This morning prior to the U.S. markets open, genomic medicine company Sangamo Therapeutics Inc. (SGMO:NASDAQ), reported fourth quarter and full-year 2019 financial results and recent business highlights.
The report comes one day after the firm announced that it entered into a global collaboration agreement with Biogen Inc. (BIIB:NASDAQ) to develop and commercialize gene regulation therapies for Alzheimer's, Parkinson's, neuromuscular and other neurological diseases. Under the terms of the agreement, "Biogen has exclusive global rights to ST-501 for tauopathies including Alzheimer's disease, ST-502 for synucleinopathies including Parkinson's disease, and a third undisclosed neuromuscular disease target."
The company's CEO Sandy Macrae commented, "This quarter marked an important milestone for Sangamo, as we transitioned to a Phase 3 company following the transfer of the IND for SB-525 hemophilia A gene therapy to our partner Pfizer Inc. (PFE:NYSE), who plan to commence the registrational study this year. This is a significant step in our mission to bring our genomic medicines to patients...This year we also look forward to progressing our wholly owned assets, ST-920 gene therapy for Fabry disease and TX200 CAR-Treg cell therapy, in the clinic, and will work closely with our collaborator, Kite, a Gilead Sciences Inc. (GILD:NASDAQ) company, as they advance KITE-037, an anti-CD19 allogeneic CAR-T therapy into a Phase 1/2 clinical trial."
The company reported Revenues for Q4/19 of $54.9 million, compared to $26.8 million for Q4/18, and consolidated net income of $4.6 million, or $0.04 per share, compared to -$18.7 million, or -$0.18 per share in the same corresponding period.
For FY/19 the firm stated that Revenues were $102.4 million, compared to $84.5 million in FY/18, and a consolidated net loss of -$95.2 million, or -$0.85 per share, compared to a consolidated net loss -$68.3 million, or -$0.70 per share in FY/18.
The company advised that it expects FY/20 GAAP total operating expenses will be in the range of $270-$285 million and FY/20 Non-GAAP total operating expenses are estimated to be in the range of $245-$260 million.
Sangamo Therapeutics is based in Brisbane, Calif. and states that "it is committed to translating ground-breaking science into genomic medicines with the potential to transform patients' lives using gene therapy, ex vivo gene-edited cell therapy, and in vivo genome editing and genome regulation."
Sangamo Therapeutics began the day with a market capitalization of around $772.7 million billion with approximately 115.9 million shares outstanding and a short interest of about 15.3%. SGMO shares opened more than 30% higher today at $8.93 (+$2.265, +33.40%) over yesterday's $6.665 closing price. The stock has traded today between $8.02 to $9.19 per share and is currently trading at $8.675 (+$2.01, +30.16%).
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