As of June 30, 2025, the Company had 16,235,272 shares reserved including 1,760,173 shares available for future issuance, pursuant to the Beam Therapeutics Inc. 2019 Equity Incentive Plan.

Stock-based compensation expense recorded as research and development and general and administrative expenses in the condensed consolidated statements of operations and other comprehensive loss is as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Research and development	$	14,832	$	18,803	$	30,565	$	36,448
General and administrative		9,535		12,801		20,484		24,437
Total stock-based compensation expense	$	24,367	$	31,604	$	51,049	$	60,885

The following table provides a summary of stock option activity under the Company’s equity award plans:


	Number of options			Weighted average exercise price
Outstanding at December 31, 2024		9,605,542		$	38.62
Granted		2,527,034			24.61
Exercised		(195,198	)		12.68
Forfeited		(320,607	)		44.06
Outstanding at June 30, 2025		11,616,771			35.87
Exercisable as of June 30, 2025		6,736,942		$	40.93

The weighted-average grant date fair value per share of stock options granted in the six months ended June 30, 2025 was $17.60. As of June 30, 2025, there was $95.7 million of unrecognized compensation expense related to unvested stock options, which is expected to be recognized over a weighted-average remaining vesting period of approximately 2.6 years.

The Company issues shares of restricted common stock, including both restricted stock units and restricted stock awards. Restricted common stock issued generally vests over a period of two to four years.

The following table summarizes the Company’s restricted stock activity:


	Shares			Weighted- average grant date fair value
Unvested as of December 31, 2024		2,576,855		$	36.98
Issued		1,269,600			19.39
Vested		(688,359	)		45.53
Forfeited		(272,784	)		24.86
Unvested as of June 30, 2025		2,885,312		$	28.35

At June 30, 2025, there was approximately $66.6 million of unrecognized stock-based compensation expense related to restricted stock that is expected to vest. These costs are expected to be recognized over a weighted-average remaining vesting period of approximately 2.7 years.

The Company issued 90,436 and 76,461 shares under the Beam Therapeutics Inc. 2019 Employee Stock Purchase Plan, or ESPP, during the six months ended June 30, 2025 and 2024, respectively. As of June 30, 2025, the Company had 3,674,600 shares available for issuance under the ESPP.

Stock-based compensation recognized under the ESPP for the three and six months ended June 30, 2025 was $0.4 million and $0.7 million, respectively. The Company recognized stock-based compensation under the ESPP of $0.3 million and $0.6 million for the three and six months ended June 30, 2024, respectively.