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Sep 30, 2024
Sangamo Q3 2024 Earnings Report
Reported a net income and increased revenue driven by the Genentech collaboration, while also achieving key clinical and regulatory milestones
Key Takeaways
Sangamo Therapeutics reported a net income of $10.7 million for Q3 2024, a significant turnaround from the $104.2 million net loss in Q3 2023. Revenues increased substantially due to the Genentech collaboration. The company also announced a clear regulatory path for its Fabry disease program and the submission of an IND application for a chronic neuropathic pain treatment.
Announced clear regulatory pathway to Accelerated Approval from FDA for isaralgagene civaparvovec in Fabry disease.
Pfizer to present detailed data from Phase 3 AFFINE trial evaluating giroctocogene fitelparvovec at ASH.
Received $50 million in upfront license fees and milestone payments from Genentech for epigenetic regulation and capsid delivery license agreement.
Submitted IND application to FDA for ST-503 for the treatment of intractable pain due to idiopathic small fiber neuropathy (iSFN).
Sangamo
Sangamo
Forward Guidance
Sangamo expects GAAP total operating expenses to be between $150 million and $170 million for 2024. Non-GAAP total operating expenses are expected to be between $125 million and $145 million, excluding certain non-cash expenses. Cash is expected to fund operations into Q1 2025.
Positive Outlook
- Clear regulatory pathway to Accelerated Approval for isaralgagene civaparvovec in Fabry disease.
- Pfizer plans to present detailed data from Phase 3 AFFINE trial evaluating giroctocogene fitelparvovec at ASH.
- Received $50 million in upfront license fees and milestone payments from Genentech.
- Submitted IND application to FDA for ST-503 for the treatment of intractable pain due to idiopathic small fiber neuropathy (iSFN).
- Engaging in business development discussions for STAC-BBB for delivering genomic medicines for neurological diseases.
Challenges Ahead
- Lack of capital resources and need for substantial additional funding to execute its operating plan and to continue to operate as a going concern
- Potential for Genentech to breach or terminate its agreement with Sangamo
- Uncertain and costly research and development process, including the risk that preclinical results may not be indicative of results in any future clinical trials
- The effects of macroeconomic factors or financial challenges
- Reliance on results of early clinical trials, which results are not necessarily predictive of future clinical trial results