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CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenues:
Revenues	$ 481	$ 157,957
Operating expenses:
Research and development	35,891	63,216
General and administrative	11,767	18,136
Impairment of long-lived assets	4,349	20,433
Impairment of goodwill	0	38,138
Total operating expenses	52,007	139,923
(Loss) income from operations	(51,526)	18,034
Interest and other income, net	2,535	3,293
(Loss) income before income taxes	(48,991)	21,327
Income tax expense	98	194
Net (loss) income	$ (49,089)	$ 21,133
Net (loss) income per share
Basic (in dollars per share)	$ (0.27)	$ 0.13
Diluted (in dollars per share)	$ (0.27)	$ 0.12
Shares used in computing net (loss) income per share
Basic (in shares)	180,342	168,533
Diluted (in shares)	180,342	169,181

STOCK-BASED COMPENSATION

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

The following table shows total stock-based compensation expense recognized in the accompanying Condensed Consolidated Statements of Operations (in thousands):


	Three Months Ended March 31,
	2024		2023
Research and development	$	1,385	$	4,873
General and administrative	1,334		3,404
Total stock-based compensation expense	$	2,719	$	8,277

ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of Revenue from Strategic Partnering Collaboration Agreements and Research Activity Grants as a Percentage of Total Revenues

Revenues from collaboration and license agreements for the three months ended March 31, 2024 were not material. Revenues from collaboration and license agreements as a percentage of total revenues for the three months ended March 31, 2023 were as follows:


	Three Months Ended March 31,
		2023
Biogen MA, Inc.		84	%
Kite Pharma, Inc.		8	%

Novartis Institutes for BioMedical Research, Inc.		6	%
Other license agreements		2	%

Schedule of Cash and Cash Equivalents

A reconciliation of cash, cash equivalents, and restricted cash reported within the accompanying Condensed Consolidated Balance Sheets to the amounts reported within the accompanying Condensed Consolidated Statements of Cash Flows is as follows (in thousands):


	March 31, 2024		December 31, 2023		March 31, 2023		December 31, 2022
Cash and cash equivalents	$	54,417	$	45,204	$	78,241	$	100,444
Current restricted cash	916		—		—		—
Non-current restricted cash	—		1,500		1,500		1,500
Cash, cash equivalents, and restricted cash as reported within the Condensed Consolidated Statements of Cash Flows	$	55,333	$	46,704	$	79,741	$	101,944

Restrictions on Cash and Cash Equivalents


	March 31, 2024		December 31, 2023		March 31, 2023		December 31, 2022
Cash and cash equivalents	$	54,417	$	45,204	$	78,241	$	100,444
Current restricted cash	916		—		—		—
Non-current restricted cash	—		1,500		1,500		1,500
Cash, cash equivalents, and restricted cash as reported within the Condensed Consolidated Statements of Cash Flows	$	55,333	$	46,704	$	79,741	$	101,944

ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Reconciliation of Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 54,417	$ 45,204	$ 78,241	$ 100,444
Current restricted cash	916	0	0	0
Non-current restricted cash	0	1,500	1,500	1,500
Cash, cash equivalents, and restricted cash as reported within the Condensed Consolidated Statements of Cash Flows	$ 55,333	$ 46,704	$ 79,741	$ 101,944

BASIC AND DILUTED NET (LOSS) INCOME PER SHARE - Components of Basic and Diluted Net Income (Loss) per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Numerator:
Net (loss) income	$ (49,089)	$ 21,133
Basic:
Weighted average number of common shares outstanding - basic (in shares)	180,342	168,533
Diluted:
Weighted average number of common shares outstanding - basic (in shares)	180,342	168,533
Weighted average number of common shares outstanding - diluted (in shares)	180,342	169,181
Net (loss) income per share:
Basic (in dollars per share)	$ (0.27)	$ 0.13
Diluted (in dollars per share)	$ (0.27)	$ 0.12
Restricted Stock Units (RSUs)
Diluted:
Dilutive effect of share-based payment arrangements (in shares)	0	300
Share-Based Payment Arrangement
Diluted:
Dilutive effect of share-based payment arrangements (in shares)	0	348

CASH EQUIVALENTS AND MARKETABLE SECURITIES - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Investments, Debt and Equity Securities [Abstract]
Realized gain and losses on the sales of investments	$ 0	$ 0
Allowance for credit loss related to marketable securities, not previously recorded		$ 0
Allowance for credit loss related to marketable securities			$ 0

STOCKHOLDERS' EQUITY (Details) - USD ($) $ / shares in Units, $ in Millions			1 Months Ended		3 Months Ended
	Mar. 26, 2024	Mar. 21, 2024	Dec. 31, 2022	Aug. 31, 2020	Mar. 31, 2024	Mar. 31, 2023	Apr. 08, 2024
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock par value (in dollars per share)	$ 0.01
Pre-funded warrants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of new stock issued during the period (in shares)					3,809,523
Stock price (USD) (in dollars per share)					$ 0.01
Offering price of each common stock (in dollars per share)					$ 1.00
Direct offering
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Consideration received on transaction					$ 21.8
Sale of stock, number of shares issued in transaction (in shares)	24,761,905
Cash placement fees		6.00%
Net of placement fees					1.4
Proceeds from other offering expenses					0.7
Direct offering \| Pre-funded warrants \| Subsequent Event
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock par value (in dollars per share)							$ 0.01
Number of new stock issued during the period (in shares)							3,809,523
Direct offering \| Common warrants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of shares of common stock for each Common warrant (in shares)	1
Sale of stock, number of shares issued in transaction, per unit (in shares)	1
Sale of stock, price per share (in dollars per share)	$ 0.84
Warrants exercisable, period after issuance		6 months
Term of warrants	5 years 6 months
Direct offering \| Pre-funded warrants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	28,571,428
Number of shares of common stock for each Common warrant (in shares)	1
Sale of stock, number of shares issued in transaction, per unit (in shares)	1
Sale of stock, price per share (in dollars per share)	$ 0.83
Stock price (USD) (in dollars per share)	0.01
Offering price of each common stock (in dollars per share)	$ 1.00
Jefferies LLC \| At-The-Market Offering Agreement
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock offering program, maximum value				$ 150.0
Stock offering program, increase to aggregate offering price			$ 175.0
Sale of stock agreement					$ 194.5
Issuance of common stock (in shares)					0	3,962,430
Consideration received on transaction						$ 9.7

ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Basis of Presentation

The accompanying unaudited Condensed Consolidated Financial Statements have been prepared in conformity with generally accepted accounting principles in the United States of America (“U.S. GAAP”) for interim financial information and pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments (consisting only of normal recurring adjustments) considered necessary for a fair presentation of these financial statements for the periods presented have been included. Operating results for the three months ended March 31, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024. The Condensed Consolidated Balance Sheet data at December 31, 2023 was derived from the audited Consolidated Financial Statements included in Sangamo’s Annual Report on Form 10-K for the year ended December 31, 2023 (the “2023 Annual Report”) as filed with the SEC on March 13, 2024.

Consolidation

The accompanying Condensed Consolidated Financial Statements include the accounts of the Company and its subsidiaries. All intercompany balances and transactions have been eliminated in the Condensed Consolidated Financial Statements.

Use of Estimates

The preparation of Condensed Consolidated Financial Statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the Condensed Consolidated Financial Statements and the accompanying notes. On an ongoing basis, management evaluates its estimates including critical accounting policies or estimates related to revenue recognition, clinical trial accruals, income taxes, fair value of assets and liabilities, including from acquisitions, useful lives and impairment of long-lived assets, and stock-based compensation. Estimates are based on historical experience and on various other market specific and other relevant assumptions that the Company believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results could differ from those estimates.

Revenue Recognition

The Company accounts for its revenues pursuant to the provisions of ASC Topic 606, Revenue from Contracts with Customers (“ASC Topic 606”). The Company’s contract revenues are derived from collaboration agreements including licensing arrangements and research services. Research and license agreements typically include nonrefundable upfront signing or license fees, payments at negotiated rates for time incurred by Company researchers, third-party cost reimbursements, additional target selection fees, sublicense fees, milestone payments tied to ongoing development and product commercialization, and royalties on future licensees’ product sales. All funds received from the Company’s collaboration partners are generally not refundable. Non-refundable upfront fees are fixed at the commencement of the contract. All other fees represent variable consideration in contracts. For contracts that contain a provision where the Company reimburses its customer for certain costs they incur and where the Company does not acquire any distinct goods or services in exchange for such payments, the Company accounts for it as a reduction to the contract transaction price. Deferred revenue primarily represents the portion of nonrefundable upfront fees or milestone payments received but not earned.

In determining the appropriate amount of revenue to be recognized as the Company fulfills its obligations under its agreements, the Company performs the following steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations, including whether they are distinct in the context of the contract; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations based on estimated selling prices; and (v) recognition of revenue when (or as) the Company satisfies each performance obligation.

Most of the Company’s performance obligations in its collaboration agreements represent distinct bundles of licenses of intellectual property and research and development services, with these components being individually non-distinct. Options to license the Company’s intellectual property and/or acquire research and development services also represent performance obligations when they grant customers a material right, e.g. a right to a discount the customer would not have received if they did not purchase the Company’s services under the existing contract.

Revenues from bundles of licenses of intellectual property and research and development services are recognized over time using a proportional performance method. Under this method, revenue is recognized by measuring progress towards satisfaction of the relevant performance obligation using a measure that best depicts the progress towards satisfaction of the relevant performance obligation. For most of the Company’s agreements the measure of progress is an input measure based on a level of effort incurred, which includes the value of actual time by Company researchers plus third-party cost reimbursements.

Consideration allocated to options that include material rights is deferred until the options are exercised or expire. The exercise of such options is accounted for as contract continuation, with target selection fees and estimated variable consideration included in the transaction price at that time and allocated specifically to the respective target’s performance obligation.

Significant management judgment is required to determine the level of effort required under an arrangement, and the period over which the Company expects to complete its performance obligations under the arrangement. Changes in these estimates can have a material effect on revenue recognized. If the Company cannot reasonably estimate when its performance obligations either are completed or become inconsequential, then revenue recognition is deferred until the Company can reasonably make such estimates. For variable consideration, the amount included in the transaction price is constrained to the amount for which it is probable that a significant reversal of cumulative revenue recognized will not occur. At the end of each subsequent reporting period, the Company re-evaluates the estimated variable consideration included in the transaction price and any related constraint and, if necessary, adjusts its estimate of the overall transaction price. A cumulative catch-up is then recorded in the current period to reflect the updated transaction price and the updated measure of progress. The estimated period of performance and level of effort, including the value of Company researchers’ time and third-party costs, are reviewed quarterly and adjusted, as needed, to reflect the Company’s current expectations.

As part of the accounting for these arrangements, the Company must develop assumptions that require judgment to determine the stand-alone selling price of each performance obligation identified in the contract. The Company uses key assumptions to determine the stand-alone selling price, which may include forecasted revenues, development timelines, discount rates and probabilities of exercise of technical and regulatory success, and the expected level of effort for research and development services.

Contract modifications occur when the price and/or scope of an arrangement changes. If the modification consists of adding new distinct goods or services in exchange for consideration that reflects standalone selling prices of these goods and services, the modification is accounted for as a separate contract with the customer. Otherwise, if the remaining goods and services are distinct from those previously provided, the existing contract is considered terminated, and the remaining consideration is allocated to the remaining goods and services as if this was a newly signed contract. If the remaining goods and services are not distinct from those previously provided, the effects of the modification are accounted for in a manner similar to the effect of a change in the estimated measure of progress, with cumulative catch-up in revenue recorded at the time of the

modification. If some of the remaining goods and services are distinct from those previously provided and others are not, to account for the effects of the modification the Company applies principles consistent with the objectives of the modification accounting.


	Three Months Ended March 31,
		2023
Biogen MA, Inc.		84	%
Kite Pharma, Inc.		8	%

Novartis Institutes for BioMedical Research, Inc.		6	%
Other license agreements		2	%

Impairment of Goodwill, Indefinite-lived Intangible Assets and Long-lived Assets

Goodwill represents the excess of consideration transferred over the fair values of assets acquired and liabilities assumed in a business combination. Intangible assets with indefinite useful lives are related to acquired in-process research and development (“IPR&D”) projects and are initially measured at their respective fair values as of the acquisition date. Goodwill and indefinite-lived intangible assets are not amortized. Intangible assets related to IPR&D projects are considered to be indefinite-lived until the completion or abandonment of the associated research and development efforts. If and when development is complete, which generally occurs if and when regulatory approval to market a product is obtained, the associated assets would be deemed finite-lived and would then be amortized based on their respective estimated useful lives at that point in time.

Goodwill and indefinite-lived intangible assets are assessed for impairment on an annual basis and whenever events and circumstances indicate that these assets may be impaired. The Company evaluates the carrying value of long-lived assets, which include property and equipment, leasehold improvements and right-of-use assets, for impairment whenever events or changes in circumstances indicate that the carrying amounts of the asset may not be fully recoverable.

In testing for goodwill impairment, the Company has the option of first performing a qualitative assessment to determine whether it is more likely than not that the fair value of the reporting unit is less than its carrying amount. If the Company elects to bypass the qualitative assessment, or if a qualitative assessment indicates it is more likely than not that the carrying value exceeds its fair value, the Company performs a quantitative goodwill impairment test to compare the fair value of its reporting unit to its carrying value, including goodwill. If the carrying value, including goodwill, exceeds the reporting unit’s fair value, the Company will recognize an impairment loss for the amount by which the carrying amount exceeds the reporting unit’s fair value (but not in excess of the carrying value of goodwill).

In performing each annual impairment assessment and any interim impairment assessment for its indefinite-lived intangible assets, the Company determines if it should qualitatively assess whether it is more likely than not the fair value of its IPR&D asset is less than its carrying amount (the qualitative impairment test). If the Company concludes that is the case, or elects not to use the qualitative impairment test, the Company will proceed with quantitatively determining the fair value of the IPR&D asset and comparing its fair value to its carrying value to determine the amount of impairment, if any (the quantitative impairment test).

In performing the qualitative impairment test, the Company considers the results of the most recent quantitative impairment test and identifies the most relevant drivers of the fair value for the IPR&D asset. The most relevant drivers of fair value identified are consistent with the assumptions used in the quantitative estimate of the IPR&D asset. Using these drivers of fair value, the Company identifies events and circumstances which may have an effect on the fair value of the IPR&D asset since the last time the IPR&D’s fair value was quantitatively determined. The Company then weighs these factors to determine and conclude if it is not more likely than not the IPR&D asset is impaired. If it is more likely than not the IPR&D asset is impaired, the Company proceeds with quantitatively determining the fair value of the IPR&D asset.

When performing the quantitative impairment test, the Company uses the income approach to determine the fair value of its IPR&D asset. This approach calculates fair value by estimating the after-tax cash flows attributable to an in-process project over its useful life and then discounting these after-tax cash flows back to a present value. This estimate includes judgmental assumptions regarding the estimates that market participants would make in evaluating the IPR&D asset, including the probability of successfully completing clinical trials and obtaining regulatory approval, the timing of and the expected costs to complete IPR&D projects, future net cash flows from potential drug sales, which are based on estimates of the sales price of the drug, the

size of the patient population and cure rate, its competitive position in the marketplace, and appropriate discount and tax rates. Any impairment to be recorded is calculated as the difference between the estimated fair value and the carrying value of the IPR&D asset on the Company’s Condensed Consolidated Balance Sheet.

If a change in circumstance occurs that indicates long-lived assets may be impaired, the Company performs a test of recoverability by comparing the carrying value of the asset or asset group to its undiscounted expected future cash flows. The long-lived asset evaluation is performed at the asset group level, i.e., the lowest level for which identifiable cash flows are largely independent of the cash flows of other assets and liabilities. If this review indicates that the carrying amount of the asset group is not recoverable, an impairment loss is measured as the amount by which the carrying amount of an asset group exceeds its fair value. Any impairment loss is allocated to the long-lived assets of the group on a pro rata basis using the relative carrying amounts of those assets, except that the carrying amount of an individual asset shall not be reduced below its fair value.

Factors that may indicate potential impairment and trigger an impairment test include, but are not limited to, general macroeconomic conditions, conditions specific to the industry and market, an adverse change in legal factors, impairment of indefinite-lived intangible assets, business climate or operational performance of the business, and sustained decline in the stock price and market capitalization compared to the net book value.

Calculating the fair value of a reporting unit, an asset group and an individual asset involves significant estimates and assumptions. These estimates and assumptions include, among others, projected future cash flows, risk-adjusted discount rates, future economic and market conditions, and the determination of appropriate market comparables. Changes in these factors and assumptions used can materially affect the amount of impairment loss recognized in the period the asset was considered impaired.

Cash, Cash Equivalents, and Restricted Cash

Sangamo considers all highly liquid investments purchased with original maturities of three months or less at the purchase date to be cash equivalents. Cash and cash equivalents consist of cash, deposits in money market accounts and U.S. government-sponsored entity debt securities. Restricted cash in current assets consists of a letter of credit for $0.9 million, representing a deposit for the lease of office and research and development laboratory facilities in Brisbane, California.

Leases

The Company determines if an arrangement is or contains a lease at inception by assessing whether the arrangement contains an identified asset and whether it has the right to control the identified asset. Right-of-use assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Lease liabilities are recognized at the lease commencement date based on the present value of future lease payments over the lease term. Right-of-use assets are based on the measurement of the lease liability and also include any lease payments made prior to or on lease commencement and exclude lease incentives and initial direct costs incurred, as applicable.

As the implicit rate in the Company’s leases is generally unknown, the Company uses its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of remaining lease payments. The incremental borrowing rate represents an estimate of the interest rate the Company would incur at lease commencement to borrow an amount equal to the lease payments on a collateralized basis over the term of a lease in a similar economic environment. The Company considers its credit risk, term of the lease, and total lease payments and adjusts for the impacts of collateral, as necessary, when calculating its incremental borrowing rates. The lease terms may include options to extend or terminate the lease when it is reasonably certain the Company will exercise any such options. Rent expense for the Company’s operating leases, calculated as the sum of the amortization of the right of use asset and accretion of the lease liability, is recognized on a straight-line basis over the lease term, unless the right of use asset was previously written down due to impairment. The Company evaluates the lease arrangement for impairment whenever events or changes in circumstances indicate that the carrying amounts of the right-of-use asset may not be fully recoverable. To the extent an impairment of the right-of-use asset is identified, the Company will recognize the impairment expense and subsequently amortize the remaining right of use asset

into rent expense on a straight-line basis (unless another systematic basis is more representative of the pattern in which the Company expects to consume the future economic benefits from the asset) from the date of impairment to the earlier of the end of the right-of-use asset’s useful life or the end of the lease term.

If there is a change to the terms and conditions of a contract that results in a change in the scope of or the consideration for a lease, the Company determines if the lease modification results in a separate contract or a change in the accounting for the existing lease and not a separate contract. For lease modifications that result in a separate contract, the Company accounts for the new contract in the same manner as other new leases. For lease modifications that do not result in a separate contract, the Company reassesses the classification of the lease at the effective date of the modification, remeasures and reallocates the remaining consideration in the contract, and remeasures the lease liability using the discount rate determined at the effective date of the modification.

The Company has elected not to separate lease and non-lease components for its real estate and copier leases and, as a result, accounts for any lease and non-lease components as a single lease component. The Company has also elected not to apply the recognition requirement to any leases with a term of 12 months or less and does not include an option to purchase the underlying asset that the Company is reasonably certain to exercise.

Warrants to Purchase Shares of Company Stock

The Company determines the accounting classification of warrants to purchase shares of its stock as either liability or equity by first assessing whether the warrants meet liability classification criteria in accordance with ASC 480, Distinguishing Liabilities from Equity (“ASC 480”). Under ASC 480, a financial instrument other than an outstanding share that embodies an obligation to repurchase the entity’s shares or is indexed to such an obligation, and that requires or may require the entity to settle it by transferring assets, is classified as a liability. In addition, a financial instrument that embodies an unconditional obligation, or a financial instrument other than an outstanding share that embodies a conditional obligation, that the issuer must or may settle by issuing a variable number of its equity shares must be classified as a liability (or an asset in some circumstances) if, at inception, the monetary value of the obligation is based solely or predominantly on any one of the following: (a) a fixed monetary amount known at inception, (b) variations in something other than the fair value of the issuer’s equity shares, or (c) variations inversely related to changes in the fair value of the issuer’s equity shares.

If financial instruments, such as the warrants, are not required to be classified as liabilities under ASC 480, the Company assesses whether such instruments are indexed to the Company’s own stock under ASC 815-40. In order for an instrument to be considered indexed to an entity’s own stock, its settlement amount must always equal the difference between the following: (a) the fair value of a fixed number of the Company’s equity shares, and (b) a fixed monetary amount or a fixed amount of a debt instrument issued by the Company. Certain adjustments to this amount are allowed, if they are based on non-levered inputs into the fair value of a fixed price/fixed consideration-option.

Warrants are also required to meet equity classification criteria to be classified in stockholders’ equity. Under these criteria, warrants have to provide for settlement in shares, or cash or shares at the entity’s option. With limited exceptions, a possibility of net cash settlement under any circumstances will result in the warrants being classified as liabilities.

The warrants classified as equity are generally measured using the Black-Scholes valuation model on the date of issuance. The warrants classified as liabilities are remeasured at any reporting date using valuation models consistent with their terms, with changes recognized in earnings.

Restructuring

The Company records employee severance costs based on whether the termination benefits are provided under an on-going benefit arrangement or under a one-time benefit arrangement. The Company accounts for on-going termination benefit arrangements, such as those arising from employment agreements, applicable regulations or past practices, in accordance with ASC Topic 712, Compensation—Nonretirement Postemployment Benefits (“ASC Topic 712”). Under ASC 712, liabilities for post-employment benefits related to past services and that vest or are accumulated over time are recorded at the time the obligations are probable of being incurred and can be reasonably estimated. The Company accounts for one-time employment benefit arrangements in accordance with ASC Topic 420, Exit or Disposal Cost Obligations (“ASC Topic 420”). One-time termination benefits are expensed at the date the entity notifies the employee, unless the employee must provide future service over a period extending past the minimum notification period, in which case the benefits are expensed ratably over the future service period. Other associated costs are recognized in the period in which the liability is incurred.

Costs incurred to terminate contracts are recognized upon their termination, e.g., when notice of termination is provided to the counterparty. Costs related to contracts without future benefit are recognized at the cease-use date. Other exit-related costs are recognized as incurred.

Recent Accounting Pronouncements Not Yet Adopted

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (“ASU 2023-07”), which requires public entities to disclose information about their reportable segments’ significant expenses and other segment items on an interim and annual basis. Public entities with a single reportable segment are required to apply the disclosure requirements in ASU 2023-07, as well as all existing segment disclosures and reconciliation requirements in ASC Topic 280, Segment Reporting on an interim and annual basis. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-07.

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (“ASU 2023-09”), which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact of adopting ASU 2023-09.

Fair Value Measurements

FAIR VALUE MEASUREMENTS

The Company measures certain financial assets and liabilities at fair value on a recurring basis, including cash equivalents and marketable securities. Fair value is determined based on a three-tier hierarchy under the authoritative guidance for fair value measurements and disclosures that prioritizes the inputs used in measuring fair value as follows:

Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2: Quoted prices in markets that are not active or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and

Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurements and unobservable (i.e., supported by little or no market activity).

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Statement of Comprehensive Income [Abstract]
Net (loss) income	$ (49,089)	$ 21,133
Foreign currency translation adjustment	(980)	2,045
Net pension gain (loss)	7	(3)
Unrealized (loss) gain on marketable securities, net of tax	(233)	604
Comprehensive (loss) income	$ (50,295)	$ 23,779

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482765/220-10-50-6

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
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+ Details

RESTRUCTURING CHARGES - Narrative (Details)				3 Months Ended
RESTRUCTURING CHARGES - Narrative (Details)	Mar. 01, 2024 employee	Nov. 01, 2023 employee	Apr. 26, 2023 employee	Mar. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2024 USD ($)	Jun. 30, 2024 USD ($)	Apr. 30, 2023 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring charges				$ 911,000
April 2023 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Number of employees eliminated in restructuring \| employee			110
Percentage of positions eliminated in restructuring			23.00%
Restructuring expected cost								$ 5,000,000
Restructuring charges				0
April 2023 Restructuring Plan \| Full-Time Employees
Restructuring Cost and Reserve [Line Items]
Number of employees eliminated in restructuring \| employee			55
April 2023 Restructuring Plan \| Contracted Employees
Restructuring Cost and Reserve [Line Items]
Number of employees eliminated in restructuring \| employee			55
November 2023 Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Number of employees eliminated in restructuring \| employee		162
Percentage of positions eliminated in restructuring		40.00%
Restructuring charges				700,000	$ 6,700,000
November 2023 Restructuring Plan \| Minimum
Restructuring Cost and Reserve [Line Items]
Restructuring expected cost				8,700,000
November 2023 Restructuring Plan \| Minimum \| Forecast
Restructuring Cost and Reserve [Line Items]
Expected cost remaining							$ 1,300,000
November 2023 Restructuring Plan \| Maximum
Restructuring Cost and Reserve [Line Items]
Restructuring expected cost				9,700,000
November 2023 Restructuring Plan \| Maximum \| Forecast
Restructuring Cost and Reserve [Line Items]
Expected cost remaining							$ 2,300,000
November 2023 Restructuring Plan \| Research and development
Restructuring Cost and Reserve [Line Items]
Restructuring charges				500,000
November 2023 Restructuring Plan \| General and administrative
Restructuring Cost and Reserve [Line Items]
Restructuring charges				200,000
November 2023 Restructuring Plan \| Full-Time Employees
Restructuring Cost and Reserve [Line Items]
Number of employees eliminated in restructuring \| employee		108
November 2023 Restructuring Plan \| Contracted Employees
Restructuring Cost and Reserve [Line Items]
Number of employees eliminated in restructuring \| employee		54
France Restructuring Plan
Restructuring Cost and Reserve [Line Items]
Number of employees eliminated in restructuring \| employee	93
Percentage of positions eliminated in restructuring	24.00%
Restructuring charges				200,000	$ 4,700,000
France Restructuring Plan \| Minimum
Restructuring Cost and Reserve [Line Items]
Restructuring expected cost				7,800,000
France Restructuring Plan \| Minimum \| Forecast
Restructuring Cost and Reserve [Line Items]
Expected cost remaining						$ 2,900,000
France Restructuring Plan \| Maximum
Restructuring Cost and Reserve [Line Items]
Restructuring expected cost				9,600,000
France Restructuring Plan \| Maximum \| Forecast
Restructuring Cost and Reserve [Line Items]
Expected cost remaining						$ 4,700,000
France Restructuring Plan \| Research and development
Restructuring Cost and Reserve [Line Items]
Restructuring charges				100,000
France Restructuring Plan \| General and administrative
Restructuring Cost and Reserve [Line Items]
Restructuring charges				$ 100,000

STOCKHOLDERS' EQUITY	3 Months Ended
STOCKHOLDERS' EQUITY	Mar. 31, 2024
Equity [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS’ EQUITY At-the-Market Offering Agreement In August 2020, the Company entered into an Open Market Sale Agreement℠ with Jefferies LLC (“Jefferies”) with respect to an at-the-market offering program under which the Company may offer and sell, from time to time at its sole discretion, shares of the Company’s common stock having an aggregate offering price of up to $150.0 million through Jefferies as the Company’s sales agent or principal. In December 2022, the Company entered into Amendment No. 2 to the Open Market Sale Agreement℠ which increased the aggregate offering price under the at-the-market offering program by an additional $175.0 million. Approximately $194.5 million remained available under the sales agreement as of March 31, 2024. The Company is not obligated to sell any shares under the sales agreement. No shares were sold under the sales agreement during the three months ended March 31, 2024. During the three months ended March 31, 2023, the Company sold 3,962,430 shares of its common stock for net proceeds of approximately $9.7 million. Issuance and Sale of Common Stock and Warrants On March 21, 2024, the Company entered into a Securities Purchase Agreement (the “Purchase Agreement”) with certain institutional investors (collectively, the “Investors”). On March 26, 2024 the Company issued and sold in a registered direct offering (the “Registered Direct Offering”) an aggregate of 24,761,905 shares of common stock of the Company, par value $0.01 per share, and pre-funded warrants to purchase up to an aggregate of 3,809,523 shares of common stock, together with accompanying warrants (“Common Warrants”) to purchase up to an aggregate of 28,571,428 shares of common stock. The combined offering price of a unit consisting of one share of common stock and the accompanying Common Warrant to purchase one share of common stock was $0.84. The combined offering price of a unit consisting of a pre-funded warrant to purchase one share of common stock and the accompanying Common Warrant to purchase one share of common stock was $0.83. The pre-funded warrants are immediately exercisable at any time, until exercised in full, at a price of $0.01 per share of common stock. The Common Warrants are exercisable six months from issuance, expire five and a half years from the issuance date and have an exercise price of $1.00 per share. Both pre-funded warrants and Common Warrants can be exercised net in limited circumstances and entitle holders to dividends if and when paid by the Company. Barclays Capital Inc. and Cantor Fitzgerald & Co. (the “Placement Agents”) acted as the placement agents for the offering, pursuant to a Placement Agency Agreement, dated March 21, 2024 (the “Placement Agreement”). Pursuant to the Placement Agreement, the Company paid the Placement Agents a cash placement fee equal to 6.0% of the aggregate gross proceeds raised in the Registered Direct Offering from sales arranged by the Placement Agents. The Company received aggregate net proceeds from the Registered Direct Offering of $21.8 million, net of the Placement Agents’ fees of $1.4 million and other offering costs of $0.7 million. Common Warrants and pre-funded warrants were determined to be equity-classified and proceeds received from their issuance were recorded as a component of stockholders’ equity within additional paid-in capital. The Company determined that the warrants should be equity classified because they are freestanding financial instruments, do not embody an obligation for the Company to repurchase its shares, do not contain exercise contingencies tied to observable markets or indices, permit the holders to receive a fixed number of shares of common stock upon exercise in exchange for a fixed amount of consideration, subject only to adjustments that are inputs to the fair value of a fixed price/fixed consideration-option, and meet the equity classification criteria. The Common Warrants and pre-funded warrants had not been exercised and remained outstanding as of March 31, 2024.

- Definition

The entire disclosure for equity.

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+ Details

IMPAIRMENT OF GOODWILL AND LONG-LIVED ASSETS (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Impaired Long-Lived Assets Held and Used [Line Items]
Goodwill impairment		$ 38,100	$ 38,100
Impairment of intangible assets, indefinite-lived			51,400
Impairment on right-of-use assets	$ 2,000	11,200	65,500
Estimated fair value of equipment, furniture and fixtures	1,000
Impairment of long-lived assets	4,349	20,433
Reduction in deferred tax liabilities			$ 6,300
Equipment, Furniture, And Fixtures
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment of long-lived assets	1,800
Leasehold Improvements
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment of long-lived assets	$ 500	5,000
Construction in Progress
Impaired Long-Lived Assets Held and Used [Line Items]
Impairment of long-lived assets		$ 4,200

ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Organization and Description of Business

Sangamo Therapeutics, Inc. (“Sangamo” or “the Company”) was incorporated in the State of Delaware in June 1995 and changed its name from Sangamo Biosciences, Inc. in January 2017. Sangamo is a genomic medicine company committed to translating ground-breaking science into medicines that transform the lives of patients and families afflicted with serious neurological diseases. The Company believes its zinc finger (“ZF”) epigenetic regulators are ideally suited to potentially address devastating neurology disorders and its capsid engineering platform has demonstrated the ability to expand delivery beyond currently available intrathecal delivery capsids, including in the central nervous system (“CNS”) in preclinical studies.

In 2023, the Company announced its strategic transformation into a neurology-focused genomic medicine company focused on developing epigenetic regulation therapies designed to address serious neurological diseases and novel adeno-associated virus (“AAV”) capsid delivery technology.

Basis of Presentation

The accompanying Condensed Consolidated Financial Statements and related financial information should be read together with the audited Consolidated Financial Statements and footnotes for the year ended December 31, 2023, included in the 2023 Annual Report.

Liquidity, Going Concern, and Capital Resources

Sangamo is currently working on a number of long-term development projects that involve experimental technologies. The projects will require several years and substantial expenditures to complete and ultimately may be unsuccessful. In recent years, the Company’s operations have been funded primarily through collaborations and strategic partnerships, research grants and from the issuance of equity securities. As of March 31, 2024, the Company had capital resources of $54.4 million consisting of cash and cash equivalents.

Under Accounting Standard Codification (“ASC”) Topic 205-40, Presentation of Financial Statements—Going Concern (“ASC Topic 205-40”), the Company has the responsibility to evaluate whether conditions and/or events raise substantial doubt about its ability to meet its future financial obligations as they become due within one year after the date that the Condensed Consolidated Financial Statements are issued. As required under ASC Topic 205-40, management’s evaluation should initially not take into consideration the potential mitigating effects of management’s plans that have not been fully implemented as of the date the Condensed Consolidated Financial Statements are issued. When substantial doubt exists, management evaluates whether the mitigating effects of its plans sufficiently alleviates the substantial doubt about the Company’s ability to continue as a going concern. The mitigating effects of management’s plans, however, are only considered if both (i) it is probable that the plans will be effectively implemented within one year after the date that the financial statements are issued, and (ii) it is probable that the plans, when implemented, will mitigate the relevant conditions or events that raise substantial doubt about the entity’s ability to continue as a going concern within one year after the date that the financial statements are issued. Generally, to be considered

probable of being effectively implemented, the plans must have been approved by the Company’s board of directors before the date that the financial statements are issued.

The Company’s history of significant losses, its negative cash flows from operations, its limited liquidity resources currently on hand, and its dependence on additional financing to fund its operations after the current resources are exhausted raise substantial doubt about its ability to continue to operate as a going concern within one year after the date that the Condensed Consolidated Financial Statements are issued. The Company’s current operating plan, its cash and cash equivalents as of March 31, 2024 are expected to allow the Company to meet its liquidity requirements only into the third quarter of 2024, which is less than one year following the date these Condensed Consolidated Financial Statements are issued.

Successful completion of the Company’s development programs and, ultimately, the attainment of profitable operations are dependent upon future events, including obtaining adequate financing to support the Company’s cost structure and operating plan. Management’s plans include, among other things, pursuing one or more of the following steps to raise additional capital, none of which can be guaranteed or are entirely within the Company’s control:

•raise funding through the sale of the Company’s common stock;

•raise funding through debt or royalty financing; and

•establish collaborations with potential partners to advance the Company’s product pipeline.

If the Company is unable to raise capital on acceptable terms, or at all, or if it is unable to procure collaboration arrangements or external direct investments to advance its programs, the Company would be required to discontinue some or all of its operations or develop and implement a plan to further extend payables, reduce overhead or scale back its current operating plan until sufficient additional capital is raised to support further operations. There can be no assurance that such a plan would be successful. Additional capital may not be available to the Company on a timely basis, on terms that are acceptable or at all. In particular, the perception of the Company’s ability to continue to operate as a going concern may make it more difficult to obtain financing for the continuation of its operations, particularly in light of currently challenging macroeconomic and market conditions. Further, the Company may be unable to attract new investments as a result of the speculative nature of its newly reprioritized core neurology preclinical programs. If adequate funds are not available to the Company on a timely basis, or at all, the Company will be required to take additional actions to address its liquidity needs, including additional cost reduction measures such as further reducing operating expenses and delaying, reducing the scope of, discontinuing or altering its research and development activities, which would have a material adverse effect on its business and prospects, or the Company may be required to cease operations entirely, liquidate all or a portion of its assets, and/or seek protection under the U.S. Bankruptcy Code.

The accompanying Condensed Consolidated Financial Statements have been prepared assuming the Company will continue to operate as a going concern, which contemplates the realization of assets and the settlement of liabilities in the normal course of business. The Condensed Consolidated Financial Statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts of liabilities that may result from uncertainty related to the Company’s ability to continue as a going concern.

Summary of Significant Accounting Policies

Use of Estimates

In March 2023, the Company recorded additional revenue related to a change in estimate in connection with the collaboration agreement with Kite Pharma, Inc., a Gilead Sciences, Inc. subsidiary (“Kite”). This adjustment was driven by a reduction in the estimated future level of the Company’s research and development services and as a result, future project costs. This resulted in an increase in proportional cumulative performance on this collaboration and an increase in revenue of $8.9 million, a decrease in net loss of $8.9 million, and a decrease in the Company’s basic and diluted net loss per share of $0.06 and $0.05, respectively for the three months ended March 31, 2023.

Revenue Recognition


	Three Months Ended March 31,
		2023
Biogen MA, Inc.		84	%
Kite Pharma, Inc.		8	%

Novartis Institutes for BioMedical Research, Inc.		6	%
Other license agreements		2	%

Impairment of Goodwill, Indefinite-lived Intangible Assets and Long-lived Assets

Cash, Cash Equivalents, and Restricted Cash


	March 31, 2024		December 31, 2023		March 31, 2023		December 31, 2022
Cash and cash equivalents	$	54,417	$	45,204	$	78,241	$	100,444
Current restricted cash	916		—		—		—
Non-current restricted cash	—		1,500		1,500		1,500
Cash, cash equivalents, and restricted cash as reported within the Condensed Consolidated Statements of Cash Flows	$	55,333	$	46,704	$	79,741	$	101,944

Leases

Warrants to Purchase Shares of Company Stock

Restructuring

Recent Accounting Pronouncements Not Yet Adopted

BASIC AND DILUTED NET (LOSS) INCOME PER SHARE (Tables)

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

Schedule of Components of Basic and Diluted Net Income (Loss) per Share

The components of basic and diluted net (loss) income per share are as follows (in thousands, except per share amounts):


	Three Months Ended March 31,
	2024		2023
Numerator:
Net (loss) income	$	(49,089)	$	21,133
Denominator:
Basic:
Weighted average number of common shares outstanding - basic	180,342		168,533
Diluted:
Weighted average number of common shares outstanding - basic	180,342		168,533

Dilutive effect of restricted stock units	—		300
Dilutive effect of common stock pursuant to employee stock purchase plan	—		348
Weighted average number of common shares outstanding - diluted	180,342		169,181
Net (loss) income per share:
Basic	$	(0.27)	$	0.13
Diluted	$	(0.27)	$	0.12

CASH EQUIVALENTS AND MARKETABLE SECURITIES - Summary of Cash Equivalents and Available-for-Sale Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023	Mar. 31, 2023	Dec. 31, 2022
Assets
Cash equivalents, at carrying value, total	$ 54,417	$ 45,204	$ 78,241	$ 100,444
Marketable securities, amortized cost		35,564
Marketable securities, gross unrealized gains		241
Marketable securities, gross unrealized losses		(7)
Marketable securities, estimated fair value		35,798
Total cash equivalents and marketable securities, amortized cost		38,072
Total cash equivalents and marketable securities, gross unrealized gains		241
Total cash equivalents and marketable securities, gross unrealized losses		(7)
Total cash equivalents and marketable securities, estimated fair value		38,306
Money market funds
Assets
Cash equivalents, at carrying value, total	8,956	2,508
Cash equivalents, gross unrealized gains	0	0
Cash equivalents, gross unrealized losses	0	0
Cash equivalents, estimated fair value	8,956	2,508
Cash equivalents:
Assets
Cash equivalents, at carrying value, total	8,956	2,508
Cash equivalents, gross unrealized gains	0	0
Cash equivalents, gross unrealized losses	0	0
Cash equivalents, estimated fair value	$ 8,956	2,508
U.S. government-sponsored entity debt securities
Assets
Marketable securities, amortized cost		22,347
Marketable securities, gross unrealized gains		219
Marketable securities, gross unrealized losses		0
Marketable securities, estimated fair value		22,566
Commercial paper securities
Assets
Marketable securities, amortized cost		2,825
Marketable securities, gross unrealized gains		2
Marketable securities, gross unrealized losses		(1)
Marketable securities, estimated fair value		2,826
Corporate debt securities
Assets
Marketable securities, amortized cost		1,399
Marketable securities, gross unrealized gains		6
Marketable securities, gross unrealized losses		0
Marketable securities, estimated fair value		1,405
Asset-backed securities
Assets
Marketable securities, amortized cost		2,368
Marketable securities, gross unrealized gains		9
Marketable securities, gross unrealized losses		0
Marketable securities, estimated fair value		2,377
U.S. treasury bills
Assets
Marketable securities, amortized cost		5,599
Marketable securities, gross unrealized gains		0
Marketable securities, gross unrealized losses		(6)
Marketable securities, estimated fair value		5,593
Certificates of deposit
Assets
Marketable securities, amortized cost		1,026
Marketable securities, gross unrealized gains		5
Marketable securities, gross unrealized losses		0
Marketable securities, estimated fair value		$ 1,031

FAIR VALUE MEASUREMENTS (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Summary of Fair Value Measurements of Cash Equivalents and Marketable Securities

The fair value measurements of the Company’s cash equivalents and marketable securities are identified at the following levels within the fair value hierarchy (in thousands):


	March 31, 2024
	Fair Value Measurements
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents:
Money market funds	$	8,956	$	8,956	$	—	$	—












Total cash equivalents	$	8,956	$	8,956	$	—	$	—


	December 31, 2023
	Fair Value Measurements
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents:
Money market funds	$	2,508	$	2,508	$	—	$	—
Total	2,508		2,508		—		—
Marketable securities:
U.S. government-sponsored entity debt securities	22,566		—		22,566		—
Commercial paper securities	2,826		—		2,826		—
Corporate debt securities	1,405		—		1,405		—
Asset-backed securities	2,377		—		2,377		—
U.S. treasury bills	5,593		—		5,593		—
Certificates of deposit	1,031		—		1,031		—

Total	35,798		—		35,798		—
Total cash equivalents and marketable securities	$	38,306	$	2,508	$	35,798	$	—

CASH EQUIVALENTS AND MARKETABLE SECURITIES

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

CASH EQUIVALENTS AND MARKETABLE SECURITIES

The table below summarizes the Company’s cash equivalents and marketable securities (in thousands):


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
March 31, 2024
Assets
Cash equivalents:
Money market funds	$	8,956	$	—	$	—	$	8,956


Total cash equivalents	8,956		—		—		8,956










December 31, 2023
Assets
Cash equivalents:
Money market funds	$	2,508	$	—	$	—	$	2,508
Total	2,508		—		—		2,508
Marketable securities:
U.S. government-sponsored entity debt securities	22,347		219		—		22,566
Commercial paper securities	2,825		2		(1)		2,826
Corporate debt securities	1,399		6		—		1,405
Asset-backed securities	2,368		9		—		2,377
U.S. treasury bills	5,599		—		(6)		5,593
Certificates of deposit	1,026		5		—		1,031

Total	35,564		241		(7)		35,798
Total cash equivalents and marketable securities	$	38,072	$	241	$	(7)	$	38,306

The fair value of marketable securities by contractual maturity were as follows (in thousands):


	December 31, 2023
Maturing in one year or less	$	10,855
Maturing after one year through five years	24,943
Total	$	35,798

Realized gains and losses on the sales of investments were not material during the three months ended March 31, 2024. There were no realized gains and losses on the sales of investments during the three months ended March 31, 2023. Total unrealized gains for securities with net gains in accumulated other comprehensive income (loss) were not material during the three months ended March 31, 2024 and 2023.

The Company manages credit risk associated with its investment portfolio through its investment policy, which limits purchases to high-quality issuers and also limits the amount of its portfolio that can be invested in a single issuer. The Company did not record an allowance for credit losses related to its marketable securities for the three months ended March 31, 2023.

The Company had unrealized losses related to its marketable securities for the three months ended March 31, 2023. The Company had no material unrealized losses, individually and in the aggregate, for marketable securities that were in a continuous unrealized loss position for greater than 12 months as of December 31, 2023. These unrealized losses were not attributed to credit risk and were associated with changes in market conditions. The Company periodically reviews its marketable securities for indications of credit losses. No significant facts or circumstances had arisen to indicate that there had been any significant deterioration in the creditworthiness of the issuers of the securities held by the Company. Based on the Company’s review of these securities, the Company determined that no allowance for credit losses related to its marketable securities was required at December 31, 2023.

For the periods the Company had investment in debt securities, the Company also considered whether it was more likely than not that the Company will be required to sell the debt securities before recovery of their amortized cost basis. No impairment charges were recorded during the three months ended March 31, 2024 and 2023.

RESTRUCTURING CHARGES

3 Months Ended

Mar. 31, 2024

Restructuring and Related Activities [Abstract]

RESTRUCTURING CHARGES

April 2023 Restructuring

On April 26, 2023, the Company executed a restructuring of operations and a corresponding reduction in workforce (the “April 2023 Restructuring”), designed to reduce costs and increase focus on certain strategic priorities. The April 2023 Restructuring resulted in the elimination of approximately 110 roles, including 55 full-time employees and 55 contracted employees and eliminated open positions, in the United States, or approximately 23% of the total United States workforce as of April 26, 2023, and included one-time severance payments and other employee-related costs, including additional vesting of service-based stock compensation awards. The Company had estimated that it will incur $5.0 million in expenses related to employee severance and notice period payments, benefits and related restructuring charges for the April 2023 Restructuring. No expenses related to the April 2023 Restructuring were incurred during the three months ended March 31, 2024. The Company expects the April 2023 Restructuring and the cash payments related to the April 2023 Restructuring to be substantially complete by the third quarter of 2024.

November 2023 Restructuring

On November 1, 2023, the Company executed a restructuring of operations and a corresponding reduction in workforce (the “November 2023 Restructuring”), designed to reduce costs and advance its strategic transformation into a neurology-focused genomic medicine company. The November 2023 Restructuring resulted in the elimination of approximately 162 roles, including 108 full-time employees and 54 contracted employees and eliminated open positions, in the United States, or approximately 40% of the total United States workforce, and included one-time severance payments and other employee-related costs, including additional vesting of service-based stock compensation awards. As of March 31, 2024, the Company estimates it will incur approximately $8.7 million to $9.7 million in expenses related to employee severance and notice period payments, benefits, Brisbane facility close-out costs, and other related restructuring charges for the November 2023 Restructuring. The Company had recorded $6.7 million of expenses relating to the November 2023 Restructuring in the fourth quarter of 2023. The Company incurred $0.7 million of expenses during three months ended March 31, 2024, of which $0.5 million is included in research and development expense and $0.2 million is included in general and administrative expense in the accompanying Condensed Consolidated Statements of Operations. The Company expects to incur additional estimated costs of $1.3 million to $2.3 million through the second quarter of 2024. The Company expects the November 2023 Restructuring and the cash payments related to the November 2023 Restructuring to be substantially complete by the second quarter of 2024.

France Restructuring

On March 1, 2024, the Company’s Board of Directors approved the France Restructuring which will result in the elimination of all 93 roles in France, or approximately 24% of the total global workforce. The Company is expected to make severance payments as required by French law and the terms of the applicable collective bargaining agreements, and other employee-related costs. As of March 31, 2024, the Company estimates it will incur approximately $7.8 million to $9.6 million in expenses related to employee severance and notice period payments, benefits, contract termination costs, and other related restructuring charges for the France Restructuring. The Company had recorded $4.7 million of expenses relating to the France restructuring in the fourth quarter of 2023. The Company incurred $0.2 million of expenses during three months ended March 31, 2024, of which $0.1 million is included in research and development expense and $0.1 million is included in general and administrative expense in the accompanying Condensed Consolidated Statements of Operations. The Company expects to incur additional estimated costs of $2.9 million to $4.7 million through the fourth quarter of 2024. The Company expects the France Restructuring and its related cash payments to be completed no later than the fourth quarter of 2024.

The following table is a summary of accrued April 2023 Restructuring, November 2023 Restructuring and France Restructuring charges included within other accrued liabilities on the Company’s Condensed Consolidated Balance Sheet as of March 31, 2024 (in thousands):


	Three Months Ended March 31, 2024
Balance at December 31, 2023	$	11,733
Restructuring charges	911
Cash payments	(5,172)

Balance at March 31, 2024	$	7,472

Sangamo may also incur other cash expenses or charges not currently contemplated or estimable due to events that may occur as a result of, or associated with, the April 2023 Restructuring, November 2023 Restructuring and France Restructuring. There were no restructuring charges incurred during the three months ended March 31, 2023.

MAJOR CUSTOMERS, PARTNERSHIPS AND STRATEGIC ALLIANCES (Tables)

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Disaggregation of Revenue

Revenues recognized under these agreements were as follows (in thousands):


	Three Months Ended March 31,
	2024		2023
Revenue related to Kite agreement:
Recognition of license fee fixed consideration	$	—	$	11,440
Research services variable consideration	—		868
Total	$	—	$	12,308

Revenue related to Novartis agreement:
Recognition of upfront license fee	$	—	$	7,696
Research services	—		2,059
Total	$	—	$	9,755

Revenue related to Biogen agreement:
Recognition of license and other fixed consideration	$	—	$	130,630
Cost-sharing payments for research services, net variable consideration	—		1,672
Total	$	—	$	132,302

Revenue from other license agreements	$	481	$	3,592
Total revenue	$	481	$	157,957

IMPAIRMENT OF GOODWILL AND LONG-LIVED ASSETS	3 Months Ended
IMPAIRMENT OF GOODWILL AND LONG-LIVED ASSETS	Mar. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
IMPAIRMENT OF GOODWILL AND LONG-LIVED ASSETS	IMPAIRMENT OF GOODWILL AND LONG-LIVED ASSETS During the year ended December 31, 2023, the Company experienced a sustained decline in stock price and related market capitalization, the collaboration agreements with Biogen and Novartis were terminated, and actions were initiated including deferral and reprioritization of certain research and development programs, announcement and execution of restructuring of operations and reductions in force. As a result, throughout the year the Company tested various long-lived and indefinite-life intangible assets for impairment and recognized a pre-tax goodwill impairment charge of $38.1 million, a pre-tax indefinite-lived intangible asset impairment charge of $51.4 million along with the income tax benefit from the reduction of the associated deferred tax liability of $6.3 million, and a pre-tax long-lived assets impairment charge of $65.5 million during the year ended December 31, 2023. Three months ended March 31, 2024 During the three months ended March 31, 2024, the Company’s Board of Directors approved the wind-down of operations in France and corresponding reduction in workforce, including closure of the Company’s cell therapy manufacturing facility and research labs in Valbonne, France (the “France Restructuring”), and also initiated several actions aimed at reducing costs, including actions to commence the closure of its facility in Brisbane, California. As such, the Company reassessed its long-lived assets for impairment as of March 31, 2024. In connection with the France Restructuring, the Company concluded its equipment, furniture and fixtures located in France met the held for sale criteria as of March 31, 2024. The Company wrote down the carrying value of these assets to their estimated fair value of $1.0 million, net of the estimated costs to sell, recognizing a loss of $1.8 million. Assets held for sale are included within prepaid expenses and other current assets on the Company’s Condensed Consolidated Balance Sheet as of March 31, 2024. The fair value measurement represents a level 3 nonrecurring fair value measurement. The loss is included in impairment of long-lived assets in the accompanying Condensed Consolidated Statements of Operations. The sale of these assets is expected to occur within one year, either collectively or separately through vendor(s) or at auction. The Company also reassessed whether its remaining long-lived assets continued to represent a single asset group for purposes of impairment assessment. After considering changes in the manner in which the right-of-use assets and leasehold improvements related to the Company’s Brisbane and Valbonne, France, facilities are used, costs incurred to cease use of these assets, the France Restructuring, and the Company’s activities to market these facilities for sublease, the Company concluded the identifiable operations and cash flows of these assets are now largely independent of the operations and the cash flows of each other, as well as of the remainder of the Company. Accordingly, the Company assessed impairment of the resulting asset groups separately. Based on the changes in the use of assets related to the Brisbane and Valbonne facility leases, the Company concluded there were indicators of impairment for these asset groups, and further established that the carrying values of these asset groups were not recoverable. The Company proceeded to determine their fair values using a discounted cash flow method, which represents a level 3 nonrecurring fair value measurement. As a result, the Company recognized pre-tax long-lived asset impairment charges of $2.0 million on the right-of-use assets and $0.5 million on the related leasehold improvements during the three months ended March 31, 2024. No impairment was recognized on the remaining long-lived assets, as their carrying values were not in excess of their fair values. The Company will continue to assess whether its long-lived assets are impaired in future periods. As the Company finalizes the wind-down of its France operations and corresponding reduction in force of all France employees, as well as the closure of its Brisbane facility, it is reasonably possible that additional impairment charges will be recognized, for example, if sublease rates of leased facilities or selling prices of the assets held for sale are less than those estimated. Three months ended March 31, 2023 During the three months ended March 31, 2023, as a result of the sustained decline in the Company’s stock price and related market capitalization, termination of the collaboration agreements with Biogen and Novartis, the Company performed an impairment assessment of goodwill, indefinite-lived intangible assets, and other long-lived assets. The Company operated as a single reporting unit based on its business and reporting structure. For goodwill, a quantitative impairment assessment was performed using a market approach, whereby the Company’s fair value of equity was compared to its carrying value. The fair value of equity was derived using both the market capitalization of the Company and an estimate of a reasonable range of values of a control premium applied to the Company’s implied business enterprise value. The control premium was estimated based upon control premiums observed in comparable market transactions. This represented a level 2 nonrecurring fair value measurement. Based on this analysis, the Company recognized a pre-tax goodwill impairment charge of $38.1 million during the three months ended March 31, 2023. As a result, the goodwill was fully impaired as of March 31, 2023. Before completing the goodwill impairment assessment, the Company also tested its indefinite-lived intangible assets and then its long-lived assets for impairment. Based on the qualitative assessment, the Company determined it was more likely than not that its indefinite-lived intangible assets were not impaired. The Company determined all of its long-lived assets represented one asset group for purposes of long-lived asset impairment assessment. The Company concluded that the carrying value of the asset group was not recoverable as it exceeded the future undiscounted cash flows the assets were expected to generate from the use and eventual disposition. To allocate and recognize the impairment loss, the Company determined individual fair values of its long-lived assets. The Company applied a discounted cash flow method to estimate fair values of its leasehold improvements and right-of-use assets, including leasehold improvements in the process of construction and a cost replacement method to estimate the fair value of its furniture, fixtures and laboratory and manufacturing equipment. These represented level 3 nonrecurring fair value measurements. Based on this analysis, the Company recognized pre-tax long-lived asset impairment charges of $11.2 million on the right-of-use assets, $5.0 million on the related leasehold improvements, and $4.2 million on construction-in-progress, during the three months ended March 31, 2023. No impairment was recognized on the remaining long-lived assets as their carrying values were not in excess of their fair values.

COMMITMENTS AND CONTINGENCIES (Details) - USD ($) $ in Thousands		3 Months Ended		12 Months Ended
	Feb. 05, 2024	Mar. 31, 2024	Mar. 31, 2023	Dec. 31, 2023
Other Commitments [Line Items]
Impairment on right-of-use assets		$ 2,000	$ 11,200	$ 65,500
Lease liabilities	$ 1,900	$ 1,218	$ 1,212
Lessee, Operating Lease, Discount Rate	9.60%
Lessee, Operating Lease, Required Notice Of Termination	30 days
Lessee, Required Letter Of Credit Outstanding, Amount	$ 1,500
Richmond, California
Other Commitments [Line Items]
Impairment on right-of-use assets	$ 1,900

STOCK-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2024

Share-Based Payment Arrangement [Abstract]

Schedule of Stock-Based Compensation Expense

The following table shows total stock-based compensation expense recognized in the accompanying Condensed Consolidated Statements of Operations (in thousands):


	Three Months Ended March 31,
	2024		2023
Research and development	$	1,385	$	4,873
General and administrative	1,334		3,404
Total stock-based compensation expense	$	2,719	$	8,277

CASH EQUIVALENTS AND MARKETABLE SECURITIES - (Tables)

3 Months Ended

Mar. 31, 2024

Investments, Debt and Equity Securities [Abstract]

Schedule of Cash Equivalents and Marketable Securities

The table below summarizes the Company’s cash equivalents and marketable securities (in thousands):


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
March 31, 2024
Assets
Cash equivalents:
Money market funds	$	8,956	$	—	$	—	$	8,956


Total cash equivalents	8,956		—		—		8,956










December 31, 2023
Assets
Cash equivalents:
Money market funds	$	2,508	$	—	$	—	$	2,508
Total	2,508		—		—		2,508
Marketable securities:
U.S. government-sponsored entity debt securities	22,347		219		—		22,566
Commercial paper securities	2,825		2		(1)		2,826
Corporate debt securities	1,399		6		—		1,405
Asset-backed securities	2,368		9		—		2,377
U.S. treasury bills	5,599		—		(6)		5,593
Certificates of deposit	1,026		5		—		1,031

Total	35,564		241		(7)		35,798
Total cash equivalents and marketable securities	$	38,072	$	241	$	(7)	$	38,306

Schedule of Fair Value of Marketable Securities by Contractual Maturity

The fair value of marketable securities by contractual maturity were as follows (in thousands):


	December 31, 2023
Maturing in one year or less	$	10,855
Maturing after one year through five years	24,943
Total	$	35,798

COMMITMENTS AND CONTINGENCIES	3 Months Ended
COMMITMENTS AND CONTINGENCIES	Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract]
COMMITMENTS AND CONTINGENCIES	COMMITMENTS AND CONTINGENCIES Leases On February 5, 2024, the Company entered into an amendment to the operating lease of office and research and development laboratory facilities in Brisbane, California. The amendment established early termination rights for the landlord upon thirty days notice to the Company, with the earliest date the landlord may terminate the lease being September 30, 2024. Additionally, the amendment authorizes the landlord to draw on the existing letter of credit to satisfy the majority of the Company’s February 2024 through April 2024 rent payments and obligates the Company to provide a cash security deposit or replenish the letter of credit back to $1.5 million by June 1, 2024. The Company concluded that the amendment represented a lease modification to be accounted for as a single contract with the existing lease under ASC Topic 842, Leases, and remeasured its lease liability using the current incremental borrowing rate of 9.6%, and recorded an adjustment to reduce both the lease liability and the corresponding right-of-use asset by $1.9 million.

RESTRUCTURING CHARGES - Accrued Restructuring Costs (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2024 USD ($)
Restructuring Reserve [Roll Forward]
Balance at December 31, 2023	$ 11,733
Restructuring charges	911
Cash payments	(5,172)
Balance at March 31, 2024	$ 7,472

BASIC AND DILUTED NET (LOSS) INCOME PER SHARE - Narrative (Details) - $ / shares	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Basic (in shares)	180,342,000	168,533,000
Diluted (in shares)	180,342,000	169,181,000
Antidilutive securities (in shares)	55,600,000	14,700,000
Pre-funded warrants
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Basic (in shares)	251,177
Diluted (in shares)	251,177
Number of new stock issued during the period (in shares)	3,809,523
Stock price (USD) (in dollars per share)	$ 0.01
Offering price of each common stock (in dollars per share)	$ 1.00

FAIR VALUE MEASUREMENTS

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities;

Level 2: Quoted prices in markets that are not active or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and

Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurements and unobservable (i.e., supported by little or no market activity).

The fair value measurements of the Company’s cash equivalents and marketable securities are identified at the following levels within the fair value hierarchy (in thousands):


	March 31, 2024
	Fair Value Measurements
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents:
Money market funds	$	8,956	$	8,956	$	—	$	—












Total cash equivalents	$	8,956	$	8,956	$	—	$	—


	December 31, 2023
	Fair Value Measurements
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents:
Money market funds	$	2,508	$	2,508	$	—	$	—
Total	2,508		2,508		—		—
Marketable securities:
U.S. government-sponsored entity debt securities	22,566		—		22,566		—
Commercial paper securities	2,826		—		2,826		—
Corporate debt securities	1,405		—		1,405		—
Asset-backed securities	2,377		—		2,377		—
U.S. treasury bills	5,593		—		5,593		—
Certificates of deposit	1,031		—		1,031		—

Total	35,798		—		35,798		—
Total cash equivalents and marketable securities	$	38,306	$	2,508	$	35,798	$	—

Cash Equivalents and Marketable Securities

The Company generally classifies its marketable securities as Level 2. Instruments are classified as Level 2 when observable market prices for identical securities that are traded in less active markets are used. When observable market prices for identical securities are not available, such instruments are priced using benchmark curves, benchmarking of like securities, sector groupings, matrix pricing and valuation models. These valuation models are proprietary to the pricing providers or brokers and incorporate a number of inputs, including in approximate order of priority: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data including market research publications. For certain security types, additional inputs may be used, or some of the standard inputs may not be applicable. Evaluators may prioritize inputs differently on any given day for any security based on market conditions, and not all inputs listed are available for use in the evaluation process for each security evaluation on any given day.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

MAJOR CUSTOMERS, PARTNERSHIPS AND STRATEGIC ALLIANCES

3 Months Ended

Mar. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

MAJOR CUSTOMERS, PARTNERSHIPS AND STRATEGIC ALLIANCES

Pfizer Inc.

In May 2017, the Company entered into an exclusive global collaboration and license agreement with Pfizer Inc. (“Pfizer”), pursuant to which it established a collaboration for the research, development and commercialization of giroctocogene fitelparvovec, its gene therapy product candidate for hemophilia A, and closely related products.

Under this agreement, the Company was responsible for conducting the Phase 1/2 clinical trial and for certain manufacturing activities for giroctocogene fitelparvovec, while Pfizer is responsible for subsequent worldwide development, manufacturing, marketing and commercialization of giroctocogene fitelparvovec.

Subject to the terms of the agreement, the Company granted Pfizer an exclusive worldwide royalty-bearing license, with the right to grant sublicenses, to use certain technology controlled by the Company for the purpose of developing, manufacturing and commercializing giroctocogene fitelparvovec and related products. Pfizer granted the Company a non-exclusive, worldwide, royalty-free, fully paid license, with the right to grant sublicenses, to use certain manufacturing technology developed under the agreement and controlled by Pfizer to manufacture the Company’s products that utilize the AAV delivery system.

Unless earlier terminated, the agreement has a term that continues on a per product and per country basis until the later of (i) the expiration of patent claims that cover the product in a country, (ii) the expiration of regulatory exclusivity for a product in a country, and (iii) 15 years after the first commercial sale of a product in a country. Pfizer has the right to terminate the agreement without cause in its entirety or on a per product or per country basis. The agreement may also be terminated by either party based

on an uncured material breach by the other party or the bankruptcy of the other party. Upon termination for any reason, the license granted by the Company to Pfizer to develop, manufacture and commercialize giroctocogene fitelparvovec and related products will automatically terminate. Upon termination by the Company for cause or by Pfizer in any country or countries, Pfizer will automatically grant the Company an exclusive, royalty-bearing license under certain technology controlled by Pfizer to develop, manufacture and commercialize giroctocogene fitelparvovec in the terminated country or countries.

Upon execution of the agreement, the Company received an upfront fee of $70.0 million and was eligible to receive up to $208.5 million in payments upon the achievement of specified clinical development, intellectual property and regulatory milestones and up to $266.5 million in payments upon first commercial sale milestones for giroctocogene fitelparvovec and potentially other products. To date, two milestones of $55.0 million in aggregate have been achieved and paid. The Company is eligible to earn from Pfizer up to $220.0 million in remaining milestone payments for giroctocogene fitelparvovec and up to $175.0 million for other products that may be developed under the agreement, subject to reduction on account of payments made under certain licenses for third-party intellectual property. In addition, Pfizer agreed to pay the Company royalties for each potential licensed product developed under the agreement that are 14% - 20% of the annual worldwide net sales of such product and are subject to reduction due to patent expiration, entry of biosimilar products to the market and payment made under certain licenses for third-party intellectual property.

The Company assessed the agreement with Pfizer in accordance with ASC Topic 606 and concluded that Pfizer was a customer. The Company completed its performance obligations and recognized the amounts included in the transaction price of $134.0 million during the periods through December 31, 2020. No revenue was recognized during the three months ended March 31, 2024 and 2023. The remaining development, intellectual property and regulatory milestone amounts have not been included in the transaction price and have not been recognized as their achievement is dependent on the progress and outcomes of Pfizer’s development activities and is therefore uncertain. If and when these milestones become probable of being achieved, they will be recognized in full at that time. Sales milestones and royalties are not recognized until triggered based on the contractual terms.

Alexion Pharmaceuticals, Inc., AstraZeneca Rare Disease

In December 2017, the Company entered into an exclusive, global collaboration and license agreement with Pfizer, subsequently assigned to Alexion, AstraZeneca Rare Disease (“Alexion”) in September 2023, for the development and commercialization of potential gene therapy products that use zinc finger transcriptional regulators (“ZF-transcriptional regulators”) to treat amyotrophic lateral sclerosis and frontotemporal lobar degeneration linked to mutations of the C9ORF72 gene. Pursuant to this agreement, the Company agreed to work with Pfizer on a research program to identify, characterize and preclinically develop ZF-transcriptional regulators that bind to and specifically reduce expression of the mutant form of the C9ORF72 gene.

Subject to the terms of this agreement, the Company granted Pfizer (now Alexion) an exclusive, royalty-bearing, worldwide license under the Company’s relevant patents and know-how to develop, manufacture and commercialize gene therapy products that use resulting ZF-transcriptional regulators that satisfy pre-agreed criteria. During a specified period, neither the Company nor Alexion will be permitted to research, develop, manufacture or commercialize outside of the collaboration any zinc finger proteins (“ZFPs”) that specifically bind to the C9ORF72 gene.

Unless earlier terminated, the agreement has a term that continues on a per licensed product and per country basis until the later of (i) the expiration of patent claims that cover the licensed product in a country, (ii) the expiration of regulatory exclusivity for a licensed product in a country, and (iii) 15 years after the first commercial sale of a licensed product in a major market country. Alexion also has the right to terminate the agreement without cause in its entirety or on a per product or per country basis. The agreement may also be terminated by either party based on an uncured material breach by the other party or the bankruptcy of the other party. Upon termination for any reason, the license granted by the Company to Alexion to develop, manufacture and commercialize licensed products under the agreement will automatically terminate. Upon termination by the Company for cause or by Alexion without cause for any licensed product or licensed products in any country or countries, the Company will have the right to negotiate with Alexion to obtain a non-exclusive, royalty-bearing license under certain technology controlled by Alexion to develop, manufacture and commercialize the licensed product or licensed products in the terminated country or countries.

Following termination by the Company for Alexion’s material breach, Alexion will not be permitted to research, develop, manufacture or commercialize ZFPs that specifically bind to the C9ORF72 gene for a period of time. Following termination by Alexion for the Company’s material breach, the Company will not be permitted to research, develop, manufacture or commercialize ZFPs that specifically bind to the C9ORF72 gene for a period of time.

The Company received a $12.0 million upfront payment from Pfizer and is eligible to receive up to $60.0 million in development milestone payments from Alexion contingent on the achievement of specified preclinical development, clinical development and first commercial sale milestones, and up to $90.0 million in commercial milestone payments if annual

worldwide net sales of the licensed products reach specified levels. In addition, Alexion will pay the Company royalties of 14% - 20% of the annual worldwide net sales of the licensed products. These royalty payments are subject to reduction due to patent expiration, entry of biosimilar products to the market and payments made under certain licenses for third-party intellectual property. Each party is responsible for the cost of its performance of the research program. Alexion is operationally and financially responsible for subsequent development, manufacturing and commercialization of the licensed products. To date, a milestone of $5.0 million has been achieved and paid, however no products have been approved and therefore no royalty fees have been earned under the C9ORF72 agreement.

The Company assessed the agreement with Alexion in accordance with ASC Topic 606 and concluded that Alexion was a customer. The Company completed its performance obligations and recognized the amounts included in the transaction price of $17.0 million during the periods through December 31, 2020. No revenue was recognized during the three months ended March 31, 2024 and 2023. The remaining development milestone amounts have not been included in the transaction price and have not been recognized as their achievement is dependent on the progress and outcomes of Alexion’s development activities and is therefore uncertain. If and when these milestones become probable of being achieved, they will be recognized in full at that time. Sales related milestones and royalties are not recognized until triggered based on the contractual terms.

In October 2023, Pfizer notified the Company of Pfizer’s assignment of the collaboration and license agreement to Alexion, AstraZeneca Rare Disease, pursuant to a definitive purchase and license agreement for preclinical gene therapy assets and enabling technologies that closed on September 20, 2023.

Other Collaboration and License Agreements

During the three months ended March 31, 2024, the Company also had a collaboration and license agreement with Kite. During the three months ended March 31, 2023, in addition to the agreement with Kite, the Company had collaboration and license agreements with Novartis Institutes for BioMedical Research, Inc. (“Novartis”), and Biogen MA, Inc. (“Biogen”). These collaboration agreements were designed for the research, development, and commercialization of various potential therapy products, including potential engineered cell therapies for cancer and gene regulation therapies to treat neurodevelopmental disorders and diseases. The collaboration agreements with Novartis and Biogen were both terminated effective June 2023. The Company’s services under the Kite collaboration agreement were completed during the year ended December 31, 2023, and the agreement expired pursuant to its terms in April 2024.

The Company assessed each of these collaboration agreements in accordance with ASC Topic 606, concluding Kite, Novartis and Biogen were customers.

Revenues recognized under these agreements were as follows (in thousands):


	Three Months Ended March 31,
	2024		2023
Revenue related to Kite agreement:
Recognition of license fee fixed consideration	$	—	$	11,440
Research services variable consideration	—		868
Total	$	—	$	12,308

Revenue related to Novartis agreement:
Recognition of upfront license fee	$	—	$	7,696
Research services	—		2,059
Total	$	—	$	9,755

Revenue related to Biogen agreement:
Recognition of license and other fixed consideration	$	—	$	130,630
Cost-sharing payments for research services, net variable consideration	—		1,672
Total	$	—	$	132,302

Revenue from other license agreements	$	481	$	3,592
Total revenue	$	481	$	157,957

As of March 31, 2024 and December 31, 2023, the Company had no receivables, no deferred revenue, and no amounts included in transaction price remaining to be recognized related to any license and collaboration agreements.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Operating Activities:
Net (loss) income	$ (49,089)	$ 21,133
Adjustments to reconcile net loss to net cash used in operating activities:
Impairment of long-lived assets	4,349	20,433
Depreciation and amortization	1,406	3,489
Accretion of discount on marketable securities	(273)	(1,048)
Amortization in operating lease right-of-use assets	1,120	2,092
Stock-based compensation	2,719	8,277
Impairment of goodwill	0	38,138
Net changes in operating assets and liabilities:
Interest receivable	354	(229)
Accounts receivable	232	(3,348)
Prepaid expenses and other assets	(783)	6,223
Accounts payable and other accrued liabilities	(4,939)	(1,905)
Accrued compensation and employee benefits	(2,559)	(8,599)
Lease liabilities	(1,218)	(1,212)
Other non-current liabilities	18	22
Deferred revenues	0	(149,766)
Net cash used in operating activities	(48,663)	(66,300)
Investing Activities:
Purchases of marketable securities	0	(36,225)
Maturities of marketable securities	1,110	82,153
Sales of marketable securities	34,730	0
Purchases of property and equipment	0	(10,200)
Net cash provided by investing activities	35,840	35,728
Financing Activities:
Taxes paid related to net share settlement of equity awards	(402)	(1,109)
Net cash provided by financing activities	22,122	8,002
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(670)	367
Net increase (decrease) in cash, cash equivalents, and restricted cash	8,629	(22,203)
Cash, cash equivalents, and restricted cash, beginning of period	46,704	101,944
Cash, cash equivalents, and restricted cash, end of period	55,333	79,741
Supplemental cash flow disclosures:
Offering expenses in relation to issuance of common stock included in unpaid liabilities	736	0
Property and equipment included in unpaid liabilities	460	5,184
Direct offering
Financing Activities:
Proceeds from issuance of common stock, net of offering expenses	22,524	0
At the Market Offering
Financing Activities:
Proceeds from issuance of common stock, net of offering expenses	$ 0	$ 9,111

ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Change in Accounting Estimate [Line Items]
Letter of credit established as a deposit		$ 900
Cash and cash equivalents	$ 78,241	$ 54,417	$ 45,204	$ 100,444
Kite Pharma, Inc. \| Change In Agreement Estimate, March 2023
Change in Accounting Estimate [Line Items]
Increase in revenue	8,900
Decrease in net loss	$ 8,900
Decreased net loss per share, basic (in dollars per share)	$ 0.06
Decreased net loss per share, diluted (in dollars per share)	$ 0.05

ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Revenues from Strategic Partnering Collaboration And Licensing Agreements (Details) - Revenue from contract with customer - Customer concentration risk	3 Months Ended
	Mar. 31, 2023
Other license agreements
Concentration Risk [Line Items]
Percentage of revenues	2.00%
Biogen MA, Inc.
Concentration Risk [Line Items]
Percentage of revenues	84.00%
Kite Pharma, Inc.
Concentration Risk [Line Items]
Percentage of revenues	8.00%
Novartis Institutes for BioMedical Research, Inc.
Concentration Risk [Line Items]
Percentage of revenues	6.00%

MAJOR CUSTOMERS, PARTNERSHIPS AND STRATEGIC ALLIANCES - Revenues Recognized under Agreement (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023
Revenue related to Sanofi agreement:
Revenues	$ 481	$ 157,957
Kite Pharma, Inc.
Revenue related to Sanofi agreement:
Revenues	0	12,308
Kite Pharma, Inc. \| License
Revenue related to Sanofi agreement:
Revenues	0	11,440
Kite Pharma, Inc. \| Service
Revenue related to Sanofi agreement:
Revenues	0	868
Novartis Institutes for BioMedical Research, Inc.
Revenue related to Sanofi agreement:
Revenues	0	9,755
Novartis Institutes for BioMedical Research, Inc. \| License
Revenue related to Sanofi agreement:
Revenues	0	7,696
Novartis Institutes for BioMedical Research, Inc. \| Service
Revenue related to Sanofi agreement:
Revenues	0	2,059
Biogen MA, Inc.
Revenue related to Sanofi agreement:
Revenues	0	132,302
Biogen MA, Inc. \| License
Revenue related to Sanofi agreement:
Revenues	0	130,630
Biogen MA, Inc. \| Service
Revenue related to Sanofi agreement:
Revenues	0	1,672
Other license agreements \| License
Revenue related to Sanofi agreement:
Revenues	$ 481	$ 3,592

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4

+ Details

STOCK-BASED COMPENSATION - Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2024	Mar. 31, 2023	Apr. 08, 2024
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	$ 2,719	$ 8,277
Subsequent Event \| Direct offering \| Pre-funded warrants
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Number of new stock issued during the period (in shares)			3,809,523
Research and development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	1,385	4,873
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	$ 1,334	$ 3,404

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Dec. 31, 2022		166,793,320
Beginning balance at Dec. 31, 2022	$ 294,958	$ 1,668	$ 1,450,239	$ (1,148,545)	$ (8,404)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net of offering expenses (in shares)		3,962,430
Issuance of common stock, net of offering expenses	9,705	$ 40	9,665
Issuance of common stock upon exercise of stock options and vesting of restricted stock units, net of tax (in shares)		1,015,818
Issuance of common stock upon exercise of stock options and vesting of restricted stock units, net of tax	(1,109)	$ 10	(1,119)
Stock-based compensation	8,277		8,277
Foreign currency translation adjustment	2,045				2,045
Net pension gain (losses)	(3)				(3)
Net unrealized (loss) gain on marketable securities, net of tax	604				604
Net (loss) income	21,133			21,133
Ending balance (in shares) at Mar. 31, 2023		171,771,568
Ending balance at Mar. 31, 2023	335,610	$ 1,718	1,467,062	(1,127,412)	(5,758)
Beginning balance (in shares) at Dec. 31, 2023		178,133,548
Beginning balance at Dec. 31, 2023	82,887	$ 1,781	1,492,077	(1,406,376)	(4,595)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock, net of offering expenses (in shares)		24,761,905
Issuance of common stock, net of offering expenses	21,788	$ 248	21,540
Issuance of common stock upon exercise of stock options and vesting of restricted stock units, net of tax (in shares)		790,633
Issuance of common stock upon exercise of stock options and vesting of restricted stock units, net of tax	(402)	$ 8	(410)
Stock-based compensation	2,719		2,719
Foreign currency translation adjustment	(980)				(980)
Net pension gain (losses)	7				7
Net unrealized (loss) gain on marketable securities, net of tax	(233)				(233)
Net (loss) income	(49,089)			(49,089)
Ending balance (in shares) at Mar. 31, 2024		203,686,086
Ending balance at Mar. 31, 2024	$ 56,697	$ 2,037	$ 1,515,926	$ (1,455,465)	$ (5,801)

CASH EQUIVALENTS AND MARKETABLE SECURITIES - Summary of Available-for-Sale Securities by Contractual Maturity (Details) $ in Thousands	Dec. 31, 2023 USD ($)
Investments, Debt and Equity Securities [Abstract]
Maturing in one year or less	$ 10,855
Maturing after one year through five years	24,943
Total	$ 35,798

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Exercise of Pre-funded Warrants On April 8, 2024, the Company issued an aggregate of 3,809,523 shares of common stock at an exercise price of $0.01 to an investor upon exercise of pre-funded warrants issued as part of the Registered Direct Offering. Following this issuance, none of the pre-funded warrants sold in the Registered Direct Offering remain outstanding. Nasdaq Deficiency Notice On April 24, 2024, the Company received a deficiency notice (the “Notice”) from the Listing Qualifications Staff of The Nasdaq Stock Market LLC (“Nasdaq”) notifying the Company that, for the last 30 consecutive business days, the bid price of the Company’s common stock had closed below $1.00 per share, the minimum closing bid price required by the continued listing requirements of Nasdaq Listing Rule 5450(a)(1). The Notice has no immediate effect on the listing of the Company’s common stock on the Nasdaq Global Select Market.

SUBSEQUENT EVENTS (Details) - $ / shares	Apr. 09, 2024	Apr. 08, 2024	Mar. 26, 2024
Subsequent Event [Line Items]
Common stock par value (in dollars per share)			$ 0.01
Subsequent Event \| Direct offering \| Pre-funded warrants
Subsequent Event [Line Items]
Number of new stock issued during the period (in shares)		3,809,523
Common stock par value (in dollars per share)		$ 0.01
Warrants outstanding (in shares)	0

BASIC AND DILUTED NET (LOSS) INCOME PER SHARE

3 Months Ended

Mar. 31, 2024

Earnings Per Share [Abstract]

BASIC AND DILUTED NET (LOSS) INCOME PER SHARE

Basic net (loss) income per share has been computed by dividing net (loss) income by the weighted-average number of shares of common stock outstanding during the period. Diluted net (loss) income per share is calculated by dividing net (loss) income by the weighted-average number of shares of common stock plus potentially dilutive securities outstanding during the period. Potential shares of common stock exercisable for little or no consideration are included in both basic and diluted weighted-average number of shares of common stock outstanding. During the three months ended March 31, 2024, both basic and diluted weighted-average number of shares outstanding included 251,177 shares from pre-funded warrants to purchase 3,809,523 shares of common stock with an exercise price of $0.01 per share.

The components of basic and diluted net (loss) income per share are as follows (in thousands, except per share amounts):


	Three Months Ended March 31,
	2024		2023
Numerator:
Net (loss) income	$	(49,089)	$	21,133
Denominator:
Basic:
Weighted average number of common shares outstanding - basic	180,342		168,533
Diluted:
Weighted average number of common shares outstanding - basic	180,342		168,533

Dilutive effect of restricted stock units	—		300
Dilutive effect of common stock pursuant to employee stock purchase plan	—		348
Weighted average number of common shares outstanding - diluted	180,342		169,181
Net (loss) income per share:
Basic	$	(0.27)	$	0.13
Diluted	$	(0.27)	$	0.12

Warrants to purchase shares of common stock with the exercise price of $1.00 per share entitle holders to participate in dividends but are not required to absorb losses incurred and as a result were excluded from basic net loss per share calculations during the three months ended March 31, 2024. The computation of diluted net loss per share for the three months ended March 31, 2024 excluded 55.6 million shares subject to stock options, restricted stock units outstanding, warrants to purchase common stock, and the employee stock purchase plan shares reserved for issuance because their inclusion would have had an anti-dilutive effect on diluted net loss per share. The computation of diluted net income per share for the three months ended March 31, 2023 excluded 14.7 million shares subject to stock options because their inclusion would have had an anti-dilutive effect on diluted net income per share.

RESTRUCTURING CHARGES (Tables)

3 Months Ended

Mar. 31, 2024

Restructuring and Related Activities [Abstract]

Schedule of Accrued Restructuring Costs


	Three Months Ended March 31, 2024
Balance at December 31, 2023	$	11,733
Restructuring charges	911
Cash payments	(5,172)

Balance at March 31, 2024	$	7,472

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2024	May 06, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2024
Document Transition Report	false
Entity File Number	000-30171
Entity Registrant Name	SANGAMO THERAPEUTICS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	68-0359556
Entity Address, Address Line One	501 Canal Blvd.
Entity Address, City or Town	Richmond
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94804
City Area Code	510
Local Phone Number	970-6000
Title of 12(b) Security	Common Stock, par value $0.01 per share
Trading Symbol	SGMO
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		207,510,076
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001001233
Current Fiscal Year End Date	--12-31

MAJOR CUSTOMERS, PARTNERSHIPS AND STRATEGIC ALLIANCES - Pfizer Inc. (Details) $ in Millions	1 Months Ended		12 Months Ended	76 Months Ended	83 Months Ended
	Dec. 31, 2017 USD ($)	May 31, 2017 USD ($)	Dec. 31, 2020 USD ($)	Mar. 31, 2024 USD ($) milestone product	Mar. 31, 2024 USD ($) milestone
Pfizer Inc.
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Agreement termination, term		15 years
Pfizer Inc. \| S B Five Two Five And Other Products
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Revenues under agreement		$ 70.0
Potential amount to be funded for achievement of specified commercialized and sales milestones		266.5
Pfizer Inc. \| S B Five Two Five And Other Products \| Achievement of specified clinical development intellectual property and regulatory milestones
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Development and sales-based milestone payments to be received		208.5
Pfizer Inc. \| S B Five Two Five
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Milestone revenue receivable		220.0
Pfizer Inc. \| Other products
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Milestone revenue receivable		$ 175.0
Pfizer Inc. \| License \| Minimum
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Percentage of net sales per developed licensed product which will trigger royalties by counterparty		14.00%
Pfizer Inc. \| License \| Maximum
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Percentage of net sales per developed licensed product which will trigger royalties by counterparty		20.00%
Pfizer SB-525
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Collaborative arrangement transaction price			$ 134.0
Pfizer SB-525 \| S B Five Two Five And Other Products
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Collaborative arrangement, number of milestones achieved \| milestone					2
Milestone payments received					$ 55.0
Alexion Pharmaceuticals, Inc., AstraZeneca Rare Disease
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Agreement termination, term	15 years
Alexion Pharmaceuticals, Inc., AstraZeneca Rare Disease \| License \| Minimum
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Percentage of net sales per developed licensed product which will trigger royalties by counterparty	14.00%
Alexion Pharmaceuticals, Inc., AstraZeneca Rare Disease \| License \| Maximum
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Percentage of net sales per developed licensed product which will trigger royalties by counterparty	20.00%
Alexion Pharmaceuticals, Inc., AstraZeneca Rare Disease \| C9ORF72
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Milestone payments received	$ 12.0			$ 5.0
Collaborative arrangement transaction price	17.0
Number of products approved \| product				0
Number of milestones included in transaction price \| milestone				0
Alexion Pharmaceuticals, Inc., AstraZeneca Rare Disease \| C9ORF72 \| Achievement Of Specified Preclinical Development Clinical Development And First Commercial Sale Milestones \| Maximum
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Development and sales-based milestone payments to be received	60.0
Alexion Pharmaceuticals, Inc., AstraZeneca Rare Disease \| C9ORF72 \| Achievement Of Commercial Milestones \| Maximum
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Development and sales-based milestone payments to be received	$ 90.0

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 54,417	$ 45,204
Restricted cash	916	0
Marketable securities	0	35,798
Accounts receivable	691	923
Prepaid expenses and other current assets	12,612	12,403
Total current assets	68,636	94,328
Property and equipment, net	22,017	26,874
Operating lease right-of-use assets	20,935	25,991
Refundable research income tax credits and other non-current assets	17,373	16,627
Restricted cash	0	1,500
Total assets	128,961	165,320
Current liabilities:
Accounts payable	15,468	15,259
Accrued compensation and employee benefits	6,300	8,918
Other accrued liabilities	18,474	23,554
Total current liabilities	40,242	47,731
Long-term portion of lease liabilities	30,817	33,515
Other non-current liabilities	1,205	1,187
Total liabilities	72,264	82,433
Commitments and contingencies
Stockholders’ equity:
Preferred stock	0	0
Common stock	2,037	1,781
Additional paid-in capital	1,515,926	1,492,077
Accumulated deficit	(1,455,465)	(1,406,376)
Accumulated other comprehensive loss	(5,801)	(4,595)
Total stockholders’ equity	56,697	82,887
Total liabilities and stockholders’ equity	$ 128,961	$ 165,320

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Thousands	Mar. 31, 2024	Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities		$ 35,798
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	$ 8,956	2,508
U.S. government-sponsored entity debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities		22,566
Commercial paper securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities		2,826
Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities		1,405
Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities		2,377
U.S. treasury bills
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities		5,593
Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities		1,031
Fair value on recurring basis
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	8,956	2,508
Total marketable securities		35,798
Total cash equivalents and marketable securities		38,306
Fair value on recurring basis \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	8,956	2,508
Fair value on recurring basis \| U.S. government-sponsored entity debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities		22,566
Fair value on recurring basis \| Commercial paper securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities		2,826
Fair value on recurring basis \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities		1,405
Fair value on recurring basis \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities		2,377
Fair value on recurring basis \| U.S. treasury bills
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities		5,593
Fair value on recurring basis \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities		1,031
Fair value on recurring basis \| Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	8,956	2,508
Total marketable securities		0
Total cash equivalents and marketable securities		2,508
Fair value on recurring basis \| Level 1 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	8,956	2,508
Fair value on recurring basis \| Level 1 \| U.S. government-sponsored entity debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities		0
Fair value on recurring basis \| Level 1 \| Commercial paper securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities		0
Fair value on recurring basis \| Level 1 \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities		0
Fair value on recurring basis \| Level 1 \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities		0
Fair value on recurring basis \| Level 1 \| U.S. treasury bills
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities		0
Fair value on recurring basis \| Level 1 \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities		0
Fair value on recurring basis \| Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	0	0
Total marketable securities		35,798
Total cash equivalents and marketable securities		35,798
Fair value on recurring basis \| Level 2 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	0	0
Fair value on recurring basis \| Level 2 \| U.S. government-sponsored entity debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities		22,566
Fair value on recurring basis \| Level 2 \| Commercial paper securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities		2,826
Fair value on recurring basis \| Level 2 \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities		1,405
Fair value on recurring basis \| Level 2 \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities		2,377
Fair value on recurring basis \| Level 2 \| U.S. treasury bills
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities		5,593
Fair value on recurring basis \| Level 2 \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities		1,031
Fair value on recurring basis \| Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	0	0
Total marketable securities		0
Total cash equivalents and marketable securities		0
Fair value on recurring basis \| Level 3 \| Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total cash equivalents	$ 0	0
Fair value on recurring basis \| Level 3 \| U.S. government-sponsored entity debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities		0
Fair value on recurring basis \| Level 3 \| Commercial paper securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities		0
Fair value on recurring basis \| Level 3 \| Corporate debt securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities		0
Fair value on recurring basis \| Level 3 \| Asset-backed securities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities		0
Fair value on recurring basis \| Level 3 \| U.S. treasury bills
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities		0
Fair value on recurring basis \| Level 3 \| Certificates of deposit
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total marketable securities		$ 0