Beam Therapeutics Inc. (BEAM): Business Model Canvas [Dec-2025 Updated]

You're digging into the Business Model Canvas for Beam Therapeutics Inc., and what you see is a company betting big on its unique base editing platform-the promise of single-base cures for genetic disease-against the backdrop of a clinical-stage balance sheet. As a seasoned analyst, I see a clear trade-off: they are spending heavily on R&D, reporting $109.8 million in Q3 2025, but they have a strong war chest of $1.1 billion in cash as of September 30, 2025, thanks to key partnerships. This framework details exactly how Beam Therapeutics Inc. plans to turn that proprietary science into revenue and patient impact, so check out the full breakdown below to see their strategy defintely mapped out.

Beam Therapeutics Inc. (BEAM) - Canvas Business Model: Key Partnerships

The Key Partnerships block for Beam Therapeutics Inc. is heavily weighted toward strategic alliances that provide both validation for the base editing platform and significant non-dilutive capital. These relationships are crucial for funding the pipeline development into clinical stages.

Strategic collaborations with major pharmaceutical partners for platform validation.

Beam Therapeutics Inc. structures deals to bring in large pharma expertise and capital. The relationship with Orbital Therapeutics, a spinout from Beam Therapeutics launched in 2023, culminated in a major transaction in late 2025. Bristol Myers Squibb (BMS) announced a definitive agreement in October 2025 to acquire Orbital Therapeutics for $1.5 billion in cash at closing. This event directly impacted Beam Therapeutics Inc. due to its prior relationship with the spun-out entity.

The financial impact on Beam Therapeutics Inc. from this partnership exit was substantial. As of the October 2025 announcement, Beam Therapeutics Inc. held 75 million shares of Orbital common stock. This stake represented an approximately 17% fully diluted ownership position in Orbital Therapeutics.

Licensing deals providing non-dilutive funding from companies like Pfizer and Eli Lilly.

Non-dilutive funding from large partners helps extend the operational runway. While specific 2025 Pfizer-related non-dilutive funding amounts aren't detailed here, the prior Eli Lilly deal provides a clear example of this revenue stream. In October 2023, Eli Lilly and Company acquired certain rights related to Verve Therapeutics' base editing programs from Beam Therapeutics Inc. This transaction included a $200 million upfront payment and a $50 million equity investment from Lilly. The total potential deal consideration was up to $600 million.

The company's financial strength as of late 2025 reflects these activities and recent capital raises. Cash, cash equivalents, and marketable securities stood at $1.1 billion on September 30, 2025, up from $850.7 million on December 31, 2024. Furthermore, Beam Therapeutics Inc. completed a $500 million oversubscribed, registered direct financing in the first quarter of 2025, which management stated enables funding of anticipated operating expenses and capital expenditure requirements into 2028.

Here's a quick look at the financial scale of key external funding events and the resulting cash position:

Academic and research institution alliances (e.g., Broad Institute) for foundational science.

The foundational science underpinning the technology relies on key academic relationships. Beam Therapeutics Inc. operates under the Broad License Agreement with the Broad Institute, which dictates future financial obligations. The structure involves potential payments triggered by specific events.

The financial terms related to this foundational partnership include:

• - The Broad Institute is entitled to receive success payments.
• - These payments are determined based upon specified multiples of the initial weighted average value of the Blink Series A Preferred.
• - The Company was required to make financing milestone payments during the year ended December 31, 2019.
• - The Company must account for the payment of success liabilities to Broad Institute pursuant to the agreement terms.

Clinical research organizations and specialized trial sites for program execution.

Execution of the growing pipeline, which includes clinical-stage programs like BEAM-101, BEAM-301, and BEAM-302, necessitates external support for trials and manufacturing. The company's R&D expenses reflect this activity, growing to $109.8 million for the third quarter of 2025, up from $94.3 million for the third quarter of 2024. This spending supports the scope, progress, results, and costs of discovery, preclinical development, laboratory testing, manufacturing, and clinical trials.

Key operational milestones supported by these partnerships and internal spending include:

• - Advancing BEAM-101 through the BEACON Phase 1/2 Clinical Trial.
• - Reaching the first patient dosed in the Phase 1/2 Study of BEAM-301 in Glycogen Storage Disease Type Ia.
• - Initiating dosing of the fourth cohort evaluating 75 mg of BEAM-302 in Alpha-1 Antitrypsin Deficiency.

General & Administrative (G&A) expenses were $26.7 million for the third quarter of 2025, showing relatively stable overhead costs compared to the $26.5 million in Q3 2024, even with pipeline expansion.

Beam Therapeutics Inc. (BEAM) - Canvas Business Model: Key Activities

You're looking at the core engine driving Beam Therapeutics Inc.'s value creation right now-it's all about execution in the lab and the clinic. Here's the breakdown of what the company is actively doing to move its base editing platform forward, grounded in late 2025 figures.

Aggressive Research & Development (R&D) of the base editing platform.

• - Research and development expenses for the third quarter of 2025 totaled $109.8 million.
• - This R&D spend is an increase from the $94.3 million reported in the third quarter of 2024.
• - The company is focused on continued investment in platform advancements, including the ESCAPE (Engineered Stem Cell Antibody Evasion) technology.

Advancing clinical trials for lead programs (BEAM-101, BEAM-302, BEAM-301).

Beam Therapeutics Inc. is pushing multiple programs through human trials, which is where the real inflection point is happening.

• - BEAM-101 (Sickle Cell Disease - SCD): Updated data from the BEACON Phase 1/2 trial was accepted for presentation at the American Society of Hematology (ASH) Annual Meeting, December 6-9, 2025.
• - The company had planned to dose 30 patients in the BEACON trial by mid-2025.
• - BEAM-302 (Alpha-1 Antitrypsin Deficiency - AATD): Expanded Dose Exploration in Part A and Dose Escalation in Part B of the Phase 1/2 study are ongoing.
• - As of August 1, 2025, a total of 17 patients had been dosed in Part A of the BEAM-302 trial.
• - The 60 mg dose cohort in Part A demonstrated a mean total AAT of 12.4μM at Day 28, surpassing the therapeutic threshold of 11μM.
• - An update on clinical development for BEAM-302 is expected in early 2026.
• - BEAM-301 (Glycogen Storage Disease Type Ia - GSDIa): Dosing is continuing in the Phase 1/2 clinical trial.
• - BEAM-103 (ESCAPE platform): The first subject was dosed in a Phase 1 healthy volunteer clinical trial.

Manufacturing of cell therapies at the North Carolina GMP facility.

The operational backbone for producing these advanced therapies is centered in North Carolina.

Securing regulatory designations (e.g., RMAT for BEAM-101) and IND clearances.

Securing these designations is a key activity that de-risks the path to market and accelerates interaction with the FDA.

• - BEAM-101: Received Regenerative Medicine Advanced Therapy (RMAT) designation on August 14, 2025.
• - BEAM-302: Received RMAT designation on May 12, 2025.
• - BEAM-302: Received Orphan Drug Designation on May 29, 2025.
• - BEAM-302: Investigational New Drug (IND) application clearance was received in March 2025.

Intellectual property management and defintely expanding patent protection.

Protecting the core technology is fundamental to the business model, ensuring exclusivity for their base editing innovations.

• - Key elements of long-term success include a focus on the intellectual property portfolio and providing reimbursement for third-party expenses related to this portfolio.
• - The company is actively working to further develop its base editing platform.

The company's financial position as of September 30, 2025, was $1.1 billion in cash, cash equivalents, and marketable securities, which is expected to fund operating expenses and capital expenditure requirements into 2028. Finance: draft 13-week cash view by Friday.

Beam Therapeutics Inc. (BEAM) - Canvas Business Model: Key Resources

You're looking at the core assets Beam Therapeutics Inc. (BEAM) is relying on to execute its precision genetic medicine strategy as of late 2025. These aren't just ideas; they are tangible, quantifiable advantages.

The foundation is the Proprietary Base Editing technology and the associated extensive patent portfolio protecting that core intellectual property. This technology is designed to enable precise, predictable, and efficient single base changes without making double-stranded DNA breaks, which is a key differentiator in the gene editing space. This platform underpins their entire pipeline.

Financially, the company maintains a strong liquidity position. As of September 30, 2025, Beam Therapeutics Inc. (BEAM) reported $1.1 billion in cash, cash equivalents, and marketable securities. Honestly, that cash position is expected to fund anticipated operating expenses and capital expenditure requirements well into 2028. For context, the Research & Development (R&D) expenses for the third quarter of 2025 were $109.8 million.

Another critical resource is the internal infrastructure. Beam Therapeutics Inc. (BEAM) has built out internal, fully operational GMP manufacturing and process development capabilities. This vertical integration helps control quality and speed for their cell therapy programs, like the one for BEAM-101. For instance, the automated CD34+ HSPC process for BEAM-101 showed a CD34+ purity ranging from 84% to 95% in GMP clinical runs.

Talent is a non-negotiable asset here. The company relies on its highly specialized scientific talent and experienced executive team to navigate the complex regulatory and scientific hurdles inherent in this field. That team is driving programs toward key data readouts.

The validation of the technology comes directly from the clinical data, which serves as a crucial resource. Here's a quick look at the performance metrics that validate the in vivo and ex vivo approaches:

The data from BEAM-302, an in vivo lipid nanoparticle (LNP) candidate, showed that the third dose level (60 mg, N=3) achieved a mean total AAT of 12.4µM at Day 28, exceeding the protective therapeutic threshold of 11µM. Also, the FDA granted Regenerative Medicine Advanced Therapy (RMAT) designation to BEAM-101 in August 2025.

The company also holds a stake in Orbital Therapeutics, which was acquired by Bristol Myers Squibb for $1.5 billion in cash in October 2025; Beam Therapeutics Inc. (BEAM) held approximately a 17% fully diluted ownership stake at the time of the announcement.

Beam Therapeutics Inc. (BEAM) - Canvas Business Model: Value Propositions

You're looking at the core promise of Beam Therapeutics Inc., and it centers on delivering potentially life-long cures rather than managing symptoms. This is the fundamental value proposition that underpins their entire strategy.

Potential for one-time, curative treatments for severe genetic diseases.

The goal is a durable, single-administration treatment. Consider Alpha-1 Antitrypsin Deficiency (AATD); the current standard treatment can cost over $100,000 a year, every year. A one-time cure like BEAM-302, even at a high price point, offers a transformative shift in the economic and patient burden profile for severe genetic diseases.

Precision gene editing that makes single-base changes without double-strand DNA breaks.

Beam Therapeutics' proprietary base editing technology is designed to make precise, predictable, and efficient single base changes at targeted genomic sequences. This key technical feature avoids making double-stranded DNA breaks (DSBs), which is a significant differentiator from some other gene-editing approaches. This precision is intended to reduce the likelihood of unintended mutations.

Addressing high unmet medical needs like Sickle Cell Disease (SCD) and Alpha-1 Antitrypsin Deficiency (AATD).

The company is heavily focused on diseases where current options are inadequate. For SCD, the BEACON Phase 1/2 clinical trial for BEAM-101 has enrolled over 40 adult patients, with 13 already dosed as of early 2025, aiming for robust fetal hemoglobin induction. For AATD, which afflicts around 1 in 2,500 people, there is currently no established cure.

In vivo editing capability to correct disease-causing mutations directly in the body.

The platform supports both ex vivo (like BEAM-101 for SCD) and in vivo approaches. BEAM-302 for AATD is an in vivo, liver-targeted formulation. Preliminary findings from the Phase I/II study showed that in patients treated with a 60-mg dose, total AAT levels jumped from 4.4 µM at baseline to 12.4 µM at 28 days, with circulating concentrations of the mutant AAT protein dropping by 78%. This validates the in vivo mechanism of action.

Differentiated therapeutic profile compared to traditional gene therapy or chronic care.

The base editing approach offers a profile that aims to be superior to both chronic management and potentially other gene therapies. The data for BEAM-302 showed the therapeutic effect was sustainable and came in above the therapeutic threshold for AAT. Furthermore, the company is developing the ESCAPE platform (Wave 2) to replace toxic conditioning regimens with a non-genotoxic antibody (BEAM-103), with a Phase 1 healthy volunteer trial expected by the end of 2025.

Here's a quick look at the pipeline progress and financial backing supporting these value drivers as of late 2025:

The clinical differentiation is also being recognized by regulators; BEAM-101 for SCD received FDA Regenerative Medicine Advanced Therapy (RMAT) designation. The company's commitment to R&D is clear, with Q3 2025 R&D expenses at $109.8 million.

The value proposition is further supported by the platform's breadth:

• BEAM-101: Ex vivo base editing for Sickle Cell Disease.
• BEAM-302: In vivo LNP delivery for Alpha-1 Antitrypsin Deficiency.
• BEAM-301: Phase 1/2 trial initiated for Glycogen Storage Disease Type 1a (GSD1a) in early 2025.
• ESCAPE Platform: Nongenotoxic conditioning approach with BEAM-103 trial expected by year-end 2025.

This diversification across modalities and indications is key to realizing the long-term potential of the base editing platform.

Beam Therapeutics Inc. (BEAM) - Canvas Business Model: Customer Relationships

You're building a company on novel science, so your relationships with the people running the trials and the patients waiting for cures are everything. For Beam Therapeutics Inc., this means a very hands-on approach, especially while programs like BEAM-101 and BEAM-302 are in the clinic.

High-touch engagement with clinical experts is non-negotiable when you're dealing with first-in-class base editing. You see this commitment reflected in the active progression of your clinical trials. For instance, by July 2025, the BEACON Phase 1/2 trial for BEAM-101 in sickle cell disease (SCD) completed dosing of 30 patients. The trial is designed to target 45 overall patients for enrollment, showing a sustained effort to engage investigators to reach that goal. Similarly, for BEAM-302 in alpha-1 antitrypsin deficiency (AATD), dosing is active across multiple cohorts, with preliminary results reported from the first three single-ascending dose cohorts in Part A. This level of activity requires deep, personalized interaction with the principal investigators at each site.

For rare disease communities, collaboration is key to getting the science right for the people who need it most. Beam Therapeutics explicitly states a commitment to 'supporting and collaborating with patient advocacy groups and community-based organizations to meet unmet needs'. A concrete example of this relationship in action was the presentation of updated biomarker data for BEAM-302 at the 2025 Alpha-1 Foundation 7th Global Research Conference and 10th Patient Congress in April 2025. This shows you're not just talking at the community; you're presenting data directly to them.

Direct communication to the scientific and investor community is frequent, which keeps confidence high. As of late 2025, management has been actively engaging, participating in events like the Jefferies London Healthcare Conference on November 19, 2025, and presenting Q3 2025 financial results on November 4, 2025. Webcasts for these events are typically archived for 60 days on the investor relations site. This steady drumbeat of updates validates the platform's progress.

When you look ahead to commercialization, the groundwork for managed access and patient support is built on today's financial strength. Beam Therapeutics ended Q3 2025 with $1.1 billion in cash, cash equivalents, and marketable securities. Furthermore, the company expects this position, bolstered by a $500 million financing in Q1 2025, to fund operations into 2028. This extended runway into 2028 provides the necessary stability to design and implement robust patient support structures for future approved therapies.

Here's a snapshot of the engagement metrics and financial context supporting these relationships as of late 2025:

The relationship with the scientific community is also validated through strategic partnerships, like the one that saw Orbital Therapeutics, in which Beam held a 17% stake via 75 million shares, acquired by Bristol Myers Squibb for $1.5 billion in October 2025. That's a strong signal about the value of the underlying technology that underpins all your customer interactions.

Beam Therapeutics Inc. (BEAM) - Canvas Business Model: Channels

You're looking at how Beam Therapeutics Inc. gets its science and potential therapies to the right people, which right now is heavily focused on clinical execution and scientific dissemination, with commercial build-out on the horizon.

Specialized clinical trial sites and academic medical centers for patient enrollment

The current channel for patient access is through specialized clinical sites supporting ongoing trials. For the BEACON Phase 1/2 trial of BEAM-101 in Sickle Cell Disease (SCD), over 40 adult patients were enrolled as of January 2025, with 13 patients dosed at that time. Enrollment expanded to include adolescents aged 12-17 years. For the BEAM-302 program targeting Alpha-1 Antitrypsin Deficiency (AATD), clinical trial sites are open in multiple countries. The BEAM-301 trial for Glycogen Storage Disease Type 1a (GSD1a) had its first clinical trial site active in early 2025.

Scientific publications and presentations at major medical conferences (ASH, EHA)

Scientific validation and data dissemination flow through key medical forums. Beam Therapeutics presented data from the BEACON study at the European Hematology Association (EHA) 2025 Congress in June 2025. Updated safety and efficacy data from the BEACON trial, covering 17 patients as of June 2025, were accepted for presentation at the 67th American Society of Hematology (ASH) Annual Meeting in December 2025. The company also presented data for BEAM-302 at the 2025 Alpha-1 Foundation 7th Global Research Conference.

The key data points shared at these channels include:

• BEAM-101 achieved Hemoglobin F (HbF) induction of over 60% in expanded cohorts.
• BEAM-101 showed Hemoglobin S (HbS) reduction to less than 40%.
• BEAM-302 showed a 79% decrease in mutant Z-AAT protein levels from baseline at Day 28 in one cohort.

Direct sales force and distribution network (future state, post-approval)

While the current focus is clinical, the company is building towards commercialization. Beam Therapeutics expects its cash runway, which stood at $1.1 billion as of September 30, 2025, to fund operating expenses into 2028, which includes funding directed toward commercial readiness activities for BEAM-101.

Licensing and collaboration agreements with pharmaceutical partners

External partnerships serve as a key channel for technology application and non-core asset realization. Beam Therapeutics has an agreement with Eli Lilly and Company for opt-in rights to Verve Therapeutics' base-editing programs, structured for Beam to receive $200 million combined upfront payment and $50 million in equity investment, plus up to $350 million in potential future payments. In July 2025, Beam acquired an early-stage life sciences company for 403,128 upfront shares and up to $89,000,000 in potential milestone payments. For the third quarter of 2025, the reported License and collaboration revenue was $25,634 (in thousands).

Key financial metrics related to these external channels include:

Beam Therapeutics Inc. (BEAM) - Canvas Business Model: Customer Segments

You're looking at the core patient populations Beam Therapeutics Inc. is targeting with its precision genetic medicines, and honestly, the focus is razor-sharp on severe, often life-limiting, monogenic diseases. This is where the heavy R&D spend, which hit $109.8 million in the third quarter of 2025, is directed.

The primary patient groups driving the clinical pipeline are:

• - Patients with severe monogenic blood disorders (e.g., SCD, Beta-Thalassemia).
• - Patients with liver-targeted genetic diseases (e.g., AATD, GSDIa).
• - Global pharmaceutical and biotechnology companies seeking platform licensing.
• - Clinical investigators and specialized hematology/genetic disease treatment centers.

For the hematology franchise, the lead candidate, BEAM-101 for sickle cell disease (SCD), shows clear patient engagement. By mid-2025, Beam expected to dose 30 patients in the BEACON trial, up from the 13 patients dosed by early 2025. This market segment is substantial, with the SCD market projected to reach $5 billion by 2030.

The liver-targeted segment is also a key focus, particularly for Alpha-1 Antitrypsin Deficiency (AATD) with BEAM-302. The Phase 1/2 trial for AATD advanced to the fourth cohort (75 mg) by August 2025, showing dose-dependent correction in earlier cohorts. Furthermore, BEAM-301 for Glycogen Storage Disease Type 1a (GSDIa) saw its first patient dosed in the U.S.-based Phase 1/2 trial in early 2025.

The third customer segment involves the large pharma and biotech partners who validate the platform's technology and provide crucial non-dilutive funding. These collaborations are the current revenue engine, with Q3 2025 license and collaboration revenue reported at $9.70 million. To be fair, that was down from $14.27 million in Q3 2024, which is a typical trend as milestone payments shift to clinical development costs.

Here's a quick look at the financial scale of these partnership relationships as of late 2025:

The fourth segment, clinical investigators and treatment centers, are essential for executing the trials that generate the data needed to advance these patient segments toward potential approval. The company's strong balance sheet, with $1.1 billion in cash, cash equivalents, and marketable securities as of September 30, 2025, is defintely intended to support these operations well into 2028. This financial runway is what allows Beam Therapeutics Inc. to aggressively pursue these high-need patient populations.

Beam Therapeutics Inc. (BEAM) - Canvas Business Model: Cost Structure

When you look at the Cost Structure for Beam Therapeutics Inc. as of late 2025, you see a company heavily weighted toward its core mission: developing precision genetic medicines. This is typical for a pre-commercial biotech, meaning the biggest drains on cash are the science and the path to the clinic.

The dominant cost is Research & Development (R&D), which hit $109.8 million in the third quarter of 2025. This figure is up from $94.3 million in Q3 2024, showing the increasing investment required to push the pipeline forward. Honestly, this is where the majority of your burn rate comes from, and it reflects the commitment to advancing programs like BEAM-101 and BEAM-302.

You'll see a significant expenditure on clinical trial execution and patient enrollment embedded within that R&D number. As programs move from preclinical work into human trials, costs for site activation, drug supply, monitoring, and patient recruitment naturally climb. The expectation is that this spending will continue to be substantial as Beam plans to report data from the dose-escalation portions of the BEAM-302 Phase 1/2 trial in early 2026.

Next up are the manufacturing and facility operating costs for the North Carolina plant. While we don't have the specific Q3 2025 operating expense for this, you should remember the scale of the initial commitment. Beam Therapeutics planned to invest $83 million over five years in this Research Triangle Park facility to support clinical and commercial manufacturing. These fixed and variable costs associated with maintaining GMP (Good Manufacturing Practice) compliant space are a necessary, ongoing overhead to support their base editing programs.

The overhead, categorized as General & Administrative (G&A) expenses, was relatively stable but still a significant outflow at $26.7 million for Q3 2025. This covers everything from executive salaries and finance to legal support and general corporate operations. It's a necessary cost to run a public company, but it's dwarfed by the R&D spend.

Finally, you have the costs associated with intellectual property maintenance and litigation. These are often bundled into R&D or G&A, but they are a critical, non-optional expense in this sector. Protecting the proprietary base editing technology platform requires continuous patent filings, maintenance fees globally, and the potential for defensive legal work. You can see the overall cost pressure reflected in the net loss of $112.7 million for the quarter.

Here's a quick look at the major quarterly expenses from the Q3 2025 report:

The good news, which offsets these costs, is the cash position. Beam Therapeutics ended Q3 2025 with $1.1 billion in cash, cash equivalents, and marketable securities, which they expect will fund operations into 2028. That runway is your primary buffer against these high operating costs.

Finance: draft 13-week cash view by Friday.

Beam Therapeutics Inc. (BEAM) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Beam Therapeutics Inc. (BEAM) as of late 2025, which, for a company deep in clinical development, is almost entirely driven by non-product sources right now. Honestly, that's the story for most pre-commercial biotechs; the cash comes from partners, not patients.

The most concrete number we have for the immediate period is the License and collaboration revenue. For the third quarter of 2025, Beam Therapeutics reported \$9.7 million in this category. That figure was actually up sequentially from Q2 2025's \$8.47 million, though it was down year-over-year from Q3 2024's \$14.27 million. This revenue stream is the lifeblood supporting the high Research & Development (R&D) spend, which hit \$109.8 million in Q3 2025 alone.

The structure of this revenue relies heavily on two things: upfront payments and milestone payments from strategic partnerships. These deals are what fund the science until a therapy like BEAM-101 gets approved and starts generating sales. It's a lumpy business, for sure. You don't know when the next big check is coming.

We can map out the key financial context for you right here. This table shows the recent revenue performance that underpins the current operating model:

The \$55.7 million TTM revenue as of September 30, 2025, reflects the cumulative income from these deals over the preceding four quarters. That TTM figure is down significantly, about 84.07% year-over-year from the prior period's TTM revenue.

Looking ahead, the potential future royalties on licensed technology represent the biggest upside lever. A major validation point came in October 2025 when Bristol Myers Squibb (BMS) announced the acquisition of Beam's collaborator, Orbital Therapeutics, for \$1.5 billion in cash. At the time of the announcement, Beam Therapeutics held 75 million shares of Orbital common stock, representing an approximate 17% fully diluted ownership stake. While this isn't a royalty stream yet, it validates the underlying technology Beam licenses out, which is key for future deal structuring.

Finally, the ultimate goal, future revenue from product sales of approved therapies, remains entirely prospective. The company is pushing several assets, including BEAM-101 for Sickle Cell Disease, which received Regenerative Medicine Advanced Therapy (RMAT) designation in August 2025. Also advancing are BEAM-302 for alpha-1 antitrypsin deficiency (AATD) and BEAM-103 utilizing the ESCAPE platform. Until one of these candidates clears the final regulatory hurdles-and that's a long road-product sales revenue is zero. The current revenue streams are strictly the cost of doing business while waiting for that inflection point.

Here's a quick look at the pipeline assets that represent that future sales potential:

• BEAM-101: Sickle Cell Disease (SCD) program.
• BEAM-302: Alpha-1 Antitrypsin Deficiency (AATD).
• BEAM-103: Anti-CD117 mAb via the ESCAPE platform.

Finance: confirm the exact breakdown of Q3 2025 revenue into upfront vs. milestone components by next Tuesday.