Sangamo Therapeutics Reports $97.9 Million Net Loss and Decreased Revenues in 2024

Sangamo Therapeutics, Inc. reported a net loss of $97.9 million for the year ended December 31, 2024, compared to a net loss of $257.8 million in 2023. Revenues decreased significantly from $176.2 million in 2023 to $57.8 million in 2024, primarily due to the termination of collaboration agreements with Biogen and Novartis in 2023 and the expiration of a collaboration agreement with Kite in 2024. These decreases were partially offset by new revenue-generating partnerships with Genentech and Astellas in 2024. Operating expenses also decreased, from $450.2 million in 2023 to $161.8 million in 2024, largely due to lower research and development and general and administrative expenses resulting from company restructurings and workforce reductions.

Significant changes in 2024 included the FDA clearance of the IND for ST-503, an investigational epigenetic regulator for the treatment of idiopathic small fiber neuropathy, and the initiation of BLA readiness activities for isaralgagene civaparvovec, a gene therapy product candidate for Fabry disease. The company also entered into license agreements with Genentech and Astellas for its STAC-BBB capsid technology. Furthermore, Pfizer terminated its collaboration agreement for giroctocogene fitelparvovec, a gene therapy product candidate for hemophilia A, resulting in Sangamo regaining development and commercialization rights. The company also completed the wind-down of its French research and development activities.

As of December 31, 2024, Sangamo had 183 full-time employees globally, with 176 in the United States and the remainder in France, Germany, and the United Kingdom. The company's workforce experienced significant reductions during 2023 and 2024 due to restructurings. The company's financial position raises substantial doubt about its ability to continue as a going concern, contingent upon its ability to secure substantial additional funding.

Updated preliminary clinical data from the Phase 1/2 STAAR study of isaralgagene civaparvovec for Fabry disease showed sustained benefit with elevated alpha-galactosidase A activity maintained for nearly four years in the longest-treated patient. All 18 patients who started on enzyme replacement therapy were withdrawn from and remained off therapy as of March 17, 2025. Data from the Phase 3 AFFINE trial of giroctocogene fitelparvovec for hemophilia A, conducted by Pfizer, demonstrated a statistically significant reduction in annualized bleeding rate.

Sangamo's outlook indicates continued losses for the foreseeable future and a dependence on securing substantial additional funding to execute its operating plan and continue as a going concern. The company is actively seeking additional capital through various means, including strategic collaborations and direct investments. The company anticipates initiating enrollment and dosing of patients in the Phase 1/2 study for ST-503 in mid-2025 and submitting a CTA for its prion disease program in the first quarter of 2026, both subject to securing adequate funding. A potential BLA submission for isaralgagene civaparvovec is anticipated in the second half of 2025.