Sangamo Therapeutics Inc · Q2 2021 earnings

Briefing

Sangamo's Q2 2021 financial results were reported, showing increased revenue and operating expenses.

Sangamo reported a net loss of $47.2 million, or $0.33 per share, for the second quarter of 2021. Revenues increased to $27.9 million compared to $21.6 million for the same period in 2020, primarily due to collaboration agreements with Novartis and Biogen. Operating expenses also increased, driven by higher clinical and manufacturing supply expenses and increased headcount.

• Dosed a fourth patient in the Phase 1/2 STAAR study for Fabry disease, completing dosing of the second cohort, with dose escalation recommended by the Safety Monitoring Committee.
• Biogen selected a fourth neurological disease gene target under the collaboration agreement, and early research activities have begun.
• Prathyusha Duraibabu was appointed as Chief Financial Officer, and Scott Willoughby was appointed as General Counsel and Corporate Secretary.
• Total operating expenses on a GAAP basis for the second quarter ended June 30, 2021 were $76.6 million compared to $59.4 million for the same period in 2020.

Headline financials

Revenue & EPS history

Sangamo expects total operating expenses on a GAAP basis to be in the range of approximately $285 million to $305 million for the year ended December 31, 2021. On a non-GAAP basis, the company expects total operating expenses to be in the range of approximately $255 million to $275 million for the year ended December 31, 2021.