Sangamo Therapeutics, Inc. Files 2023 Annual Report on Form 10-K

Ticker: SGMO · Form: 10-K · Filed: Mar 13, 2024 · CIK: 1001233

Sangamo Therapeutics, Inc 10-K Filing Summary
FieldDetail
CompanySangamo Therapeutics, Inc (SGMO)
Form Type10-K
Filed DateMar 13, 2024
Risk Levelmedium
Pages14
Reading Time17 min
Key Dollar Amounts$0.01, $817.0 million, $1.9 billion
Sentimentneutral

Sentiment: neutral

Topics: 10-K, Annual Report, Sangamo Therapeutics, Biotechnology, Gene Therapy

TL;DR

<b>Sangamo Therapeutics, Inc. has filed its 2023 annual report on Form 10-K, detailing its financial performance and business operations for the fiscal year ending December 31, 2023.</b>

AI Summary

SANGAMO THERAPEUTICS, INC (SGMO) filed a Annual Report (10-K) with the SEC on March 13, 2024. Sangamo Therapeutics, Inc. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023. The filing covers the period from January 1, 2023, to December 31, 2023. The company's principal executive offices are located at 501 Canal Blvd., Richmond, CA 94084. Sangamo Therapeutics, Inc. was formerly known as Sangamo BioSciences Inc., with a name change effective February 8, 2000. The company operates in the Biological Products sector, SIC code 2836.

Why It Matters

For investors and stakeholders tracking SANGAMO THERAPEUTICS, INC, this filing contains several important signals. This 10-K filing provides a comprehensive overview of Sangamo's financial health, operational activities, and strategic direction for the past fiscal year, which is crucial for investors to assess the company's performance and future prospects. The detailed financial statements and risk factors disclosed in this report are essential for stakeholders to understand potential challenges and opportunities facing Sangamo Therapeutics in the biotechnology sector.

Risk Assessment

Risk Level: medium — SANGAMO THERAPEUTICS, INC shows moderate risk based on this filing. The company operates in the highly regulated and competitive biotechnology sector, facing risks related to clinical trial success, regulatory approvals, and market adoption of its gene therapies.

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-K to assess Sangamo's financial position and the viability of its gene therapy pipeline.

Key Numbers

  • 2023-12-31 — Fiscal Year End (Reporting period)
  • 2024-03-13 — Filing Date (Date of submission)
  • 2836 — SIC Code (Standard Industrial Classification)
  • 000-30171 — SEC File Number (SEC registration number)

Key Players & Entities

  • SANGAMO THERAPEUTICS, INC. (company) — Filer name
  • SGMO (company) — Ticker symbol
  • 20231231 (date) — Fiscal year end
  • 20240313 (date) — Filing date
  • 501 CANAL BLVD. (address) — Business street address
  • RICHMOND (location) — Business city
  • CA (location) — Business state
  • 94084 (postal_code) — Business zip code

FAQ

When did SANGAMO THERAPEUTICS, INC file this 10-K?

SANGAMO THERAPEUTICS, INC filed this Annual Report (10-K) with the SEC on March 13, 2024.

What is a 10-K filing?

A 10-K is a comprehensive annual financial report required by the SEC, covering audited financials, business operations, risk factors, and management discussion. This particular 10-K was filed by SANGAMO THERAPEUTICS, INC (SGMO).

Where can I read the original 10-K filing from SANGAMO THERAPEUTICS, INC?

You can access the original filing directly on the SEC's EDGAR system. The filing is publicly available and includes all exhibits and attachments submitted by SANGAMO THERAPEUTICS, INC.

What are the key takeaways from SANGAMO THERAPEUTICS, INC's 10-K?

SANGAMO THERAPEUTICS, INC filed this 10-K on March 13, 2024. Key takeaways: Sangamo Therapeutics, Inc. filed its annual report on Form 10-K for the fiscal year ended December 31, 2023.. The filing covers the period from January 1, 2023, to December 31, 2023.. The company's principal executive offices are located at 501 Canal Blvd., Richmond, CA 94084..

Is SANGAMO THERAPEUTICS, INC a risky investment based on this filing?

Based on this 10-K, SANGAMO THERAPEUTICS, INC presents a moderate-risk profile. The company operates in the highly regulated and competitive biotechnology sector, facing risks related to clinical trial success, regulatory approvals, and market adoption of its gene therapies.

What should investors do after reading SANGAMO THERAPEUTICS, INC's 10-K?

Investors should review the detailed financial statements and risk factors in the 10-K to assess Sangamo's financial position and the viability of its gene therapy pipeline. The overall sentiment from this filing is neutral.

Risk Factors

  • Regulatory Risks [high — regulatory]: The company's operations are subject to extensive government regulation, including the development, testing, and marketing of its products, which can impact timelines and costs.
  • Market Adoption and Competition [high — market]: The success of Sangamo's gene therapies depends on market acceptance and competition from other companies developing similar treatments.
  • Funding and Liquidity [medium — financial]: The company may require significant additional capital to fund its ongoing research, development, and commercialization efforts, and may not be able to secure such funding on favorable terms.
  • Clinical Trial Risks [high — operational]: Clinical trials are inherently uncertain, and adverse results or failures can significantly impact the company's development programs and financial condition.

Key Dates

  • 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.

Filing Stats: 4,277 words · 17 min read · ~14 pages · Grade level 17.9 · Accepted 2024-03-13 07:47:35

Key Financial Figures

  • $0.01 — ich registered Common Stock, par value $0.01 per share SGMO Nasdaq Global Select Mar
  • $817.0 million — To date, we have received approximately $817.0 million in upfront licensing fees, milestone pa
  • $1.9 billion — and have the opportunity to earn up to $1.9 billion in potential future milestone payments

Filing Documents

Business

Business 7 Item 1A.

Risk Factors

Risk Factors 62 Item 1B. Unresolved Staff Comments 94 Item 1C. Cybersecurity 94 Item 2.

Properties

Properties 95 Item 3.

Legal Proceedings

Legal Proceedings 95 Item 4. Mine Safety Disclosures 96 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 97 Item 6. [Reserved] 98 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 98 Item 7A.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 110 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 112 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 153 Item 9A.

Controls and Procedures

Controls and Procedures 153 Item 9B. Other Information 155 Item 9C. Disclosure Regarding Foreign Jurisdictions t hat Prevent Inspections 155 PART III Item 10. Directors, Executive Officers and Corporate Governance 155 Item 11.

Executive Compensation

Executive Compensation 155 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 156 Item 13. Certain Relationships and Related Transactions, and Director Independence 156 Item 14. Principal Accounting Fees and Services 156 PART IV Item 15. Exhibits and Financial Statement Schedules 157 Item 16. Form 10-K Summary 160

SIGNATURES

SIGNATURES 2 Table of Contents SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS Some statements contained in this report are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, or the Securities Act, and Section 21E of the Securities Exchange Act of 1934, as amended, or the Exchange Act. These statements relate to our future events, including our anticipated operations, research, development, manufacturing and commercialization activities, clinical trials, operating results and financial condition. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause our actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. Forward-looking statements may include, but are not limited to, statements about: our estimates regarding the sufficiency of our cash resources and our expenses, capital requirements and need for substantial additional financing, and our ability to obtain additional financing; our ability to continue to operate as a going concern, including our estimate that our available cash, cash equivalents and marketable securities as of December 31, 2023, in combination with potential future cost reductions, will not be sufficient to fund our planned operations for one year from the issuance date of the Consolidated Financial Statements included in Part II, Item 8, "Financial Statements and Supplementary Data" of this Annual Report on Form 10-K. our projected operating and financial performance; our strategic pipeline prioritization, including plans for advancing our preclinical programs, and the expected charges and cost savings associated with our restructurings and any future cost reduction measures; anticipated research and development of product candidates and potential commercialization of any resulting approved produ

– BUSINESS

ITEM 1 – BUSINESS OVERVIEW We are a genomic medicine company committed to translating ground-breaking science into medicines that transform the lives of patients and families afflicted with serious neurological diseases. We believe our zinc finger epigenetic regulators are ideally suited to potentially address devastating neurology disorders and our capsid engineering platform has demonstrated the ability to expand delivery beyond currently available intrathecal delivery capsids, including in the central nervous system, or CNS, in preclinical studies. In 2023, we announced our strategic transformation into a neurology-focused genomic medicine company developing epigenetic regulation therapies designed to address serious neurological diseases and novel AAV capsid delivery technology. This transformation involved the deferral of new investments in both our Fabry gene therapy and CAR-Treg cell therapy programs unless and until we are able to successfully secure a collaboration partner or external investment in these programs. In addition, we have undertaken restructurings of operations and workforce reductions, including the consolidation of all our U.S. operations, including our headquarters, to our Richmond, California facility, and the planned closure of our facilities in Brisbane, California and Valbonne, France in 2024. Our Core Neurology Programs Our neurology preclinical development is focused on two innovative areas aligned with our strategic transformation: (i) development of epigenetic regulation therapies to treat serious neurological diseases and (ii) development of novel engineered AAV capsids to deliver our therapies to the intended neurological targets. Initial indications for our preclinical wholly-owned programs include chronic neuropathic pain, prion disease and tauopathies, with an investigational new drug application, or IND, submission for Nav1.7 expected in the fourth quarter of 2024, a clinical trial authorization, or CTA, for prion anticipa

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