Sangamo Therapeutics (SGMO) Q4 2025 earnings summary

Executive summary

• Achieved positive topline results in the registrational STAAR study for Fabry disease, with improved renal function, stable cardiac outcomes at 52 weeks, and a positive mean annualized eGFR slope; rolling BLA submission for ST-920 underway under Accelerated Approval pathway.

• Transitioned to a clinical-stage neurology company, activating six clinical sites for the Phase 1/2 STAND study in chronic neuropathic pain, and signed a third neurology capsid license agreement with Eli Lilly.

• Neurology pipeline targets chronic neuropathic pain (SFN) and prion disease, with Fast Track designation for ST-503 and ongoing preclinical and clinical advancements.

• Multiple industry partnerships (Genentech, Astellas, Lilly) validate the platform and provide significant milestone and royalty potential.

• Raised over $130 million in 2025 through non-dilutive license fees, milestone payments, and equity financing.

Financial highlights

• Cash and cash equivalents at year-end 2025 were $20.9 million, with over $130 million raised in 2025 via non-dilutive license fees, milestone payments, and equity financing.

• Q4 2025 GAAP operating expenses were $52.4 million; non-GAAP operating expenses were $36.0 million.

• Q4 2025 revenues were $14.2 million, up from $7.6 million in Q4 2024, mainly due to collaborations and new license agreements.

• Up to $4.8 billion in potential future milestones and exercise fees from partnerships, with $911 million received to date.

• Full-year 2025 net loss was $122.9 million ($0.44/share), compared to $97.9 million ($0.49/share) in 2024.

Outlook and guidance

• Completion of Fabry BLA submission anticipated by summer 2026, contingent on securing additional funding.

• Cash runway, including recent financing and tax credits, projected to fund operations into Q3 2026, subject to further financing.

• 2026 GAAP operating expenses expected to be $120–140 million; non-GAAP operating expenses $110–130 million.

• Focused on securing a commercial partner for Fabry and exploring all strategic options for asset monetization.

• No further FDA interactions planned for ST-920 BLA submission unless regulatory requirements change.