Sangamo Therapeutics, Inc. (SGMO): Business Model Canvas [Dec-2025 Updated]

As a seasoned analyst, you know that for a genomic medicine company like Sangamo Therapeutics, Inc., the business model is all about bridging high R&D burn with strategic partnerships, and their 2025 story is a perfect case study. Honestly, they are pushing hard into neurology, betting big on their Fabry program aiming for a BLA submission in Q1 2026, while managing a cost structure guided by $135 million to $155 million in 2025 GAAP operating expenses. That burn rate is only sustainable because of smart deal-making: they banked an $18 million upfront payment from Eli Lilly for their STAC-BBB capsid and snagged another $6 million from Pfizer's buyout option in Q3 2025, which helped extend the runway after the $23 million equity raise back in May. You need to see the full nine-block map below to understand how these key activities and partnerships are structured to support the critical next steps, like dosing the first patient in their neuropathic pain trial this fall.

Sangamo Therapeutics, Inc. (SGMO) - Canvas Business Model: Key Partnerships

You're looking at Sangamo Therapeutics, Inc.'s (SGMO) external relationships as of late 2025. These partnerships are the engine for much of their potential revenue, especially given their cash position at the end of Q3 2025, which was $29.6 million as of September 30, 2025.

The company has successfully monetized its STAC-BBB capsid technology through multiple deals. Honestly, these collaborations are critical for funding their wholly-owned programs. Here's the quick math on the major ones:

Partner	Technology/Focus	Upfront Payment (USD)	Potential Total Value (USD)	Status/Notes
Eli Lilly	STAC-BBB Capsid for CNS	$18 million	Up to $1.4 billion	Agreement announced April 2025 for up to five targets.
Astellas Pharma	STAC-BBB Capsid for CNS	$20 million	Up to $1.3 billion	Agreement announced December 2024 for up to five targets.
Genentech (Roche Group)	Epigenetic Regulation & STAC-BBB for Neurodegeneration	$50 million (near-term)	Up to $1.9 billion	Agreement announced August 2024.
Pfizer Inc.	Zinc Finger Cell Lines License Buyout	$6 million (received Oct 2025)	N/A (Buyout)	Pursuant to a 2008 agreement; main Hemophilia A collaboration terminated April 21, 2025.

The strategic collaboration with Eli Lilly for CNS genomic medicines is a big one, kicking off in April 2025. Sangamo Therapeutics received an upfront license fee of $18 million. Lilly gets exclusive worldwide rights to use the STAC-BBB capsid for one initial target, with options for four more. The total potential is massive, up to $1.4 billion in additional fees and milestones, plus tiered royalties.

The Astellas Pharma partnership, which came online in December 2024, is similar in structure, focusing on the STAC-BBB AAV capsid vector use for neurological diseases. Astellas paid an upfront license fee of $20 million. This deal could bring in up to $1.3 billion in milestones, plus mid-to-high single-digit royalties.

Regarding the other ongoing agreements, the one with Genentech, a member of the Roche Group, is for epigenetic regulation and capsid delivery for neurodegenerative diseases. Sangamo Therapeutics received $50 million in near-term upfront license fees and milestone payments from that August 2024 deal, with eligibility for up to $1.9 billion more in milestones. The agreement with Takeda is mentioned in the context of their Fabry disease program, where Takeda's Replagal is used as a standard of care comparator, but specific financial terms for a direct development agreement weren't detailed in the latest reports.

A notable financial event in Q3 2025 was the interaction with Pfizer Inc. In October 2025, Sangamo Therapeutics received $6 million. This was not related to the Hemophilia A gene therapy, giroctocogene fitelparvovec, which Pfizer terminated for convenience effective April 21, 2025. Instead, the $6 million came from Pfizer exercising a buyout option for a license to use certain zinc finger modified cell lines under a much older 2008 agreement.

Finally, the Fabry commercialization partner search is definitely active. Sangamo Therapeutics is continuing business development negotiations for the isaralgagene civaparvovec (ST-920) asset. Management sees this as a key step to secure non-dilutive funding, especially as they prepare for an anticipated Biologics License Application (BLA) submission as early as the first quarter of 2026.

• The Lilly deal covers up to five potential CNS targets using the STAC-BBB capsid.
• The Astellas deal also covers up to five neurological disease targets utilizing STAC-BBB.
• The Genentech agreement covers tauopathies and a second undisclosed neurology target.
• The Pfizer buyout was for zinc finger modified cell lines, stemming from a 2008 agreement.
• The Fabry partnership discussions are proceeding following FDA affirmation of the accelerated approval pathway for ST-920.

Sangamo Therapeutics, Inc. (SGMO) - Canvas Business Model: Key Activities

You're focused on the near-term execution required to transition the pipeline from clinical development to potential commercialization, so the key activities right now are heavily weighted toward regulatory filings and ongoing study execution.

Advancing Fabry gene therapy (ST-920) toward BLA submission in Q1 2026

• FDA accepted the request for a rolling submission and review of the Biologics License Application (BLA) for isaralgagene civaparvovec (ST-920) later in the fourth quarter of 2025.
• Management reiterated plans to submit the BLA as early as Q1 2026, supported by the FDA's agreement to use estimated glomerular filtration rate (eGFR) slope as an endpoint for accelerated approval.
• ST-920 has received Orphan Drug, Fast Track, and RMAT designations from the FDA.

The registrational Phase 1/2 STAAR study data provided key support for this path:

Metric	Value as of Q3 2025
Mean Annualized eGFR Slope (52-weeks)	1.965 mL/min/1.73m2/year
95% Confidence Interval (eGFR Slope)	(-0.153, 4.083)
Total Dosed Patients in STAAR Study	32

Executing Phase 1/2 STAND study for chronic neuropathic pain (ST-503)

The company is actively enrolling patients in the Phase 1/2 STAND study for ST-503, an epigenetic regulator targeting intractable pain due to small fiber neuropathy (SFN).

• Patient recruitment and enrollment are in progress following the activation of two clinical sites.
• The company expected to dose the first patient in the coming months (as of November 2025).
• The study is designed as a multicenter, double-blind, randomized, sham-controlled dose escalation trial assessing safety, tolerability, and preliminary efficacy of a one-time intrathecal dose.

Research and development of proprietary ZFN and STAC-BBB technologies

Core R&D activity centers on advancing neurology programs, particularly leveraging the STAC-BBB capsid technology.

• CTA-enabling activities for ST-506 (prion disease) are advancing, with submission anticipated as early as mid-2026.
• STAC-BBB demonstrated industry-leading blood-brain barrier penetration in non-human primates (NHPs) in prior preclinical work.
• In 2024, STAC-BBB showed 700-fold higher transgene expression in neurons compared to the benchmark AAV9 capsid.

Securing non-dilutive funding via new licensing and milestone payments

Financial operations in late 2025 are heavily reliant on existing cash reserves supplemented by recent non-dilutive income, with a runway extending into the first quarter of 2026.

Financial Metric (as of 9/30/2025)	Amount
Cash and Cash Equivalents	$29.6 million
Q3 2025 Revenue	$0.581 million
Q3 2025 Total GAAP Operating Expenses	$36.1 million
Q3 2025 Net Loss	$34.93 million

Recent non-dilutive cash inflow:

• Received $6 million from Pfizer in October 2025 from a buyout option exercise.
• The company has received an aggregate of $88.0 million in upfront license fees and/or milestone payments from Genentech, Astellas, and Lilly.
• The Lilly agreement (April 2025) included an upfront fee of $18 million.

Maintaining regulatory interactions (FDA Fast Track for ST-503)

The FDA granted Fast Track Designation for ST-503, which directly impacts regulatory interaction frequency and review potential.

• The designation is for ST-503 for intractable pain due to small fiber neuropathy (SFN).
• This designation provides the opportunity for more frequent interactions with the FDA.
• ST-503 programs may be eligible to apply for Accelerated Approval and Priority Review if criteria are met.
• SFN affects an estimated 53 people per 100,000 in the U.S.

Finance: draft 13-week cash view by Friday.

Sangamo Therapeutics, Inc. (SGMO) - Canvas Business Model: Key Resources

The Key Resources for Sangamo Therapeutics, Inc. center on its proprietary technology platforms, late-stage clinical assets, and the specialized human capital required to advance them.

Proprietary Zinc Finger Nuclease (ZFN) gene editing platform.

• The foundational ZFN technology is protected by an extensive intellectual property portfolio.
• A specific financial validation of this platform occurred in October 2025, when Sangamo Therapeutics, Inc. received $6 million from Pfizer Inc. upon Pfizer's exercise of a buyout option for a license to use certain zinc finger modified cell lines, pursuant to a 2008 license agreement.

Novel neurotropic AAV capsid library, including STAC-BBB.

This resource has recently generated significant, non-dilutive capital through business development activities in 2025.

Metric	Value/Amount	Context/Date
Upfront License Fee Received (Lilly)	$18 million	Q1 2025
Total Potential Value (Lilly Agreement)	Up to $1.4 billion	In additional fees and milestones
Number of STAC-BBB License Agreements	3	As of May 2025

Clinical-stage assets, notably isaralgagene civaparvovec (ST-920).

The data supporting this asset is a core resource, demonstrating durability and regulatory alignment.

• Mean annualized estimated glomerular filtration rate (eGFR) slope at 52-weeks across all 32 dosed patients: 1.965 mL/min/1.73m²/year.
• Mean annualized eGFR slope at Week 104 for 19 patients: 1.747 mL/min/1.73m²/year.
• Longest treated patient maintained elevated alpha-galactosidase A ($\alpha$-Gal A) activity for up to 4.5 years.
• All 18 patients who started on Enzyme Replacement Therapy (ERT) had been withdrawn from ERT.
• Biologics License Application (BLA) submission for ST-920 is planned for as early as Q1 2026.
• The Phase 1/2 STAND study in chronic neuropathic pain activated two clinical sites as of November 2025, with first patient dosing expected in the coming months.

Extensive intellectual property portfolio covering genomic medicine.

The overall financial position underpins the ability to maintain and expand this portfolio.

• Cash and cash equivalents as of September 30, 2025: $29.6 million.
• Expected cash runway based on current plan into Q1 2026.
• Non-GAAP total operating expenses projected for full year 2025: between $125 million and $145 million.
• Shares of common stock outstanding as of November 4, 2025: 336,494,489.

Specialized R&D personnel focused on neurological disorders.

The team's focus is reflected in the pipeline advancement, which is supported by controlled spending.

• Non-GAAP operating expenses for the third quarter ended September 30, 2025: $33.0 million.
• The company noted leaner staffing contributed to lower non-GAAP operating expenses year-over-year in Q3 2025, partially offset by BLA readiness for Fabry.

Sangamo Therapeutics, Inc. (SGMO) - Canvas Business Model: Value Propositions

You're looking at the core value Sangamo Therapeutics, Inc. is offering to patients and partners as of late 2025. It's all about translating their deep science into potential one-time treatments for devastating conditions, especially in neurology. The value is grounded in the clinical and platform data they've generated.

The primary value proposition centers on their lead asset for Fabry disease, which has shown compelling durability data. This is a potential one-time, durable gene therapy for Fabry disease, aiming to provide meaningful, multi-organ clinical benefits above current standards of care. The FDA has agreed that the eGFR slope data can support an accelerated approval pathway, which is a massive de-risking event for the program.

Here's a quick look at the key metrics supporting the Fabry value proposition:

• Potential for a single dose of isaralgagene civaparvovec (ST-920) to provide durable treatment.
• Mean annualized eGFR slope of 1.965 mL/min/1.73m²/year observed at 52-weeks across all 32 dosed patients in the STAAR study.
• Mean annualized eGFR slope at Week 104 was 1.747 mL/min/1.73m²/year for the 19 patients followed that long.
• Durable $\alpha$-Gal A expression maintained up to 4.5 years for the longest-treated patient.
• Anticipated Biologics License Application (BLA) submission targeted as early as Q1 2026.

Also critical is the expansion into chronic neuropathic pain, representing a significant market opportunity. This is the novel epigenetic regulation approach for chronic neuropathic pain, specifically targeting intractable pain due to small fiber neuropathy (SFN) with ST-503. The company secured Fast Track Designation from the U.S. Food and Drug Administration (FDA) for this asset, underscoring the high unmet medical need.

The pipeline progress across their core neurology focus areas is what defines their near-term and mid-term value, even as the company manages a tight financial runway expected into Q1 2026.

Value Proposition Component	Program/Platform	Key Data Point (as of late 2025)	Market/Financial Context
One-time, durable treatment for rare disease	Isaralgagene civaparvovec (ST-920) for Fabry disease	Mean annualized eGFR slope of 1.965 at 52-weeks (32 patients)	Fabry disease affects over 10,000 patients in the U.S. alone.
Novel epigenetic regulation for chronic pain	ST-503 for Small Fiber Neuropathy (SFN)	Phase 1/2 STAND study enrollment in progress; first dosing expected in coming months.	SFN affects an estimated 53 people per 100,000 in the U.S.
Platform for CNS delivery	STAC-BBB AAV Capsid Platform	Leveraged in ST-506 (prion disease) program; CTA submission anticipated as early as mid-2026.	Potential for up to $1.4 billion in milestone payments from the Eli Lilly capsid licensing deal.
Addressing devastating neurological disorders	ST-506 for Prion Disease	Preclinical data showed profound survival extension in mouse models.	No approved disease-modifying therapies currently exist for prion disease.
Financial/Operational Milestones	General Pipeline Support	Received $6 million from Pfizer in October 2025 from a license buyout option.	Total potential future milestones from partners up to $4.6 billion.

The company's proprietary technology, including its zinc finger epigenetic regulators and the STAC-BBB capsid discovery platform, is the engine behind these propositions. This technology is positioned to address devastating neurological disorders where current options are inadequate or non-existent. For instance, the preclinical data for ST-506 showed widespread brain delivery in nonhuman primates, which is a key technical validation for the STAC-BBB platform's utility in the central nervous system.

The value is also quantified by the potential financial upside tied to these programs, even against the backdrop of a Q3 2025 net loss of $34.93 million and sales of only $0.581 million for that quarter. The market sees the value in the pipeline milestones, not the current burn rate. The total potential value from partnerships, including milestone payments and exercise fees, sits near $4.6 billion.

The core value proposition is built on delivering transformative genomic medicines for high unmet medical needs in rare and chronic diseases. You see this reflected in the regulatory advantages gained:

• Fabry Disease (ST-920): FDA agreement on eGFR slope endpoint for accelerated approval.
• Neuropathic Pain (ST-503): Receipt of Fast Track Designation.
• Prion Disease (ST-506): Alignment with the MHRA on CMC strategy ahead of CTA submission.

Sangamo Therapeutics, Inc. (SGMO) - Canvas Business Model: Customer Relationships

You're looking at how Sangamo Therapeutics, Inc. manages its key relationships, which are heavily weighted toward high-stakes, long-term scientific and regulatory partnerships, plus direct engagement with the rare disease communities they aim to serve. This isn't a high-volume consumer business; it's about deep, focused interaction.

High-touch, direct engagement with rare disease patient communities

Sangamo Therapeutics, Inc. focuses its direct engagement on patients afflicted with serious neurological diseases who currently lack adequate or any treatment options. This relationship starts early in development to ensure trial design meets patient needs. The commitment is evident in the data supporting isaralgagene civaparvovec (ST-920) for Fabry disease, presented at the International Congress of Inborn Errors of Metabolism 2025 (ICIEM2025) in Kyoto, Japan.

The patient-centric data from the registrational Phase 1/2 STAAR study shows the depth of this relationship:

Metric	Value	Context
Total Dosed Patients (STAAR Study)	32	Observed positive mean annualized eGFR slope at 52-weeks.
Patients with 104-Weeks Follow-up	19	Observed mean annualized eGFR slope of 1.747 mL/min/1.73m2/year.
Longest Follow-up on ST-920	At least 4.5 years	Observed in three patients as of Q3 2025, supporting durability.
Patients Withdrawn from ERT	All 18	Patients who started the study on Enzyme Replacement Therapy (ERT) were off ERT as of the Q3 2025 data cutoff.

The company is also advancing its Phase 1/2 STAND study for chronic neuropathic pain (iSFN), where patient enrollment and recruitment commenced following the activation of the first two clinical sites.

Intensive, long-term strategic alliances with large pharma partners

Strategic alliances are crucial for funding and commercial reach, forming the backbone of Sangamo Therapeutics, Inc.'s revenue outside of equity financing. These relationships often involve licensing their proprietary technology platforms, like the STAC-BBB capsid.

Here's a look at recent financial interactions with partners:

Partner	Transaction/Event	Financial Impact (2025)	Agreement Context
Pfizer Inc.	Exercise of buyout option for zinc finger modified cell lines license	Received $6 million in October 2025.	Pursuant to a 2008 license agreement.
Eli Lilly and Company (Lilly)	Capsid license agreement for CNS diseases	Received $18 million upfront fee for the first target.	Eligible for up to $1.4 billion in milestones plus tiered royalties.

Sangamo Therapeutics, Inc. continues business development negotiations for a potential commercialization partner for its Fabry disease program. The company's revenues for Q3 2025 were $0.6 million, a significant decrease from $49.4 million in Q3 2024, which the company attributed primarily to collaboration revenue recorded in the prior year period.

Regulatory body management (FDA, MHRA) for accelerated approval pathways

Managing relationships with the FDA and MHRA is a primary focus, especially for advancing ST-920 in Fabry disease and ST-506 in prion disease. You definitely want regulatory alignment when you're dealing with novel genomic medicines.

Key regulatory milestones as of late 2025 include:

• FDA reiterated October 2024 agreement on using eGFR slope as an endpoint for accelerated approval of ST-920.
• FDA accepted Sangamo Therapeutics, Inc.'s request for a rolling submission and review of the Biologics License Application (BLA) for ST-920.
• Sangamo plans to initiate the BLA rolling submission in the fourth quarter of 2025.
• A productive Type B meeting with the FDA in April 2025 set a clear CMC pathway for a planned BLA submission in the first quarter of 2026.
• Potential approval and commercial launch for ST-920 is targeted for the second half of 2026.
• ST-920 holds Orphan Drug, Fast Track, and RMAT designations from the FDA.
• The MHRA granted Innovative Licensing and Access Pathway designation to ST-920.
• The FDA granted Fast Track Designation to ST-503 in December 2025.

Investor relations and capital market communications (e.g., Q3 2025 earnings)

Investor communications center on capital preservation and pipeline progress, given the inherent need for substantial additional financing in the biotech sector. The Q3 2025 financial results were released before the market opened on Thursday, November 6, 2025.

Financial positioning communicated to investors:

• Consolidated net loss for Q3 2025 was $34.9 million, or $0.11 per share.
• Cash and cash equivalents stood at $29.6 million as of September 30, 2025, down from $41.9 million at December 31, 2024.
• The company raised approximately $21 million in net proceeds from an underwritten registered equity offering in Q1 2025.
• The current cash position, plus the $6 million from Pfizer in October 2025 and ATM proceeds, is projected to fund operations into the first quarter of 2026.
• Nasdaq granted a 180-day extension (until April 27, 2026) for compliance with the minimum bid price of $1.00.

Finance: draft 13-week cash view by Friday.

Sangamo Therapeutics, Inc. (SGMO) - Canvas Business Model: Channels

You're looking at how Sangamo Therapeutics, Inc. gets its value proposition-gene therapies-out to the market and partners. It's a mix of direct clinical execution and high-value strategic alliances, which is typical for a company at this stage.

Direct clinical trial sites for patient recruitment and dosing

For the neurology pipeline, Sangamo Therapeutics, Inc. is using direct clinical sites to get patients into their studies. This is the hands-on channel for generating the data needed for regulatory submissions. For the Phase 1/2 STAND study in chronic neuropathic pain, the company has activated its first clinical site and is moving fast to enroll.

• Phase 1/2 STAND study: Nine clinical sites selected to date.
• Dosing for ST-503 (neuropathic pain) is expected in fall of 2025.
• For the Fabry disease program (isaralgagene civaparvovec), the registrational STAAR study has 32 dosed patients as of the third quarter of 2025 data cutoff.
• The company is preparing for an anticipated Biologics License Application (BLA) submission for Fabry as early as the first quarter of 2026.

Out-licensing and collaboration agreements with global pharmaceutical companies

This is a major channel for Sangamo Therapeutics, Inc., turning their platform technology into immediate, non-dilutive revenue and validating their science with big pharma. They are actively licensing their STAC-BBB capsid technology, which is key for delivering medicines to the central nervous system.

Here's a quick look at the financial impact from some of these key out-licensing channels:

Collaboration Partner	Upfront Payment Received (Approx.)	Potential Total Value (Approx.)	Key Technology Licensed
Eli Lilly and Company	$18 million	Up to $1.4 billion	STAC-BBB capsid
Astellas Gene Therapies, Inc.	$20 million	Up to $1.3 billion	STAC-BBB capsid
Pfizer Inc. (Buyout Option Exercise)	$6 million	N/A (Option Exercise)	Zinc finger modified cell lines

Overall, Sangamo Therapeutics, Inc. raised over $100 million in 2024 alone through non-dilutive license fees and milestone payments. Plus, they received $6 million from Pfizer in October 2025 upon the exercise of a buyout option.

Scientific presentations at major medical conferences (e.g., ICIEM 2025)

Presenting data at top-tier medical meetings acts as a channel to inform the scientific community, potential partners, and regulators about clinical progress. Sangamo Therapeutics, Inc. used this channel to present their key Fabry data in late 2025.

• Presented detailed clinical data from the registrational STAAR study at the International Congress of Inborn Errors of Metabolism 2025 (ICIEM2025) in Kyoto, Japan, September 2-6, 2025.
• The Fabry data showed a positive mean annualized eGFR slope of 1.965 mL/min/1.73m2/year (95% CI: -0.153, 4.083) at 52-weeks across all 32 dosed patients.
• For the subset of 19 patients with longer follow-up, the mean annualized eGFR slope at Week 104 was 1.747 mL/min/1.73m2/year (95% CI: -0.106, 3.601).
• The company also planned to present updated nonclinical data at the 9th International Congress on Neuropathic Pain in Berlin, Germany.

Future commercial distribution network via a secured Fabry partner

The final channel, for their lead asset in Fabry disease, is currently in the negotiation stage. Sangamo Therapeutics, Inc. is actively engaging in business development discussions to secure a commercialization partner, which is the intended route for market distribution, rather than building out a full internal sales force right now.

• Sangamo Therapeutics, Inc. is continuing business development negotiations for a potential Fabry commercialization agreement.
• The company deferred Phase 3 planning until securing funding or a partner.
• A potential commercial launch for isaralgagene civaparvovec is targeted for as early as the second half of 2026, contingent on a successful BLA submission in Q1 2026 and partner alignment.

Finance: review Q4 2025 cash burn rate against the projected runway into Q1 2026.

Sangamo Therapeutics, Inc. (SGMO) - Canvas Business Model: Customer Segments

You're looking at the core groups Sangamo Therapeutics, Inc. (SGMO) targets with its genomic medicine platform, which is heavily focused on neurology as of late 2025. This isn't just about selling a drug; it's about partnering to deliver novel delivery systems and developing proprietary therapies for devastating conditions.

Patients with rare genetic diseases like Fabry disease

This segment is central to Sangamo Therapeutics, Inc.'s near-term commercialization strategy with its wholly owned investigational gene therapy, isaralgagene civaparvovec (ST-920). The goal here is to offer a one-time, durable treatment option for adults with Fabry disease.

The patient pool size is significant enough to warrant a focused approach; Fabry disease affects over 10,000 patients in the U.S. alone. The clinical data from the registrational STAAR study is intended to support an Accelerated Approval pathway, with a potential Biologics License Application (BLA) submission anticipated as early as Q1 2026.

Here are some key metrics from the patient data supporting this segment:

Clinical Endpoint/Metric	Data Point	Patient Group/Context
Mean Annualized eGFR Slope (52-weeks)	Positive	All dosed patients in STAAR study
Mean Annualized eGFR Slope (104-weeks)	1.747 mL/min/1.73m2/year	19 patients with 104-weeks follow-up
Mean Annualized eGFR Slope (1-year follow-up)	3.061 mL/min/1.73m2/year	23 patients with at least one-year follow-up (as of Feb 2025 data)
Patients Withdrawn from ERT	All 18 patients who began on ERT	Patients who have withdrawn and remain off ERT
Durable $\alpha$-Gal A Expression	Maintained for up to 4.5 years	Longest treated patient

Patients suffering from chronic neurological disorders (e.g., small fiber neuropathy)

Sangamo Therapeutics, Inc. is expanding into neurology, marking its transition to a clinical-stage neurology company with the initiation of the Phase 1/2 STAND study for chronic neuropathic pain (ST-503), which targets intractable pain due to idiopathic small fiber neuropathy (iSFN). This represents an entry into a substantial market, estimated at $10 billion.

The operational focus for this segment is moving quickly from site activation to patient dosing.

• Phase 1/2 STAND study sites activated: Two clinical sites as of November 2025.
• First patient dosing expected: In the fall of 2025 or 'coming months' as of November 2025.
• Preliminary proof of efficacy data anticipated: Q4 2026.

Also, Sangamo Therapeutics, Inc. is advancing CTA-enabling activities for its prion disease program (ST-506), with a Clinical Trial Application (CTA) submission expected in Q1 2026.

Major pharmaceutical and biotech companies seeking gene therapy technology

This segment is crucial for non-dilutive funding and validating Sangamo Therapeutics, Inc.'s proprietary technology, especially its novel neurotropic adeno-associated virus (AAV) capsid platform, STAC-BBB. These partners are interested in licensing the delivery technology or co-developing pipeline assets.

The financial impact of these collaborations is clear in the revenue figures:

• Lilly Agreement: Received an $18 million upfront license fee in April 2025 for the first target.
• Lilly Potential Value: Eligible to earn up to $1.4 billion in milestone payments plus royalties across up to five CNS targets.
• Pfizer Payment: Received $6 million in October 2025 from Pfizer Inc. for exercising a buyout option on certain zinc finger modified cell lines.
• Q1 2025 Revenue: Totaled $6.4 million, with $5.0 million attributed to the Pfizer sublicense transfer and $1.0 million from a Sigma-Aldrich license agreement.
• Total Collaborations: Sangamo Therapeutics, Inc. signed its third STAC-BBB license agreement (with Lilly).

The reliance on these deals is highlighted by the need for a Fabry commercialization agreement or other non-dilutive capital to secure runway beyond Q1 2026.

Specialist physicians and treatment centers for rare and neurological diseases

These are the clinical gatekeepers and prescribers who will ultimately use the therapies developed for the patient segments above. Sangamo Therapeutics, Inc. engages this group through data presentation at key medical congresses and by establishing clinical trial sites.

Engagement points for this segment in 2025 included:

• Presenting Fabry data at the 21st Annual WORLDSymposium on February 6, 2025.
• Presenting pipeline advances at the 28th ASGCT Annual Meeting on May 13-17, 2025.
• Presenting detailed Fabry data at the 15th ICIEM2025 on September 2-6, 2025.
• The STAND pain study has secured nine clinical sites.

Financially, the company's operating expenses reflect the costs of engaging this segment for clinical development. GAAP operating expenses for Q3 2025 were $36.1 million, with non-GAAP operating expenses at $33.0 million. Cash and cash equivalents as of September 30, 2025, were $29.6 million.

Sangamo Therapeutics, Inc. (SGMO) - Canvas Business Model: Cost Structure

You're looking at the core expenditures that fuel Sangamo Therapeutics, Inc.'s push to bring genomic medicines, particularly in neurology, to market. The cost structure is heavily weighted toward the science itself, which is typical for a clinical-stage biotech.

High research and development (R&D) expenses for clinical trials.

The R&D engine is the primary cost driver, reflecting the necessary investment in advancing the pipeline, especially isaralgagene civaparvovec (ST-920) and the STAND study for chronic neuropathic pain. For the six months ended June 30, 2025, GAAP R&D expenses were $53.10 million. This is down from $60.10 million for the same period in 2024, suggesting some initial cost optimization, though clinical trial costs remain substantial. The company is focused on a neurology-centric business, which dictates where these R&D dollars are allocated.

Here's a look at the operating expense components for the first half of 2025 versus 2024:

Expense Category (GAAP, in millions)	Six Months Ended June 30, 2025	Six Months Ended June 30, 2024
Research and development	$53.10	$60.10
General and administrative	$19.10	$23.80
Impairment of long-lived assets	$0.00	$5.50
Total operating expenses (Partial Year)	$72.20 (Calculated: $53.10 + $19.10)	$89.40 (Calculated: $60.10 + $23.80 + $5.50)

2025 GAAP total operating expenses guided between $135 million and $155 million.

Sangamo Therapeutics, Inc. has guided its full-year 2025 GAAP total operating expenses to be in the range of $135 million to $155 million. To give you a clearer picture of the underlying operational spend, the company also provides a non-GAAP view, which excludes certain non-cash or non-recurring items. The non-GAAP projection for 2025 is between $125 million and $145 million. These figures include estimates for non-cash stock-based compensation of about $7 million and depreciation and amortization costs of roughly $3 million.

Manufacturing and BLA readiness costs for ST-920.

Advancing ST-920 for Fabry disease toward a potential Biologics License Application (BLA) submission, targeted as early as the first quarter of 2026, necessitates specific spending. You see this reflected as an increase in clinical and manufacturing expenses, which partially offset overall expense decreases in the third quarter of 2025. This spending is critical for Chemistry, Manufacturing and Controls (CMC) readiness required by the FDA for accelerated approval.

General and administrative costs for a lean, neurology-focused business.

The G&A component reflects the cost of running the business, including executive, finance, and legal functions, while supporting the neurology focus. For the first six months of 2025, GAAP G&A expenses were $19.10 million. This is a reduction from $23.80 million in the first half of 2024, aligning with the stated intention to operate a lean business model. The company is actively pursuing cost-saving measures to maximize efficiency.

Intellectual property maintenance and licensing fees.

Costs associated with protecting the company's innovations, such as patent maintenance and fees related to existing licensing agreements, are part of the structure. In the third quarter of 2025, lower licensing and patent-related expenses were noted as a factor contributing to the year-over-year decrease in GAAP operating expenses. Furthermore, the company secured a $6 million license fee from Pfizer in October 2025 from a 2008 agreement, which helps offset burn rate, though this is revenue, not an expense item.

The cash position as of September 30, 2025, was $29.6 million, which, combined with expected proceeds, is projected to fund operations into the first quarter of 2026. Finance: draft 13-week cash view by Friday.

Sangamo Therapeutics, Inc. (SGMO) - Canvas Business Model: Revenue Streams

You're looking at how Sangamo Therapeutics, Inc. (SGMO) brings in cash, which is heavily weighted toward non-product revenue streams at this stage. It's all about partnerships and development milestones right now, which is typical for a company deep in the development pipeline.

Upfront license payments form a key component of near-term recognized revenue. For instance, Sangamo Therapeutics received an $18 million upfront license fee from Eli Lilly in April 2025 for the first target under their STAC-BBB capsid license agreement. Looking at the cumulative picture as of the third quarter of 2025, the company has received approximately $910.0 million in total from upfront licensing fees, milestone payments, and proceeds from the sale of common stock to collaborators.

The real potential upside, however, sits in the milestone payments tied to their existing collaborations. Sangamo Therapeutics has the opportunity to earn up to $5.9 billion in potential future milestone payments from ongoing collaborations, in addition to product royalties. This potential is derived from several key agreements, which you can see broken down below.

Collaboration Partner	Potential Future Milestone Payments
Eli Lilly and Company	Up to $1.4 billion across five CNS targets
Astellas Gene Therapies, Inc.	Up to $1.3 billion across five neurological disease targets
Genentech, Inc.	Up to $1.9 billion
Total Potential Milestones	Up to $4.6 billion

It's important to note that the total potential milestone figure of $4.6 billion is the sum of the individual potential maximums from these key partners. Still, the actual realization of these funds depends entirely on the partners successfully completing clinical development and achieving regulatory and commercial success, so there's defintely risk involved.

Another source of non-dilutive cash flow comes from the exercise of buyout options by partners. In October 2025, Sangamo Therapeutics received $6.0 million from Pfizer Inc. when Pfizer exercised a buyout option for a license to use certain zinc finger modified cell lines under a 2008 agreement. This is a clean, one-time cash infusion.

To bridge operational gaps and fund the pipeline, Sangamo Therapeutics also relies on equity financing. The company announced the pricing of a $23 million underwritten registered direct equity offering in May 2025, which was intended to extend the cash runway into the third quarter of 2025. Separately, the company also raised approximately $21 million in net proceeds from an underwritten registered equity offering reported in August 2025.

The final, long-term revenue component involves future royalties. Sangamo Therapeutics is eligible to earn tiered royalties on net product sales from several partnered programs, including those with Eli Lilly, Astellas, and Genentech. These royalties represent the potential for passive income streams once any of the partnered products actually reach the market.

• Tiered royalties on net product sales from partnered programs.
• Potential milestone payments up to $4.6 billion total from existing collaborations.
• Upfront fee of $18 million received from Eli Lilly in Q1 2025.
• Buyout fee of $6.0 million received from Pfizer in October 2025.
• Proceeds from equity offerings, including a $23 million gross proceeds offering in Q1 2025.

Finance: draft 13-week cash view by Friday.