BEAM earnings analysis
What we found in BEAM's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Beam's Q2 revenue contracted from approximately $8.5 million to $0.5 million year over year, and its net loss widened to $122.7 million, producing a $1.18 per-share loss. First-half revenue benefited from a $25.0 million Lilly milestone, while R&D spending was modestly lower; nevertheless, first-half operating cash burn rose to $194.6 million. The $1.2 billion liquidity position and milestones across risto-cel and BEAM-302 support development, but the near-term financial trend remains pressured by volatile collaboration revenue and sustained clinical-development spending.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- First-half collaboration revenue doubled
- Six-month license and collaboration revenue increased $16.3 million to $32.2 million from $15.9 million, primarily reflecting $25.0 million of Lilly milestone revenue recognized in the period.
- Quarterly R&D spending declined
- R&D expense declined $6.7 million year over year to $95.1 million in Q2, driven by an $8.4 million reduction in external R&D costs and a $3.6 million reduction in stock compensation.
- Liquidity remains substantial
- The company reported $1.2 billion of cash, cash equivalents and marketable securities at June 30, 2026. It also received $93.1 million of net proceeds from its credit facility during the first six months.
- BEAM-302 pivotal cohort initiated
- BEAM-302's selected 60 mg dose produced mean total AAT of 16.1 µM and an 84% mean reduction in mutant Z-AAT; the company dosed the first pivotal-cohort patient in July 2026.
- Risto-cel advances toward BLA
- Risto-cel clinical data showed mean peripheral-blood editing of 67.4% at Month 6 and 72.8% by Month 12, with mean HbF above 60%. Management expects a BLA filing as early as year-end 2026.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Collaboration revenue sharply declined
- Q2 license and collaboration revenue fell 94.2%, or $8.0 million, to approximately $0.5 million from $8.5 million, which management attributed to a lower level of research activities in collaboration programs. The result was also below the provided $18.9 million revenue estimate.
- Quarterly loss widened and EPS missed
- Net loss widened $20.5 million to $122.7 million in Q2 from $102.1 million, while operating loss increased $6.4 million to $126.6 million. Diluted EPS was a loss of $1.18 versus the provided $1.11 loss estimate.
- Cash burn increased; spending set to rise
- Operating cash use increased $14.3 million to $194.6 million for the first six months of 2026, while capex was $4.6 million. Management expects operating expenses to increase over the next 12 months and states that additional capital may be needed.
- Patent protection and priority disputes
- Updated IP risk disclosure notes that an optioned Broad Institute European patent, EP2771468 B1, was revoked after a priority-rights challenge; the company owns 12 issued U.S. patents but no issued U.S. patents for its delivery platform.
- CRISPR interference outcomes remain uncertain
- The updated IP disclosure says the PTAB's March 26, 2026 priority decision involving CRISPR-Cas9 may be appealed, and a separate Toolgen interference resumed on March 31, 2026. Unfavorable outcomes could require licenses or delay commercialization.
- BEAM-302 multi-dose liver enzyme event
- BEAM-302's multi-dose cohort comprised 3 patients; after the second dose, 1 patient had Grade 4 ALT and Grade 3 AST elevations. Although asymptomatic and not requiring treatment, this remains a clinical safety consideration.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-1.18
- Gross margin
- 100.0%
- Operating margin
- -25827.1%
- Segment
- License and collaboration revenue: $0.5 million
What they said about what is next.
No quantitative revenue or EPS guidance was provided in the 10-Q. Management expects to report updated BEACON data by year-end 2026, may submit a risto-cel BLA as early as year-end 2026, and expects June 30, 2026 cash, cash equivalents and marketable securities of $1.2 billion to fund planned operations and capex for at least 12 months.
The filing reads worse than the one before it.
What came before.
- 10-Q · May 7, 2026
- Beam Therapeutics reported significant growth in Q1 2026, achieving revenues of $31.7 million, a marked increase from $7.5 million in Q1 2025, alongside reduced net losses of $94.3 million compared to $108.3 million a…
- 10-K · February 24, 2026
- Beam describes a platform-led strategy anchored on proprietary base editors plus multiple delivery modalities (ex vivo and in vivo) to pursue durable, one-time precision genetic medicines. The company is prioritizing…
- 10-Q · May 6, 2025
- Beam reported Q1 license and collaboration revenue of $7.47 million (vs $7.41M a year ago) and GAAP net loss of $109.27 million, or $(1.24) per share. The company materially bolstered liquidity in March 2025, raising…
- 10-Q · November 5, 2024
- Beam reported Q3 license and collaboration revenue of $14.269M, down from $17.193M in Q3 2023. The company remains unprofitable with a net loss of $96.668M (GAAP EPS of -$1.17) and continues to burn cash, though…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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