SGMO

Sangamo is a pre-revenue-quality genomic-medicine company in outright financial distress, and the filing says so in unusually blunt terms. Management states cash of $20.9M at year-end 2025 plus ~$23.1M from the February 2026 offering, a $4.6M French tax credit and $3.7M of at-the-market sales 'will be sufficient to meet our liquidity requirements only into the third quarter of 2026.' They explicitly warn that absent a near-term partnership they will 'significantly scale back' operations, may 'cease operations entirely, liquidate,' and are actively exploring whether 'filing for bankruptcy protection is in the best interest of Sangamo.' Management concludes there is 'substantial doubt about our ability to continue as a going concern.' That is the whole story — the equity is an option on a strategic rescue that may not come, with bankruptcy claimants (creditors) ahead of shareholders.

The numbers corroborate the distress. Revenue has collapsed from $176M (FY2023) to $57.8M (FY2024) to $39.6M (FY2025), down 31.6% YoY, while R&D stayed flat at ~$113M — a business burning far more than it earns. FY2025 operating loss was -$121M on a -306.5% operating margin, and operating cash flow was -$97.2M. Stockholders' equity has gone negative at -$14.3M (liabilities $74.0M exceed assets $59.7M), and current liabilities ($42.5M) exceed current assets ($35.8M) — negative working capital. The accumulated deficit is -$1.63B. Cash halved YoY to $20.9M against a ~$97M annual burn; the math alone points to running out well within a year, exactly as the going-concern note admits.