Sangamo Therapeutics Inc. (SGMO) reported recent business updates along with fourth-quarter and full-year 2025 financial results, highlighting advances in its Fabry disease program and neurology pipeline while acknowledging increased losses and a limited cash runway.
The company said it made significant progress in 2025, including positive topline results from its registrational STAAR study of Isaralgagene civaparvovec, (ST-920) for Fabry disease. The FDA has reiterated that the therapy's 52-week kidney function data may serve as the primary basis for approval under the Accelerated Approval pathway, and Sangamo has begun a rolling Biologics License Application submission.
Sangamo also transitioned into a clinical-stage neurology company, activating six clinical sites for its Phase 1/2 STAND study evaluating ST-503 in chronic neuropathic pain. In addition, the company expanded its neurology partnerships, signing a third capsid license agreement- this time with Eli Lilly- to support genomic medicine delivery for up to five central nervous system targets.
Fourth-Quarter Results
For the fourth quarter of 2025, Sangamo reported a consolidated net loss of $37.4 million, or $0.11 per share compared with a net loss of $23.4 million or $0.11 per share, for the same period last year.
Revenue for the fourth quarter rose to $14.2 million, from $7.6 million a year earlier, mainly driven by $6.0 million in revenue from Pfizer's licensing option, along with higher contributions from Astellas and Lilly. This increase was partly offset by $0.8 million in Genentech-related revenue recognized in the prior year.
Total operating expenses on a GAAP basis for the fourth quarter were $52.4 million, compared to $33.5 million in Q4 2024. Non-GAAP operating expenses for the fourth quarter were $36.0 million, compared to $29.0 million in Q4 2024.
Full Year 2025 Results
Full-year 2025 net loss widened to $122.9 million, or $0.44 per share, compared to $97.9 million, or $0.49 per share in 2024.
Revenue for the year declined to $39.6 million from $57.8 million, primarily due to a $49.9 million drop in revenue from the Genentech collaboration. This decline was partly offset by higher revenue from Sangamo's agreements with Pfizer, Lilly and Sigma, as well as increased contributions from Astellas.
Total operating expenses on a GAAP basis for 2025 were $160.8 million, roughly flat at $161.8 million in 2024, while non-GAAP operating expenses decreased slightly to $134.5 million, from $138.8 million in 2024.
The company ended the year with $20.9 million in cash and cash equivalents. Sangamo said its current cash position, combined with proceeds from a February 2026 offering and other expected inflows, is sufficient to fund operations into the third quarter of 2026, but emphasized that substantial additional funding will be required to continue its operating plan.
Sangamo expects 2026 GAAP operating expenses to range between $120 million and $140 million in 2026, compared to $160.8 million in 2025, with non-GAAP operating expended projected between $110 million and $120 million in 2026, compared to $134.5 million in 2025.
SGMO has traded between $0.26 and $0.84 over the past year. The stock closed Monday's trading at $0.30, down 4.24%. During overnight trading the stock fell further to 17.77% at $0.25.
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