
CY2024Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1676000
CY2023Q1 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
3392000
CY2024Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
2897000
CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
98416000
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-150314000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
14052000
CY2023Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
444614000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
245521000
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
294300000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
259573000
CY2024Q1 us-gaap Interest Paid Net
InterestPaidNet
14000
CY2023Q1 us-gaap Interest Paid Net
InterestPaidNet
62000
CY2024Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
358000
CY2023Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
10675000
CY2024Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
1523000
CY2023Q1 beam Equity Issuance Costs In Accounts Payable And Accrued Expenses
EquityIssuanceCostsInAccountsPayableAndAccruedExpenses
109000
CY2024Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-1300000000
CY2024Q1 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
1100000000
CY2024Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:6pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of estimates</span></p><p style="font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:6pt;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-size:10pt;font-family:Times New Roman;min-width:fit-content;">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.</span></p>
CY2024Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
287848000
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
249771000
CY2024Q1 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
6452000
CY2023Q1 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
9802000
CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
294300000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
259573000
CY2024Q1 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
176535000
CY2023Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
175142000
CY2024Q1 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
55613000
CY2023Q4 us-gaap Accumulated Depreciation Depletion And Amortization Property Plant And Equipment
AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment
50182000
CY2024Q1 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
120922000
CY2023Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
124960000
CY2024Q1 us-gaap Depreciation
Depreciation
5431000
CY2023Q1 us-gaap Depreciation
Depreciation
4647000
CY2024Q1 us-gaap Equity Securities Fv Ni Gain Loss
EquitySecuritiesFvNiGainLoss
-3353000
CY2023Q1 us-gaap Equity Securities Fv Ni Gain Loss
EquitySecuritiesFvNiGainLoss
-12797000
CY2024Q1 beam Available For Sale Debt Securities And Equity Securities Fv Ni Amortized Cost Basis
AvailableForSaleDebtSecuritiesAndEquitySecuritiesFvNiAmortizedCostBasis
807627000
CY2024Q1 beam Available For Sale Debt Securities And Equity Securities Fv Ni Accumulated Gross Unrealized Gain Before Taxes
AvailableForSaleDebtSecuritiesAndEquitySecuritiesFvNiAccumulatedGrossUnrealizedGainBeforeTaxes
145000
CY2024Q1 beam Available For Sale Debt Securities And Equity Securities Fv Ni Accumulated Gross Unrealized Loss Before Taxes
AvailableForSaleDebtSecuritiesAndEquitySecuritiesFvNiAccumulatedGrossUnrealizedLossBeforeTaxes
1066000
CY2024Q1 beam Available For Sale Debt Securities And Equity Securities Fv Ni
AvailableForSaleDebtSecuritiesAndEquitySecuritiesFvNi
806706000
CY2023Q4 beam Available For Sale Debt Securities And Equity Securities Fv Ni Amortized Cost Basis
AvailableForSaleDebtSecuritiesAndEquitySecuritiesFvNiAmortizedCostBasis
753377000
CY2023Q4 beam Available For Sale Debt Securities And Equity Securities Fv Ni Accumulated Gross Unrealized Gain Before Taxes
AvailableForSaleDebtSecuritiesAndEquitySecuritiesFvNiAccumulatedGrossUnrealizedGainBeforeTaxes
1077000
CY2023Q4 beam Available For Sale Debt Securities And Equity Securities Fv Ni Accumulated Gross Unrealized Loss Before Taxes
AvailableForSaleDebtSecuritiesAndEquitySecuritiesFvNiAccumulatedGrossUnrealizedLossBeforeTaxes
473000
CY2023Q4 beam Available For Sale Debt Securities And Equity Securities Fv Ni
AvailableForSaleDebtSecuritiesAndEquitySecuritiesFvNi
753981000
CY2024Q1 us-gaap Marketable Securities Realized Gain Loss
MarketableSecuritiesRealizedGainLoss
0
CY2023Q1 us-gaap Marketable Securities Realized Gain Loss
MarketableSecuritiesRealizedGainLoss
0
CY2024Q1 beam Accrued Contingent Obligation License Agreement Current
AccruedContingentObligationLicenseAgreementCurrent
42292000
CY2023Q4 beam Accrued Contingent Obligation License Agreement Current
AccruedContingentObligationLicenseAgreementCurrent
43280000
CY2024Q1 beam Accrued Research Costs
AccruedResearchCosts
6217000
CY2023Q4 beam Accrued Research Costs
AccruedResearchCosts
9804000
CY2024Q1 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
4886000
CY2023Q4 us-gaap Employee Related Liabilities Current
EmployeeRelatedLiabilitiesCurrent
21774000
CY2024Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
3381000
CY2023Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
3468000
CY2024Q1 beam Accrued Process Development And Manufacturing Costs
AccruedProcessDevelopmentAndManufacturingCosts
2615000
CY2023Q4 beam Accrued Process Development And Manufacturing Costs
AccruedProcessDevelopmentAndManufacturingCosts
4697000
CY2024Q1 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
27046000
CY2023Q4 us-gaap Other Accrued Liabilities Current
OtherAccruedLiabilitiesCurrent
28641000
CY2024Q1 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
86437000
CY2023Q4 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
111664000
CY2024Q1 us-gaap Loss Contingency Accrual At Carrying Value
LossContingencyAccrualAtCarryingValue
20600000
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
29281000
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
23917000
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
8276033
CY2023Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
42.59
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1947300
CY2024Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
24.67
CY2024Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
151291
CY2024Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
11.07
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
101089
CY2024Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
57.27
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
9970953
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
39.42
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
5083695
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
39.42
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
17.07
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
13372923
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
11059594
CY2024Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-98669000
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-96460000
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
81698633
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
81698633
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
72273829
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
72273829
CY2024Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.21
CY2024Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.21
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-1.33
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-1.33
CY2024Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2024Q1 beam Number Of Founder Shareholders
NumberOfFounderShareholders
3

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