Sangamo Therapeutics (SGMO) Q3 2025 earnings summary

Executive summary

• Advanced clinical and preclinical pipeline in Fabry disease, chronic neuropathic pain, and prion disease, with first neurology clinical study patient recruitment and enrollment.

• Fabry disease program (ST-920) achieved positive registrational data, with durable kidney and cardiac outcomes, and is on a clear path to potential accelerated approval.

• Productive regulatory interactions with FDA and MHRA for Fabry and prion disease programs, with FDA reaffirming eGFR slope as endpoint.

• Neurology pipeline includes ST-503 (chronic neuropathic pain, Phase 1/2 trial initiated) and ST-506 (prion disease, CTA submission expected mid-2026).

• Ongoing business development efforts to secure Fabry commercialization partner and advance industry partnerships.

Financial highlights

• Q3 2025 net loss of $34.9 million, or $0.11 per share; nine-month net loss of $85.5 million.

• Revenues for Q3 2025 were $0.6 million, down sharply from $49.4 million in Q3 2024, mainly due to prior year Genentech collaboration revenue.

• Cash and cash equivalents as of September 30, 2025: $29.6 million, with $6 million from Pfizer and $9.1 million from at-the-market offering received after quarter-end.

• Non-GAAP operating expenses for Q3 2025 were $33.0 million; GAAP OpEx was $36.1 million.

• Up to $5.9 billion in potential future milestones and exercise fees from partnerships.

Outlook and guidance

• Cash runway expected to fund operations into Q1 2026, including recent Pfizer license fee and stock sale proceeds, but additional capital is required.

• Preparing for a BLA submission for Fabry disease gene therapy as early as Q1 2026, contingent on funding and regulatory agreement.

• Prion disease CTA submission expected as early as mid-2026; preliminary clinical data for neurology programs anticipated from early 2027.

• 2025 GAAP operating expenses expected to be $135–$155 million; non-GAAP OpEx expected at $125–$145 million.

• Actively seeking new capital through equity, debt, and strategic collaborations.