Sangamo Therapeutics (SGMO) Q2 2025 earnings summary

Executive summary

• Achieved positive topline results from the registrational STAAR study in Fabry disease, with FDA agreement on eGFR slope as the primary basis for accelerated approval and BLA submission expected as early as Q1 2026.

• Initiated the first clinical site for the Phase 1/2 STAND study in chronic neuropathic pain, with first patient dosing expected fall 2025 and preliminary efficacy data anticipated Q4 2026.

• Advanced preclinical prion disease program with CTA submission anticipated mid-2026 and clinical data expected mid-2027.

• Raised $21 million in net proceeds from an underwritten equity offering, with $38.3 million in cash and equivalents as of June 30, 2025, expected to fund operations into Q4 2025.

• Ongoing business development efforts for Fabry and hemophilia A programs, with no commercialization partner secured for Fabry as of report date.

Financial highlights

• Q2 2025 revenue was $18.3 million, up from $0.36 million in Q2 2024, mainly due to an $18 million upfront payment from Lilly.

• Cash and cash equivalents totaled $38.3 million as of June 30, 2025, with liquidity only sufficient into Q4 2025.

• Non-GAAP operating expenses for Q2 2025 were $33.0 million; GAAP operating expenses were $36.2 million.

• Net loss for Q2 2025 was $19.99 million ($0.08/share), improved from $36.13 million ($0.18/share) in Q2 2024.

• Up to $6.1 billion in potential future milestones and exercise fees from partnerships, with $910 million received to date.

Outlook and guidance

• Cash runway expected to fund operations into Q4 2025; additional capital is required to fund operations and R&D beyond that point.

• Anticipated BLA submission for isaralgagene civaparvovec in Fabry disease as early as Q1 2026, contingent on funding and partnership.

• Preliminary proof of efficacy data for the STAND study in chronic neuropathic pain expected in Q4 2026.

• CTA submission for ST-506 in prion disease expected mid-2026, with clinical data anticipated mid-2027.

• Ongoing efforts to secure commercialization partners for Fabry and hemophilia A programs; failure to do so may require further cost reductions or cessation of operations.