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RICHMOND, Calif. - Sangamo Therapeutics, Inc. (NASDAQ:SGMO) saw its shares tumble 11.6% after the genomic medicine company reported fourth quarter results that fell short of analyst expectations.
Sangamo posted a Q4 loss of $0.11 per share, $0.01 worse than the $0.10 loss analysts had forecast. Revenue for the quarter came in at $7.55 million, missing the consensus estimate of $10.32 million.
The company highlighted progress in its neurology pipeline, including FDA clearance of an investigational new drug application for ST-503 to treat intractable pain due to idiopathic small fiber neuropathy. Sangamo expects to begin patient enrollment and dosing in mid-2025.
"We advanced our two prioritized neurology therapies towards the clinic, securing our first ever neurology IND," said CEO Sandy Macrae. He added that 2025 will be an important year as the company prepares for an anticipated BLA submission for its Fabry disease treatment in the second half of the year.
Revenue for the full year 2024 declined to $57.8 million from $176.2 million in 2023, primarily due to the termination of collaboration agreements with Biogen (NASDAQ:BIIB) and Novartis (SIX:NOVN).
Sangamo ended 2024 with $41.9 million in cash and cash equivalents, down from $81.0 million at the end of 2023. The company expects its current cash position to fund operations into mid-Q2 2025.
For 2025, Sangamo forecasts non-GAAP operating expenses to be roughly in line with 2024 levels as it focuses on advancing its neurology pipeline and Fabry disease program.
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