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Initial Clinical Data for BEAM-101 and Preclinical Non-human Primate Data for ESCAPE Accepted for Presentation at American Society of Hematology (ASH) Annual Meeting

35 Patients Enrolled and Eight Patients Dosed in BEACON Phase 1/2 Trial of BEAM-101 in Sickle Cell Disease

First Cohort Dosing Completed in Phase 1/2 Trial of BEAM-302 in Alpha-1 Antitrypsin Deficiency; Initial Clinical Data Expected in 2025

Ended Third Quarter 2024 with $925.8 Million in Cash, Cash Equivalents and Marketable Securities; Expected Operating Runway into 2027

Company to Host Conference Call Today, November 5, 2024, at 8:30 a.m. ET

CAMBRIDGE, Mass., Nov. 05, 2024 (GLOBE NEWSWIRE) — Beam Therapeutics Inc. BEAM, a biotechnology company developing precision genetic medicines through base editing, today reported third quarter 2024 financial results and provided updates across the company’s hematology and genetic disease franchises.

“In the third quarter, we demonstrated strong execution across our priority hematology and liver genetic disease programs, with progress in clinical site activation, patient enrollment and dosing,” said John Evans, chief executive officer of Beam. “The imminent presentation of our BEAM-101 clinical data in patients with sickle cell disease, along with preclinical data for ESCAPE, at the ASH Annual Meeting is an important milestone for Beam’s base editing technology. In our in vivo portfolio, the BEAM-302 clinical program in alpha-1 antitrypsin deficiency is expanding globally, with dosing complete for the first cohort of patients and data anticipated in 2025, while BEAM-301 has achieved an open IND with the FDA upon first review. We are now entering a catalyst-rich period for Beam, with a strong cash position supporting both the execution of our development programs and our long-term investment in a highly differentiated product engine.”

Third Quarter 2024 and Recent Progress

• Four Beam abstracts were accepted for presentation at the upcoming American Society of Hematology (ASH) Annual Meeting, including two abstracts on the initial clinical data from the BEACON trial of BEAM-101, one on the clinical data for BEAM-201, and one on the preclinical non-human primate (NHP) data for the Engineered Stem Cell Antibody Paired Evasion (ESCAPE) conditioning platform. Beam will host an investor webcast and conference call today at 8:30 a.m. ET to review the abstracts. Abstracts will be available on the ASH website today at 9 a.m. ET.
• To date, 35 patients have cleared screening and enrolled in the BEACON Phase 1/2 clinical trial of BEAM-101, an investigational genetically modified cell therapy for the treatment of sickle cell disease (SCD). Of these patients, eight have been dosed with BEAM-101, with the other enrolled patients going through pre-transplant stages, including cell collection and drug product manufacturing.
• Patient enrollment in the Phase 1/2 clinical trial of BEAM-302 in patients with alpha-1 antitrypsin deficiency (AATD) is progressing, with continued site activation globally and dosing completed for the first cohort.
• Beam has nominated a development candidate for its ESCAPE technology comprised of two investigational drug products: BEAM-103, an anti-CD117 monoclonal antibody (mAb), and BEAM-104, a cell therapy that includes the same therapeutic edit as BEAM-101 (editing the HBG1/2 genes to elevate fetal hemoglobin), plus an additional edit to CD117 which is designed to prevent binding of BEAM-103, allowing the edited cells to evade suppression by the antibody. The company intends to advance BEAM-103 and BEAM-104 for development in SCD and beta-thalassemia, potentially building on the same regulatory, manufacturing, clinical and commercial foundations being established for BEAM-101.

Key Anticipated Milestones

Hematology Franchise

• In conjunction with the ASH Annual Meeting taking place December 7-10, 2024, Beam will present additional data from the BEACON Phase 1/2 clinical trial of BEAM-101 and additional preclinical NHP data for ESCAPE. The company will host an investor event to review the data on Sunday, December 8, at 8 p.m. PT.
• The company anticipates initiating Phase 1-enabling preclinical studies for ESCAPE by the end of 2024.

Genetic Disease Franchise

• Beam expects to report initial clinical data from multiple cohorts in the Phase 1/2 clinical trial of BEAM-302 in patients with AATD in 2025.
• The company is continuing site activation activities for the Phase 1/2 clinical trial for BEAM-301 in glycogen storage disease type 1a (GSDIa), with patient dosing expected to commence in early 2025.

Oncology

• Data from the Phase 1/2 clinical trial of BEAM-201, a multiplex-edited allogeneic CAR-T product candidate for the treatment of relapsed/refractory T-cell acute lymphoblastic leukemia (T-ALL)/T-cell lymphoblastic lymphoma (T-LL), will be presented at the ASH Annual Meeting.

Third Quarter 2024 Financial Results

• Cash Position: Cash, cash equivalents and marketable securities were $925.8 million as of September 30, 2024, compared to $1.2 billion as of December 31, 2023.
• Research & Development (R&D) Expenses: R&D expenses were $94.3 million for the third quarter of 2024, compared to $100.0 million for the third quarter of 2023.
• General & Administrative (G&A) Expenses: G&A expenses were $26.5 million for the third quarter of 2024, compared to $25.4 million for the third quarter of 2023.
• Net Loss: Net loss was $96.7 million for the third quarter of 2024, or $1.17 per share, compared to $96.1 million for the third quarter of 2023, or $1.22 per share.

Cash Runway
Beam expects that its cash, cash equivalents and marketable securities as of September 30, 2024, will enable the company to fund its anticipated operating expenses and capital expenditure requirements into 2027. This expectation includes funding directed toward reaching each of the key anticipated milestones for BEAM-101, BEAM-103, BEAM-104, BEAM-301 and BEAM-302 described above, as well as continued investments in platform advancements and manufacturing capabilities, and excludes commercial spend related to the potential launch of BEAM-101.

Conference Call and Webcast Details
Beam will host a conference call and webcast to discuss these updates today, November 5, 2024, at 8:30 a.m. ET. A live webcast of the presentation will be available here and under “Events & Presentations” in the Investors section of the company’s website at www.beamtx.com. A replay of the webcast will be archived on the company’s website for 60 days following the presentation.

About Beam Therapeutics
Beam Therapeutics BEAM is a biotechnology company committed to establishing the leading, fully integrated platform for precision genetic medicines. To achieve this vision, Beam has assembled a platform with integrated gene editing, delivery and internal manufacturing capabilities. Beam’s suite of gene editing technologies is anchored by base editing, a proprietary technology that is designed to enable precise, predictable and efficient single base changes, at targeted genomic sequences, without making double-stranded breaks in the DNA. This has the potential to enable a wide range of potential therapeutic editing strategies that Beam is using to advance a diversified portfolio of base editing programs. Beam is a values-driven organization committed to its people, cutting-edge science, and a vision of providing life-long cures to patients suffering from serious diseases.

Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Investors are cautioned not to place undue reliance on these forward-looking statements, including, but not limited to, statements related to: the therapeutic applications and potential of our technology, including with respect to SCD, T-ALL/T-LL, AATD, GSDIa, and ESCAPE; our plans, and anticipated timing, to advance our programs; the clinical trial designs and expectations for BEAM-101, BEAM-201, BEAM-301, BEAM-302 and ESCAPE; our potential presentations at the ASH annual meeting; our estimated cash, cash equivalents and marketable securities as of September 30, 2024 and our expectations related thereto; the sufficiency of our capital resources to fund operating expenses and capital expenditure requirements and the period in which such resources are expected to be available; and our ability to develop life-long, curative, precision genetic medicines for patients through base editing. Each forward-looking statement is subject to important risks and uncertainties that could cause actual results to differ materially from those expressed or implied in such statement, including, without limitation, risks and uncertainties related to: our ability to develop, obtain regulatory approval for, and commercialize our product candidates, which may take longer or cost more than planned; our ability to raise additional funding, which may not be available; our ability to obtain, maintain and enforce patent and other intellectual property protection for our product candidates; the uncertainty that our product candidates will receive regulatory approval necessary to initiate human clinical trials; that preclinical testing of our product candidates and preliminary or interim data from preclinical studies and clinical trials may not be predictive of the results or success of ongoing or later clinical trials; that initiation and enrollment of, and anticipated timing to advance, our clinical trials may take longer than expected; that our product candidates or the delivery modalities we rely on to administer them may cause serious adverse events; that our product candidates may experience manufacturing or supply interruptions or failures; risks related to competitive products; and the other risks and uncertainties identified under the headings “Risk Factors Summary” and “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023, our Quarterly Reports on Form 10-Q and in any subsequent filings with the Securities and Exchange Commission. These forward-looking statements speak only as of the date of this press release. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. We undertake no obligation to update any forward-looking statement, whether as a result of new information, future developments or otherwise, except as may be required by applicable law.

Contacts:

Investors:
Holly Manning
Beam Therapeutics
hmanning@beamtx.com

Media:
Dan Budwick
1AB
dan@1abmedia.com

Caribbean Utilities Company, Ltd. is listed for trading in United States dollars on the Toronto Stock Exchange under the trading symbol “CUP.U”.   

GRAND CAYMAN, Cayman Islands , Nov. 5, 2024 /CNW/ – Caribbean Utilities Company, Ltd. CUP (“CUC” or the “Company”) has announced its consolidated unaudited results for the three and nine months ended September 30, 2024, (all figures stated in United States Dollars).   

Highlights for the period were as follows:

• Net Earnings for the three months ended September 30, 2024 (“Third Quarter 2024” or “Q3 2024”) totaled $14.4 million, a 4% increase compared to the three months ended September 30, 2023 (“Third Quarter 2023” or “Q3 2023”)
• 2% increase in kilowatt-hour (“kWh”) sales when compared to Q3 2023 and a 2% increase in total number of customers when compared to Q3 2023.
• Capital expenditures of $72.8 million for the nine months ended September 30, 2024.
• In its commitment to reduce carbon emissions and maintain environmental stewardship, two of the five generating units slated for a life cycle upgrade have been completed, with work on the third progressing well. These upgrades will significantly enhance the engines’ fuel efficiency and reduce CO2 emissions. The upgrades will also allow for the transition to liquefied natural gas in the future.
• The Company commissioned its first battery energy storage facility (“BESS”). This system will allow for increased renewable energy capacity in Grand Cayman. The 20-megawatt (“MW”) BESS is anticipated to lower fuel costs and improve fuel efficiency by 5% to 6%, leading to a corresponding reduction in CO2 emissions.
• Ongoing infrastructure hardening demonstrated resilience during the summer months with two significant weather events affecting the region with minimal customer disruption.

“The Company continues to focus on capital investment and infrastructure projects with an emphasis on sustainability. The investment in resiliency projects proved prudent during recent weather events this quarter, leading to fewer outages for customers when Grand Cayman was affected by the weather.  CUC is focused on cost-effective, environmentally positive investments that are beneficial for our customers.” said Mr. Richard Hew, President and Chief Executive Officer.   

Capital Expenditures

Capital expenditures for the nine months ending September 30, 2024, were $72.8 million. These expenditures covered projects such as distribution system extensions and upgrades, generation replacements, lifecycle upgrades, installation of battery energy storage systems, and upgrades to the Frank Sound Substation.

Net Earnings and Sales Revenues  

Net earnings for Q3 2024 were $14.4 million, a $0.5 million increase when compared to net earnings of $13.9 million for Q3 2023. This increase is primarily attributable to higher income from pipeline operations and lower finance charges. After adjusting for dividends on the preference shares of the Company, earnings on Class A Ordinary Shares for Q3 2024 were $14.3 million, or $0.38 per share, compared to $13.8 million, or $0.36 per share for Q3 2023.     

On a year-to-date basis, net earnings were $30.7 million, a $1.6 million increase from net earnings of $29.1 million for Q3 2023. The increase was due to higher other income and lower finance charges. After the adjustment for dividends on the preference shares of the Company, earnings on Class A Ordinary Shares for Q3 2024 were $30.4 million, or $0.80 per Class A Ordinary Share, as compared to $28.8 million, or $0.76 per Class A Ordinary Share, for Q3 2023. 

Sales in kWh for Q3 2024 were 208.0 million kWh, a 2% increase (4.8 million kWh) from Q3 2023 and bringing the year-to-date sales growth to 4%. This increase was driven by a 2% growth in customer numbers and an increase in the average kWh consumption of residential customers. The average temperature for Q3 2024 was 87.0 degrees Fahrenheit, comparable to 87.2 degrees Fahrenheit in Q3 2023.

Fuel factor and renewable energy costs are passed through to customers without any markup. The Fuel Factor consists of charges from diesel fuel and lubricating oil costs, which are passed through to consumers on a two-month lag basis. The average Fuel Cost Charge rate for Q3 2024 was $0.23 per kWh, compared to $0.21 per kWh in Q3 2023. 

Resiliency

During the summer months, the Cayman Islands experienced two significant weather events. The ongoing investments in infrastructure hardening demonstrated resilience as power outages impacted less than 10% of customers during the passing of Hurricane Beryl and only 300 customers were without power during Tropical Storm Helene. All customers were restored in less than 48 hours. 

Award-Winning Green Financing Framework

In April 2024, the Company created its Green Financing Framework which was assessed by Sustainable Fitch as “Excellent”. In May 2024, the Company issued US$80 million of senior unsecured debt. In alignment with the Green Financing Framework, US$50 million of the net proceeds, have been dedicated to fund new and ongoing projects to enhance sustainability, including energy efficiency, climate change adaptation, and clean transportation in Grand Cayman. In October 2024, the Global Banking & Markets Latin America Awards recognized the May 2024 debt issuance as the “Caribbean Debt Deal of the Year”. The Company’s ability to structure borrowing in this way supports investment in infrastructure that will reduce costs and improve environmental performance for our customers and the community of Grand Cayman.

Community Commitment and Recognition

The Company continued with its commitment to community development through various partnerships and support programmes in Q3 2024. Monetary support was provided to multiple different organizations and charity groups throughout the quarter. The Company remains committed to the people and community of Grand Cayman. In Q3 2024, the Company also supported its Caribbean neighbour, Jamaica, post Hurricane Beryl by sending line crews to assist with post-restoration efforts.   

Additional Information

 CUC’s Third Quarter 2024 results and related Management’s Discussion and Analysis (“MD&A”) are attached to this release and incorporated by reference.  The MD&A section of this report contains a discussion of CUC’s unaudited Third-Quarter 2024 results, the Cayman Islands economy, liquidity and capital resources, capital expenditures, and the business risks facing the Company. The release and the Third Quarter 2024 MD&A can be accessed at www.cuc-cayman.com (Investor Relations/Press Releases) and www.sedarplus.ca. 

The principal activity of the Company is to generate, transmit and distribute electricity in its licence area of Grand Cayman, Cayman Islands, pursuant to a 20-year Transmission & Distribution (“T&D”) Licence and a 25-year non-exclusive Generation Licence (the “Generation License” and together with the T&D Licence, the “Licences”) granted by the Cayman Islands Government (the “Government”, “CIG”). The T&D Licence, which expires in April 2028, contains provisions for an automatic 20-year renewal and the Company has reasonable expectation of renewal until April 2048. The Generation Licence expires in November 2039. Further information is available at www.cuc-cayman.com.

Caribbean Utilities Company, Ltd. (“CUC” or “the Company”), on occasion, includes forward-looking statements in its media releases, Canadian securities regulatory authorities filings, shareholder reports and other communications. Certain statements in the MD&A, other than statements of historical fact, are forward-looking statements concerning anticipated future events, results, circumstances, performance or expectations with respect to the Company and its operations, including its strategy and financial performance and condition. Forward looking statements include statements that are predictive in nature, depend upon future events or conditions, or include words such as “expects”, “anticipates”, “plan”, “believes”, “estimates”, “intends”, “targets”, “projects”, “forecasts”, “schedule”, or negative versions thereof and other similar expressions, or future or conditional verbs such as “may”, “will”, “should”, “would” and “could”. Forward looking statements are based on underlying assumptions and management’s beliefs, estimates and opinions, and are subject to inherent risks and uncertainties surrounding future expectations generally that may cause actual results to vary from plans, targets and estimates. Some of the important risks and uncertainties that could affect forward looking statements are described in the MD&A in the section labeled “Business Risks” and include but are not limited to operational, general economic, market and business conditions, regulatory developments and weather. CUC cautions readers that actual results may vary significantly from those expected should certain risks or uncertainties materialize or should underlying assumptions prove incorrect. Forward-looking statements are provided for the purpose of providing information about management’s current expectations and plans relating to the future. Readers are cautioned that such information may not be appropriate for other purposes. The Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise except as required by law.   

SOURCE Caribbean Utilities Company, Ltd.

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