Sangamo Therapeutics (SGMO) Q1 2026 earnings summary

Executive summary

• Advanced rolling BLA submission for ST-920 gene therapy for Fabry disease, with clinical and preclinical modules submitted and FDA alignment on approval pathway; companion diagnostic accepted for review.

• FDA reaffirmed no additional confirmatory study required for traditional approval; two-year data across all patients will suffice.

• Neurology pipeline advancing with ST-503 in Phase 1/2 for chronic neuropathic pain and ST-506 for prion disease, supported by zinc finger epigenetic regulation and proprietary AAV capsids.

• Transitioned to OTCQB Venture Market after Nasdaq delisting determination; appeal scheduled for June.

• Actively pursuing strategic options, capital raising, and partnerships, supported by a global investment bank.

Financial highlights

• Cash and cash equivalents of $27.6 million as of March 31, 2026, expected to fund operations into Q3 2026 without substantial new funding.

• Q1 2026 revenue was $1.4 million, down 78% from Q1 2025, mainly due to lower collaboration and license revenue.

• Net loss for Q1 2026 was $31.0 million ($0.08 per share), compared to $30.6 million ($0.14 per share) in Q1 2025.

• GAAP operating expenses for Q1 2026 were $33.4 million; non-GAAP operating expenses were $31.7 million.

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

Outlook and guidance

• Anticipate completing BLA submission for ST-920 as early as summer 2026, contingent on securing additional funding.

• Cash runway projected only into Q3 2026; significant additional capital is required to continue operations and advance programs.

• 2026 GAAP operating expenses projected at $110–130 million; non-GAAP at $100–120 million, excluding ~$8 million stock-based compensation and ~$2 million depreciation/amortization.

• Ongoing business development discussions for Fabry commercialization and potential new neurology partnerships.

• Progress on clinical and preclinical programs is contingent on securing substantial upfront funding or partnerships.