{"url_path":"/sec/clyd/10-q/2026/item-1","section_key":"item-1","section_title":"Item 1 Financial Statements.","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":1266,"has_tables":true,"body_markdown":"Item 1.       Financial Statements.\n\nBEACON TOPCO, INC. AND SUBSIDIARIES\n\nCONSOLIDATED BALANCE SHEETS\n\n**(In whole dollars)**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**At**\n\n​\n\n**At**\n\n** **\n\n​\n\n**  ​ ​ ​**\n\n**March 31, 2026**\n\n**  ​ ​ ​**\n\n**December 31, 2025**\n\n​\n\n**ASSETS**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n \n\nCurrent assets\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\nOther assets\n\n \n\n​\n\n—\n\n \n\n​\n\n—\n\n​\n\nTotal Assets\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n**LIABILITIES AND EQUITY**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\nCurrent liabilities\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\nOther liabilities\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\nCommitments and contingencies\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\nEquity:\n\n​\n\n \n\n  ​\n\n​\n\n \n\n  ​\n\n​\n\nCommon Stock, par value $0.0001 per share; 100 shares authorized as of March 31, 2026 and December 31, 2025; 100 shares issued and outstanding as of March 31, 2026 and December 31, 2025\n\n​\n\n​\n\n0\n\n1\n\n​\n\n0\n\n1\n\nAdditional paid-in capital\n\n​\n\n​\n\n—\n\n​\n\n​\n\n—\n\n​\n\nDue from shareholder\n\n​\n\n​\n\n(0)\n\n1\n\n​\n\n(0)\n\n1\n\nRetained earnings\n\n​\n\n​\n\n—\n\n​\n\n​\n\n​\n\n​\n\nAccumulated other comprehensive loss\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\nTotal Equity\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\nTotal Liabilities and Equity\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n1Indicates an amount less than 1\n\nSee notes to consolidated financial statements.\n\n​\n\n4\n\n[Table of Contents](#TOC)\n\nBEACON TOPCO, INC. AND SUBSIDIARIES\n\nCONSOLIDATED STATEMENT OF OPERATIONS\n\n**(In whole dollars)**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Three Months Ended **\n\n​\n\n**  ​ ​ ​**\n\n**March 31, 2026**\n\nRevenues\n\n​\n\n$\n\n—\n\nOperating expenses\n\n​\n\n​\n\n—\n\nOther items\n\n​\n\n​\n\n—\n\nEarnings before income taxes\n\n \n\n​\n\n—\n\nProvision for income taxes\n\n \n\n​\n\n—\n\nNet earnings\n\n​\n\n$\n\n—\n\nEarnings per share of common stock - basic and diluted\n\n​\n\n$\n\n—\n\nWeighted average number of shares of common stock outstanding - basic and diluted\n\n​\n\n \n\n100\n\n​\n\nSee notes to consolidated financial statements.\n\n​\n\n5\n\n[Table of Contents](#TOC)\n\nBEACON TOPCO, INC. AND SUBSIDIARIES\n\nCONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME\n\n**(In whole dollars)**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n  ​ ​ ​\n\n**Three Months Ended **\n\n​\n\n​\n\n**March 31, 2026**\n\nNet earnings\n\n​\n\n$\n\n—\n\nOther comprehensive income before taxes\n\n​\n\n​\n\n—\n\nProvision for income taxes\n\n​\n\n \n\n—\n\nComprehensive income\n\n​\n\n$\n\n—\n\n​\n\nSee notes to consolidated financial statements.\n\n​\n\n6\n\n[Table of Contents](#TOC)\n\nBEACON TOPCO, INC. AND SUBSIDIARIES\n\nCONSOLIDATED STATEMENT OF CASH FLOWS\n\n**(In whole dollars)**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Three Months Ended **\n\n​\n\n**  ​ ​ ​**\n\n**March 31, 2026**\n\n**Operating Activities**\n\n​\n\n  ​\n\n​\n\nNet earnings\n\n​\n\n$\n\n—\n\nAdjustments to reconcile net earnings to net cash flow provided by operating activities:\n\n​\n\n​\n\n​\n\nChange in assets and liabilities\n\n​\n\n​\n\n—\n\nNet cash flow provided by operating activities\n\n​\n\n \n\n—\n\n**Investing Activities**\n\n​\n\n \n\n  ​\n\nNet cash flow provided by investing activities\n\n​\n\n \n\n—\n\n**Financing Activities**\n\n​\n\n \n\n  ​\n\nNet cash flow provided by financing activities\n\n​\n\n \n\n—\n\nNet increase in cash and cash equivalents\n\n​\n\n​\n\n—\n\nCash and cash equivalents at beginning of year\n\n​\n\n \n\n—\n\nCash and cash equivalents at end of the period\n\n​\n\n$\n\n—\n\n​\n\nSee notes to consolidated financial statements.\n\n​\n\n7\n\n[Table of Contents](#TOC)\n\nBEACON TOPCO, INC. AND SUBSIDIARIES\n\nCONSOLIDATED STATEMENT OF EQUITY\n\n**(In whole dollars)**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Accumulated**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Additional**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Other**\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**Paid-In**\n\n​\n\n**Treasury**\n\n​\n\n**Due from**\n\n​\n\n**Retained**\n\n​\n\n** Comprehensive**\n\n​\n\n​\n\n​\n\n​\n\n  ​ ​ ​\n\n**Common Stock**\n\n  ​ ​ ​\n\n**Capital**\n\n  ​ ​ ​\n\n**Stock**\n\n  ​ ​ ​\n\n**Shareholder**\n\n  ​ ​ ​\n\n**Earnings**\n\n  ​ ​ ​\n\n**Loss**\n\n  ​ ​ ​\n\n**Total Equity**\n\n​\n\n​\n\n*(Shares)*\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n​\n\n**December 31, 2025**\n\n  ​ ​ ​\n\n100\n\n  ​ ​ ​\n\n$\n\n0\n\n1\n\n$\n\n—\n\n  ​ ​ ​\n\n$\n\n(0)\n\n1\n\n$\n\n—\n\n  ​ ​ ​\n\n$\n\n—\n\n  ​ ​ ​\n\n$\n\n—\n\nNet earnings\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\nStock issuance\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n​\n\n \n\n—\n\n**March 31, 2026**\n\n \n\n100\n\n​\n\n$\n\n0\n\n1\n\n$\n\n—\n\n​\n\n$\n\n(0)\n\n1\n\n$\n\n—\n\n​\n\n$\n\n—\n\n​\n\n$\n\n—\n\n1Indicates an amount less than 1\n\nSee notes to consolidated financial statements.\n\n​\n\n8\n\n[Table of Contents](#TOC)\n\nBEACON TOPCO, INC. AND SUBSIDIARIES\n\nNOTES TO CONSOLIDATED FINANCIAL STATEMENTS\n\n1) BASIS OF PRESENTATION\n\nDescription of Business\n\nBeacon Topco, Inc., a Delaware corporation (“Topco” or the “Company”), was formed on September 24, 2025 as a wholly-owned, direct subsidiary of Barinthus Biotherapeutics plc, a public limited company organized under the laws of England and Wales (“Barinthus Bio”). The Company has one wholly-owned direct subsidiary, Cdog Merger Sub, Inc. (“Merger Sub”), which is a Delaware corporation. 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. The Company was formed for purposes of consummating a business combination (the “Transactions”) with Barinthus Bio and Clywedog Therapeutics, Inc., a Delaware corporation (“Clywedog”).\n\nOn September 29, 2025, the Company entered into an Agreement and Plan of Merger (the “Original Merger Agreement”) with Barinthus Bio, Merger Sub, and Clywedog, as amended by that certain Amendment to the Original Merger Agreement, dated as of February 22, 2026 (such amendment, the “Merger Agreement Amendment” and, together with the Original Merger Agreement, as it may be further amended or modified from time to time, the “Merger Agreement”), pursuant to which (i) the Company will acquire all of the outstanding share capital of Barinthus Bio via a scheme of arrangement in accordance with Part 26 of the United Kingdom Companies Act 2006, and (ii) Merger Sub will merge with and into Clywedog, with Clywedog surviving as a wholly-owned subsidiary of the Company. Upon closing, Barinthus Bio shareholders are expected to own approximately 34% and Clywedog stockholders approximately 66% of the Company on a fully diluted basis, based on the respective capitalizations of Barinthus Bio and Clywedog as of the date the parties entered into the Merger Agreement. The Transactions have been unanimously approved by the boards of directors of each of Barinthus Bio and Clywedog.\n\nAt the closing of the Transactions, the shares of Topco common stock, par value $0.0001 per share, will be listed on the Nasdaq Stock Market under the ticker symbol “CLYD,” and the Company will be renamed “Clywedog Therapeutics Holdings, Inc.”\n\nUse of Estimates\n\nThe preparation of financial statements in conformity with accounting principles generally accepted in the United States requires management to make estimates, judgments and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the applicable periods presented. Actual results may vary from these estimates under different assumptions or conditions.\n\n2) EQUITY\n\nAt March 31, 2026, the Company was authorized to issue 100 shares of common stock, par value $0.0001 per share. At March 31, 2026, 100 shares of the Company’s common stock were issued and outstanding. All such issued and outstanding shares were held by Barinthus Bio.\n\n​\n\n9\n\n[Table of Contents](#TOC)"}