October 19, 2023 9:27am
100 employees, or 20% of its current workforce, as part of a restructuring plan
BEAM closed down -$1.47 or -6.60% to $20.80 with a negative -$0.41 or -1.97% pre-open indication
BEAM will focus on developing its experimental sickle cell disease treatment and its program for alpha-1 antitrypsin deficiency (AATD), a condition that raises risk for lung and other diseases.
Beam expects the cost savings from the plan, and its balance of cash and equivalents of $1.1 billion as of June 30, would be sufficient to fund operations into 2026.
The Bottom Line: Sign of the times … headcount reductions, strategic reorganization … Related to the workforce reduction, BEAM expects to incur one-time costs of approximately $6.6 million, of which nearly all are cash expenditures related to severance and are anticipated to be incurred in the fourth quarter of 2023.
- Decisions of pipeline programs:
- Prioritize development of its ex vivo and in vivo sickle cell disease programs, including BEAM-101, its Engineered Stem Cell Antibody Paired Evasion (ESCAPE) non-genotoxic conditioning strategy, and in vivo delivery to hematopoietic stem cells (HSCs).
- Prioritize development of its in vivo base editor BEAM-302 for the treatment of alpha-1 antitrypsin deficiency (AATD).
- Conduct an initial BEAM-301 clinical trial for the treatment of glycogen storage disease 1a (GSD1a) at a select number of sites in the United States.
- Generate a focused clinical dataset for BEAM-201 for the treatment of T-ALL and seek potential partnership for this and other potential ex vivo CAR-T programs, including Beam’s ongoing research into creating next-generation allogeneic cell therapies with multiplex base editing.
I hate to be so negative or contrarian but, this is a NO spin zone and facts are its product; I am more frequently right than consequentially wrong but, I am mostly EARLY!
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