{"url_path":"/sec/clyd/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-06-05","source_url":"https://www.sec.gov/Archives/edgar/data/2094256/0001104659-26-070999-index.html","accession_number":"0001104659-26-070999","cik":"0002094256","ticker":"CLYD","issuer_name":"BEACON TOPCO, INC.","edgar_url":"https://www.sec.gov/Archives/edgar/data/2094256/0001104659-26-070999-index.html","primary_entity_key":"0002094256","primary_entity_name":"BEACON TOPCO, INC."},"word_count":802,"has_tables":true,"body_markdown":"Beacon Topco, Inc._March 31, 2026\n\n1001000002094256--12-312026Q1false0002094256us-gaap:TreasuryStockCommonMember2026-01-012026-03-310002094256us-gaap:RetainedEarningsMember2026-01-012026-03-310002094256us-gaap:ReceivablesFromStockholderMember2026-01-012026-03-310002094256us-gaap:AdditionalPaidInCapitalMember2026-01-012026-03-310002094256us-gaap:AccumulatedOtherComprehensiveIncomeMember2026-01-012026-03-310002094256us-gaap:CommonStockMember2026-01-012026-03-310002094256us-gaap:ReceivablesFromStockholderMember2026-03-310002094256us-gaap:AdditionalPaidInCapitalMember2026-03-310002094256us-gaap:ReceivablesFromStockholderMember2025-12-310002094256us-gaap:AdditionalPaidInCapitalMember2025-12-310002094256none:ClywedogTherapeuticsIncMembernone:BeaconTopcoIncMember2025-09-290002094256none:BarinthusBiotherapeuticsPlcMembernone:BeaconTopcoIncMember2025-09-290002094256us-gaap:CommonStockMember2026-03-310002094256us-gaap:CommonStockMember2025-12-3100020942562025-12-3100020942562026-03-3100020942562026-06-0100020942562026-01-012026-03-31xbrli:sharesnone:subsidiaryiso4217:USDiso4217:USDxbrli:sharesxbrli:pure\n\n[Table of Contents](#TOC)\n\n​\n\n​\n\n**UNITED STATES**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n\n**Washington, D.C. 20549**\n\n**FORM ****10-Q**\n\n☒**QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n**For the quarterly period ended****March 31, 2026**\n\n**OR**\n\n☐**TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**\n\n**For the transition period from****       ****to****       **\n\n**Commission File Number****333-291359**\n\n**Beacon Topco, Inc.*******\n\n(Exact name of registrant as specified in its charter)\n\n​\n\n​\n\n​\n\n**Delaware**\n\n  ​ ​ ​\n\n**41-2339925**\n\n(State or other jurisdiction of\n\n​\n\n(I.R.S. Employer Identification No.)\n\nincorporation or organization)\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n  ​ ​ ​\n\n​\n\n**20400 Century Boulevard****,****Suite 210************Germantown****,****MD**\n\n(Address of principal executive offices)\n\n​\n\n**20874**\n\n(Zip Code)\n\n​\n\n**(****443****)****917-0966**\n\n**(Registrant’s telephone number, including** **area code)**\n\n**Securities registered pursuant to Section 12(b) of the Act:**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Title of each class**\n\n  ​ ​ ​\n\n**Trading Symbols**\n\n  ​ ​ ​\n\n**Name of each exchange on which registered**\n\nNone\n\n​\n\nN/A\n\n​\n\nN/A\n\n​\n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐\n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that registrant was required to submit such files). Yes ☒ No ☐\n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Securities Exchange Act of 1934.\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nLarge accelerated filer\n\n☐\n\n​\n\nAccelerated filer\n\n☐\n\nNon-accelerated filer\n\n☒\n\n​\n\nSmaller reporting company\n\n☒\n\n​\n\n​\n\n​\n\nEmerging growth company\n\n☒\n\n​\n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\nIndicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Securities Exchange Act of 1934). Yes ☒ No ☐\n\nAs of June 1, 2026, there were 100 outstanding shares of the registrant’s common stock, $0.0001 par value per share.\n\n**The registrant meets the conditions set forth in General Instructions (H)(1)(a) and (b) of Form 10-Q and therefore is filing this form with the reduced disclosure format permitted by Form 10-Q.**\n\n*\n\nThe registrant is currently named Beacon Topco, Inc. The registrant plans to change its name to “Clywedog Therapeutics Holdings, Inc.” following the completion of the transactions described herein.\n\n​\n\n​\n\n​\n\n​\n\n[Table of Contents](#TOC)\n\nTABLE OF CONTENTS\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Page**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n[Explanatory Note](#EXPLANATORYNOTE_91961).\n\n​\n\n3\n\n​\n\n[**PART I - FINANCIAL INFORMATION**](#PARTIFINANCIALINFORMATION_202323)\n\n​\n\n​\n\n[Item 1.](#Item1_220143)\n\n[Financial Statements.](#FinancialStatements_41958)\n\n​\n\n​\n\n​\n\n[Consolidated Balance Sheets at March 31, 2026 and December 31, 2025](#CONSOLIDATEDBALANCESHEET_851081)\n\n​\n\n4\n\n​\n\n[Consolidated Statement of Operations for the three months ended March 31, 2026](#STATEMENTOFOPERATIONS_161321)\n\n​\n\n5\n\n​\n\n[Consolidated Statement of Comprehensive Income for the three months ended March 31, 2026](#COMPREHENSIVEINCOME_449152)\n\n​\n\n6\n\n​\n\n[Consolidated Statement of Cash Flows for the three months ended March 31, 2026](#CASHFLOWS_829433)\n\n​\n\n7\n\n​\n\n[Consolidated Statement of Equity for the three months ended March 31, 2026](#EQUITY_111990)\n\n​\n\n8\n\n​\n\n[Notes to Consolidated Financial Statements.](#NOTESTOCONSOLIDATED_634666)\n\n​\n\n9\n\n[Item 2.](#Item2_118640)\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations.](#ManagementsDiscussionandAnalysisofResult)\n\n​\n\n10\n\n[Item 4.](#Item4_31259)\n\n[Controls and Procedures.](#ControlsandProcedures_847959)\n\n​\n\n11\n\n​\n\n[**PART II - OTHER INFORMATION**](#PARTIIOTHERINFORMATION_30045)\n\n​\n\n​\n\n[Item 1A.](#Item1A_650460)\n\n[Risk Factors.](#RiskFactors_836182)\n\n​\n\n11\n\n[Item 6.](#Item6_404671)\n\n[Exhibits.](#Exhibits_192598)\n\n​\n\n12\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n[Table of Contents](#TOC)\n\nEXPLANATORY NOTE\n\nBeacon Topco, Inc. (the “Company”), a Delaware corporation, was formed on September 24, 2025 for purposes of consummating the transactions described herein, and is a wholly-owned, direct subsidiary of Barinthus Biotherapeutics plc. On April 22, 2026, the United States Securities and Exchange Commission (the “SEC”) declared effective the Registration Statement on Form S-4, as amended (the “Registration Statement”), of the Company. The Company has not commenced operations, has no assets or liabilities, and has not engaged in any significant activities other than those related to its formation from its incorporation on September 24, 2025 through March 31, 2026.\n\n​\n\n3\n\n[Table of Contents](#TOC)\n\nPART I - FINANCIAL INFORMATION"}