10:16 AM EDT, 08/06/2024 (MT Newswires) -- Beam Therapeutics ( BEAM ) shares advanced by 0.8% in recent Tuesday trading even after the clinical-stage drug maker posted a wider Q2 loss on lower revenue.

The company reported a Q2 net loss Tuesday of $1.11 per diluted share, widening from a loss of $1.08 a year earlier.

Analysts polled by Capital IQ expected a loss of $1.12.

Revenue for the quarter ended June 30 was $11.8 million, down from $20.1 million a year earlier.

Analysts surveyed by Capital IQ expected $14.2 million.

As of June 30, the company said it had $1 billion in cash, cash equivalents and marketable securities, and expected it could support operating plans into 2027.

Price: 25.85, Change: +0.24, Percent Change: +0.94