Persistent free cash flow deficits, frequently exceeding $80 million per quarter, highlight a structural inability to fund operations internally and suggest a narrowing liquidity runway.
| Cash from Operations | -369.73M | -345.1M | -347.25M | -149.19M | 22.53M | -66.27M | -95.74M | -72M | -20.3M | -2.71M |
| Operating CF Margin % | - | -246.95% | -546.69% | -39.5% | 36.98% | -127.82% | -398920.83% | -400016.67% | - | - |
| Operating CF Growth % | -17.33% | 0.62% | -132.75% | -762.29% | 133.99% | 30.78% | -32.97% | -254.73% | -649.83% | - |
| Net Income | -65.04M | -79.99M | -376.74M | -132.53M | -289.09M | -370.64M | -194.59M | -78.33M | -116.74M | -8M |
| Depreciation & Amortization | 22.37M | 22.29M | 21.93M | 20.01M | 14.15M | 7.45M | 4.74M | 3.5M | 650K | 11K |
| Stock-Based Compensation | -26.68M | 94.24M | 120.66M | 98.65M | 84.32M | 43.57M | 15.38M | 7.03M | 7M | 198K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 63.52M | 0 | 11.75M | 500K |
| Other Non-Cash Items | -139.22M | -250.63M | -2.87M | -18.87M | -38.48M | 142.09M | 9.87M | 6.5M | 66.96M | 3.85M |
| Working Capital Changes | -161.16M | -131.02M | -110.22M | -116.45M | 251.63M | 111.25M | 5.35M | -10.71M | 10.07M | 740K |
| Change in Receivables | 0 | 0 | 0 | 0 | 300M | -300M | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | -300M | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | 4.46M | 6.04M | 1.81M | -7.58M | 2.37M | 818K | 60K | 4.09M | 2.44M | 726K |
| Cash from Investing | 28.92M | -121.44M | 185.01M | 71.84M | -461.34M | -294.14M | -100.12M | -66.66M | -13.42M | -346K |
| Capital Expenditures | -14.11M | -14.95M | -8.95M | -33.73M | -48.95M | -46.81M | -16.36M | -12.52M | -13.12M | -346K |
| CapEx % of Revenue | 10.67% | 10.7% | 14.08% | 8.93% | 80.35% | 90.29% | 68154.17% | 69544.44% | - | - |
| Acquisitions | -78K | -78K | 0 | 0 | 412.38M | 620K | 83.77M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 255.15M | 254.75M | 0 | 0 | -412.38M | 0 | -83.77M | 0 | -300K | 0 |
| Cash from Financing | 101.28M | 478.05M | 7.74M | 276.45M | 111.59M | 756.14M | 322.32M | 41.28M | 179.73M | 4.98M |
| Debt Issued (Net) | 93.07M | 0 | -485K | -2.25M | -2.29M | -2.12M | 1.7M | 5.71M | 0 | 0 |
| Equity Issued (Net) | 6.45M | 478.05M | 8.22M | 270.17M | 108.26M | 757.45M | 319.53M | 37.9M | 179.72M | 4.98M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 1.75M | 0 | 0 | 8.53M | 5.62M | 810K | 1.1M | -2.34M | 10K | 0 |
| Net Change in Cash | -239.57M | 11.51M | -154.5M | 199.09M | -327.22M | 395.73M | 126.46M | -97.38M | 146M | 1.93M |
| Free Cash Flow | -383.84M | -360.05M | -356.19M | -182.93M | -26.42M | -113.08M | -112.1M | -84.52M | -33.42M | -3.05M |
| FCF Margin % | -290.19% | -257.65% | -560.77% | -48.43% | -43.37% | -218.11% | -467075% | -469561.11% | - | - |
| FCF Growth % | -6.34% | -1.08% | -94.72% | -592.28% | 76.63% | -0.88% | -32.63% | -152.89% | -994.73% | - |
| FCF per Share | -3.72 | -3.64 | -4.33 | -2.37 | -0.38 | -1.76 | -2.40 | -1.65 | -0.95 | -0.24 |
| FCF Conversion (FCF/Net Income) | 5.90x | 4.31x | 0.92x | 1.13x | -0.08x | 0.18x | 0.49x | 0.92x | 0.18x | 0.31x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 567K | 0 | 187K | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Clinical Milestone Revenue Volatility
As reported in financial statements, the relationship between net income and operating cash flow is highly erratic, with OCF/NI ratios fluctuating wildly due to the timing of non-recurring collaboration revenue, which suggests that reported earnings provide little insight into the company's actual underlying cash-generating capability.
The significant divergence between net income and operating cash flow indicates that accounting-based earnings are heavily influenced by non-cash revenue recognition under ASC 606. Investors should monitor this disconnect, as it implies that the company's reported profitability is not currently supported by actual cash inflows from operations.
Based on recent SEC filings, Beam's free cash flow trajectory remains consistently negative, with quarterly outflows frequently exceeding $80 million, highlighting a structural inability to fund its extensive R&D pipeline through internal operations and necessitating a continued reliance on external capital markets for survival.
The persistent FCF burn rate underscores the capital-intensive nature of the firm's clinical-stage development programs. Without a transition to recurring commercial revenue, the current trajectory suggests that the company will remain dependent on dilutive financing to sustain its ongoing research and development activities.
According to the provided data, working capital changes have been consistently negative, with a notable $101.9 million outflow in 2025Q4, suggesting that the timing of milestone-related receivables and payables creates significant, unpredictable swings in the company's liquidity position that complicate short-term cash management.
The recurring negative working capital impact appears to be a byproduct of the company's reliance on large, lumpy collaboration payments. This volatility warrants further investigation, as it may indicate inefficiencies in managing cash cycles or the inherent unpredictability of milestone-based revenue collection.
As evidenced by the quarterly cash flow data, stock-based compensation remains a substantial non-cash expense that masks the true economic cost of operations, effectively diluting shareholders while the company continues to burn through its remaining cash reserves to maintain its specialized scientific workforce.
While SBC is a standard tool for retaining talent in the biotech sector, its magnitude relative to the company's cash burn suggests that the true cost of operations is higher than the headline cash flow figures imply. Investors should consider the long-term impact of this dilution on equity value.
Quick answers to the most common questions about buying BEAM stock.
Beam Therapeutics Inc. (BEAM) generated $-345.1M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Beam Therapeutics Inc. (BEAM) reported negative free cash flow of $360.0M in 2025, indicating capital requirements exceeded cash from operations.
Beam Therapeutics Inc. (BEAM) spent $14.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.