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…
Earnings analysis · 10-Q
BEAM earnings analysis
Filed August 4, 2026 · Our reading of the company's report
The latest report
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…
Read full summary
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.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-1.18
- Segment
- License and collaboration revenue: $0.5 million
What stood out
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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.
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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.
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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.
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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.
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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.
What to watch
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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.
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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.
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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.
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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.
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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.
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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.
Management's outlook
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.
Earlier filings 4
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…
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