Sangamo Therapeutics, Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Sangamo Therapeutics filed its Q1 2024 10-Q, detailing its financial status and business operations.</b>

AI Summary

SANGAMO THERAPEUTICS, INC (SGMO) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. Sangamo Therapeutics, Inc. filed a 10-Q report for the period ending March 31, 2024. The filing covers the first quarter of 2024. The company's former name was Sangamo BioSciences Inc., with a name change on February 8, 2000. Sangamo Therapeutics is in the Biological Products industry, SIC code 2836. The company's principal business address is 501 Canal Blvd., Richmond, CA 94084.

Why It Matters

For investors and stakeholders tracking SANGAMO THERAPEUTICS, INC, this filing contains several important signals. This 10-Q filing provides investors with the latest financial performance and operational updates for Sangamo Therapeutics for the first quarter of 2024. Understanding the details within this report is crucial for assessing the company's current financial health, strategic direction, and potential risks moving forward.

Risk Assessment

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

Analyst Insight

Investors should review the detailed financial statements and risk factors in the 10-Q to understand Sangamo Therapeutics' current financial position and future prospects.

Key Numbers

• 2024-03-31 — Period End Date (Quarterly report period)
• 2024-05-09 — Filing Date (Date the report was filed)
• 2000-02-08 — Date of Name Change (Former company name Sangamo BioSciences Inc. changed to Sangamo Therapeutics, Inc.)

Key Players & Entities

• SANGAMO THERAPEUTICS, INC (company) — Filer name
• 2024-03-31 (date) — Period of report
• 2024-05-09 (date) — Filing date
• 0001001233 (company) — Central Index Key
• 2836 (industry) — Standard Industrial Classification
• 501 CANAL BLVD. (address) — Business street address
• RICHMOND (location) — Business city
• CA (location) — Business state

FAQ

Industry Context

Sangamo Therapeutics operates in the biotechnology sector, focusing on developing gene therapies for serious diseases.

Regulatory Implications

As a biotechnology company, Sangamo Therapeutics is subject to stringent regulatory oversight from bodies like the FDA regarding clinical trials and drug approvals.

What Investors Should Do

1. Review the financial statements for Q1 2024 to understand revenue, expenses, and cash flow.
2. Analyze the 'Risk Factors' section for potential challenges and uncertainties.
3. Examine any disclosures regarding collaborations, partnerships, or significant events during the quarter.

Key Dates

• 2024-03-31: Quarter End Date — Marks the end of the reporting period for the 10-Q filing.
• 2024-05-09: Filing Date — Date Sangamo Therapeutics filed its 10-Q with the SEC.

Year-Over-Year Comparison

This is the first 10-Q filing for the fiscal year 2024, providing updated financial and operational information compared to the previous year's filings.

Key Financial Figures

• $0.01 — ich registered Common Stock, par value $0.01 per share SGMO Nasdaq Global Select Mar

Filing Documents

• sgmo-20240331.htm (10-Q) — 894KB
• secondamendmenttoleaseag.htm (EX-10.1) — 17KB
• sgmo-20240331xex311.htm (EX-31.1) — 10KB
• sgmo-20240331xex312.htm (EX-31.2) — 10KB
• sgmo-20240331xex321.htm (EX-32.1) — 7KB
• secondamendmenttoleaseag001.jpg (GRAPHIC) — 238KB
• secondamendmenttoleaseag002.jpg (GRAPHIC) — 304KB
• secondamendmenttoleaseag003.jpg (GRAPHIC) — 309KB
• secondamendmenttoleaseag004.jpg (GRAPHIC) — 256KB
• secondamendmenttoleaseag005.jpg (GRAPHIC) — 83KB
• secondamendmenttoleaseag006.jpg (GRAPHIC) — 57KB
• 0001628280-24-022194.txt (&nbsp;) — 6927KB
• sgmo-20240331.xsd (EX-101.SCH) — 40KB
• sgmo-20240331_cal.xml (EX-101.CAL) — 57KB
• sgmo-20240331_def.xml (EX-101.DEF) — 210KB
• sgmo-20240331_lab.xml (EX-101.LAB) — 428KB
• sgmo-20240331_pre.xml (EX-101.PRE) — 313KB
• sgmo-20240331_htm.xml (XML) — 704KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements 6 Condensed Consolidated Balance Sheets at March 31, 2024 and December 31, 2023 6 Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023 7 Condensed Consolidated Statements of Comprehensive (Loss) Income for the Three Months Ended March 31, 2024 and 2023 8 Condensed Consolidated Statements of Stockholders' Equity for the Three Months Ended March 31, 2024 and 2023 9 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 10 Notes to Condensed Consolidated Financial Statements 11 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 27 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 37 Item 4.

Controls and Procedures

Controls and Procedures 37

OTHER INFORMATION

PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 39 Item 1A .

Risk Factors

Risk Factors 39 Item 2. Unregistered Sales of Equity Securities, Use of Proceeds, and Issuer Purchases of Equity Securities 42 Item 3. Defaults Upon Senior Securities 42 Item 4. Mine Safety Disclosures 42 Item 5. Other Information 42 Item 6. Exhibits 43

SIGNATURES

SIGNATURES 44 Unless otherwise indicated or the context suggests otherwise, references in this Quarterly Report on Form 10-Q, or Quarterly Report, to "Sangamo," "the Company," "we," "us," and "our" refer to Sangamo Therapeutics, Inc. and our subsidiaries, including Sangamo Therapeutics France S.A.S. and Sangamo Therapeutics UK Ltd. Any third-party trade names, trademarks and service marks appearing in this Quarterly Report are the property of their respective holders. 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 and cash equivalents as of March 31, 2024, 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 Condensed Consolidated Financial Statements included in Part I, Item 1, "Financial Statements a

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

FINANCIAL STATEMENTS

ITEM 1. FINANCIAL STATEMENTS SANGAMO THERAPEUTICS, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited; in thousands) March 31, 2024 December 31, 2023 ASSETS Current assets: Cash and cash equivalents $ 54,417 $ 45,204 Restricted cash 916 — Marketable securities — 35,798 Accounts receivable 691 923 Prepaid expenses and other current assets 12,612 12,403 Total current assets 68,636 94,328 Property and equipment, net 22,017 26,874 Operating lease right-of-use assets 20,935 25,991 Refundable research income tax credits and other non-current assets 17,373 16,627 Restricted cash — 1,500 Total assets $ 128,961 $ 165,320 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 15,468 $ 15,259 Accrued compensation and employee benefits 6,300 8,918 Other accrued liabilities 18,474 23,554 Total current liabilities 40,242 47,731 Long-term portion of lease liabilities 30,817 33,515 Other non-current liabilities 1,205 1,187 Total liabilities 72,264 82,433 Commitments and contingencies Stockholders' equity: Preferred stock — — Common stock 2,037 1,781 Additional paid-in capital 1,515,926 1,492,077 Accumulated deficit ( 1,455,465 ) ( 1,406,376 ) Accumulated other comprehensive loss ( 5,801 ) ( 4,595 ) Total stockholders' equity 56,697 82,887 Total liabilities and stockholders' equity $ 128,961 $ 165,320 See accompanying Notes to Condensed Consolidated Financial Statements. 6 Table of Contents SANGAMO THERAPEUTICS, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited; in thousands, except per share amounts) Three Months Ended March 31, 2024 2023 Revenues $ 481 $ 157,957 Operating expenses: Research and development 35,891 63,216 General and administrative 11,767 18,136 Impairment of long-lived assets 4,349 20,433 Impairment of goodwill — 38,138 Total operating expenses 52,007 139,923 (Loss) income from operations ( 51,526 ) 18,034 Interest and other income, net 2,535 3,293 (Loss) incom

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