International Circuit
Sangamo Therapeutics Reports Second Quarter 2018 Financial Results
Sangamo Therapeutics, Inc. (NASDAQ: SGMO) today reported second quarter 2018 financial results and recent accomplishments.
“In the first half of 2018 we made strong progress on important initiatives including our clinical development programs and execution of a significant collaboration with Kite-Gilead for the use of ZFNs for engineered cell therapies in oncology,” said Sandy Macrae, CEO of Sangamo. “More recently, with our proposed acquisition of TxCell, we have the opportunity to seize a leadership position in the development of gene-edited cell therapies for immunological diseases, one of our therapeutic areas of focus for our proprietary pipeline.”
Macrae continued: “Today we announced positive preliminary data from the Alta clinical trial evaluating SB-525 gene therapy for hemophilia A. These are the first efficacy data from our clinical programs using AAV6. We are looking forward to the September 5th SSIEM presentation of preliminary data from the CHAMPIONS Study evaluating SB-913, our in vivo genome editing candidate for MPS II.”
Recent Highlights
Corporate
- Announced the proposed acquisition of TxCell, positioning Sangamo as a leader in CAR-Treg development
- Appointed Karen Smith, M.D., Ph.D., to the Board of Directors, and Edward Rebar, Ph.D., as Senior Vice President and Chief Technology Officer
Clinical
- Today announced positive preliminary data from the Phase 1/2 Alta Study evaluating SB-525 gene therapy for hemophilia A
- Treated the fifth and sixth patients in the SB-913 Phase 1/2 CHAMPIONS Study for MPS II
- Treated the first patient in the SB-318 Phase 1/2 EMPOWERS Study for MPS I
- Received Clinical Trial Authorisation (CTA) in the U.K. for enrollment of subjects into ongoing Phase 1/2 clinical trials evaluating SB-318 and SB-913
- Enrolled the first patient in the Phase 1/2 Thales Study evaluating ST-400 gene-edited cell therapy for the treatment of beta-thalassemia
Research
- Delivered three oral and four poster presentations during the 21st Annual Meeting of the American Society of Gene & Cell Therapy (ASGCT) held in Chicago, IL from May 16-19, 2018
Second Quarter Ended June 30, 2018 Financial Results For the second quarter ended June 30, 2018, Sangamo reported a consolidated net loss of USD 16.6 million, or USD 0.17 per share, compared to a net loss of USD 12.5 million, or USD 0.17 per share, for the same period in 2017. As of June 30, 2018, the company had cash, cash equivalents, marketable securities, and interest receivable of USD 574.2 million.
Revenues for the second quarter ended June 30, 2018 were USD 21.4 million, compared to USD 8.3 million for the same period in 2017. The increase in revenues was primarily related to the collaborations and licensing agreements with Pfizer, for hemophilia A, and Kite, a Gilead company, for gene-edited cell therapies for oncology. Second quarter 2018 revenues were primarily generated from Sangamo’s collaboration agreements with Kite, Pfizer, and Bioverativ, a Sanofi company.
Total operating expenses for the second quarter ended June 30, 2018 were USD 40.6 million, compared to USD 21.0 million for the same period in 2017. Research and development expenses were USD 29.3 million for the second quarter ended June 30, 2018, compared to USD 15.0 million for the same period in 2017. The increase was primarily due to clinical and manufacturing expenses in support of current clinical studies and investment in dedicated manufacturing capacity. General and administrative expenses were USD 11.3 million for the second quarter ended June 30, 2018, compared to USD 6.0 million for the same period in 2017. The increase was primarily due to salaries and related costs and other professional fees in support of overall company growth.
Financial Guidance for 2018 Sangamo will provide updated guidance on expected operating expenses in future quarterly reporting periods. The company updates cash guidance as follows:
- Cash and Investments: Sangamo expects a December 31, 2018 balance of cash, cash equivalents, marketable securities and interest receivable of at least USD 380 million. This anticipated cash balance is inclusive of research funding from existing collaborators and recent financings.
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