As of March 31, 2025, the Company had 16,436,926 shares reserved including 1,766,950 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,
	2025		2024
Research and development	$	15,733	$	17,645
General and administrative		10,949		11,636
Total stock-based compensation expense	$	26,682	$	29,281

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		2,155,500			25.87
Exercised		(74,707	)		9.63
Forfeited		(60,259	)		47.04
Outstanding at March 31, 2025		11,626,076			36.40
Exercisable as of March 31, 2025		6,295,927		$	41.33

The weighted-average grant date fair value per share of stock options granted in the three months ended March 31, 2025 was $18.53. As of March 31, 2025, there was $109.6 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 2.7 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		1,129,850			19.53
Vested		(607,196	)		44.12
Forfeited		(28,625	)		39.61
Unvested as of March 31, 2025		3,070,884		$	29.13

At March 31, 2025, there was approximately $79.1 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 2.9 years.

The Company issued 90,436 and 76,461 shares under the Beam Therapeutics Inc. 2019 Employee Stock Purchase Plan, or ESPP, during the three months ended March 31, 2025 and 2024, respectively. As of March 31, 2025, the Company had 3,674,600 shares available for issuance under the ESPP.

Stock-based compensation recognized under the ESPP was $0.3 million for each of the three months ended March 31, 2025 and 2024.