We view Beam’s update positively, as it indicates the company has clear line of sight into the data packages necessary to support BLAs for risto-cel and BEAM-302. Both programs’ acceptance into the FDA’s CDRP could also aide in accelerating the clinical development and regulatory review process, in our view. In addition, the company has extended its cash runway by more than a year compared to its previous estimate, relieving some of the financial pressure on the stock. We expect the near-term BEAM-302 data update and disclosure of the pivotal development pathway, including the use of 12-month AAT biomarkers as a surrogate endpoint for accelerated approval, to be key catalysts for the stock.