Detailed financial statements for Beam Therapeutics Inc. (BEAM): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Beam Therapeutics Inc., founded in 2017 and based in Cambridge, Massachusetts, operates as a pioneering biopharmaceutical firm. Its core mission involves engineering precise genetic remedies to tackle a spectrum of severe human ailments, primarily within the United States. The company's developmental portfolio features several key candidates: BEAM-101 is being advanced to treat both sickle cell disease and beta thalassemia.
Analysis Summary
Beam Therapeutics Inc. reported revenue of $139.7M in the most recent fiscal year, growing at a 5-year CAGR of 466.3%.
Trailing-twelve-month margins: gross margin 100.0%, operating margin -242.3%, net margin -54.7%.
At $25.87 (closing price, November 2, 2026), BEAM has negative trailing earnings (P/E not meaningful) and an ROE of -7.70%. Market capitalisation stands at $2.7B.
Balance sheet quality for BEAM: debt-to-equity ratio of 0.23, current ratio of 14.57 over the last 12 months, net cash position of $951.3M at the end of the last fiscal year. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | 0 | 0 | $18,000 | $24,000 | $51.8M | $60.9M | $377.7M | $63.5M | $139.7M |
| Cost of Revenue | 0 | $33.9M | $54.6M | $103.2M | $232.1M | $311.6M | 0 | $367.6M | $22.3M |
| Gross Profit | 0 | -$33.9M | -$54.6M | -$103.2M | -$180.3M | -$250.7M | $377.7M | -$304.0M | $117.4M |
| Research & Development | $5.9M | $33.9M | $54.6M | $103.2M | $387.1M | $311.6M | $437.4M | $367.6M | $409.6M |
| Selling, General & Admin | $2.2M | $11.9M | $20.6M | $29.6M | $57.2M | $87.8M | $116.8M | $111.5M | $113.8M |
| Operating Expenses | $8.6M | $11.9M | $20.6M | $29.6M | $212.2M | $87.8M | $554.2M | $111.5M | $501.1M |
| Operating Income | -$8.6M | -$45.7M | -$75.2M | -$132.8M | -$392.5M | -$338.5M | -$176.5M | -$415.6M | -$383.7M |
| EBITDA | -$8.6M | -$45.1M | -$71.7M | -$128.0M | -$230.1M | -$271.5M | -$111.1M | -$354.8M | -$14.0M |
| Interest Expense | 0 | 0 | $187,000 | 0 | 0 | 0 | 0 | 0 | $43.7M |
| Pre-tax Income | -$8.7M | -$116.7M | -$78.3M | -$194.6M | -$370.6M | -$285.7M | -$131.2M | -$376.7M | -$80.0M |
| Income Tax | $500,000 | 0 | 0 | 0 | 0 | $3.4M | $1.4M | $39,000 | 0 |
| Net Income | -$8.7M | -$115.3M | -$78.3M | -$194.6M | -$370.6M | -$289.1M | -$132.5M | -$376.7M | -$80.0M |
| EPS | -$0.62 | -$3.28 | -$1.53 | -$5.49 | -$5.77 | -$4.13 | -$1.72 | -$4.58 | -$0.81 |
| EPS (Diluted) | -$0.62 | -$3.28 | -$1.53 | -$5.49 | -$5.77 | -$4.13 | -$1.72 | -$4.58 | -$0.81 |
| Shares Outstanding (Diluted) | 13.0 M | 35.1 M | 51.3 M | 46.7 M | 64.2 M | 70.0 M | 77.2 M | 82.3 M | 98.9 M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $9.7M | $114.1M | $31.7M | $490,000 |
| Gross Profit | $9.7M | $114.1M | $31.7M | $490,000 |
| Operating Income | -$126.8M | -$17.4M | -$107.2M | -$126.6M |
| EBITDA | -$107.2M | $250.0M | -$88.7M | -$117.3M |
| Net Income | -$112.7M | $244.3M | -$94.3M | -$122.7M |
| EPS | -$1.10 | $2.37 | -$0.91 | -$1.18 |
| EPS (Diluted) | -$1.10 | $2.33 | -$0.91 | -$1.18 |
Balance Sheet (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $1.9M | $146.4M | $37.2M | $162.2M | $560.0M | $232.8M | $435.9M | $282.0M | $294.9M |
| Short-term Investments | 0 | 0 | $54.6M | $137.5M | $405.7M | $845.4M | $754.0M | $568.8M | $950.3M |
| Receivables | 0 | 0 | 0 | 0 | $300.0M | 0 | 0 | 0 | 0 |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Assets | $2.0M | $148.3M | $94.5M | $308.3M | $1.27B | $1.09B | $1.21B | $878.1M | $1.27B |
| Property, Plant & Equipment | $335,000 | $16.9M | $43.2M | $125.4M | $187.0M | $234.1M | $237.8M | $216.3M | $205.2M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $2.4M | $167.0M | $156.1M | $451.7M | $1.47B | $1.34B | $1.46B | $1.10B | $1.48B |
| Accounts Payable | $726,000 | $7.4M | $7.8M | $6.3M | $7.5M | $9.0M | $1.6M | $3.9M | $10.2M |
| Short-term Debt | $1.0M | 0 | $1.3M | $2.1M | $2.3M | 0 | 0 | 0 | $14.4M |
| Total Current Liabilities | $6.6M | $25.6M | $29.1M | $102.3M | $213.4M | $223.6M | $205.6M | $182.1M | $96.9M |
| Long-term Debt | 0 | 0 | $4.4M | $5.3M | $3.0M | 0 | 0 | 0 | $139.8M |
| Total Liabilities | $6.6M | $33.0M | $55.2M | $206.1M | $647.7M | $608.2M | $478.4M | $370.3M | $242.8M |
| Retained Earnings | -$9.5M | -$124.7M | -$203.0M | -$397.6M | -$768.3M | -$1.06B | -$1.19B | -$1.57B | -$1.64B |
| Total Equity | -$4.2M | $134.0M | $100.9M | $245.6M | $826.7M | $733.5M | $981.3M | $733.5M | $1.24B |
| Total Debt | $1.0M | 0 | $31.2M | $107.6M | $147.6M | $179.0M | $172.7M | $161.4M | $293.9M |
| Net Debt | -$891,000 | -$146.4M | -$60.6M | -$192.0M | -$818.0M | -$899.1M | -$1.02B | -$689.3M | -$951.3M |
| Working Capital | -$4.5M | $122.7M | $65.4M | $206.0M | $1.06B | $869.3M | $1.01B | $696.1M | $1.17B |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $268.0M | $294.9M | $288.3M | $219.8M |
| Total Assets | $1.31B | $1.48B | $1.48B | $1.39B |
| Total Liabilities | $345.1M | $242.8M | $316.4M | $319.2M |
| Total Equity | $966.0M | $1.24B | $1.16B | $1.07B |
| Total Debt | $151.4M | $293.9M | $250.8M | $247.4M |
Cash Flow (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Net Income | -$8.0M | -$116.7M | -$78.3M | -$194.6M | -$370.6M | -$289.1M | -$132.5M | -$376.7M | -$80.0M |
| Depreciation & Amortization | $11,000 | $650,000 | $3.5M | $4.7M | $7.5M | $14.1M | $20.0M | $21.9M | $22.3M |
| Stock-based Compensation | $198,000 | $7.0M | $7.0M | $15.4M | $43.6M | $84.3M | $98.6M | $120.7M | $94.2M |
| Change in Working Capital | $740,000 | $10.1M | -$10.7M | $5.3M | $111.3M | $251.6M | -$116.5M | -$110.2M | -$131.0M |
| Operating Cash Flow | -$2.7M | -$20.3M | -$72.0M | -$95.7M | -$66.3M | $22.5M | -$149.2M | -$347.2M | -$345.1M |
| Capital Expenditure | -$346,000 | -$13.1M | -$12.5M | -$16.4M | -$46.8M | -$49.0M | -$33.7M | -$8.9M | -$14.9M |
| Acquisitions | 0 | 0 | 0 | $83.8M | $620,000 | $412.4M | 0 | 0 | -$78,000 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$3.1M | -$33.4M | -$84.5M | -$112.1M | -$113.1M | -$26.4M | -$182.9M | -$356.2M | -$360.0M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$81.5M | -$83.3M | -$128.5M | -$66.1M |
| Capital Expenditure | -$5.0M | -$3.7M | -$2.2M | -$2.4M |
| Free Cash Flow | -$86.5M | -$87.0M | -$130.7M | -$68.5M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $22.7M | -$73.8M | $19.0M | $19.3M |
Growth & Margins (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +33.3% | +215,916.7% | +17.5% | +520.0% | -83.2% | +120.0% | |||
| Net Income Growth (YoY) | -1,220.3% | +32.0% | -148.4% | -90.5% | +22.0% | +54.2% | -184.3% | +78.8% | |
| EPS Growth (YoY) | -429.0% | +53.4% | -258.8% | -5.1% | +28.4% | +58.4% | -166.3% | +82.3% | |
| Shares Change (YoY) | +171.3% | +46.1% | -9.0% | +37.4% | +9.0% | +10.2% | +6.7% | +20.2% | |
| FCF Growth (YoY) | -994.7% | -152.9% | -32.6% | -0.9% | +76.6% | -592.3% | -94.7% | -1.1% | |
| Gross Margin | -303,338.9% | -429,812.5% | -347.8% | -411.5% | 100.0% | -478.7% | 84.0% | ||
| Operating Margin | -417,522.2% | -553,166.7% | -757.0% | -555.6% | -46.7% | -654.3% | -274.6% | ||
| EBITDA Margin | -398,061.1% | -533,437.5% | -443.8% | -445.7% | -29.4% | -558.5% | -10.0% | ||
| Net Margin | -435,144.4% | -810,800.0% | -714.9% | -474.5% | -35.1% | -593.1% | -57.2% | ||
| FCF Margin | -469,561.1% | -467,075.0% | -218.1% | -43.4% | -48.4% | -560.8% | -257.7% | ||
| Effective Tax Rate | -5.7% | -0.0% | -0.0% | -0.0% | -0.0% | -1.2% | -1.0% | -0.0% | -0.0% |
Per-Share Data (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| FCF Per Share | -$0.24 | -$0.95 | -$1.65 | -$2.40 | -$1.76 | -$0.38 | -$2.37 | -$4.33 | -$3.64 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | 13.0 M | 35.1 M | 51.3 M | 46.7 M | 64.2 M | 70.0 M | 77.2 M | 82.3 M | 98.9 M |
What to look at in Biotech
Most small biotechs lose money. Analysing them with P/E makes no sense — look at cash and pipeline.
- Cash Runway — Months of cash at current burn rate. <18 months = urgent dilution risk
- Annual cash burn — Rate at which they burn operating cash. Compare with cash position to project runway
- Total Debt — Biotech with no revenue + debt = recipe for bankruptcy
- R&D / Market cap — How much they invest in pipeline vs the company value — research-intensity indicator
- Market cap / Cash — If it trades near its cash, the market assigns ~0 value to the pipeline — opportunity or trap
Profitability
| Return on Equity | -7.70% |
| Return on Invested Capital | -28.62% |
| Return on Assets | -6.16% |
| Gross Margin | 100.00% |
| Operating Margin | -242.27% |
| Net Margin | -54.75% |
Financial Health
| Debt / Equity | 0.23 |
| Current Ratio | 14.57 |
| Piotroski F-Score | 4 |
| Altman Z-Score | 5.41 |
Key Ratios (10y)
| Year | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|
| P/E | -30.24 | -5.72 | -12.25 | -14.87 | -13.81 | -9.47 | -15.83 | -5.41 | -34.22 |
| P/B | -58.06 | 4.92 | 9.54 | 15.54 | 6.19 | 3.73 | 2.14 | 2.78 | 2.21 |
| P/S | 0.00 | 0.00 | 53,478.86 | 158,970.84 | 98.73 | 44.95 | 5.56 | 32.14 | 19.62 |
| Gross Margin | 0.0% | 0.0% | -303,338.9% | -429,812.5% | -347.8% | -411.5% | 100.0% | -478.7% | 84.0% |
| Operating Margin | 0.0% | 0.0% | -417,522.2% | -553,166.7% | -757.0% | -555.6% | -46.7% | -654.3% | -274.6% |
| Net Margin | 0.0% | 0.0% | -435,144.4% | -810,800.0% | -714.9% | -474.5% | -35.1% | -593.1% | -57.2% |
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