Sangamo Therapeutics(SGMO) - 2024 Q4 - Annual Results

Financial Performance - The consolidated net loss for Q4 2024 was $23.4 million, a decrease from $60.3 million in Q4 2023, while the full year net loss was $97.9 million compared to $257.8 million in 2023[14]. - Revenues for Q4 2024 were $7.6 million, up from $2.0 million in Q4 2023, with total revenues for 2024 at $57.8 million, down from $176.2 million in 2023[15]. - The decrease in 2024 revenues of $118.4 million was primarily due to the termination of collaboration agreements with Biogen and Novartis, which accounted for a combined decrease of $147 million[16]. - Total revenues for the year ended December 31, 2024, were $57.8 million, a decrease of 67.3% compared to $176.2 million in 2023[33]. - Total operating expenses for the year ended December 31, 2024, were $161.8 million, down 64.0% from $450.2 million in 2023[33]. - Research and development expenses for the year ended December 31, 2024, were $111.5 million, a decrease of 52.4% compared to $234.1 million in 2023[33]. - The net loss for the year ended December 31, 2024, was $97.9 million, compared to a net loss of $257.8 million in 2023, representing a 62.0% improvement[33]. - Cash, cash equivalents, and marketable securities as of December 31, 2024, were $41.9 million, down from $81.0 million as of December 31, 2023[34]. - Total assets decreased to $101.6 million as of December 31, 2024, from $165.3 million as of December 31, 2023[34]. - The company expects total operating expenses in the range of approximately $135 million to $155 million on a GAAP basis for 2025[27]. - Non-GAAP total operating expenses for 2025 are expected to be in the range of approximately $125 million to $145 million, consistent with the prior year[27]. Funding and Financial Strategy - Sangamo Therapeutics raised over $100 million in funding in 2024 through non-dilutive license fees, milestone payments, and equity financing[3]. - A $20 million upfront license fee was received from Astellas as part of a capsid license agreement, with potential to earn up to $1.3 billion in additional fees and milestone payments[8]. - Cash and cash equivalents as of December 31, 2024, were $41.9 million, down from $81.0 million at the end of 2023, with sufficient funds projected to last into mid-2025[20]. - Sangamo's ability to secure adequate additional funding is critical for its future plans and expectations, including the development of commercially viable products[29]. Regulatory and Development Outlook - The company expects to commence patient enrollment and dosing for ST-503 in mid-2025, with preliminary proof of efficacy data anticipated in Q4 2026[13]. - Sangamo has a clear regulatory pathway to Accelerated Approval for isaralgagene civaparvovec in Fabry disease, potentially reducing the approval timeline by approximately three years[5]. - The FDA has agreed that data from the ongoing Phase 1/2 STAAR study can serve as the primary basis for approval under the Accelerated Approval Program for isaralgagene civaparvovec[5]. - The company plans to advance isaralgagene civaparvovec towards a potential BLA submission while engaging in business development negotiations for a potential Fabry commercialization agreement[27].