Sangamo Therapeutics reported a net loss of $37.4 million for the fourth quarter of 2025, translating to a loss of $0.11 per share. The loss widened from the $23.4 million loss ($0.11 per share) recorded in the same quarter a year earlier, underscoring the company’s ongoing financial challenges.
Revenue for the quarter was $14.2 million, a miss of $26.05 million against the consensus estimate of $40.25 million. The shortfall was driven by a $6.0 million gain from Pfizer’s license exercise, a $1.0 million gain from an Astellas collaboration, and a $0.4 million gain from a Lilly capsid license, partially offset by a $0.8 million decline from a Genentech collaboration.
Full‑year 2025 revenue totaled $39.6 million, down $18.2 million from $57.8 million in 2024. The decline was largely attributable to a $49.9 million drop in revenue from the Genentech collaboration. Cash and cash equivalents stood at $20.9 million as of December 31 2025, giving the company a runway into the third quarter of 2026 if additional funding is secured.
Management guided that the BLA submission for its Fabry disease program, ST‑920, is expected to be completed by summer 2026, contingent on securing additional funding. The company projected Q1 2026 revenue of $20.55 million and 2026 GAAP operating expense guidance of $120 million to $140 million, explicitly noting that the guidance is subject to the availability of additional financing.
CEO Sandy Macrae highlighted the company’s progress in the Fabry disease pipeline and its transition to a clinical‑stage neurology focus. He emphasized the importance of securing a commercial partner for Fabry disease and reiterated the need for prudent financial management to extend the company’s cash runway.
Investors weighed the earnings miss and revenue shortfall against the company’s pipeline progress and regulatory milestones, resulting in a mixed market reaction.
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