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Beam Therapeutics Inc. (BEAM)·Q3 2025 Earnings Summary

Executive Summary

  • Q3 2025 revenue was $9.70M, down 32.0% year over year vs. $14.27M in Q3 2024, and up 14.6% quarter over quarter vs. $8.47M in Q2 2025 . EPS was -$1.10 vs. -$1.17 in Q3 2024 and -$1.00 in Q2 2025 .
  • Results missed Wall Street consensus: EPS -$1.10 vs. -$1.0096* and revenue $9.70M vs. $12.72M*; Q2 revenue also trailed, while Q2 EPS beat modestly* (context below).
  • R&D rose to $109.8M, including a $14.5M in‑process R&D charge tied to an acquisition; G&A was $26.7M; net loss was $112.7M .
  • Operational catalysts: Part A multi‑dose cohort and Part B dosing commenced for BEAM‑302 (AATD), BEAM‑101 received RMAT in August with updated data accepted for ASH (Dec 6–9), and the first subject was dosed with BEAM‑103 in a healthy volunteer trial; cash and investments were $1.075B with runway “into 2028” .

What Went Well and What Went Wrong

What Went Well

  • BEAM‑302 clinical execution: Dosing commenced in the multi‑dose cohort (two 60 mg doses eight weeks apart) in Part A; the first patient was dosed in Part B (liver disease cohort), with a comprehensive program update targeted for early 2026 .
  • Regulatory momentum: FDA granted RMAT designation to BEAM‑101 in August; updated BEACON data for BEAM‑101 accepted for presentation at ASH (Dec 6–9), reinforcing a differentiated profile in severe SCD .
  • ESCAPE platform progress: First subject dosed with BEAM‑103 (anti‑CD117 mAb) in the Phase 1 healthy volunteer study, supporting conditioning‑replacement innovation in hematology .
    Quoted tone: “We see broad‑based momentum across our growing portfolio of clinical‑stage hematology and liver‑targeted genetic disease base editing programs.” – John Evans, CEO .

What Went Wrong

  • Top line softness: License and collaboration revenue fell to $9.70M (vs. $14.27M YoY), missing consensus of $12.72M* .
  • EPS miss: Q3 EPS of -$1.10 missed consensus (-$1.0096*) and deteriorated vs. Q2 (-$1.00), driven by higher R&D including a $14.5M IPR&D charge .
  • Elevated OpEx: R&D increased to $109.8M (vs. $94.3M YoY), and total operating expenses reached $136.5M, pressuring operating loss and net loss .

Financial Results

MetricQ1 2025Q2 2025Q3 2025
License & Collaboration Revenue ($USD Millions)$7.47 $8.47 $9.70
Net Loss ($USD Millions)$109.27 $102.29 $112.73
EPS (Basic & Diluted, $USD)-$1.24 -$1.00 -$1.10
R&D Expense ($USD Millions)$98.82 $101.76 $109.77
G&A Expense ($USD Millions)$27.94 $26.86 $26.74
Revenue Consensus Mean ($USD Millions)*$14.68$13.29$12.72
Primary EPS Consensus Mean ($USD)*-$1.171-$1.091-$1.010

Notes: Q3 2024 comparatives: Revenue $14.27M, EPS -$1.17, Net Loss $96.67M . Values marked with * are retrieved from S&P Global.

KPIs

KPIQ1 2025Q2 2025Q3 2025
Cash, Cash Equivalents & Marketable Securities ($USD Millions)$1,219.95 $1,150.34 $1,074.97
Total Assets ($USD Millions)$1,466.92 $1,391.16 $1,311.08
Total Liabilities ($USD Millions)$343.78 $344.34 $345.08
Total Stockholders’ Equity ($USD Millions)$1,123.14 $1,046.81 $966.00

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Cash RunwayThrough 2028“Into 2028” (Q1/Q2) “Into 2028” (Q3) Maintained
BEAM‑302 Data/Dev UpdateProgram update timing“Further data 2H 2025” (Q1) “Early 2026” (Q2/Q3) Timing extended
BEAM‑302 Part A Dose ExplorationCohorts75 mg cohort initiated (Q1) Multi‑dose cohort (two 60 mg doses, 8 weeks apart) ongoing (Q3) Expanded scope
BEAM‑302 Part BInitiation“Initiate Part B 2H 2025” (Q1) First patient dosed (Q3) Achieved
BEAM‑103 (ESCAPE, anti‑CD117 mAb)Phase 1 HV“Initiate by end of 2025” (Q1/Q2) First subject dosed (Q3) Achieved
BEAM‑101 BEACON DataConferenceEHA June 2025 (Q1) Updated dataset accepted for ASH Dec 6–9, 2025 (Q3) New event scheduled

Earnings Call Themes & Trends

Note: An earnings call transcript for Q3 2025 was not available in our document corpus; themes below reflect management communications across Q1–Q3 press releases.

TopicPrevious Mentions (Q1 & Q2)Current Period (Q3)Trend
BEAM‑302 clinical progression (AATD)IND cleared; 75 mg cohort initiated (Q1) ; 17 patients dosed, all AEs mild/moderate; expanded dose exploration (Q2) Multi‑dose cohort underway; Part B first dosing; update expected early 2026 Advancing toward dose selection/registrational path
BEAM‑101 (SCD) executionBEACON dosing to 30 patients targeted; EHA data in June (Q1); 30 patients dosed incl. first adolescent; orphan drug designation (Q2) RMAT designation; updated data accepted at ASH in December Strengthening regulatory profile; upcoming data readout
ESCAPE/conditioning innovationPlan to initiate BEAM‑103 HV by year‑end (Q1/Q2) First subject dosed in Phase 1 HV Execution milestone achieved
Cash runway and capital$500M financing; runway into 2028 (Q1) Runway reiterated into 2028; cash/investments ~$1.075B Stable liquidity; controlled burn
Strategic validation/collaboration leverage—BMS to acquire Orbital for $1.5B; Beam holds 75M shares (~17% FD) with potential proceeds subject to adjustments/holdbacks Potential non‑core value realization

Management Commentary

  • “We see broad‑based momentum across our growing portfolio of clinical‑stage hematology and liver‑targeted genetic disease base editing programs… We look forward to providing a broad update on [AATD] in early 2026… and sharing updated data from the BEACON trial of BEAM‑101 at ASH.” – John Evans, CEO .
  • “We have also initiated dosing of the BEAM‑103 antibody from our ESCAPE platform, which we believe can play an important role in next wave therapies for sickle cell disease.” – John Evans, CEO .
  • “We are thrilled for the Orbital Therapeutics team following its proposed acquisition by Bristol Myers Squibb… this outcome further validates our innovative platform strategy to unlock additional shareholder value in non‑core areas.” – John Evans, CEO .

Q&A Highlights

  • An earnings call transcript for Q3 2025 was not available in our document corpus or via targeted search; no Q&A disclosures could be reviewed [Search attempted and none found].

Estimates Context

  • Q3 missed on both revenue and EPS: $9.70M vs. $12.72M consensus* and -$1.10 vs. -$1.0096*; Q2 EPS beat (-$1.00 vs. -$1.091*) while revenue missed (actual $8.47M vs. $13.29M*) .
  • Q1 also missed on both metrics (revenue $7.47M vs. $14.68M*; EPS -$1.24 vs. -$1.171*) .
  • Directionally, revenue is trending higher sequentially but remains below consensus; OpEx (R&D) stepped up in Q3, including a $14.5M IPR&D charge that likely pressured EPS vs. expectations .
MetricQ1 2025Q2 2025Q3 2025
Revenue Actual ($USD Millions)$7.47 $8.47 $9.70
Revenue Consensus Mean ($USD Millions)*$14.68$13.29$12.72
EPS Actual ($USD)-$1.24 -$1.00 -$1.10
Primary EPS Consensus Mean ($USD)*-$1.171-$1.091-$1.010

Values marked with * were retrieved from S&P Global.

Key Takeaways for Investors

  • Near‑term catalysts: Updated BEAM‑101 data at ASH (Dec 6–9) and BEAM‑302 program update (Parts A/B) in early 2026, which could drive sentiment if efficacy/safety profiles continue to strengthen .
  • BEAM‑302 execution is on track with multi‑dose exploration and initiation of liver‑disease cohorts, supporting registrational path definition in 2026; continued tolerability remains a differentiator for in vivo base editing .
  • Regulatory tailwinds (RMAT for BEAM‑101; prior RMAT/orphan for AATD program earlier in 2025) support expedited interactions and potential streamlined development pathways .
  • Liquidity is robust (~$1.075B cash/investments; runway into 2028), enabling progress across multiple programs without near‑term financing overhang .
  • OpEx intensity (R&D) and one‑time IPR&D raise earnings volatility; estimates may need to reflect higher spend tied to portfolio expansion and milestone pacing .
  • Strategic optionality: Potential proceeds from BMS’s acquisition of Orbital (subject to closing/adjustments/holdbacks) offer non‑core value realization and platform validation .
  • Trading lens: Expect event‑driven volatility around ASH and the early‑2026 BEAM‑302 update; sustained execution toward dose selection/registrational plans likely the primary stock driver in the medium term .

Sources: Q3 2025 8‑K and Exhibit 99.1 press release and financials ; Q2 2025 8‑K press release/financials ; Q1 2025 8‑K press release/financials ; BEAM press release (ASH acceptance) .