As of March 31, 2026, the Company had 18,873,009 shares reserved including 2,809,724 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 March 31,
	2026		2025
Research and development	$	11,056	$	15,733
General and administrative		7,988		10,949
Total stock-based compensation expense	$	19,044	$	26,682

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, 2025		11,316,549		$	35.68
Granted		1,786,500			27.47
Exercised		(197,671	)		10.25
Forfeited		(157,669	)		57.57
Outstanding at March 31, 2026		12,747,709			34.66
Exercisable as of March 31, 2026		7,573,708		$	40.19

The weighted-average grant date fair value per share of stock options granted in the three months ended March 31, 2026 was $19.52. As of March 31, 2026, there was $93.3 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, 2025		2,543,852		$	27.16
Issued		1,542,950			23.83
Vested		(720,697	)		31.79
Forfeited		(23,545	)		24.82
Unvested as of March 31, 2026		3,342,560		$	24.73

At March 31, 2026, there was approximately $79.3 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 3.2 years.

The Company issued 74,518 and 90,436 shares under the Beam Therapeutics Inc. 2019 Employee Stock Purchase Plan, or ESPP, during the three months ended March 31, 2026 and 2025, respectively. As of March 31, 2026, the Company had 4,533,299 shares available for issuance under the ESPP.

Stock-based compensation recognized under the ESPP for the three months ended March 31, 2026 and March 31, 2025 was $0.4 million and $0.3 million, respectively.