On October 18, 2023, the board of directors of Beam Therapeutics Inc. (the ?Company?) approved a portfolio prioritization and strategic restructuring of the Company to streamline its operations. The Company intends to prioritize development of its ex vivo and in vivo sickle cell disease programs, including BEAM-101, its Engineered Stem Cell Antibody Paired Evasion (ESCAPE) conditioning strategy, and in vivo delivery to hematopoietic stem cells program, as well as its in vivo base editor BEAM-302 in development for the treatment of alpha-1 antitrypsin deficiency. The Company also intends to explore partnership opportunities for continued development of select programs, including BEAM-201 and other potential ex vivo CAR-T therapies.

In connection with this portfolio prioritization and strategic restructuring, the Company expects to reduce its employee headcount by approximately 100 positions, or about 20% of its workforce. The Company expects to incur one-time costs of approximately $6.6 million in the fourth quarter of 2023 in connection with the workforce reduction. These costs consist primarily of cash expenditures related to severance payments.

The Company estimates that the workforce reduction will be substantially completed in the fourth quarter of 2023. The estimate of costs that the Company expects to incur and the timing thereof are subject to a number of assumptions and actual results may differ. The Company may also incur additional costs not currently contemplated due to events that may occur as a result of, or that are associated with, the actions described above.