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Beam Therapeutics Inc. (BEAM)·Q2 2025 Earnings Summary

Executive Summary

  • Q2 2025: Beam reported license and collaboration revenue of $8.47M and diluted EPS of -$1.00; EPS was modestly better than consensus while revenue missed Street expectations . EPS consensus was -$1.09 vs actual -$1.00 (beat); revenue consensus was $13.29M vs actual $8.47M (miss) [Values retrieved from S&P Global]*.
  • BEAM-302 advanced with 17 patients dosed and durable, dose-dependent mutation correction; dose exploration expanded and Part B enrollment initiated, with a full program update (Parts A and B) expected in early 2026 .
  • BEAM-101 dosing completed for 30 patients in BEACON; updated data expected by end of 2025, following encouraging results presented at EHA 2025 .
  • Cash, cash equivalents and marketable securities were $1.15B at quarter-end, extending runway into 2028; weighted-average shares rose to ~102.0M, reflecting prior financing .

What Went Well and What Went Wrong

What Went Well

  • BEAM-302 clinical momentum: 17 dosed; durable, dose-dependent correction of the PiZ mutation with restoration of functional M‑AAT and reduction of Z‑AAT; safety remained well tolerated without SAEs or DLTs . “We have mounting evidence to suggest that BEAM-302 is fundamentally altering the disease…with a single course of treatment” — John Evans, CEO .
  • BEAM-101 progress: 30 patients dosed; EHA 2025 data from 17 patients showed HbF >60%, HbS <40%, rapid engraftment, no VOCs post-engraftment, and normalization of hemolysis markers . “Promising and consistent new data…reinforce the potential…to fulfill this unmet need” — Dr. Ashish Gupta (BEACON investigator) .
  • Balance sheet strength: cash, cash equivalents and marketable securities $1.150B at June 30, 2025, up from $850.7M at Dec 31, 2024; runway into 2028 to fund key milestones across BEAM‑101, ESCAPE, BEAM‑301 and BEAM‑302 .

What Went Wrong

  • Top-line miss: license/collaboration revenue of $8.47M was below S&P Global consensus ($13.29M) and declined YoY from $11.77M in Q2 2024 [Values retrieved from S&P Global]*.
  • Continued heavy R&D spend: R&D expenses rose to $101.8M vs $87.0M in Q2 2024; total operating expenses increased to $128.6M vs $116.7M YoY, sustaining large net losses (-$102.3M) .
  • Timeline push for BEAM‑302: whereas Q1 indicated further data in 2H 2025, Q2 points to a comprehensive Parts A/B update in early 2026 — extending the next major inflection point .

Financial Results

MetricQ4 2024Q1 2025Q2 2025
License & Collaboration Revenue ($USD Millions)$30.07 $7.47 $8.47
Research & Development ($USD Millions)$101.44 $98.82 $101.76
General & Administrative ($USD Millions)$28.66 $27.94 $26.86
Total Operating Expenses ($USD Millions)$130.10 $126.76 $128.62
Other Income (Expense) ($USD Millions)$9.68 $10.02 $17.86
Net Loss ($USD Millions)$(90.35) $(109.27) $(102.29)
Diluted EPS ($USD)$(1.09) $(1.24) $(1.00)
Cash, Cash Equivalents & Marketable Securities ($USD Billions)$0.851 $1.220 $1.150
Weighted-Average Shares (Basic & Diluted)82.82M 87.98M 101.99M

Estimate comparison (S&P Global):

MetricQ4 2024Q1 2025Q2 2025
Revenue Consensus Mean ($USD)$16.47M$14.68M$13.29M
Revenue Actual ($USD)$30.07M$7.47M$8.47M
Beat/MissBeatMissMiss
Primary EPS Consensus Mean ($USD)$(1.216)$(1.171)$(1.091)
Primary EPS Actual ($USD)$(1.09)$(1.24)$(1.00)
Beat/MissBeatMissBeat
Values retrieved from S&P Global.*

YoY and QoQ highlights:

  • Q2 2025 revenue: $8.47M vs $11.77M in Q2 2024 (YoY decline) ; vs Q1 2025 $7.47M (QoQ increase) .
  • Q2 2025 EPS: -$1.00 vs -$1.11 in Q2 2024 (YoY improvement) ; vs -$1.24 in Q1 2025 (QoQ improvement) .
  • Q2 2025 net loss: $(102.3)M vs $(91.1)M in Q2 2024 (YoY increase) ; improved vs Q1 2025 $(109.3)M (QoQ) .

KPIs and program metrics:

KPIQ4 2024Q1 2025Q2 2025
BEAM-101 dosing progress (patients)Adult enrollment target achieved; adolescent enrollment initiated On track for 30 patients by mid-2025 Dosing complete: 30 patients; first adolescent dosed
BEAM-302 trial progressGlobal site activation ongoing (UK/NZ/AU/NL) IND cleared in U.S.; 75 mg cohort initiated 17 patients dosed; dose expansion and Part B enrollment initiated
Cash runway guidanceInto 2027 Into 2028 Into 2028

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Cash RunwayMulti-yearInto 2027 (FY2024 update) Into 2028 (Q1/Q2 2025) Raised (Q1), Maintained (Q2)
BEAM-302 clinical data updateParts A & BFurther data in 2H 2025; Part B first patient in 2H 2025 Data from Parts A & B and development update in early 2026 Pushed out (timing extended)
BEAM-101 data disclosureBEACONUpdated data mid-2025 at EHA Updated data by end of 2025 Maintained trajectory; next update slated YE 2025
BEAM-103 (ESCAPE mAb)Phase 1 startHealthy volunteer trial by YE 2025 (initial plan Q4 2024) Healthy volunteer trial expected by YE 2025 Maintained

Earnings Call Themes & Trends

Note: A Q2 2025 earnings call transcript was not available in filings or the company’s site at the time of review; MarketBeat listed the call for Aug 6, 2025 at 12:30pm ET .

TopicPrevious Mentions (Q4 2024 and Q1 2025)Current Period (Q2 2025)Trend
BEAM-302 (AATD)Initial proof-of-concept announced; IND cleared; 75 mg cohort initiated 17 patients dosed; durable, dose-dependent correction; expanded dose exploration; Part B enrollment started Strengthening clinical profile; broader dose exploration
BEAM-101 (SCD)Adult enrollment achieved; adolescent patients enrolled; updated data planned mid-2025 30 patients dosed; EHA 2025 data showed strong HbF/HbS and clinical markers; next update YE 2025 Continued execution; robust efficacy signals
Regulatory designationsESCAPE preclinical progress noted RMAT for BEAM-302 (May); Orphan for BEAM-302 and BEAM-101 (May/June) Accumulating regulatory support
Cash runway and financingRunway into 2027 Runway into 2028; strong liquidity post financing Improved financial flexibility
Manufacturing/ESCAPEESCAPE NHP data; IND-enabling tox underway BEAM-103 Phase 1 healthy volunteer expected by YE 2025 Advancing enabling platform

Management Commentary

  • “We have now dosed 30 patients in the BEACON trial of BEAM-101…marking an important milestone on our path to a BLA filing.” — John Evans, CEO .
  • “BEAM-302…restored production of functional, corrected M‑AAT, as well as markedly reduced the mutant protein, Z‑AAT…all doses…were well tolerated and resulted in durable, dose‑dependent correction.” — John Evans, CEO .
  • “Promising and consistent new data from…17 patients treated with BEAM‑101…reinforce the potential of this gene therapy…rapid engraftment…stable hemoglobin F/S ratio approximating sickle cell trait.” — Dr. Ashish Gupta (BEACON investigator) .
  • “Cash, cash equivalents and marketable securities were $1.2 billion…cash runway…into 2028.” — Company press release .

Q&A Highlights

  • The Q2 2025 earnings call transcript was not available via SEC filings or the company’s site at time of analysis; as a result, Q&A specifics and any in-call guidance clarifications could not be incorporated .

Estimates Context

  • EPS: Beat — actual -$1.00 vs consensus -$1.091; driven in part by higher other income ($17.86M) and disciplined G&A vs prior year [Values retrieved from S&P Global]*.
  • Revenue: Miss — actual $8.47M vs consensus $13.29M; revenue remains license/collaboration-based and lumpy; YoY decline from $11.77M [Values retrieved from S&P Global]*.
  • Prior quarters: Q4 2024 EPS beat; Q1 2025 missed on both EPS and revenue; Q2 2025 mixed (EPS beat, revenue miss) [Values retrieved from S&P Global]*.

Key Takeaways for Investors

  • Mixed print: EPS beat vs S&P Global while revenue missed; near-term trading likely to focus on clinical catalysts rather than top-line variability [Values retrieved from S&P Global]*.
  • AATD durability signal: BEAM‑302’s dose‑dependent mutation correction and favorable safety across 17 patients support a potentially registrational path after dose selection; however, next comprehensive update moved to early 2026, tempering timing expectations .
  • SCD differentiation: BEAM‑101’s EHA data showed compelling efficacy and clinical markers; with 30 patients dosed and YE 2025 data planned, the program’s trajectory remains favorable .
  • Balance sheet: ~$1.15B liquidity and runway into 2028 enable sustained execution across programs; note higher share count post financing as a factor for per-share metrics .
  • Watch regulatory momentum: RMAT and orphan designations for BEAM‑302 and BEAM‑101 potentially streamline development and offer benefits; monitor interactions with FDA and data cadence .
  • Near-term catalysts: YE 2025 BEAM‑101 update; continued BEAM‑302 dose exploration and Part B enrollment; BEAM‑103 Phase 1 start by YE 2025 .
  • Risk checks: Extended BEAM‑302 timeline to early 2026 delays the next major inflection point; ongoing elevated R&D spend drives sizable losses; revenue is milestone/licensing-dependent, increasing variability .