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Sangamo Therapeutics Inc. (SGMO+14.72%) has filed its Annual Report on Form 10-K filing for the fiscal year ended December 31, 2024.
The filing reports a net loss of $97.9 million for the year, compared to a net loss of $257.8 million in the previous year. Revenues for 2024 were $57.8 million, a decrease from $176.2 million in 2023, primarily due to the termination of collaboration agreements with Biogen and Novartis.
Research and development expenses were $111.5 million, down from $234.1 million in 2023, reflecting lower preclinical, clinical, and manufacturing expenses, as well as reduced headcount following restructuring efforts.
General and administrative expenses decreased to $44.7 million from $61.2 million in 2023, largely due to lower personnel costs and professional services expenses.
The company recorded impairment charges of $5.5 million related to long-lived assets, compared to $89.5 million in impairment charges in 2023.
Sangamo reported cash and cash equivalents of $41.9 million as of December 31, 2024. The company acknowledges substantial doubt about its ability to continue as a going concern beyond the middle of the second quarter of 2025 without securing additional funding.
The company has been actively seeking additional capital through strategic collaborations, equity or debt financing, and other sources to fund its operations and support its research and development activities.
Sangamo's core neurology programs, including ST-503 for chronic neuropathic pain and a program for prion disease, are in preclinical stages. The company plans to commence clinical trials subject to securing adequate funding.
The FDA has provided a pathway to Accelerated Approval for Sangamo's Fabry disease program, isaralgagene civaparvovec, using data from the ongoing Phase 1/2 STAAR study. A potential Biologics License Application submission is anticipated in the second half of 2025.
Sangamo is scheduled to regain development and commercialization rights to giroctocogene fitelparvovec for hemophilia A following Pfizer's decision to terminate the collaboration agreement effective April 21, 2025.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Sangamo Therapeutics Inc. annual 10-K report dated March 17, 2025. To report an error, please email earnings@qz.com.