Beam Therapeutics To Streamline Business Operations; To Cut About 20% Jobs

(RTTNews) - Biotechnology company Beam Therapeutics Inc. (BEAM) announced Thursday their portfolio priorities and plans to streamline its business operations to support potential near-term value drivers and long-term growth.

This plan includes cost reduction initiatives that align with the company's near-term goals, and the anticipated cost savings are expected to extend its revised operating plan into 2026.

The company said BEAM-101 and ESCAPE for sickle cell disease and BEAM-302 for alpha-1 antitrypsin deficiency will be the highest priority programs that are expected to provide foundation for meaningful value creation.

The company will also explore partnership opportunities for continued development of select programs.

In alignment with its portfolio prioritization, Beam intends to undertake efforts to streamline its operational expenses and increase efficiencies. It plans a headcount reduction of about 100 employees or about 20% of current workforce, which is anticipated to be completed in the fourth quarter of 2023.

The anticipated cost savings, which includes an approximately 20% reduction in workforce, is expected to extend the company's cash runway into 2026.