BEAM 10-Q report for 2026-03-31

BEAM 10-Q report for 2026-03-31 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2026 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number 001-39208 Beam Therapeutics Inc. (Exact name of Registrant as specified in its Charter) Delaware 81-5238376 ( State or other jurisdiction of incorporation or organization ) ( I.R.S. Employer Identification No. ) 238 Main Street Cambridge , MA 02142 ( Address of principal executive offices ) ( Zip Code ) Registrant’s telephone number, including area code: ( 857 ) 327-8775 Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.01 per share BEAM Nasdaq Global Select Market Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ NO ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ NO ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES ☐ NO ☒ The number of shares of registrant’s common stock outstanding as o f April 30, 2026 was 102,879,214 . CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. Such forward-looking statements reflect, among other things: • our current expectations and anticipated results of operations; • our expectations regarding the timing, progress and results of our clinical trials, including our Phase 1/2 clinical trial designed to assess the safety and efficacy of risto-cel for the treatment of sickle cell disease, our Phase 1/2 clinical trial designed to assess the safety and efficacy of BEAM-302 for the treatment of alpha-1 antitrypsin deficiency, our Phase 1/2 clinical trial designed to assess the safety and efficacy of BEAM-301 for the treatment of glycogen storage disease type 1a, and our Phase 1 healthy volunteer clinical trial of BEAM-103; • our ability to file a biologics license application within a certain time period, and to demonstrate to applicable regulators that our product candidates are safe and effective and that their benefits outweigh known and potential risks for the intended patient population; • our expectations regarding the initiation, timing, progress and results of our research and development programs and preclinical studies, including with respect to BEAM-304 for the treatment of phenylketonuria; • our ability to develop and maintain a sustainable portfolio of product candidates; • our ability to develop life-long, curative, precision genetic medicines for patients through base editing; • our ability to create a hub for partnering with other companies; • our plans for preclinical studies for product candidates in our pipeline; • our ability to advance any product candidates that we may develop and successfully complete any clinical trials or preclinical studies, including the manufacture of any such product candidates; • our ability to pursue a broad suite of clinically validated delivery modalities; • our expectations regarding our ability to generate additional novel lipid nanoparticles that we believe could accelerate novel nonviral delivery of gene editing or other nucleic acid payloads to tissues beyond the liver and our abil Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 21 Item 3. Quantitative and Qualitative Disclosures About Market Risk 32 Item 4. Controls and Procedures 32 PART II Other Information 34 Item 1. Legal Proceedings 34 Item 1A. Risk Factors 34 Item 5. Other Information 40 Item 6. Exhibits 41 Signatures 42 PART I. FINANCI AL INFORMATION Item 1. Financial St atements (Unaudited) Beam Therapeutics Inc. Condensed Consolidated Ba lance Sheets ( Unaudited ) (in thousands, except share and per share amounts) March 31, 2026 December 31, 2025 Assets Current assets: Cash and cash equivalents $ 288,291 $ 294,944 Marketable securities 923,361 950,266 Prepaid expenses and other current assets 55,301 23,478 Total current assets 1,266,953 1,268,688 Property and equipment, net 101,247 104,500 Restricted cash 6,693 6,676 Operating lease right-of-use assets 98,148 100,679 Other assets 7,757 634 Total assets $ 1,480,798 $ 1,481,177 Liabilities and stockholders’ equity Current liabilities: Accounts payable $ 12,286 $ 10,231 Accrued expenses and other current liabilities 39,291 55,267 Current portion of derivative liabilities 5,200 7,700 Current portion of deferred revenue 304 6,659 Current portion of lease liability 14,781 14,364 Current portion of contingent consideration liabilities 2,703 2,714 Total current liabilities 74,565 96,935 Long-term lease liability 135,848 139,759 Long-term portion of contingent consideration liabilities 5,449 5,952 Long-term portion of debt 100,193 — Other liabilities 305 173 Total liabilities 316,360 242,819 Commitments and contingencies  (See Note 7, License and other 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 March 31, 2026 and December 31, 2025, respectively — — Common stock, $ 0.01  par value; 250,000,000  shares authorized, 102,741,848  and 101,748,962  issued and outstanding at March 31, 2026 and December 31, 2025, respectively 1,027 1,017 Additional paid-in capital 2,900,018 2,877,449 Accumulated other comprehensive (loss) income ( 1,070 ) 1,111 Accumulated deficit ( 1,735,537 ) ( 1,641,219 ) Total stockholders’ equity 1,164,438 1,238,358 Total liabilities and stockholders’ equity $ 1,480,798 $ 1,481,177 The accompanying notes are an integral part of these condensed consolidated financial statements. 1 Beam Therapeutics Inc. Condensed Consolidated Statements of Operati ons and Other Comprehensive Loss ( Unaudited ) (in thousands, except share and per share amounts) Three Months Ended March 31, 2026 2025 License and collaboration revenue $ 31,738 $ 7,470 Operating expenses: Research and development 104,524 98,816 General and administrative 34,429 27,940 Total operating expenses 138,953 126,756 Loss from operations ( 107,215 ) ( 119,286 ) Other income (expense): Change in fair value of derivative liabilities 2,500 3,200 Change in fair value of non-controlling equity investments 16 ( 2,081 ) Change in fair value of contingent consideration liabilities 514 ( 27 ) Interest and other income (expense), net 9,867 9,864 Total other income (expense) 12,897 10,956 Net loss $ ( 94,318 ) $ ( 108,330 ) Unrealized gain (loss) on marketable securities ( 2,181 ) ( 519 ) Comprehensive loss $ ( 96,499 ) $ ( 108,849 ) Net loss per common share, basic and diluted $ ( 0.91 ) $ ( 1.23 ) Weighted-average common shares outstanding, basic and diluted 103,262,001 87,975,311 The accompanying notes are an integral part of these condensed consolidated financial statements. 2 Beam Therapeutics Inc. Condensed Consolidated Statements of Stockholders’ Equity ( Unaudited ) (in thousands, except share amounts) Common Stock Additional Paid-in Accumulated Other Comprehensive Accumulated Total Stockholders’ Shares Amount Capital Income (Loss) Deficit Equity Balance at December 31, 2024 83,633,069 $ 836 $ 2,298,661 $ 679 $ ( 1,566,631 ) $ 733,545 Cumulative effect of adoption of ASU 2025-07 — — — — 5,404 5,404 Purchase of common stock under ESPP 90,436 1 1,500 — — 1,501 Issuance of common stock and pre-funded warrants, net of issuance costs of $ 30.8  million 16,151,686 162 470,316 — — 470,478 Vesting of restricted common stock 607,196 6 ( 6 ) — — — Stock-based compensation — — 26,682 — — 26,682 Exercise of common stock options 74,707 1 718 — — 719 Other comprehensive income (loss) — — — ( 519 ) — ( 519 ) Net loss — — — — ( 108,330 ) ( 108,330 ) Balance at March 31, 2025 100,557,094 $ 1,006 $ 2,797,871 $ 160 $ ( 1,669,557 ) $ 1,129,480 3 Beam Therapeutics Inc. Condensed Consolidated Statements of Stockholders’ Equity - Continued ( Unaudited ) (in thousands, except share amounts) Common Stock Additional Paid-in Accumulated Other Comprehensive Accumulated Total Stockholders’ Shares Amount Capital Income (Loss) Deficit Equity Balance at December 31, 2025 101,748,962 $ 1,017 $ 2,877,449 $ 1,111 $ ( 1,641,219 ) $ 1,238,358 Purchase of common stock under ESPP 74,518 1 1,509 — — 1,510 Vesting of restricted common stock 720,697 7 ( 7 ) — — — Stock-based compensation — — 19,044 — — 19,044 Exercise of common stock options 197,671 2 2,023 — — 2,025 Other comprehensive income (loss) — — — ( 2,181 ) — ( 2,181 ) Net loss — — — — ( 94,318 ) ( 94,318 ) Balance at March 31, 2026 102,741,848 $ 1,027 $ 2,900,018 $ ( 1,070 ) $ ( 1,735,537 ) $ 1,164,438 The accompanying notes are an integral part of these condensed consolidated financial statements. 4 Beam Therapeutics Inc. Condensed Consolidated Statem ents of Cash Flows ( Unaudited ) (in thousands) Three Months Ended March 31, 2026 2025 Operating activities Net loss $ ( 94,318 ) $ ( 108,330 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization 5,605 5,528 Amortization of investment discount (premiums) ( 2,763 ) ( 3,849 ) Amortization of debt discount 35 — Stock-based compensation expense 19,044 26,682 Change in operating lease right-of-use assets 2,532 2,649 Change in fair value of derivative liabilities ( 2,500 ) ( 3,200 ) Change in fair value of contingent consideration liabilities ( 514 ) 27 Change in fair value of non-controlling equity investments ( 16 ) 2,081 Changes in operating assets and liabilities: Prepaid expenses and other current assets ( 31,861 ) 49 Accounts payable 2,216 3,793 Accrued expenses and other liabilities ( 16,258 ) ( 18,458 ) Operating lease liabilities ( 3,494 ) ( 3,297 ) Deferred revenue ( 6,355 ) ( 7,470 ) Other long-term liabilities 134 ( 89 ) Net cash provided by (used in) operating activities ( 128,513 ) ( 103,884 ) Investing activities Purchases of property and equipment ( 2,232 ) ( 3,065 ) Purchases of marketable securities ( 153,792 ) ( 339,169 ) Maturities of marketable securities 181,293 217,145 Net cash provided by (used in) investing activities 25,269 ( 125,089 ) Financing activities Proceeds from issuance of common shares and pre-funded warrants, net of issuance costs — 471,159 Proceeds from issuances of stock under ESPP 1,510 1,501 Proceeds from exercise of stock options 2,025 719 Proceeds from the issuance of debt, net of fees paid to lender 93,886 — Payments of debt issuance costs ( 813 ) — Net cash provided by (used in) financing activities 96,608 473,379 Net change in cash, cash equivalents and restricted cash ( 6,636 ) 244,406 Cash, cash equivalents and restricted cash—beginning of period 301,620 290,111 Cash, cash equivalents and restricted cash—end of period $ 294,984 $ 534,517 The accompanying notes are an integral part of these condensed consolidated financial statements. 5 Beam Therapeutics Inc. Condensed Consolidated Statements of Cash Flows - Continued ( Unaudited ) (in thousands) Three Months Ended March 31, 2026 2025 Supplemental disclosure of noncash investing and financing activities: Property and equipment additions in accounts payable and accrued expenses $ 1,391 $ 1,455 Equity issuance costs in accounts payable and accrued expenses $ — $ 641 The accompanying notes are an integral part of these condensed consolidated financial statements. 6 Beam Therapeutics Inc. Notes to Condensed Consolidated Financial Statements ( Unaudited ) 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, continuing to invest in its internal manufacturing capabilities and making arrangements to conduct manufacturing activities with contract manufacturing organizations, conducting clinical trials, organizing and staffing the Company, 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 clinical-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. The Company has entered into an at the market sales agreement, or the Sales Agreement, with Jefferies LLC, or Jefferies, pursuant to which the Company is entitled to offer and sell, from time to time at prevailing market prices, shares of its common stock having aggregate gross proceeds of up to $ 1.1 billion. 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. As of March 31, 2026, the Company has sold 13,769,001 shares of its common stock under the Sales Agreement at an average price of $ 62.75 per share for aggregate gross proceeds of $ 864.0 million, before deducting commissions and offering expenses payable by the Company. There were no shares sold under the Sales Agreement during the three months ended March 31, 2026. In March 2025, the Company closed an underwritten public offering of 16,151,686 shares of common stock at a public offering price of $ 28.48 per share and pre-funded warrants to purchase 1,404,988 shares of common stock at a purchase price of $ 28.47 per pre-funded warrant for aggregate net proceeds of $ 470.5 million, after deducting underwriting discounts, commissions and approximately $ 0.8 million related to legal, accounting and other fees in connection with the offering. Refer to Note 9 for further information. In December 2025, Bristol-Myers Squibb Company completed an acquisition of Orbital, or the Acquisition. At the closing of the Acquisition, the Company held 75 million shares of Orbital common stock, which were cancelled and converted into $ 255.1 million in closing cash consideration, plus the right to receive up to approximately $ 26.3 million in additional cash consideration upon the release, if any, of certain escrows . In February 2026, the Company entered into a financing agreement with certain lenders and Sixth Street Lending Partners which provides for a credit facility, or the Credit Facility, consisting of an initial draw of $ 100.0 million on the closing date; up to $ 300 million available upon the achievement of certain clinical, regulatory and commercial milestones for risto-cel; and an additional $ 100 million available at the Company’s option, subject to mutual agreement between the parties, during the seven-year term of the agreement. The Credit Facility matures on February 24, 2033 and bears interest at an annual rate equal to the 3-month Secured Overnight Financing Rate (SOFR) plus 6.5 % (subject to a 1.00 % floor). Certain additional commitment, administrative, undrawn amount and facility fees are also payable in connection with the Credit Facility. Since its inception, the Company has incurred substantial losses and had an accumulated deficit of $ 1.7 billion as of March 31, 2026. 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 March 31, 2026 of $ 1.2 billion will be Item 1A. Risk Factors 34 Item 5. Other Information 40 Item 6. Exhibits 41 Signatures 42 PART I. FINANCI AL INFORMATION Item 1. Financial St atements (Unaudited) Beam Therapeutics Inc. Condensed Consolidated Ba lance Sheets ( Unaudited ) (in thousands, except share and per share amounts) March 31, 2026 December 31, 2025 Assets Current assets: Cash and cash equivalents $ 288,291 $ 294,944 Marketable securities 923,361 950,266 Prepaid expenses and other current assets 55,301 23,478 Total current assets 1,266,953 1,268,688 Property and equipment, net 101,247 104,500 Restricted cash 6,693 6,676 Operating lease right-of-use assets 98,148 100,679 Other assets 7,757 634 Total assets $ 1,480,798 $ 1,481,177 Liabilities and stockholders’ equity Current liabilities: Accounts payable $ 12,286 $ 10,231 Accrued expenses and other current liabilities 39,291 55,267 Current portion of derivative liabilities 5,200 7,700 Current portion of deferred revenue 304 6,659 Current portion of lease liability 14,781 14,364 Current portion of contingent consideration liabilities 2,703 2,714 Total current liabilities 74,565 96,935 Long-term lease liability 135,848 139,759 Long-term portion of contingent consideration liabilities 5,449 5,952 Long-term portion of debt 100,193 — Other liabilities 305 173 Total liabilities 316,360 242,819 Commitments and contingencies  (See Note 7, License and other 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 March 31, 2026 and December 31, 2025, respectively — — Common stock, $ 0.01  par value; 250,000,000  shares authorized, 102,741,848  and 101,748,962  issued and outstanding at March 31, 2026 and December 31, 2025, respectively 1,027 1,017 Additional paid-in capital 2,900,018 2,877,449 Accumulated other comprehensive (loss) income ( 1,070 ) 1,111 Accumulated deficit ( 1,735,537 ) ( 1,641,219 ) Total stockholders’ equity 1,164,438 1,238,358 Total liabilities and stockholders’ equity $ 1,480,798 $ 1,481,177 The accompanying notes are an integral part of these condensed consolidated financial statements. 1 Beam Therapeutics Inc. Condensed Consolidated Statements of Operati ons and Other Comprehensive Loss ( Unaudited ) (in thousands, except share and per share amounts) Three Months Ended March 31, 2026 2025 License and collaboration revenue $ 31,738 $ 7,470 Operating expenses: Research and development 104,524 98,816 General and administrative 34,429 27,940 Total operating expenses 138,953 126,756 Loss from operations ( 107,215 ) ( 119,286 ) Other income (expense): Change in fair value of derivative liabilities 2,500 3,200 Change in fair value of non-controlling equity investments 16 ( 2,081 ) Change in fair value of contingent consideration liabilities 514 ( 27 ) Interest and other income (expense), net 9,867 9,864 Total other income (expense) 12,897 10,956 Net loss $ ( 94,318 ) $ ( 108,330 ) Unrealized gain (loss) on marketable securities ( 2,181 ) ( 519 ) Comprehensive loss $ ( 96,499 ) $ ( 108,849 ) Net loss per common share, basic and diluted $ ( 0.91 ) $ ( 1.23 ) Weighted-average common shares outstanding, basic and diluted 103,262,001 87,975,311 The accompanying notes are an integral part of these condensed consolidated financial statements. 2 Beam Therapeutics Inc. Condensed Consolidated Statements of Stockholders’ Equity ( Unaudited ) (in thousands, except share amounts) Common Stock Additional Paid-in Accumulated Other Comprehensive Accumulated Total Stockholders’ Shares Amount Capital Income (Loss) Deficit Equity Balance at December 31, 2024 83,633,069 $ 836 $ 2,298,661 $ 679 $ ( 1,566,631 ) $ 733,545 Cumulative effect of adoption of ASU 2025-07 — — — — 5,404 5,404 Purchase of common stock under ESPP 90,436 1 1,500 — — 1,501 Issuance of common stock and pre-funded warrants, net of issuance costs of $ 30.8  million 16,151,686 162 470,316 — — 470,478 Vesting of restricted common stock 607,196 6 ( 6 ) — — — Stock-based compensation — — 26,682 — — 26,682 Exercise of common stock options 74,707 1 718 — — 719 Other comprehensive income (loss) — — — ( 519 ) — ( 519 ) Net loss — — — — ( 108,330 ) ( 108,330 ) Balance at March 31, 2025 100,557,094 $ 1,006 $ 2,797,871 $ 160 $ ( 1,669,557 ) $ 1,129,480 3 Beam Therapeutics Inc. Condensed Consolidated Statements of Stockholders’ Equity - Continued ( Unaudited ) (in thousands, except share amounts) Common Stock Additional Paid-in Accumulated Other Comprehensive Accumulated Total Stockholders’ Shares Amount Capital Income (Loss) Deficit Equity Balance at December 31, 2025 101,748,962 $ 1,017 $ 2,877,449 $ 1,111 $ ( 1,641,219 ) $ 1,238,358 Purchase of common stock under ESPP 74,518 1 1,509 — — 1,510 Vesting of restricted common stock 720,697 7 ( 7 ) — — — Stock-based compensation — — 19,044 — — 19,044 Exercise of common stock options 197,671 2 2,023 — — 2,025 Other comprehensive income (loss) — — — ( 2,181 ) — ( 2,181 ) Net loss — — — — ( 94,318 ) ( 94,318 ) Balance at March 31, 2026 102,741,848 $ 1,027 $ 2,900,018 $ ( 1,070 ) $ ( 1,735,537 ) $ 1,164,438 The accompanying notes are an integral part of these condensed consolidated financial statements. 4 Beam Therapeutics Inc. Condensed Consolidated Statem ents of Cash Flows ( Unaudited ) (in thousands) Three Months Ended March 31, 2026 2025 Operating activities Net loss $ ( 94,318 ) $ ( 108,330 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization 5,605 5,528 Amortization of investment discount (premiums) ( 2,763 ) ( 3,849 ) Amortization of debt discount 35 — Stock-based compensation expense 19,044 26,682 Change in operating lease right-of-use assets 2,532 2,649 Change in fair value of derivative liabilities ( 2,500 ) ( 3,200 ) Change in fair value of contingent consideration liabilities ( 514 ) 27 Change in fair value of non-controlling equity investments ( 16 ) 2,081 Changes in operating assets and liabilities: Prepaid expenses and other current assets ( 31,861 ) 49 Accounts payable 2,216 3,793 Accrued expenses and other liabilities ( 16,258 ) ( 18,458 ) Operating lease liabilities ( 3,494 ) ( 3,297 ) Deferred revenue ( 6,355 ) ( 7,470 ) Other long-term liabilities 134 ( 89 ) Net cash provided by (used in) operating activities ( 128,513 ) ( 103,884 ) Investing activities Purchases of property and equipment ( 2,232 ) ( 3,065 ) Purchases of marketable securities ( 153,792 ) ( 339,169 ) Maturities of marketable securities 181,293 217,145 Net cash provided by (used in) investing activities 25,269 ( 125,089 ) Financing activities Proceeds from issuance of common shares and pre-funded warrants, net of issuance costs — 471,159 Proceeds from issuances of stock under ESPP 1,510 1,501 Proceeds from exercise of stock options 2,025 719 Proceeds from the issuance of debt, net of fees paid to lender 93,886 — Payments of debt issuance costs ( 813 ) — Net cash provided by (used in) financing activities 96,608 473,379 Net change in cash, cash equivalents and restricted cash ( 6,636 ) 244,406 Cash, cash equivalents and restricted cash—beginning of period 301,620 290,111 Cash, cash equivalents and restricted cash—end of period $ 294,984 $ 534,517 The accompanying notes are an integral part of these condensed consolidated financial statements. 5 Beam Therapeutics Inc. Condensed Consolidated Statements of Cash Flows - Continued ( Unaudited ) (in thous results of operations; • our expectations regarding the timing, progress and results of our clinical trials, including our Phase 1/2 clinical trial designed to assess the safety and efficacy of risto-cel for the treatment of sickle cell disease, our Phase 1/2 clinical trial designed to assess the safety and efficacy of BEAM-302 for the treatment of alpha-1 antitrypsin deficiency, our Phase 1/2 clinical trial designed to assess the safety and efficacy of BEAM-301 for the treatment of glycogen storage disease type 1a, and our Phase 1 healthy volunteer clinical trial of BEAM-103; • our ability to file a biologics license application within a certain time period, and to demonstrate to applicable regulators that our product candidates are safe and effective and that their benefits outweigh known and potential risks for the intended patient population; • our expectations regarding the initiation, timing, progress and results of our research and development programs and preclinical studies, including with respect to BEAM-304 for the treatment of phenylketonuria; • our ability to develop and maintain a sustainable portfolio of product candidates; • our ability to develop life-long, curative, precision genetic medicines for patients through base editing; • our ability to create a hub for partnering with other companies; • our plans for preclinical studies for product candidates in our pipeline; • our ability to advance any product candidates that we may develop and successfully complete any clinical trials or preclinical studies, including the manufacture of any such product candidates; • our ability to pursue a broad suite of clinically validated delivery modalities; • our expectations regarding our ability to generate additional novel lipid nanoparticles that we believe could accelerate novel nonviral delivery of gene editing or other nucleic acid payloads to tissues beyond the liver and our ability to expand the reach of our programs; • the scope of protection we are able to establish and maintain for intellectual property rights covering our product candidates and technology; • developments related to our competitors and our industry; • the expected timing, progress and success of our collaborations with third parties, including any future payments we may receive under our collaboration and license agreements, and our ability to identify and enter into future license agreements and collaborations; • developments related to base editing technologies; • our ability to successfully develop our delivery modalities and obtain and maintain approval for our product candidates; • our ability to successfully maintain a commercial-scale current Good Manufacturing Practice, or cGMP, manufacturing facility; • regulatory developments in the United States and foreign countries; • our ability to attract and retain key scientific and management personnel; • our expectations regarding the strategic and other potential benefits of our acquisition of any additional technologies, as well as the potential of contingent payments in connection with such acquisitions; • our estimates regarding the period over which we believe that our existing cash, cash equivalents and marketable securities will be sufficient to fund our operating expenses and capital expenditure requirements; and • the impact on our business of macro-economic conditions, as well as the prevailing level of macro-economic, business, and operational uncertainty, including as a result of geopolitical events, federal government shutdowns, the imposition of new or revised global trade tariffs or other global or regional events. All of these statements are subject to known and unknown important risks, uncertainties and other factors that may cause our actual results, performance or achievements, market trends, or industry results to differ materially from those expressed or implied by such forward-looking statements. Therefore, any statements contained herein that are not statements of historical fact may be forward-looking statements and should be evaluated as such. Without limiting the foregoing, the words “anticipate,” “expect,” “suggest,” “plan,” “believe,” “intend,” “project,” “forecast,” “estimates,” “targets,” “projections,” “should,” “could,” “would,” “may,” “might,” “will,” and the negative thereof and similar words and expressions are intended to identify forward-looking statements. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described in “Risk Factors” in Part II, Item 1A of this Quarterly Report on Form 10-Q and “Risk Factors Summary” and “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, or the 2025 Form 10-K. Unless legally required, we assume no obligation to update any such forward-looking information to reflect actual results or changes in the factors affecting such forward-looking information. When we use the terms “

Beam Therapeutics Inc., a biotechnology company, engages in the development of precision genetic medicines for patients suffering from serious diseases in the United States.

BEAM 10-Q report for 2026-03-31 10-Q UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2026 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number 001-39208 Beam Therapeutics Inc. (Exact name of Registrant as specified in its Charter) Delaware 81-5238376 ( State or other jurisdiction of incorporation or organization ) ( I.R.S. Employer Identification No. ) 238 Main Street Cambridge , MA 02142 ( Address of principal executive offices ) ( Zip Code ) Registrant’s telephone number, including area code: ( 857 ) 327-8775 Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol(s) Name of each exchange on which registered Common Stock, par value $0.01 per share BEAM Nasdaq Global Select Market Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ NO ☐ Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ NO ☐ Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐ If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). YES ☐ NO ☒ The number of shares of registrant’s common stock outstanding as o f April 30, 2026 was 102,879,214 . CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. Such forward-looking statements reflect, among other things: • our current expectations and anticipated results of operations; • our expectations regarding the timing, progress and results of our clinical trials, including our Phase 1/2 clinical trial designed to assess the safety and efficacy of risto-cel for the treatment of sickle cell disease, our Phase 1/2 clinical trial designed to assess the safety and efficacy of BEAM-302 for the treatment of alpha-1 antitrypsin deficiency, our Phase 1/2 clinical trial designed to assess the safety and efficacy of BEAM-301 for the treatment of glycogen storage disease type 1a, and our Phase 1 healthy volunteer clinical trial of BEAM-103; • our ability to file a biologics license application within a certain time period, and to demonstrate to applicable regulators that our product candidates are safe and effective and that their benefits outweigh known and potential risks for the intended patient population; • our expectations regarding the initiation, timing, progress and results of our research and development programs and preclinical studies, including with respect to BEAM-304 for the treatment of phenylketonuria; • our ability to develop and maintain a sustainable portfolio of product candidates; • our ability to develop life-long, curative, precision genetic medicines for patients through base editing; • our ability to create a hub for partnering with other companies; • our plans for preclinical studies for product candidates in our pipeline; • our ability to advance any product candidates that we may develop and successfully complete any clinical trials or preclinical studies, including the manufacture of any such product candidates; • our ability to pursue a broad suite of clinically validated delivery modalities; • our expectations regarding our ability to generate additional novel lipid nanoparticles that we believe could accelerate novel nonviral delivery of gene editing or other nucleic acid payloads to tissues beyond the liver and our abil Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations 21 Item 3. Quantitative and Qualitative Disclosures About Market Risk 32 Item 4. Controls and Procedures 32 PART II Other Information 34 Item 1. Legal Proceedings 34 Item 1A. Risk Factors 34 Item 5. Other Information 40 Item 6. Exhibits 41 Signatures 42 PART I. FINANCI AL INFORMATION Item 1. Financial St atements (Unaudited) Beam Therapeutics Inc. Condensed Consolidated Ba lance Sheets ( Unaudited ) (in thousands, except share and per share amounts) March 31, 2026 December 31, 2025 Assets Current assets: Cash and cash equivalents $ 288,291 $ 294,944 Marketable securities 923,361 950,266 Prepaid expenses and other current assets 55,301 23,478 Total current assets 1,266,953 1,268,688 Property and equipment, net 101,247 104,500 Restricted cash 6,693 6,676 Operating lease right-of-use assets 98,148 100,679 Other assets 7,757 634 Total assets $ 1,480,798 $ 1,481,177 Liabilities and stockholders’ equity Current liabilities: Accounts payable $ 12,286 $ 10,231 Accrued expenses and other current liabilities 39,291 55,267 Current portion of derivative liabilities 5,200 7,700 Current portion of deferred revenue 304 6,659 Current portion of lease liability 14,781 14,364 Current portion of contingent consideration liabilities 2,703 2,714 Total current liabilities 74,565 96,935 Long-term lease liability 135,848 139,759 Long-term portion of contingent consideration liabilities 5,449 5,952 Long-term portion of debt 100,193 — Other liabilities 305 173 Total liabilities 316,360 242,819 Commitments and contingencies  (See Note 7, License and other 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 March 31, 2026 and December 31, 2025, respectively — — Common stock, $ 0.01  par value; 250,000,000  shares authorized, 102,741,848  and 101,748,962  issued and outstanding at March 31, 2026 and December 31, 2025, respectively 1,027 1,017 Additional paid-in capital 2,900,018 2,877,449 Accumulated other comprehensive (loss) income ( 1,070 ) 1,111 Accumulated deficit ( 1,735,537 ) ( 1,641,219 ) Total stockholders’ equity 1,164,438 1,238,358 Total liabilities and stockholders’ equity $ 1,480,798 $ 1,481,177 The accompanying notes are an integral part of these condensed consolidated financial statements. 1 Beam Therapeutics Inc. Condensed Consolidated Statements of Operati ons and Other Comprehensive Loss ( Unaudited ) (in thousands, except share and per share amounts) Three Months Ended March 31, 2026 2025 License and collaboration revenue $ 31,738 $ 7,470 Operating expenses: Research and development 104,524 98,816 General and administrative 34,429 27,940 Total operating expenses 138,953 126,756 Loss from operations ( 107,215 ) ( 119,286 ) Other income (expense): Change in fair value of derivative liabilities 2,500 3,200 Change in fair value of non-controlling equity investments 16 ( 2,081 ) Change in fair value of contingent consideration liabilities 514 ( 27 ) Interest and other income (expense), net 9,867 9,864 Total other income (expense) 12,897 10,956 Net loss $ ( 94,318 ) $ ( 108,330 ) Unrealized gain (loss) on marketable securities ( 2,181 ) ( 519 ) Comprehensive loss $ ( 96,499 ) $ ( 108,849 ) Net loss per common share, basic and diluted $ ( 0.91 ) $ ( 1.23 ) Weighted-average common shares outstanding, basic and diluted 103,262,001 87,975,311 The accompanying notes are an integral part of these condensed consolidated financial statements. 2 Beam Therapeutics Inc. Condensed Consolidated Statements of Stockholders’ Equity ( Unaudited ) (in thousands, except share amounts) Common Stock Additional Paid-in Accumulated Other Comprehensive Accumulated Total Stockholders’ Shares Amount Capital Income (Loss) Deficit Equity Balance at December 31, 2024 83,633,069 $ 836 $ 2,298,661 $ 679 $ ( 1,566,631 ) $ 733,545 Cumulative effect of adoption of ASU 2025-07 — — — — 5,404 5,404 Purchase of common stock under ESPP 90,436 1 1,500 — — 1,501 Issuance of common stock and pre-funded warrants, net of issuance costs of $ 30.8  million 16,151,686 162 470,316 — — 470,478 Vesting of restricted common stock 607,196 6 ( 6 ) — — — Stock-based compensation — — 26,682 — — 26,682 Exercise of common stock options 74,707 1 718 — — 719 Other comprehensive income (loss) — — — ( 519 ) — ( 519 ) Net loss — — — — ( 108,330 ) ( 108,330 ) Balance at March 31, 2025 100,557,094 $ 1,006 $ 2,797,871 $ 160 $ ( 1,669,557 ) $ 1,129,480 3 Beam Therapeutics Inc. Condensed Consolidated Statements of Stockholders’ Equity - Continued ( Unaudited ) (in thousands, except share amounts) Common Stock Additional Paid-in Accumulated Other Comprehensive Accumulated Total Stockholders’ Shares Amount Capital Income (Loss) Deficit Equity Balance at December 31, 2025 101,748,962 $ 1,017 $ 2,877,449 $ 1,111 $ ( 1,641,219 ) $ 1,238,358 Purchase of common stock under ESPP 74,518 1 1,509 — — 1,510 Vesting of restricted common stock 720,697 7 ( 7 ) — — — Stock-based compensation — — 19,044 — — 19,044 Exercise of common stock options 197,671 2 2,023 — — 2,025 Other comprehensive income (loss) — — — ( 2,181 ) — ( 2,181 ) Net loss — — — — ( 94,318 ) ( 94,318 ) Balance at March 31, 2026 102,741,848 $ 1,027 $ 2,900,018 $ ( 1,070 ) $ ( 1,735,537 ) $ 1,164,438 The accompanying notes are an integral part of these condensed consolidated financial statements. 4 Beam Therapeutics Inc. Condensed Consolidated Statem ents of Cash Flows ( Unaudited ) (in thousands) Three Months Ended March 31, 2026 2025 Operating activities Net loss $ ( 94,318 ) $ ( 108,330 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization 5,605 5,528 Amortization of investment discount (premiums) ( 2,763 ) ( 3,849 ) Amortization of debt discount 35 — Stock-based compensation expense 19,044 26,682 Change in operating lease right-of-use assets 2,532 2,649 Change in fair value of derivative liabilities ( 2,500 ) ( 3,200 ) Change in fair value of contingent consideration liabilities ( 514 ) 27 Change in fair value of non-controlling equity investments ( 16 ) 2,081 Changes in operating assets and liabilities: Prepaid expenses and other current assets ( 31,861 ) 49 Accounts payable 2,216 3,793 Accrued expenses and other liabilities ( 16,258 ) ( 18,458 ) Operating lease liabilities ( 3,494 ) ( 3,297 ) Deferred revenue ( 6,355 ) ( 7,470 ) Other long-term liabilities 134 ( 89 ) Net cash provided by (used in) operating activities ( 128,513 ) ( 103,884 ) Investing activities Purchases of property and equipment ( 2,232 ) ( 3,065 ) Purchases of marketable securities ( 153,792 ) ( 339,169 ) Maturities of marketable securities 181,293 217,145 Net cash provided by (used in) investing activities 25,269 ( 125,089 ) Financing activities Proceeds from issuance of common shares and pre-funded warrants, net of issuance costs — 471,159 Proceeds from issuances of stock under ESPP 1,510 1,501 Proceeds from exercise of stock options 2,025 719 Proceeds from the issuance of debt, net of fees paid to lender 93,886 — Payments of debt issuance costs ( 813 ) — Net cash provided by (used in) financing activities 96,608 473,379 Net change in cash, cash equivalents and restricted cash ( 6,636 ) 244,406 Cash, cash equivalents and restricted cash—beginning of period 301,620 290,111 Cash, cash equivalents and restricted cash—end of period $ 294,984 $ 534,517 The accompanying notes are an integral part of these condensed consolidated financial statements. 5 Beam Therapeutics Inc. Condensed Consolidated Statements of Cash Flows - Continued ( Unaudited ) (in thousands) Three Months Ended March 31, 2026 2025 Supplemental disclosure of noncash investing and financing activities: Property and equipment additions in accounts payable and accrued expenses $ 1,391 $ 1,455 Equity issuance costs in accounts payable and accrued expenses $ — $ 641 The accompanying notes are an integral part of these condensed consolidated financial statements. 6 Beam Therapeutics Inc. Notes to Condensed Consolidated Financial Statements ( Unaudited ) 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, continuing to invest in its internal manufacturing capabilities and making arrangements to conduct manufacturing activities with contract manufacturing organizations, conducting clinical trials, organizing and staffing the Company, 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 clinical-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. The Company has entered into an at the market sales agreement, or the Sales Agreement, with Jefferies LLC, or Jefferies, pursuant to which the Company is entitled to offer and sell, from time to time at prevailing market prices, shares of its common stock having aggregate gross proceeds of up to $ 1.1 billion. 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. As of March 31, 2026, the Company has sold 13,769,001 shares of its common stock under the Sales Agreement at an average price of $ 62.75 per share for aggregate gross proceeds of $ 864.0 million, before deducting commissions and offering expenses payable by the Company. There were no shares sold under the Sales Agreement during the three months ended March 31, 2026. In March 2025, the Company closed an underwritten public offering of 16,151,686 shares of common stock at a public offering price of $ 28.48 per share and pre-funded warrants to purchase 1,404,988 shares of common stock at a purchase price of $ 28.47 per pre-funded warrant for aggregate net proceeds of $ 470.5 million, after deducting underwriting discounts, commissions and approximately $ 0.8 million related to legal, accounting and other fees in connection with the offering. Refer to Note 9 for further information. In December 2025, Bristol-Myers Squibb Company completed an acquisition of Orbital, or the Acquisition. At the closing of the Acquisition, the Company held 75 million shares of Orbital common stock, which were cancelled and converted into $ 255.1 million in closing cash consideration, plus the right to receive up to approximately $ 26.3 million in additional cash consideration upon the release, if any, of certain escrows . In February 2026, the Company entered into a financing agreement with certain lenders and Sixth Street Lending Partners which provides for a credit facility, or the Credit Facility, consisting of an initial draw of $ 100.0 million on the closing date; up to $ 300 million available upon the achievement of certain clinical, regulatory and commercial milestones for risto-cel; and an additional $ 100 million available at the Company’s option, subject to mutual agreement between the parties, during the seven-year term of the agreement. The Credit Facility matures on February 24, 2033 and bears interest at an annual rate equal to the 3-month Secured Overnight Financing Rate (SOFR) plus 6.5 % (subject to a 1.00 % floor). Certain additional commitment, administrative, undrawn amount and facility fees are also payable in connection with the Credit Facility. Since its inception, the Company has incurred substantial losses and had an accumulated deficit of $ 1.7 billion as of March 31, 2026. 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 March 31, 2026 of $ 1.2 billion will be Item 1A. Risk Factors 34 Item 5. Other Information 40 Item 6. Exhibits 41 Signatures 42 PART I. FINANCI AL INFORMATION Item 1. Financial St atements (Unaudited) Beam Therapeutics Inc. Condensed Consolidated Ba lance Sheets ( Unaudited ) (in thousands, except share and per share amounts) March 31, 2026 December 31, 2025 Assets Current assets: Cash and cash equivalents $ 288,291 $ 294,944 Marketable securities 923,361 950,266 Prepaid expenses and other current assets 55,301 23,478 Total current assets 1,266,953 1,268,688 Property and equipment, net 101,247 104,500 Restricted cash 6,693 6,676 Operating lease right-of-use assets 98,148 100,679 Other assets 7,757 634 Total assets $ 1,480,798 $ 1,481,177 Liabilities and stockholders’ equity Current liabilities: Accounts payable $ 12,286 $ 10,231 Accrued expenses and other current liabilities 39,291 55,267 Current portion of derivative liabilities 5,200 7,700 Current portion of deferred revenue 304 6,659 Current portion of lease liability 14,781 14,364 Current portion of contingent consideration liabilities 2,703 2,714 Total current liabilities 74,565 96,935 Long-term lease liability 135,848 139,759 Long-term portion of contingent consideration liabilities 5,449 5,952 Long-term portion of debt 100,193 — Other liabilities 305 173 Total liabilities 316,360 242,819 Commitments and contingencies  (See Note 7, License and other 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 March 31, 2026 and December 31, 2025, respectively — — Common stock, $ 0.01  par value; 250,000,000  shares authorized, 102,741,848  and 101,748,962  issued and outstanding at March 31, 2026 and December 31, 2025, respectively 1,027 1,017 Additional paid-in capital 2,900,018 2,877,449 Accumulated other comprehensive (loss) income ( 1,070 ) 1,111 Accumulated deficit ( 1,735,537 ) ( 1,641,219 ) Total stockholders’ equity 1,164,438 1,238,358 Total liabilities and stockholders’ equity $ 1,480,798 $ 1,481,177 The accompanying notes are an integral part of these condensed consolidated financial statements. 1 Beam Therapeutics Inc. Condensed Consolidated Statements of Operati ons and Other Comprehensive Loss ( Unaudited ) (in thousands, except share and per share amounts) Three Months Ended March 31, 2026 2025 License and collaboration revenue $ 31,738 $ 7,470 Operating expenses: Research and development 104,524 98,816 General and administrative 34,429 27,940 Total operating expenses 138,953 126,756 Loss from operations ( 107,215 ) ( 119,286 ) Other income (expense): Change in fair value of derivative liabilities 2,500 3,200 Change in fair value of non-controlling equity investments 16 ( 2,081 ) Change in fair value of contingent consideration liabilities 514 ( 27 ) Interest and other income (expense), net 9,867 9,864 Total other income (expense) 12,897 10,956 Net loss $ ( 94,318 ) $ ( 108,330 ) Unrealized gain (loss) on marketable securities ( 2,181 ) ( 519 ) Comprehensive loss $ ( 96,499 ) $ ( 108,849 ) Net loss per common share, basic and diluted $ ( 0.91 ) $ ( 1.23 ) Weighted-average common shares outstanding, basic and diluted 103,262,001 87,975,311 The accompanying notes are an integral part of these condensed consolidated financial statements. 2 Beam Therapeutics Inc. Condensed Consolidated Statements of Stockholders’ Equity ( Unaudited ) (in thousands, except share amounts) Common Stock Additional Paid-in Accumulated Other Comprehensive Accumulated Total Stockholders’ Shares Amount Capital Income (Loss) Deficit Equity Balance at December 31, 2024 83,633,069 $ 836 $ 2,298,661 $ 679 $ ( 1,566,631 ) $ 733,545 Cumulative effect of adoption of ASU 2025-07 — — — — 5,404 5,404 Purchase of common stock under ESPP 90,436 1 1,500 — — 1,501 Issuance of common stock and pre-funded warrants, net of issuance costs of $ 30.8  million 16,151,686 162 470,316 — — 470,478 Vesting of restricted common stock 607,196 6 ( 6 ) — — — Stock-based compensation — — 26,682 — — 26,682 Exercise of common stock options 74,707 1 718 — — 719 Other comprehensive income (loss) — — — ( 519 ) — ( 519 ) Net loss — — — — ( 108,330 ) ( 108,330 ) Balance at March 31, 2025 100,557,094 $ 1,006 $ 2,797,871 $ 160 $ ( 1,669,557 ) $ 1,129,480 3 Beam Therapeutics Inc. Condensed Consolidated Statements of Stockholders’ Equity - Continued ( Unaudited ) (in thousands, except share amounts) Common Stock Additional Paid-in Accumulated Other Comprehensive Accumulated Total Stockholders’ Shares Amount Capital Income (Loss) Deficit Equity Balance at December 31, 2025 101,748,962 $ 1,017 $ 2,877,449 $ 1,111 $ ( 1,641,219 ) $ 1,238,358 Purchase of common stock under ESPP 74,518 1 1,509 — — 1,510 Vesting of restricted common stock 720,697 7 ( 7 ) — — — Stock-based compensation — — 19,044 — — 19,044 Exercise of common stock options 197,671 2 2,023 — — 2,025 Other comprehensive income (loss) — — — ( 2,181 ) — ( 2,181 ) Net loss — — — — ( 94,318 ) ( 94,318 ) Balance at March 31, 2026 102,741,848 $ 1,027 $ 2,900,018 $ ( 1,070 ) $ ( 1,735,537 ) $ 1,164,438 The accompanying notes are an integral part of these condensed consolidated financial statements. 4 Beam Therapeutics Inc. Condensed Consolidated Statem ents of Cash Flows ( Unaudited ) (in thousands) Three Months Ended March 31, 2026 2025 Operating activities Net loss $ ( 94,318 ) $ ( 108,330 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization 5,605 5,528 Amortization of investment discount (premiums) ( 2,763 ) ( 3,849 ) Amortization of debt discount 35 — Stock-based compensation expense 19,044 26,682 Change in operating lease right-of-use assets 2,532 2,649 Change in fair value of derivative liabilities ( 2,500 ) ( 3,200 ) Change in fair value of contingent consideration liabilities ( 514 ) 27 Change in fair value of non-controlling equity investments ( 16 ) 2,081 Changes in operating assets and liabilities: Prepaid expenses and other current assets ( 31,861 ) 49 Accounts payable 2,216 3,793 Accrued expenses and other liabilities ( 16,258 ) ( 18,458 ) Operating lease liabilities ( 3,494 ) ( 3,297 ) Deferred revenue ( 6,355 ) ( 7,470 ) Other long-term liabilities 134 ( 89 ) Net cash provided by (used in) operating activities ( 128,513 ) ( 103,884 ) Investing activities Purchases of property and equipment ( 2,232 ) ( 3,065 ) Purchases of marketable securities ( 153,792 ) ( 339,169 ) Maturities of marketable securities 181,293 217,145 Net cash provided by (used in) investing activities 25,269 ( 125,089 ) Financing activities Proceeds from issuance of common shares and pre-funded warrants, net of issuance costs — 471,159 Proceeds from issuances of stock under ESPP 1,510 1,501 Proceeds from exercise of stock options 2,025 719 Proceeds from the issuance of debt, net of fees paid to lender 93,886 — Payments of debt issuance costs ( 813 ) — Net cash provided by (used in) financing activities 96,608 473,379 Net change in cash, cash equivalents and restricted cash ( 6,636 ) 244,406 Cash, cash equivalents and restricted cash—beginning of period 301,620 290,111 Cash, cash equivalents and restricted cash—end of period $ 294,984 $ 534,517 The accompanying notes are an integral part of these condensed consolidated financial statements. 5 Beam Therapeutics Inc. Condensed Consolidated Statements of Cash Flows - Continued ( Unaudited ) (in thous results of operations; • our expectations regarding the timing, progress and results of our clinical trials, including our Phase 1/2 clinical trial designed to assess the safety and efficacy of risto-cel for the treatment of sickle cell disease, our Phase 1/2 clinical trial designed to assess the safety and efficacy of BEAM-302 for the treatment of alpha-1 antitrypsin deficiency, our Phase 1/2 clinical trial designed to assess the safety and efficacy of BEAM-301 for the treatment of glycogen storage disease type 1a, and our Phase 1 healthy volunteer clinical trial of BEAM-103; • our ability to file a biologics license application within a certain time period, and to demonstrate to applicable regulators that our product candidates are safe and effective and that their benefits outweigh known and potential risks for the intended patient population; • our expectations regarding the initiation, timing, progress and results of our research and development programs and preclinical studies, including with respect to BEAM-304 for the treatment of phenylketonuria; • our ability to develop and maintain a sustainable portfolio of product candidates; • our ability to develop life-long, curative, precision genetic medicines for patients through base editing; • our ability to create a hub for partnering with other companies; • our plans for preclinical studies for product candidates in our pipeline; • our ability to advance any product candidates that we may develop and successfully complete any clinical trials or preclinical studies, including the manufacture of any such product candidates; • our ability to pursue a broad suite of clinically validated delivery modalities; • our expectations regarding our ability to generate additional novel lipid nanoparticles that we believe could accelerate novel nonviral delivery of gene editing or other nucleic acid payloads to tissues beyond the liver and our ability to expand the reach of our programs; • the scope of protection we are able to establish and maintain for intellectual property rights covering our product candidates and technology; • developments related to our competitors and our industry; • the expected timing, progress and success of our collaborations with third parties, including any future payments we may receive under our collaboration and license agreements, and our ability to identify and enter into future license agreements and collaborations; • developments related to base editing technologies; • our ability to successfully develop our delivery modalities and obtain and maintain approval for our product candidates; • our ability to successfully maintain a commercial-scale current Good Manufacturing Practice, or cGMP, manufacturing facility; • regulatory developments in the United States and foreign countries; • our ability to attract and retain key scientific and management personnel; • our expectations regarding the strategic and other potential benefits of our acquisition of any additional technologies, as well as the potential of contingent payments in connection with such acquisitions; • our estimates regarding the period over which we believe that our existing cash, cash equivalents and marketable securities will be sufficient to fund our operating expenses and capital expenditure requirements; and • the impact on our business of macro-economic conditions, as well as the prevailing level of macro-economic, business, and operational uncertainty, including as a result of geopolitical events, federal government shutdowns, the imposition of new or revised global trade tariffs or other global or regional events. All of these statements are subject to known and unknown important risks, uncertainties and other factors that may cause our actual results, performance or achievements, market trends, or industry results to differ materially from those expressed or implied by such forward-looking statements. Therefore, any statements contained herein that are not statements of historical fact may be forward-looking statements and should be evaluated as such. Without limiting the foregoing, the words “anticipate,” “expect,” “suggest,” “plan,” “believe,” “intend,” “project,” “forecast,” “estimates,” “targets,” “projections,” “should,” “could,” “would,” “may,” “might,” “will,” and the negative thereof and similar words and expressions are intended to identify forward-looking statements. These forward-looking statements are subject to a number of risks, uncertainties and assumptions, including those described in “Risk Factors” in Part II, Item 1A of this Quarterly Report on Form 10-Q and “Risk Factors Summary” and “Risk Factors” in Part I, Item 1A of our Annual Report on Form 10-K for the fiscal year ended December 31, 2025, or the 2025 Form 10-K. Unless legally required, we assume no obligation to update any such forward-looking information to reflect actual results or changes in the factors affecting such forward-looking information. When we use the terms “

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