Beam Therapeutics Inc.: Q3 FY2026 earnings call

What management said about Q3 FY2026, from the documents filed with the SEC on 3 November 2026: press release. Guidance figures: 2 kept. The quarter’s numbers.

Key takeaways

Updated AATD data shown at ERS: In September, updated Phase 1/2 BEAM-302 data were presented at ERS. With up to 18 months of follow-up, the data showed higher total and functional AAT, decreased neutrophil elastase activity and reduced mutant Z-AAT after one dose. Source
Third PKU base editor nominated: Beam nominated a third base editor for an undisclosed PKU mutation, bringing BEAM-304 to three base editors. The company believes the program could address up to 50% of U.S. PKU patients. Source
Initial BEAM-301 fasting-time improvement: Initial Phase 1/2 data showed dose-dependent improvement in time to fasting hypoglycemia across all patients, with complete elimination of starch supplementation. Source
60 mg cohort enrolling, FDA talks planned: Based on safety and clinical findings to date, Beam is enrolling a 60 mg cohort. Management plans to engage with the U.S. FDA on a potential path to approval. Source
Net loss rose to $134.4 million: Net loss was $134.4 million, or $1.28 per share, against $112.6 million, or $1.10 per share, a year earlier. The second quarter net loss was $122.7 million, or $1.18 per share. Source
Cash fell to $1.0 billion: Cash, cash equivalents and marketable securities were $1.0 billion at September 30, 2026, against $1.2 billion at December 31, 2025 and $1.2 billion at June 30, 2026. Source
Runway into mid-2029 unchanged: Management said the runway supports the potential risto-cel launch, the BEAM-302 pivotal plan and BEAM-304 clinical proof of concept. The mid-2029 period is unchanged from the second quarter. Source

“Our progress this quarter reflects the growing maturity and momentum of Beam’s platform, with predictable clinical translation across four distinct programs and multiple potentially transformative medicines advancing toward patients”
John Evans, chief executive officer of Beam Therapeutics

Guidance

Area	Period	Figure	Against last quarter
Cash runway Source	into mid-2029	into mid-2029	Kept
Risto-cel BLA submission Source	year-end 2026	as early as year-end 2026	Kept
BEAM-302 pivotal cohort dosing completion Source	first half of 2027	first half of 2027
BEAM-304 Phase 1/2 dosing start Source	early 2027	early 2027

What changed from last quarter

New: Eric Foster was appointed chief commercial officer in September 2026 to lead the commercial organization and strategy. Source
New: Updated BEAM-302 clinical data from the Phase 1/2 trial were presented at the ERS Congress in September. Source
New: Initial BEAM-301 clinical data were presented at the ESGCT Congress in October. Source
New: Enrollment in a 60 mg cohort of the BEAM-301 open-label dose-exploration study has started. Source
New: Beam nominated a third base editor within BEAM-304 for a third undisclosed PKU mutation. Source

BEAM-302 liver-targeted AATD program

Updated AATD data shown at ERS: In September, updated Phase 1/2 BEAM-302 data were presented at ERS. With up to 18 months of follow-up, the data showed higher total and functional AAT, decreased neutrophil elastase activity and reduced mutant Z-AAT after one dose. Source
Pivotal cohort dosing continues: Enrollment and dosing continue in the global pivotal cohort, which is designed to support a potential accelerated approval path in the United States. Dosing completion is expected in the first half of 2027. Source
Safety consistent with LNP therapies: Management described the BEAM-302 safety profile as consistent with lipid nanoparticle (LNP)-based therapies. Management also cited evidence of AAT production under normal physiological control. Source

BEAM-304 phenylketonuria program

Third PKU base editor nominated: Beam nominated a third base editor for an undisclosed PKU mutation, bringing BEAM-304 to three base editors. The company believes the program could address up to 50% of U.S. PKU patients. Source
Clinical start-up continues for trial: Start-up activities continue for the Phase 1/2 trial. The trial will first assess safety, tolerability and blood Phe reduction in patients with the R408W mutation. Source
Platform approach to PKU mutations: Management described a platform approach, with mutation-specific base editors aimed at the majority of PKU patients. Research on additional pathogenic mutations is ongoing. Source

“We are approaching a potential first BLA filing with risto-cel as early as the end of this year, and the pivotal cohort for BEAM-302 is rapidly advancing with completion of dosing expected in the first half of 2027.”
John Evans, chief executive officer of Beam Therapeutics

BEAM-301 GSDIa program

Initial BEAM-301 fasting-time improvement: Initial Phase 1/2 data showed dose-dependent improvement in time to fasting hypoglycemia across all patients, with complete elimination of starch supplementation. Source
Two of three reached 15 hours: Two of three patients in the 40 mg cohort reached the protocol-defined maximum controlled fasting duration of 15 hours or more. Management said this is consistent with restored endogenous glucose production. Source
60 mg cohort enrolling, FDA talks planned: Based on safety and clinical findings to date, Beam is enrolling a 60 mg cohort. Management plans to engage with the U.S. FDA on a potential path to approval. Source

Risto-cel and hematology programs

No new risto-cel efficacy figures: The release gives no new risto-cel efficacy figures. Management expects to report updated clinical data by year-end 2026. Source
Risto-cel described as potentially differentiated: Risto-cel is described as an investigational autologous cell therapy with a potentially differentiated profile for sickle cell disease. Source
Targeted stem cell LNPs in lead optimization: Beam continues investing in targeted LNPs for hematopoietic stem cell delivery. Candidates have been identified and are in advanced lead optimization. Source

“these milestones reinforce our confidence in a platform designed to translate predictably, carry knowledge forward from one program to the next”
John Evans, chief executive officer of Beam Therapeutics

Quarterly financial results

Net loss rose to $134.4 million: Net loss was $134.4 million, or $1.28 per share, against $112.6 million, or $1.10 per share, a year earlier. The second quarter net loss was $122.7 million, or $1.18 per share. Source
G&A rose; collaboration revenue fell: G&A expenses were $31.5 million, against $26.7 million a year earlier. License and collaboration revenue was $307 thousand, against $9.7 million in the third quarter of 2025. Source
Nine-month loss per share $3.38: Nine-month net loss was $351.4 million, or $3.38 per share, against $323.0 million, or $3.31 per share. Weighted-average shares rose to 104.7 million in the quarter from 102.6 million. Source

Cash position and runway

Cash fell to $1.0 billion: Cash, cash equivalents and marketable securities were $1.0 billion at September 30, 2026, against $1.2 billion at December 31, 2025 and $1.2 billion at June 30, 2026. Source
Liabilities rose; equity declined: Total liabilities were $316.4 million and stockholders’ equity was $952.7 million at September 30, 2026, against $242.8 million and $1,238.4 million at December 31, 2025. Source
Runway into mid-2029 unchanged: Management said the runway supports the potential risto-cel launch, the BEAM-302 pivotal plan and BEAM-304 clinical proof of concept. The mid-2029 period is unchanged from the second quarter. Source

Leadership and investor engagement

Eric Foster named chief commercial officer: In September, Beam appointed Eric Foster as chief commercial officer. He previously held senior roles at Ardelyx, Horizon Therapeutics and GSK. Source
Platform described across four programs: Management described predictable clinical translation across four distinct programs, with the platform intended to carry knowledge forward from one program to the next. Source
Investor fireside chats through December: Management will take part in fireside chats at Guggenheim on November 10, UBS on November 17, Jefferies on November 18 and Evercore on December 2, 2026. Source

Coming up, as management said on 3 November 2026

BEAM-301 FDA engagement planned: Management plans to engage with the U.S. FDA on a potential path to approval for BEAM-301. No date was given. Source
Risto-cel updated data and BLA: Updated risto-cel clinical data are expected by year-end 2026, with a U.S. BLA submission as early as year-end 2026. Source
BEAM-304 dosing to begin early 2027: Dosing in the BEAM-304 Phase 1/2 trial is expected to begin in early 2027, with the first evaluation in patients with the R408W mutation. Source

Figures management reported

Figure	Reported
R&D expenses Source	$110.1 million in the third quarter of 2026
BEAM-301 trial readout Source	Two of three 40 mg patients reached 15 hours or more of controlled fasting
BEAM-302 follow-up Source	Up to 18 months
BEAM-304 base editors and potential reach Source	Three base editors; potential to address up to 50% of U.S. PKU patients
BEAM-302 pivotal cohort dosing completion Source	First half of 2027
Risto-cel BLA submission Source	As early as year-end 2026

Risks management discussed

Financial: The runway through mid-2029 depends on the additional Sixth Street borrowings, which are subject to conditions. Source
Regulatory: Management noted that the known risks of LNP-based therapies apply to BEAM-301, which it described as showing an acceptable safety profile at both doses. Source

Earlier plans management reported on

Not stated: The prior release said Beam was positioned to achieve these milestones. The current release reports the ERS presentation and continued pivotal enrollment.
Not stated: The prior release said initial BEAM-301 clinical data were expected in 2026. The current release reports those data were presented in October.
Not stated: The prior release set the risto-cel BLA submission as early as year-end 2026. The current release keeps that timing.

Other quarters

Summarised with AI from the documents the company filed with the SEC. Every point is checked against the filing before it is shown: management’s own words word for word, figures against the line or table row they come from. A point that fails the check is left out. Source opens the filing at that line.

As filed with the SEC

Open the filing on EDGAR

Beam Therapeutics Reports Third Quarter 2026 Financial Results and Highlights Clinical Progress Across Base Editing Portfolio

Updated BEAM-302 Phase 1/2 Clinical Data Presented at ERS Demonstrated Durable Increases in Functional AAT and Reductions in Mutant Z-AAT; Completion of Dosing in the Global Pivotal Cohort Expected in First Half of 2027

U.S. Biologics License Application (BLA) Submission for Risto-cel in Sickle Cell Disease Expected as Early as Year-End 2026

Dosing in Phase 1/2 Trial of BEAM-304 in PKU Anticipated to Initiate in Early 2027

Initial BEAM-301 Phase 1/2 Data Presented at ESGCT Demonstrated Clinical Proof of Concept for Genetic Correction of R83C Mutation in GSDIa; Enrollment in 60 mg Cohort Underway

Ended Third Quarter 2026 with $1.0 Billion in Cash, Cash Equivalents and Marketable Securities; Cash Runway Expected to Support Operating Plans into Mid-2029

Cambridge, Mass., November 3, 2026 - Beam Therapeutics Inc. (Nasdaq: BEAM), a biotechnology company developing precision genetic medicines through base editing, today reported third quarter 2026 financial results and provided updates across the company’s hematology and genetic disease franchises.

“Our progress this quarter reflects the growing maturity and momentum of Beam’s platform, with predictable clinical translation across four distinct programs and multiple potentially transformative medicines advancing toward patients, bringing our vision for a new era of genetic medicine increasingly within reach,” said John Evans, chief executive officer of Beam Therapeutics. “We are approaching a potential first BLA filing with risto-cel as early as the end of this year, and the pivotal cohort for BEAM-302 is rapidly advancing with completion of dosing expected in the first half of 2027. Recently, initial BEAM-301 clinical trial data showed exciting early evidence of clinical activity and provided further clinical validation of our in vivo LNP platform. Together with the planned initiation of BEAM-304 dosing in early 2027, these milestones reinforce our confidence in a platform designed to translate predictably, carry knowledge forward from one program to the next, and progressively expand the number of patients who can benefit from base editing.”

Third Quarter 2026 and Recent Progress and Anticipated Milestones

Liver-targeted Genetic Diseases

BEAM-302: BEAM-302, Beam’s lead genetic disease program, is an investigational base editing therapy designed to be a differentiated, first-in-class liver-targeting therapy for alpha-1 antitrypsin deficiency (AATD) that directly corrects the root cause of the disease and has the potential to address both liver and lung manifestations.

In September, Beam presented updated clinical data from the Phase 1/2 trial of BEAM-302 at the European Respiratory Society (ERS) Congress 2026, reinforcing its potential as a one-time treatment for both the lung and liver manifestations of AATD. With up to 18 months of follow-up, the data demonstrated durable increases in total and functional AAT, decreased circulating neutrophil elastase activity, and reductions in mutant Z-AAT and toxic circulating Z-polymers following a single dose. Evidence of AAT production under normal physiological control further supports BEAM-302’s potential to restore the body’s natural protective response, with a safety profile consistent with lipid nanoparticle (LNP)-based therapies.

Enrollment and dosing continue in the global pivotal cohort of the ongoing Phase 1/2 trial, which is designed to support a potential accelerated approval path in the United States. The company expects to complete dosing in the pivotal cohort in the first half of 2027.

BEAM-304: BEAM-304 is an investigational base editing program designed to leverage Beam’s proprietary base editing technology and LNP delivery capabilities to directly and durably correct mutations in the phenylalanine hydroxylase (PAH) gene that cause phenylketonuria (PKU). Beam aims to advance BEAM-304 using a platform approach to develop mutation-specific base editors for the majority of patients with PKU.

Beam nominated its third base editor within the BEAM-304 program targeting a third undisclosed PKU mutation. Now encompassing three different base editors for distinct mutations, the company believes the BEAM-304 program has the potential to address up to 50% of PKU patients in the U.S., with ongoing research effort to address additional pathogenic mutations.

Beam continues clinical start-up activities for the planned Phase 1/2 trial of BEAM-304. The trial will initially evaluate safety, tolerability and reduction of blood phenylalanine (Phe) levels in patients with the R408W mutation, with the goal of establishing clinical proof of concept for base editing in PKU. The trial is designed to subsequently evaluate base editors for additional mutations within a single clinical program. Beam expects to initiate dosing in the Phase 1/2 trial in early 2027.

BEAM-301: BEAM-301, an investigational base editing therapy, aims to correct one of the most common disease-causing mutations, R83C, in patients with glycogen storage disease type Ia (GSDIa).

In October, Beam presented initial clinical data from the ongoing Phase 1/2 trial of BEAM-301 at the European Society of Gene & Cell Therapy (ESGCT) Congress. Initial BEAM-301 clinical data demonstrated dose-dependent improvements in time to fasting hypoglycemia (TTH) across all patients, with two of three patients in the 40 mg cohort achieving the protocol-defined maximum controlled fasting duration of ≥15 hours, consistent with restored endogenous glucose production, and complete elimination of starch supplementation. BEAM-301 demonstrated an acceptable safety profile across both doses, consistent with the known risks associated with LNP-based therapies.

Based on the safety and clinical findings observed to date, Beam is enrolling patients in a 60 mg cohort of the ongoing open-label Phase 1/2 dose-exploration study and plans to engage with the U.S. FDA regarding a potential path to approval.

Hematology

Risto-cel: Ristoglogene autogetemcel (risto-cel, formerly known as BEAM-101) is an investigational autologous cell therapy with a potentially differentiated profile for the treatment of sickle cell disease (SCD).

Beam expects to report updated clinical data by year-end 2026 and submit a U.S. biologics license application (BLA) for risto-cel as early as year-end 2026.

Next-generation Programs in Sickle Cell Disease and Hematology:

Beam continues to make significant investments in developing targeted LNPs to deliver gene editing to hematopoietic stem cells (HSCs). Targeted LNPs for HSC delivery have been identified and are in advanced lead optimization.

Corporate Updates

In September, Beam appointed Eric Foster as chief commercial officer to lead the company’s commercial organization and strategy as its hematology and genetic disease programs advance toward potential launches. Mr. Foster is a seasoned biopharmaceutical executive with more than 25 years of commercial leadership experience, including senior roles at Ardelyx, Horizon Therapeutics, and GSK.

Upcoming Events

Beam management will participate in fireside chats at the following upcoming investor events:

Guggenheim 3Annual Healthcare Innovation Conference in Boston:

Tuesday, November 10, 2026, at 9:00 a.m. ET.

UBS Global Biopharma Conference in London:

Tuesday, November 17, 2026, at 2:00 p.m. GMT.

Jefferies Global Healthcare Conference in London:

Wednesday, November 18, 2026, at 1:00 p.m. GMT.

9Annual Evercore Healthcare Conference in Miami:

Wednesday, December 2, 2026, at 8:20 a.m. ET.

The live webcasts will be available in the investor section of the company’s website at www.beamtx.com and will be archived for 60 days following each presentation.

Third Quarter 2026 Financial Results

Cash Position: Cash, cash equivalents and marketable securities were $1.0 billion as of September 30, 2026, compared to $1.2 billion as of December 31, 2025.

Research & Development (R&D) Expenses: R&D expenses were $110.1 million for the third quarter of 2026, compared to $109.8 million for the third quarter of 2025.

General & Administrative (G&A) Expenses: G&A expenses were $31.5 million for the third quarter of 2026, compared to $26.7 million for the third quarter of 2025.

Net Income (Loss): Net loss was $134.4 million, or $1.28 per share, for the third quarter of 2026, compared to net loss of $112.6 million, or $1.10 per share, for the third quarter of 2025.

Cash Runway

Beam expects that its cash, cash equivalents and marketable securities as of September 30, 2026, together with an additional $200 million expected to be drawn from the company’s facility with Sixth Street, will fund anticipated operating expenses and capital expenditure requirements into mid-2029, assuming satisfaction of the conditions applicable to those additional borrowings. This runway is expected to support the company through the potential launch of risto-cel in SCD, execution of the BEAM-302 pivotal development plan in AATD, and clinical proof of concept for BEAM-304 in PKU.

About Beam Therapeutics

Beam Therapeutics (Nasdaq: BEAM) is a biotechnology company committed to establishing the leading, fully integrated platform for precision genetic medicines. To achieve this vision, Beam has assembled a platform with integrated gene editing, delivery and internal manufacturing capabilities. Beam’s suite of gene editing technologies is anchored by base editing, a proprietary technology that is designed to enable precise, predictable and efficient single base changes, at targeted genomic sequences, without making double-stranded breaks in the DNA. This has the potential to enable a wide range of therapeutic editing strategies that Beam is using to advance a diversified portfolio of base editing programs. Beam is a values-driven organization committed to its people, cutting-edge science, and a vision of providing lifelong cures to patients suffering from serious diseases.

Cautionary Note Regarding Forward-Looking Statements

Forward-looking statements notice

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned not to place undue reliance on these forward-looking statements, including, but not limited to, statements related to: the therapeutic applications and potential of our technology, including with respect to SCD, AATD, PKU and GSDIa, and our next-generation programs, including our development of targeted LNPs for hematopoietic stem cell delivery; our plans, and anticipated timing, to advance our programs and present data from ongoing clinical trials; the clinical trial designs and expectations for risto-cel, BEAM-103, BEAM-301, BEAM-302 and BEAM-304, including the anticipated timing of clinical trial initiation and expansion; our planned submission of a BLA for risto-cel; our expectations regarding the potential launch of risto-cel; the potential for an accelerated approval path for BEAM-302; our anticipated regulatory interactions and filings; our expectations regarding the funds that will be available to draw under our credit facility with Sixth Street; the sufficiency of our capital resources to fund operating expenses and capital expenditure requirements and the period in which such resources are expected to be available; our intentions regarding management’s participation in future investor events; and our ability to develop lifelong, curative, precision genetic medicines for patients through base editing. Each forward-looking statement is subject to important risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statement, including, without limitation, risks and uncertainties related to: our ability to develop, obtain regulatory approval for, and commercialize our product candidates, which may take longer or cost more than planned; our ability to raise additional funding, which may not be available; our ability to obtain, maintain and enforce patent and other intellectual property protection for our product candidates; the uncertainty that our product candidates will receive regulatory approval necessary to initiate or continue human clinical trials; that preclinical testing of our product candidates and preliminary or interim data from preclinical studies and clinical trials may not be predictive of the results or success of ongoing or later clinical trials; that initiation and enrollment of, and anticipated timing to advance, our clinical trials may take longer than expected; that our product candidates, including the delivery modalities we rely on to administer them, may cause serious adverse events; that we may not achieve the funding milestones under our credit facility with Sixth Street; 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, 2025, and in any subsequent filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this press release. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by applicable law.

	September 30, 2026	December 31, 2025
Condensed Consolidated Balance Sheet Data (unaudited)
(in thousands)
Cash, cash equivalents, and marketable securities	$1,043,873	$1,245,210
Total assets	1,269,072	1,481,177
Total liabilities	316,398	242,819
Total stockholders’ equity	952,674	1,238,358

	Three Months Ended September 30,		Nine Months Ended September 30,
	2026	2025	2026	2025
Condensed Consolidated Statement of Operations (unaudited)
(in thousands, except share and per share data)
License and collaboration revenue	$307	$9,698	$32,535	$25,634
Operating expenses:
Research and development	110,110	109,769	309,730	310,343
General and administrative	31,519	26,740	97,895	81,539
Total operating expenses	141,629	136,509	407,625	391,882
Loss from operations	(141,322)	(126,811)	(375,090)	(366,248)
Other income (expense):
Change in fair value of derivative liabilities	4,700	(2,600)	3,000	1,900
Change in fair value of non-controlling equity investments	(1,021)	4,937	(667)	7,271
Change in fair value of contingent consideration liabilities	(2,856)	1,000	(2,547)	945
Gain on sale of equity method investment	-	-	455	-
Interest and other income (expense), net	6,094	10,903	23,448	33,093
Total other income (expense)	6,917	14,240	23,689	43,209
Net loss	$(134,405)	$(112,571)	$(351,401)	$(323,039)
Unrealized gain (loss) on marketable securities	(1,245)	780	(4,545)	111
Comprehensive loss	$(135,650)	$(111,791)	$(355,946)	$(322,928)
Net loss per common share, basic and diluted	$(1.28)	$(1.10)	$(3.38)	$(3.31)
Weighted-average common shares outstanding, basic and diluted	104,698,517	102,570,801	104,100,991	97,567,229

Contacts
Holly Manning
Beam Therapeutics hmanning@beamtx.com
Josie Butler
1AB josie@1abmedia.com