0001628280-26-035067 | 10-Q | XBRL Viewer

CASH EQUIVALENTS

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

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


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
March 31, 2026
Assets
Cash equivalents:
Money market funds	$	4,360	$	—	$	—	$	4,360











Total cash equivalents	$	4,360	$	—	$	—	$	4,360

December 31, 2025
Assets
Cash equivalents:
Money market funds	$	3,592	$	—	$	—	$	3,592










Total cash equivalents	$	3,592	$	—	$	—	$	3,592

FAIR VALUE MEASUREMENTS	3 Months Ended
FAIR VALUE MEASUREMENTS	Mar. 31, 2026
Fair Value Disclosures [Abstract]
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). The Company had no marketable securities as of March 31, 2026 and December 31, 2025. The Company had cash equivalents in the form of deposits in money market accounts, which were identified as Level 1 within the fair value hierarchy, amounting to $4.4 million and $3.6 million as of March 31, 2026 and December 31, 2025, respectively.

- 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.

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+ Details

SEGMENT INFORMATION

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

SEGMENT INFORMATION

The Company has identified its Chief Executive Officer as the chief operating decision maker (“CODM”). Management uses one measure of profitability and does not segregate the Company’s business for internal reporting. Operating results and assets are reviewed by the CODM primarily at the consolidated entity level for purposes of making resource allocation decisions and for evaluating financial performance. Accordingly, the Company has a single operating and reportable segment comprising all of the Company’s operations.

The key measure of segment profit and loss that the CODM uses to allocate resources and assess performance is the Company’s net loss. The CODM uses net loss to assess the Company’s ongoing financial needs in relation to current resources in assessing performance and allocating resources.

The table below details the Company’s revenues, significant expenses, and other segment items and reconciles those amounts to the Company’s consolidated net loss as computed under U.S. GAAP in the accompanying Condensed Consolidated Statements of Operations:


	Three Months Ended March 31,
	2026		2025



Revenues	$	1,442	$	6,437
Less:
Research and development (*)	11,840		15,111
General and administrative (*)	6,396		9,268
Clinical manufacturing operations (*)	12,948		9,656


Stock-based compensation	992		2,596
Other segment items (**)	261		403
Net loss	$	(30,995)	$	(30,597)

(*) Research and development, general and administrative, and clinical manufacturing operations expenses include depreciation and amortization expense, which is included in the Company’s Condensed Consolidated Statements of Cash Flows.

(**) Other segment items include restructuring charges, interest income, other income (expense), net, and income tax expense.

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

FAIR VALUE MEASUREMENTS (Details) - USD ($) $ in Millions	Mar. 31, 2026	Dec. 31, 2025
Money market funds \| Fair Value, Inputs, Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents, fair value disclosure	$ 4.4	$ 3.6

MAJOR CUSTOMERS, PARTNERSHIPS AND STRATEGIC ALLIANCES - Genentech, Inc. (Details)	1 Months Ended	3 Months Ended
	Aug. 31, 2024 USD ($) performanceObligation	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)	Oct. 31, 2024 USD ($)
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Deferred revenues		$ 402,000		$ 899,000
Revenues		1,442,000	$ 6,437,000
Genentech, Inc.
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Royalty obligation (in years)	10 years
License \| Genentech, Inc.
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Contract with customer liability	$ 40,000,000.0				$ 10,000,000.0
Variable consideration amount	1,900,000,000
Remaining performance obligation amount	$ 50,000,000.0
Number of performance obligations \| performanceObligation	2
Deferred revenues		0
Revenues		$ 0	$ 0
License, Technology Transfer \| Genentech, Inc.
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Contract with customer liability	$ 10,000,000.0

SEGMENT INFORMATION (Details) - USD ($) $ in Thousands	3 Months Ended
SEGMENT INFORMATION (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Segment Reporting Information [Line Items]
Revenues	$ 1,442	$ 6,437
Less:
Research and development	26,570	26,006
General and administrative	6,818	10,059
Stock-based compensation	992	2,596
Net (loss) income	(30,995)	(30,597)
Reportable Segment
Segment Reporting Information [Line Items]
Revenues	1,442	6,437
Less:
Research and development	11,840	15,111
General and administrative	6,396	9,268
Clinical manufacturing operations	12,948	9,656
Stock-based compensation	992	2,596
Other segment items	261	403
Net (loss) income	$ (30,995)	$ (30,597)

BASIC AND DILUTED NET LOSS PER SHARE	3 Months Ended
BASIC AND DILUTED NET LOSS PER SHARE	Mar. 31, 2026
Earnings Per Share [Abstract]
BASIC AND DILUTED NET LOSS PER SHARE	BASIC AND DILUTED NET LOSS PER SHARE Basic net loss per share has been computed by dividing net loss by the weighted-average number of shares of common stock outstanding during the period. Diluted net loss per share is calculated by dividing net loss 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, 2026 and 2025, basic and diluted weighted-average number of shares outstanding were 389.6 million and 220.3 million shares, respectively. During the three months ended March 31, 2026, basic and diluted weighted-average number of shares outstanding included pre-funded warrants to purchase 17.8 million shares of common stock with an exercise price of $0.01 per share. The Company’s outstanding warrants to purchase shares of common stock 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, 2026 and 2025. The computation of diluted net loss per share for the three months ended March 31, 2026 and 2025 excluded 146.5 million and 55.3 million shares, respectively, subject to outstanding stock options, restricted stock units and warrants to purchase shares of common stock, and the shares reserved for issuance under the Company’s employee stock purchase plan because their inclusion would have had an anti-dilutive effect on diluted net loss per share.

MAJOR CUSTOMERS, PARTNERSHIPS AND STRATEGIC ALLIANCES - Alexion Pharmaceuticals, Inc., AstraZeneca Rare Disease (Details)	1 Months Ended	3 Months Ended		37 Months Ended	100 Months Ended
	Dec. 31, 2017 USD ($)	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)	Dec. 31, 2020 USD ($)	Mar. 31, 2026 USD ($) milestone product
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Revenues		$ 1,442,000	$ 6,437,000
Alexion Pharmaceuticals, Inc., AstraZeneca Rare Disease
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Agreement termination, term (in years)	15 years
Alexion Pharmaceuticals, Inc., AstraZeneca Rare Disease \| License
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Milestone payments received	$ 12,000,000.0				$ 5,000,000.0
Number of products approved \| product					0
Number of milestones included in transaction price \| milestone					0
Collaborative arrangement transaction price				$ 17,000,000.0
Revenues		$ 0	$ 0
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 (as a percent)	20.00%
Alexion Pharmaceuticals, Inc., AstraZeneca Rare Disease \| License \| Maximum \| Achievement Of Specified Preclinical Development Clinical Development And First Commercial Sale Milestones
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Development and sales-based milestone payments to be received	$ 60,000,000.0
Alexion Pharmaceuticals, Inc., AstraZeneca Rare Disease \| License \| Maximum \| Achievement Of Commercial Milestones
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Development and sales-based milestone payments to be received	$ 90,000,000.0
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 (as a percent)	14.00%

MAJOR CUSTOMERS, PARTNERSHIPS AND STRATEGIC ALLIANCES - Astellas Gene Therapies, Inc. (Details)	1 Months Ended		3 Months Ended
	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($) target indication	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Revenues			$ 1,442,000	$ 6,437,000
Astellas Gene Therapies, Inc.
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Royalty obligation, term (in years)		10 years
License \| Astellas Gene Therapies, Inc.
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Number of additional targets \| target		4
Number of indications per target \| indication		3
Agreement term (in years)		3 years
Contract with customer liability		$ 20,000,000.0
Variable consideration amount		$ 1,300,000,000
Number of targets \| target		5
Initial License \| Astellas Gene Therapies, Inc.
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Contract with customer liability		$ 6,500,000
Revenues	$ 7,600,000	6,500,000
Additional Licenses \| Astellas Gene Therapies, Inc.
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Contract with customer liability		$ 13,500,000	5,900,000
Revenues			$ 0	$ 0
Underlying options, exercise or expiration term (in years)		3 years

ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Cash and Cash Equivalents and Reconciliation of Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 27,586	$ 20,948	$ 25,180	$ 41,918
Non-current restricted cash	0	0	1,500	1,500
Cash, cash equivalents, and restricted cash as reported within the Condensed Consolidated Statements of Cash Flows	$ 27,586	$ 20,948	$ 26,680	$ 43,418

ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Mar. 31, 2026
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.
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 the 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, fair value of assets and liabilities, 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 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. Some performance obligations in the Company’s collaboration agreements represent distinct bundles of licenses of intellectual property and research and development services, with these components being individually non-distinct as the customer cannot benefit from the licenses independently from the research and development activities. In some instances, the Company has determined that the customer can benefit from the licensed intellectual property separately from the research and development activities, and the licenses of intellectual property and research and development services are individual distinct performance obligations. 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 grants of licenses to intellectual property that are distinct and therefore separate performance obligations are recognized at the point in time when the license is effective and the Company has completed the transfer of a copy of the licensed intellectual property to the customer. Revenues from distinct research and development services as well as from distinct bundles of licenses of intellectual property and research and development services, are generally 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 the level of effort incurred, which includes the value of actual time by Company researchers plus third-party cost reimbursements. When research and development services do not meet the criteria for recognition over time, revenue is recognized once the customer has received control of the specified services, e.g. when the requisite deliverables are provided. Consideration allocated to options that represent 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 obligations. 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 standalone selling price of each performance obligation identified in the contract. The Company uses key assumptions to determine the standalone 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.
Impairment	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. Recoverability is tested 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. The Company reassesses the composition of its asset groups whenever there are changes in its operations that affect whether the cash flows associated with assets included in asset groups are largely independent. If the impairment review indicates that the carrying amount of an 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 cannot 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, business climate or operational performance of the business, and sustained decline in the Company’s stock price and market capitalization compared to the net book value. Determining the fair values of an asset group and of individual assets 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 and deposits in money market accounts.
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 incremental borrowing 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 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.
Accounts payable	Accounts payable comprise of trade payables due within 12 months from the balance sheet date. The Company maintains agreements for extended credit terms with certain vendors which require periodic installment payments. As the deferral period is less than 12 months, these arrangements with vendors are classified within current accounts payable. Interest and similar charges are recognized as interest expense in the accompanying Condensed Consolidated Statements of Operations.
Foreign Currency Transaction	The functional currency of the Company’s foreign subsidiaries is primarily the Euro. Assets and liabilities denominated in foreign currencies are translated to U.S. dollars using the exchange rates at the balance sheet date. Foreign currency translation adjustments are recorded as a component of accumulated other comprehensive loss within stockholders’ equity. Revenues and expenses from the Company’s foreign subsidiaries are translated using the monthly average exchange rates in effect during the period in which the transactions occur.
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 Topic 480, Distinguishing Liabilities from Equity (“ASC Topic 480”). Under ASC Topic 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 warrants, are not required to be classified as liabilities under ASC Topic 480, the Company assesses whether such instruments are indexed to the Company’s own stock under ASC Topic 815-40, Derivatives and Hedging. 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. Warrants classified as equity are generally measured using the Black-Scholes valuation model on the date of issuance. Warrants classified as liabilities are remeasured at any reporting date using valuation models consistent with their terms, with changes recognized in earnings. The Company assesses warrant modifications or exchanges of equity-classified warrants that remain classified as equity in accordance with ASC Topic 815-40 to determine the nature of the transaction the modification or exchange is related to (e.g., an asset or expense purchased, a financing, or another arrangement). The Company recognizes the increase in the value of the warrants in the modification based on the nature of the underlying transaction, as expense, financing issuance cost, or deemed dividend.
Segments	The Company operates in one segment. Management uses a single measure of net loss for its single reportable segment and does not segregate its business for internal reporting.
Recent Accounting Pronouncements	Recently Adopted In July 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”), which provides a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset in developing reasonable and supportable forecasts during the application of the current expected credit loss model for current accounts receivable and current contract assets arising from transactions under ASC Topic 606. The Company adopted ASU 2025-05 as of January 1, 2026 and elected the practical expedient to assume that current conditions at the balance‑sheet date do not change for the remaining life of the asset when developing an estimate of expected credit losses on accounts receivable. The adoption of this standard did not materially impact the Company’s financial statements. Not Yet Adopted In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), which requires disaggregated disclosure of certain costs and expenses on an interim and annual basis. ASU 2024-03, as amended by ASU 2025-01, is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The disclosure updates are required to be applied prospectively with the option for retrospective application. The Company is currently evaluating the impact of adopting ASU 2024-03.
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).

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Mar. 31, 2026
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Cover - shares	3 Months Ended
Cover - shares	Mar. 31, 2026	May 11, 2026
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Mar. 31, 2026
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	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		414,288,847
Amendment Flag	false
Document Fiscal Year Focus	2026
Document Fiscal Period Focus	Q1
Entity Central Index Key	0001001233
Current Fiscal Year End Date	--12-31

CASH EQUIVALENTS - (Tables)

3 Months Ended

Mar. 31, 2026

Investments, Debt and Equity Securities [Abstract]

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, 2026		December 31, 2025		March 31, 2025		December 31, 2024
Cash and cash equivalents	$	27,586	$	20,948	$	25,180	$	41,918

Non-current restricted cash	—		—		1,500		1,500
Cash, cash equivalents, and restricted cash as reported within the Condensed Consolidated Statements of Cash Flows	$	27,586	$	20,948	$	26,680	$	43,418

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


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
March 31, 2026
Assets
Cash equivalents:
Money market funds	$	4,360	$	—	$	—	$	4,360











Total cash equivalents	$	4,360	$	—	$	—	$	4,360

December 31, 2025
Assets
Cash equivalents:
Money market funds	$	3,592	$	—	$	—	$	3,592










Total cash equivalents	$	3,592	$	—	$	—	$	3,592

ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Revenue from Strategic Partnering Collaboration Agreements and Research Activity Grants as a Percentage of Total Revenues (Details) - Revenue from contract with customer - Customer concentration risk	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Sigma-Aldrich Corporation
Concentration Risk [Line Items]
Percentage of revenues	37.00%	21.00%
Miltenyi Biotec B.V. & Co. KG
Concentration Risk [Line Items]
Percentage of revenues	35.00%	0.00%
Eli Lilly and Company
Concentration Risk [Line Items]
Percentage of revenues	19.00%	0.00%
Pfizer Inc.
Concentration Risk [Line Items]
Percentage of revenues	0.00%	78.00%
Other license agreements
Concentration Risk [Line Items]
Percentage of revenues	9.00%	1.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

- Definition

For an entity that discloses a concentration risk in relation to quantitative amount, which serves as the "benchmark" (or denominator) in the equation, this concept represents the concentration percentage derived from the division.

+ References + Details

STOCK-BASED COMPENSATION (Tables)

3 Months Ended

Mar. 31, 2026

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,
	2026		2025
Research and development	$	563	$	1,238
General and administrative	429		1,358
Total stock-based compensation expense	$	992	$	2,596

MAJOR CUSTOMERS, PARTNERSHIPS AND STRATEGIC ALLIANCES - Pfizer Inc. (Details)		1 Months Ended	3 Months Ended		44 Months Ended	107 Months Ended
	Apr. 21, 2025 USD ($)	May 31, 2017 USD ($)	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)	Dec. 31, 2020 USD ($)	Mar. 31, 2026 USD ($) milestone
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Revenues			$ 1,442,000	$ 6,437,000
Agreement termination, consideration	$ 5,000,000.0
Pfizer Inc.
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Agreement termination, term (in years)		15 years
Pfizer Inc. \| License
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Revenues under agreement		$ 70,000,000.0
Potential amount to be funded for achievement of specified commercialized and sales milestones		$ 266,500,000
Collaborative arrangement, number of milestones achieved \| milestone						2
Milestone payments received						$ 55,000,000.0
Revenues			$ 0	$ 5,000,000.0	$ 134,000,000.0
Revenue, performance obligation, termination fee, payable term (in days)	60 days
Revenue, performance obligation, termination fee, payable term if sublicense transfers (in days)	30 days
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 (as a percent)		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 (as a percent)		20.00%
Pfizer Inc. \| License \| 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		$ 208,500,000

STOCK-BASED COMPENSATION

3 Months Ended

Mar. 31, 2026

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,
	2026		2025
Research and development	$	563	$	1,238
General and administrative	429		1,358
Total stock-based compensation expense	$	992	$	2,596

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 27,586	$ 20,948
Accounts receivable	873	371
Refundable research income tax credits	5,491	10,142
Prepaid expenses and other current assets	3,164	4,369
Total current assets	37,114	35,830
Property and equipment, net	10,317	11,042
Operating lease right-of-use assets	2,905	3,064
Refundable research income tax credits, non-current	8,759	8,938
Other non-current assets	870	871
Total assets	59,965	59,745
Current liabilities:
Accounts payable	19,307	14,437
Accrued compensation and employee benefits	18,341	17,721
Other accrued liabilities	15,084	9,409
Deferred revenues	402	899
Total current liabilities	53,134	42,466
Deferred revenues, non-current	5,874	5,874
Long-term portion of lease liabilities	19,332	25,093
Other non-current liabilities	580	580
Total liabilities	78,920	74,013
Commitments and contingencies
Stockholders’ deficit:
Preferred stock	0	0
Common stock	4,143	3,507
Additional paid-in capital	1,637,659	1,610,938
Accumulated deficit	(1,658,244)	(1,627,249)
Accumulated other comprehensive loss	(2,513)	(1,464)
Total stockholders’ deficit	(18,955)	(14,268)
Total liabilities and stockholders’ deficit	$ 59,965	$ 59,745

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Statement of Comprehensive Income [Abstract]
Net loss	$ (30,995)	$ (30,597)
Foreign currency translation adjustment	(1,049)	1,912
Net pension gains	0	91
Comprehensive loss	$ (32,044)	$ (28,594)

- Definition

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.

+ References + Details

- Definition

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

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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

SUBSEQUENT EVENTS	3 Months Ended
SUBSEQUENT EVENTS	Mar. 31, 2026
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	SUBSEQUENT EVENTS Transfer to OTCQB Venture Market On April 28, 2026, the Company received a written notification (the “Delisting Notice”) from the Listing Qualifications Department (the “Staff”) of The Nasdaq Stock Market LLC (“Nasdaq”) of its determination to delist the Company’s common stock as a result of the Company’s ongoing failure to comply with Nasdaq’s minimum bid price requirement. On May 5, 2026, trading of the Company’s common stock on The Nasdaq Capital Market was suspended, and the common stock began trading on the OTCQB Venture Market, an over-the-counter market operated by OTC Markets Group, under its existing symbol “SGMO.” The Company has requested a hearing before a Nasdaq Hearings Panel (the “Panel”) pursuant to the procedures set forth in the Nasdaq Listing Rule 5800 Series for the purpose of appealing the Staff’s delisting determination. The hearing date has been set for June 9, 2026. Pursuant to Nasdaq Listing Rule 5815(a)(1)(B)(ii)(d), the Company’s timely request for a hearing has stayed delisting but did not stay the trading suspension of the Company’s common stock from The Nasdaq Capital Market. The Company’s common stock will remain suspended from trading on The Nasdaq Capital Market unless the Panel’s decision issued after the hearing ultimately determines to reinstate trading of the Company’s common stock on The Nasdaq Capital Market.

STOCKHOLDERS' EQUITY	3 Months Ended
STOCKHOLDERS' EQUITY	Mar. 31, 2026
Equity [Abstract]
STOCKHOLDERS' EQUITY	STOCKHOLDERS’ EQUITY At-the-Market Offering Program The Company is party to an Open Market Sale Agreement℠ with Jefferies LLC (“Jefferies”), as amended, 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 $325.0 million through Jefferies as the Company’s sales agent or principal. Approximately $129.5 million remained available under the sales agreement as of March 31, 2026. The Company sold 9.3 million and 9.5 million shares of its common stock for net proceeds of approximately $3.7 million and $10.4 million, respectively, during the three months ended March 31, 2026 and 2025. Issuance and Sale of Common Stock and Warrants 2026 Underwritten Offering On February 3, 2026, the Company entered into an underwriting agreement (the “2026 Underwriting Agreement”) with Cantor Fitzgerald & Co. and Wells Fargo Securities, LLC (the “Underwriters”), relating to the issuance and sale (the “2026 Offering”) of 35.2 million shares of common stock, and pre-funded warrants to purchase 17.8 million shares of common stock (the “2026 Pre-Funded Warrants”), together with accompanying warrants to purchase 53.0 million shares of common stock (the “2026 Common Warrants” and together with the 2026 Pre-Funded Warrants, the “2026 Warrants”). The common stock and 2026 Pre-Funded Warrants were sold in combination with an accompanying 2026 Common Warrant to purchase one share of common stock issued for each share of common stock or 2026 Pre-Funded Warrant sold. The combined offering price of each share of common stock and accompanying 2026 Common Warrant was $0.4719. The combined offering price of each 2026 Pre-Funded Warrant and accompanying 2026 Common Warrant was $0.4619. The 2026 Pre-Funded Warrants have an exercise price of $0.01 per share of common stock. The 2026 Common Warrants are exercisable at any time after August 4, 2026 with an exercise price of $0.4719 per share and expire in August 2031. The Company received aggregate net proceeds of $22.8 million, after deducting underwriting discounts and commissions of $1.5 million and other offering costs of $0.5 million. The 2026 Common Warrants and 2026 Pre-Funded Warrants were determined to be equity-classified. Accordingly, proceeds from the offering were allocated to common stock, the 2026 Common Warrants and 2026 Pre-Funded Warrants on a relative fair value basis and were recorded in stockholders’ equity. 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. In February 2026, the Company issued an aggregate of 15.4 million shares of common stock upon the exercise of 2026 Pre-Funded Warrants. In March 2026, the Company issued an aggregate of 2.4 million shares of common stock upon the exercise of 2026 Pre-Funded Warrants. Following these issuances, none of the 2026 Pre-Funded Warrants remain outstanding. The 2026 Common Warrants remained outstanding and unexercised as of March 31, 2026. In connection with the 2026 Offering, the Company entered into a warrant amendment (the “Warrant Amendment”), pursuant to which the Company agreed to reduce the exercise price of an outstanding common stock warrant originally issued in a registered direct offering in 2024 (the “2024 Offering”) and held by an investor who also participated in the 2026 Offering. The Warrant Amendment reduced the exercise price of the warrant to purchase 23.8 million shares of common stock from $1.00 to $0.4719 (the “Repriced Warrant”). The Repriced Warrant will become exercisable six months from the closing date of the 2026 Offering. In connection with the reduction in exercise price, the Company also agreed to extend the expiration date of the Repriced Warrant through August 2031. Other than as described herein, the terms of the Repriced Warrants remain the same and unchanged. The Warrant Amendment was considered an inducement to participate in the 2026 Offering, and the incremental value transferred of $1.3 million was recorded as additional paid-in capital and a reduction in the proceeds from the 2026 Offering. The Repriced Warrant remained outstanding and unexercised as of March 31, 2026. As of March 31, 2026, the Company had outstanding warrants to purchase 76.8 million shares of common stock with an exercise price of $0.4719 per share that expire in August 2031 (comprising the 53.0 million 2026 Common Warrants issued in the 2026 Offering and the 23.8 million Repriced Warrants originally issued in the 2024 Offering at an exercise price of $1.00 per share and subsequently repriced pursuant to the Warrant Amendment), warrants to purchase 46.6 million shares of common stock with an exercise price of $0.75 per share that expire in May 2031, and warrants to purchase 4.8 million shares of common stock with an exercise price of $1.00 per share that expire in September 2029 (representing the remaining warrants originally issued in the 2024 Offering that were not subject to the Warrant Amendment).

- Definition

The entire disclosure for equity.

+ References

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+ Details

ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Narrative (Details)	3 Months Ended
	Mar. 31, 2026 USD ($) segment	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 USD ($)
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 27,586,000	$ 25,180,000	$ 20,948,000	$ 41,918,000
Impairment recorded for long-lived assets	0	0
Letter of credit established as a deposit	1,500,000
(Loss) gain on foreign currency transaction	$ 700,000	$ (1,200,000)
Number of operating segments \| segment	1
Number of reportable segments \| segment	1

STOCKHOLDERS' EQUITY (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended		3 Months Ended		12 Months Ended
	Feb. 03, 2026	Mar. 31, 2026	Feb. 28, 2026	Mar. 31, 2026	Mar. 31, 2025	Dec. 31, 2024	Feb. 02, 2026
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Proceeds from issuance of common stock, net of offering expenses				$ 23,346	$ 0
Modification of warrants				$ 1,297
Common Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Issuance of common stock (in shares)					9,528,752
Issuance of common stock upon exercise of pre-funded warrants (in shares)		2,400,000	15,400,000	17,787,033
Additional Paid-in Capital
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Modification of warrants	$ 1,300			$ 1,297
Pre-funded warrants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of new stock issued during the period (in shares)		17,800,000		17,800,000
Warrants outstanding (in shares)		0		0
Warrant Expire In August 2031
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of new stock issued during the period (in shares)		76,800,000		76,800,000
Exercise price (in dollars per share)		$ 0.4719		$ 0.4719
Common warrants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Sale of stock, number of shares issued in transaction (in shares)						23,800,000
Number of new stock issued during the period (in shares)		53,000,000.0		53,000,000.0
Exercise price (in dollars per share)							$ 1.00
Repriced Warrants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of new stock issued during the period (in shares)		23,800,000		23,800,000
Exercise price (in dollars per share)	$ 0.4719	$ 1.00		$ 1.00
Warrant exercisable term (in months)	6 months
Warrant Expire In May 2031
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of new stock issued during the period (in shares)		46,600,000		46,600,000
Exercise price (in dollars per share)		$ 0.75		$ 0.75
Warrant Expire In September 2029
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of new stock issued during the period (in shares)		4,800,000		4,800,000
Exercise price (in dollars per share)		$ 1.00		$ 1.00
Direct offering
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Sale of stock, number of shares issued in transaction (in shares)	35,200,000
Number of shares of common stock for each Common warrant (in shares)	1
Proceeds from issuance of common stock, net of offering expenses	$ 22,800
Payments of stock issuance costs	1,500
Proceeds from other offering expenses	$ 500
Direct offering \| Pre-funded warrants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of new stock issued during the period (in shares)	17,800,000
Exercise price (in dollars per share)	$ 0.01
Direct offering \| Purchase Warrant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of new stock issued during the period (in shares)	53,000,000.0
Exercise price (in dollars per share)	$ 0.4719
Direct offering \| Common Stock And Purchase Warrant
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Sale of stock, price per share (in dollars per share)	0.4719
Direct offering \| Pre-Funded And Purchase Warrants
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Sale of stock, price per share (in dollars per share)	$ 0.4619
Jefferies LLC \| At-The-Market Offering Program
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock offering program, maximum value				$ 325,000
Stock offering program, remaining available amount		$ 129,500		$ 129,500
Issuance of common stock (in shares)				9,300,000	9,500,000
Consideration received on transaction				$ 3,700	$ 10,400

MAJOR CUSTOMERS, PARTNERSHIPS AND STRATEGIC ALLIANCES	3 Months Ended
MAJOR CUSTOMERS, PARTNERSHIPS AND STRATEGIC ALLIANCES	Mar. 31, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]
MAJOR CUSTOMERS, PARTNERSHIPS AND STRATEGIC ALLIANCES	MAJOR CUSTOMERS, PARTNERSHIPS AND STRATEGIC ALLIANCES Eli Lilly and Company In April 2025, the Company entered into a global capsid delivery license agreement (the “Lilly Agreement”) with Eli Lilly and Company (“Lilly”) to develop intravenously administered genomic medicines to treat certain diseases of the CNS. Under the Lilly Agreement, the Company granted Lilly a worldwide exclusive license to utilize Company’s proprietary, neurotropic adeno-associated virus capsid, STAC-BBB, for one target, with the rights for Lilly to add up to four additional targets during a defined target selection period after paying additional licensed target fees. Under the Lilly Agreement, the Company received an $18.0 million upfront license payment in April 2025. The Company completed the technology transfer with respect to the initial target and indication in April 2025, and Lilly is solely responsible for all preclinical and clinical development, regulatory interactions, manufacturing and global commercialization of resulting products. The Company is eligible to earn up to $1.4 billion in additional licensed target fees and milestone payments across the five potential CNS disease targets under the Lilly Agreement, including a license fee for each additional licensed target. In addition, the Company is entitled to receive escalating, tiered mid-single digit to high-single digit royalty payments on the net sales of products sold under these licenses, subject to adjustments for patent expiration, entry of biosimilar or interchangeable products to the market, pricing regulation, and payments made under certain licenses for third-party intellectual property. The Lilly Agreement will continue, on a product-by-product and country-by-country basis, until the date when there is no remaining royalty payment obligation in such country with respect to such product, at which time the Lilly Agreement will expire with respect to such product in such country. Royalty obligations cease upon the latest of expiration of certain regulatory exclusivities in such country, the last expiration of certain valid patent claims covering such product in such country or 10 years from the date of the first commercial sale of the first product in such country. Lilly has the right to terminate the Lilly Agreement for convenience. Each party has the right to terminate the Lilly Agreement for other party’s uncured material breach and for specified bankruptcy events. The Company assessed the agreement with Lilly in accordance with ASC Topic 606 and concluded that Lilly is a customer. The initial transaction price includes the upfront license fee of $18.0 million. None of the research or development milestones have been included in the transaction price, as all such amounts are fully constrained. As part of its evaluation of the constraint, the Company considered numerous factors, including the fact that achievement of the milestones at this time is uncertain and contingent upon successful continuation of research and development activities in future periods. The Company will re-evaluate the transaction price at each reporting date, as certain events are resolved or other changes in circumstances occur. Potential sales-based milestones and royalty payments are not estimated as they meet the sales-or usage-based royalty exception under ASC Topic 606 and are recognized in the period they are earned, provided the related performance obligations have been completed. The Company has determined that Lilly’s exercise of the options to add additional targets would result in the grant of separate licenses from the license to the initial target. The Company determined that the options to add additional targets are not material rights, and the exercise of each option will be accounted for as a separate revenue contract. Accordingly, the initial contract contains only a single performance obligation to provide functional intellectual property in the form of a license to the initial target, and the full transaction price of $18.0 million was recognized in 2025 upon grant of the license and completion of the technology transfer. No revenue was recognized during the three months ended March 31, 2026. As of March 31, 2026, the Company had no receivable, no deferred revenue, and no amounts currently included in transaction price remaining to be recognized related to the agreement. In January 2026, the Company entered into a research agreement with Lilly pursuant to which Lilly is funding a research program utilizing its proprietary capsid delivery platform to generate preclinical data on certain next‑generation engineered AAV capsids. The research program consists of multiple parallel work plans designed to evaluate capsid performance across various preclinical models. Under the terms of the agreement, Lilly is funding the research activities for fixed consideration of approximately $3.2 million. The Company retains ownership of all research data generated under the agreement, subject to a limited review period during which Lilly may evaluate the results for internal research purposes. Lilly also has an option to negotiate an exclusive license to certain outputs or evaluated capsids; however, no pricing or other commercial terms are specified for any such license, and any future license would be subject to separate negotiation and agreement. The agreement did not modify or expand the scope of the licensing arrangements with Lilly, before termination. The promise to provide the preclinical data on the engineered AAV capsids is the sole performance obligation under the contract. Revenue will be recognized upon completion of the work and transfer of the data, as the performance obligation does not meet the criteria to be recognized over time. No revenue was recognized during the three months ended March 31, 2026. As of March 31, 2026, the Company had $0.3 million in deferred revenue, and no receivable related to the agreement. Astellas Gene Therapies, Inc. In December 2024, the Company entered into a global capsid delivery license agreement with Astellas Gene Therapies, Inc. (“Astellas”), or the Astellas Agreement. Under the terms of the Astellas Agreement, the Company granted an exclusive license to Astellas to the Company’s proprietary, neurotropic adeno-associated virus capsid, STAC-BBB, for use with therapies directed to an initial neurodevelopmental target and up to four additional targets and for up to three indications per target. In addition, Astellas has a potential right to exchange its license to the STAC-BBB capsid for a license to another capsid. This substitution right may be exercised twice during the initial three-year period of the Astellas Agreement and is subject to the availability of a substitute capsid at the time the request is made. The Company is prohibited from exploiting (for itself or with or for a third party) products directed to the initial target, any reserved targets, and any additional licensed targets under the Astellas Agreement for licensed or reserved indications during the applicable exclusivity periods set forth in the Astellas Agreement. The Company completed the technology transfer with respect to the initial target and indication in December 2024, and Astellas is solely responsible for all preclinical and clinical development, regulatory interactions, manufacturing and global commercialization of resulting products. In December 2024, the Company received a $20.0 million upfront license payment from Astellas under the Astellas Agreement. Under the terms of the Astellas Agreement, the Company is also eligible to earn up to $1.3 billion in license fees and research, development and commercial milestones across up to five potential targets, including a license fee for each additional licensed target. In addition, the Company is also entitled to receive escalating, tiered mid-single digit to high-single digit royalty payments on the net sales of products sold under these licenses, subject to adjustments for patent expiration, entry of biosimilar or interchangeable products to the market and payments made under certain licenses for third-party intellectual property. The Astellas Agreement will continue, on a product-by-product and country-by-country basis, until the date when there is no remaining royalty payment obligation in such country with respect to such product, at which time the Astellas Agreement will expire with respect to such product in such country. Royalty obligations cease upon the latest of expiration of regulatory exclusivity for such product in such country, the last expiration of certain valid patent claims covering such product in such country or 10 years from the date of the first commercial sale of such product in such country. Astellas has the right to terminate the Astellas Agreement for convenience. Each party has the right to terminate the Astellas Agreement for other party’s uncured material breach and for specified bankruptcy events. The Company also has the right to terminate the Astellas Agreement if Astellas challenges any of the Company’s licensed patents under the Astellas Agreement. The Company assessed the agreement with Astellas in accordance with ASC Topic 606 and concluded that Astellas is a customer. The initial transaction price includes the upfront license fee of $20.0 million. None of the research or development milestones have been included in the transaction price, as all such amounts are fully constrained. As part of its evaluation of the constraint, the Company considered numerous factors, including the fact that achievement of the milestones at this time is uncertain and contingent upon successful continuation of research and development activities in future periods. The Company will re-evaluate the transaction price at each reporting date, as certain events are resolved or other changes in circumstances occur. Potential sales-based milestones and royalty payments are not estimated as they meet the sales-or usage-based royalty exception under ASC Topic 606 and are recognized in the period they are earned, provided the related performance obligations have been completed. The Company has determined that Astellas’ option to add additional targets and indications would result in the grant of separate licenses from the license to the initial target and indication. Rights to these optional licenses can be acquired by Astellas at a discount from their standalone selling price, and accordingly, represent material rights granted to Astellas. Both the initial and any optional licenses are distinct and license Astellas to use functional intellectual property. Accordingly, they would be recognized at a point in time when granted, provided Astellas has received a copy of the associated intellectual property. Optional licenses will not be recognized until exercise of the underlying option or until expiration of the option. The Company allocated the initial transaction price to the performance obligations based on the relative standalone selling price of each performance obligation. In the absence of observable prices, the Company used a methodology that maximized the use of observable inputs. The Company took into consideration the total amounts paid and potentially payable by Astellas and potential market for each license. In addition, included in the estimates of the standalone selling prices of the options with material rights were the implied level of discount and the probability of the option exercise. Of the transaction price of $20.0 million, $6.5 million was allocated to the initial license, and $13.5 million to the options for additional licensed targets. The initial license was transferred upon completion of the technology transfer in December 2024, and the associated amount of $6.5 million recognized in revenue at that time. In December 2025, the Company recognized $7.6 million in revenue upon expiration of Astellas’ unexercised option to license the initial target for additional indications. As of March 31, 2026, the Company had deferred revenue of $5.9 million related to the options with material rights, which is classified as non-current based on the contractually required timing of exercise or expiration of the underlying options within the next three years. As of March 31, 2026, the Company had no receivable related to the agreement. There were no revenues recognized under the agreement during the three months ended March 31, 2026 and 2025. Genentech, Inc. In August 2024, the Company entered into a global epigenetic regulation and capsid delivery license agreement with Genentech, Inc., a member of the Roche Group (“Genentech”) to develop intravenously administered genomic medicines to treat certain neurodegenerative diseases. Under the terms of the agreement, the Company granted an exclusive license to Genentech for the Company’s proprietary zinc finger repressors (“ZFRs”) that are directed to tau and a second undisclosed neurology target. The Company also granted an exclusive license to Genentech to the Company’s proprietary, neurotropic adeno-associated virus capsid, STAC-BBB, for use with therapies directed to tau and to the second neurology target. The Company is prohibited from exploiting (for itself or with or for a third party) products directed to tau and to the second neurology target during the applicable exclusivity periods set forth in the agreement. The Company was responsible for completing the technology transfer and certain preclinical activities, and Genentech is solely responsible for all clinical development, regulatory interactions, manufacturing and global commercialization of resulting products. In August 2024, the Company received a $40.0 million upfront license payment from Genentech. In October 2024, the Company received a $10.0 million milestone payment related to the technology transfer. Under the terms of the agreement, the Company is also eligible to earn up to $1.9 billion in development and commercial milestones spread across multiple potential products. In addition, the Company is also entitled to receive escalating, tiered mid-single digit to sub-teen double digit royalty payments on the net sales of such products, subject to adjustments for patent expiration, entry of competitive products to the market and payments made under certain licenses for third-party intellectual property. The agreement will continue, on a product-by-product and country-by-country basis, until the date when there is no remaining royalty payment obligation in such country with respect to such product, at which time the agreement will expire with respect to such product in such country. Royalty obligations cease upon the later of expiry of the last valid patent claim covering the product in the country or 10 years from the date of the first commercial sale of the product in such country. Genentech has the right to terminate the agreement for convenience. Each party has the right to terminate the agreement on account of the other party’s uncured material breach. The Company assessed the agreement with Genentech in accordance with ASC Topic 606 and concluded that Genentech is a customer. The initial transaction price of $50.0 million includes the upfront license fee of $40.0 million and the $10.0 million technology transfer milestone payment. None of the development milestones have been included in the transaction price, as all such amounts are fully constrained. As part of its evaluation of the constraint, the Company considered numerous factors, including the fact that achievement of the milestones at this time is uncertain and contingent upon future periods when the uncertainty related to the variable consideration is resolved. The Company will re-evaluate the transaction price as uncertain events are resolved or other changes in circumstances occur. Potential sales-based milestones and royalty payments are not estimated as they meet the sales-or usage-based royalty exception under ASC Topic 606 and are recognized in the period they are earned, provided the related performance obligations have been completed. The Company has identified two performance obligations within the Genentech Agreement. All licenses were accounted for as a performance obligation to provide functional intellectual property that is satisfied at a point in time that was satisfied upon completion of the technology transfer in September 2024. The preclinical activities represent research and development services and are satisfied over time as the Company conducts and Genentech benefits from the associated activities. Revenue related to the preclinical activities is recognized using an input method of cumulative actual costs incurred relative to total estimated costs. The Company allocated the initial transaction price to the performance obligations based on the relative standalone selling price of each performance obligation. In the absence of an observable standalone selling price, the Company used a methodology that maximized the use of observable inputs. This included a cost plus margin approach for the preclinical activities, which required the estimation of total costs and an expected margin. The standalone selling price of the licenses was determined based on the analysis of the probability-adjusted discounted cash flows and potential sales of licensed products. Significant estimates and assumptions were used that include but are not limited to, expected market opportunity and pricing, timelines, and likelihood of success of clinical, regulatory and commercialization activities. The Company expects to allocate variable consideration payable upon achievement of future milestones and royalty payments to the specific performance obligation to which they relate, i.e. the license performance obligation, as such allocation would meet the allocation objective in ASC Topic 606. As of March 31, 2026, the Company had no receivable, no deferred revenue, and no amounts included in transaction price remaining to be recognized related to the agreement. There were no revenues recognized under the agreement during the three months ended March 31, 2026 and 2025. 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. In December 2024, Pfizer notified the Company of its termination for convenience, effective April 21, 2025 (the “Pfizer Termination Date”), of the collaboration agreement. Pfizer had indicated to Sangamo that the termination relates to its decision not to submit a Biologics License Application or Marketing Authorization Application for, or pursue commercialization of, giroctocogene fitelparvovec. The Company accounted for the notice of termination of the agreement by Pfizer as a modification in accordance with ASC Topic 606. As of the Pfizer Termination Date, the collaboration agreement terminated pursuant to the terms of the collaboration agreement. Sangamo is entitled to receive from Pfizer an exclusive, worldwide, royalty-bearing, sublicensable license from Pfizer to use Pfizer’s relevant intellectual property to continue developing, manufacturing and commercializing giroctocogene fitelparvovec; in return, Pfizer would be eligible to receive single digit royalties on net sales of giroctocogene fitelparvovec and would be released from certain liabilities to the extent they exist. 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 was 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. The agreement had a term that continued 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 had the right to terminate the agreement without cause in its entirety or on a per product or per country basis. The agreement could 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 automatically terminates. 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 had been achieved and paid. In addition, Pfizer had 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. Following the receipt of the termination notice, the Company was entitled to receive $5.0 million payable 60 days after the effective date of the termination, unless the Company transferred a specified sublicense to Pfizer, prior to termination, in which case it was payable 30 days after such transfer. Sangamo transferred the specified sublicense to Pfizer and recognized the $5.0 million in revenue during the three months ended March 31, 2025. Pfizer is not obligated to pay the Company any additional milestone payments and royalties. No revenue was recognized under the agreement during the three months ended March 31, 2026. 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 would 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 would 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 any termination by the Company for Alexion’s material breach, Alexion would not be permitted to research, develop, manufacture or commercialize ZFPs that specifically bind to the C9ORF72 gene for a period of time. Following any termination by Alexion for the Company’s material breach, the Company would 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 earned 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 is 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, 2026 and 2025. 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 would 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.

ORGANIZATION, BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

3 Months Ended

Mar. 31, 2026

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 engineered adeno-associated virus (“AAV”) capsid delivery technology.

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, 2026 are not necessarily indicative of the results that may be expected for the year ending December 31, 2026. The Condensed Consolidated Balance Sheet data at December 31, 2025 was derived from the audited Consolidated Financial Statements included in Sangamo’s Annual Report on Form 10-K for the year ended December 31, 2025 (the “2025 Annual Report”) as filed with the SEC on March 30, 2026.

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.

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, 2025, included in the 2025 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, 2026, the Company had cash and cash equivalents of $27.6 million.

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 alleviate 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 negative working capital, its limited liquidity resources currently on hand, and its dependence on substantial 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. Based on the Company’s current operating plan, management believes that substantial doubt exists about the Company’s ability to continue as a going concern for a period of twelve months from 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, including sales under the at-the-market offering program with Jefferies LLC;

•enter into collaborations or transactions with potential partners to raise capital for the advancement of the Company’s product pipeline; and

•raise funding through debt financing.

If the Company is unable to raise capital in a timely manner 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 will be required to discontinue some or all of its operations or develop and implement a plan to further extend payables, reduce overhead or further 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 has made and will continue to 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 has been and may continue to be unable to attract new investments as a result of the speculative nature of its newly reprioritized core neurology preclinical programs and the absence of partners to progress its more advanced clinical programs. In this regard, the Company’s ability to fund its operations and to advance the development of its technologies and product candidates will remain wholly dependent on its ability to secure collaborations or other transactions for its more advanced clinical-stage programs that provide significant upfront funding. If the Company is not able to consummate such collaborations or transactions for these more advanced clinical-stage programs, the Company will not be able to secure sufficient capital to continue to operate as a going concern and to advance the development of its technologies and product candidates. If adequate funds are not available to the Company on a timely basis, or at all, the Company will be required to take significant additional actions to address its liquidity needs, including substantial additional cost reduction measures such as further reducing operating expenses and further delaying, reducing the scope of, altering or discontinuing entirely its research and development activities, which would have a material adverse effect on its business and prospects. In this regard, the Company has periodically reduced its headcount, and is actively considering a variety of additional significant cost-cutting measures designed to preserve cash resources and the value of assets including, among others, further reductions in its workforce. Moreover, in the light of the Company’s current financial position, the Company has deferred many investments in its programs until adequate capital becomes available. If the Company is unable to consummate one or more transactions to provide for, or enable, the substantial additional funding needed to operate its business in the very near term, its business and prospects would be materially and adversely affected, and at any time the Company may elect to or 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 in the very near term.

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

The preparation of the 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, fair value of assets and liabilities, 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 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.

Some performance obligations in the Company’s collaboration agreements represent distinct bundles of licenses of intellectual property and research and development services, with these components being individually non-distinct as the customer cannot benefit from the licenses independently from the research and development activities. In some instances, the Company has determined that the customer can benefit from the licensed intellectual property separately from the research and development activities, and the licenses of intellectual property and research and development services are individual distinct performance obligations. 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 grants of licenses to intellectual property that are distinct and therefore separate performance obligations are recognized at the point in time when the license is effective and the Company has completed the transfer of a copy of the licensed intellectual property to the customer. Revenues from distinct research and development services as well as from distinct bundles of licenses of intellectual property and research and development services, are generally 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 the level of effort incurred, which includes the value of actual time by Company researchers plus third-party cost reimbursements. When research and development services do not meet the criteria for recognition over time, revenue is recognized once the customer has received control of the specified services, e.g. when the requisite deliverables are provided.

Consideration allocated to options that represent 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 obligations.

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 standalone selling price of each performance obligation identified in the contract. The Company uses key assumptions to determine the standalone 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.

Revenues from collaboration and license agreements as a percentage of total revenues for the three months ended March 31, 2026 and 2025 were as follows:


	Three Months Ended March 31,
	2026		2025
Sigma-Aldrich Corporation	37	%	21	%
Miltenyi Biotec B.V. & Co. KG	35	%	—
Eli Lilly and Company	19	%	—
Pfizer Inc.	—		78	%

Other license agreements	9	%	1	%

Impairment

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. Recoverability is tested 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. The Company reassesses the composition of its asset groups whenever there are changes in its operations that affect whether the cash flows associated with assets included in asset groups are largely independent. If the impairment review indicates that the carrying amount of an 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 cannot 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, business climate or operational performance of the business, and sustained decline in the Company’s stock price and market capitalization compared to the net book value.

Determining the fair values of an asset group and of individual assets 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.

During the three months ended March 31, 2026 and 2025, no impairment was recorded. The Company will continue to assess whether its long-lived assets are impaired in future periods.

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 and deposits in money market accounts. Restricted

cash in 2025 consisted of a letter of credit for $1.5 million, representing a deposit for the lease of office and research and development laboratory facility in Brisbane, California.


	March 31, 2026		December 31, 2025		March 31, 2025		December 31, 2024
Cash and cash equivalents	$	27,586	$	20,948	$	25,180	$	41,918

Non-current restricted cash	—		—		1,500		1,500
Cash, cash equivalents, and restricted cash as reported within the Condensed Consolidated Statements of Cash Flows	$	27,586	$	20,948	$	26,680	$	43,418

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 incremental borrowing 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 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.

Accounts payable

Accounts payable comprise of trade payables due within 12 months from the balance sheet date. The Company maintains agreements for extended credit terms with certain vendors which require periodic installment payments. As the deferral period is less than 12 months, these arrangements with vendors are classified within current accounts payable. Interest and similar charges are recognized as interest expense in the accompanying Condensed Consolidated Statements of Operations.

Foreign Currency Translation

The functional currency of the Company’s foreign subsidiaries is primarily the Euro. Assets and liabilities denominated in foreign currencies are translated to U.S. dollars using the exchange rates at the balance sheet date. Foreign currency translation

adjustments are recorded as a component of accumulated other comprehensive loss within stockholders’ equity. Revenues and expenses from the Company’s foreign subsidiaries are translated using the monthly average exchange rates in effect during the period in which the transactions occur. Foreign currency transaction gains during the three months ended March 31, 2026 were $0.7 million, and are recorded in other income (expense), net, on the accompanying Condensed Consolidated Statements of Operations. Foreign currency transaction losses during the three months ended March 31, 2025 were $1.2 million, and are recorded in other income (expense), net, on the accompanying Condensed Consolidated Statements of Operations.

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 Topic 480, Distinguishing Liabilities from Equity (“ASC Topic 480”). Under ASC Topic 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 warrants, are not required to be classified as liabilities under ASC Topic 480, the Company assesses whether such instruments are indexed to the Company’s own stock under ASC Topic 815-40, Derivatives and Hedging. 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.

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

The Company assesses warrant modifications or exchanges of equity-classified warrants that remain classified as equity in accordance with ASC Topic 815-40 to determine the nature of the transaction the modification or exchange is related to (e.g., an asset or expense purchased, a financing, or another arrangement). The Company recognizes the increase in the value of the warrants in the modification based on the nature of the underlying transaction, as expense, financing issuance cost, or deemed dividend.

Segments

The Company operates in one segment. Management uses a single measure of net loss for its single reportable segment and does not segregate its business for internal reporting. As of March 31, 2026 and December 31, 2025, all of the Company’s property and equipment was located in the United States. For the three months ended March 31, 2026 and 2025, all of the Company’s revenues were generated and earned in the United States.

Recent Accounting Pronouncements

Recently Adopted

In July 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets (“ASU 2025-05”), which provides a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset in developing reasonable and supportable forecasts during the application of the current expected credit loss model for current accounts receivable and current contract assets arising from transactions under ASC Topic 606. The Company adopted ASU 2025-05 as of January 1, 2026 and elected the practical expedient to assume that current conditions at the balance‑sheet date do not change for the remaining life of the asset when developing an estimate of expected credit losses on accounts receivable. The adoption of this standard did not materially impact the Company’s financial statements.

Not Yet Adopted

In November 2024, the FASB issued ASU 2024-03, Income Statement – Reporting Comprehensive Income – Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU 2024-03”), which requires disaggregated disclosure of certain costs and expenses on an interim and annual basis. ASU 2024-03, as amended by ASU 2025-01, is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The disclosure updates are required to be applied prospectively with the option for retrospective application. The Company is currently evaluating the impact of adopting ASU 2024-03.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Operating Activities:
Net loss	$ (30,995)	$ (30,597)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	719	1,020
Amortization in operating lease right-of-use assets	158	904
Stock-based compensation	992	2,596
Deferred income tax benefit	0	15
Other	0	(10)
Net changes in operating assets and liabilities:
Accounts receivable	(502)	160
Prepaid expenses and other assets	1,201	(2,631)
Refundable research income tax credits	4,525	0
Accounts payable and other accrued liabilities	4,936	4,216
Accrued compensation and employee benefits	630	(591)
Lease liabilities	(449)	(1,231)
Deferred revenues	(497)	0
Net cash used in operating activities	(19,282)	(26,149)
Investing Activities:
Purchases of property and equipment	(13)	0
Net cash used in investing activities	(13)	0
Financing Activities:
Proceeds from issuance of common stock, net of offering expenses	23,346	0
Proceeds from at-the-market offering, net of offering expenses	3,732	10,361
Taxes paid related to net share settlement of equity awards	(379)	(2,227)
Net cash provided by financing activities	26,699	8,134
Effect of exchange rate changes on cash, cash equivalents, and restricted cash	(766)	1,277
Net increase (decrease) in cash, cash equivalents, and restricted cash	6,638	(16,738)
Cash, cash equivalents, and restricted cash, beginning of period	20,948	43,418
Cash, cash equivalents, and restricted cash, end of period	27,586	26,680
Supplemental cash flow disclosures:
Offering expenses in relation to issuance of common stock included in unpaid liabilities	333	0
Property and equipment included in unpaid liabilities	55	234
Offering expenses in relation to issuance of common stock in at-the-market offering included in unpaid liabilities	$ 0	$ 165

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Income Statement [Abstract]
Revenues	$ 1,442	$ 6,437
Operating expenses:
Research and development	26,570	26,006
General and administrative	6,818	10,059
Total operating expenses	33,388	36,065
Loss from operations	(31,946)	(29,628)
Interest income	300	309
Other income (expense), net	651	(1,159)
Loss before income taxes	(30,995)	(30,478)
Income tax expense	0	119
Net loss	$ (30,995)	$ (30,597)
Basic net loss per share (in dollars per share)	$ (0.08)	$ (0.14)
Diluted net loss per share (in dollars per share)	$ (0.08)	$ (0.14)
Shares used in computing basic net loss per share (in shares)	389,616	220,269
Shares used in computing diluted net loss per share (in shares)	389,616	220,269

MAJOR CUSTOMERS, PARTNERSHIPS AND STRATEGIC ALLIANCES - Eli Lilly and Company (Details)	1 Months Ended	3 Months Ended		12 Months Ended
	Apr. 30, 2025 USD ($) target	Mar. 31, 2026 USD ($)	Mar. 31, 2025 USD ($)	Dec. 31, 2025 USD ($)	Jan. 31, 2026 USD ($)
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Revenues		$ 1,442,000	$ 6,437,000
Deferred revenues		402,000		$ 899,000
Eli Lilly and Company \| License
Research and Development Arrangement, Contract to Perform for Others [Line Items]
Number of targets \| target	1
Number of additional targets \| target	4
Contract with customer liability	$ 18,000,000.0	300,000
Variable consideration amount	$ 1,400,000,000
Revenue from contract with customer, number of potential targets \| target	5
Royalty obligation, term	10 years
Revenues		0		$ 18,000,000.0
Deferred revenues		$ 0
Maximum potential consideration					$ 3,200,000

CASH EQUIVALENTS (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Dec. 31, 2025	Mar. 31, 2025	Dec. 31, 2024
Cash equivalents:
Amortized Cost	$ 27,586	$ 20,948	$ 25,180	$ 41,918
Money market funds
Cash equivalents:
Amortized Cost	4,360	3,592
Estimated Fair Value	4,360	3,592
Cash equivalents:
Cash equivalents:
Amortized Cost	4,360	3,592
Estimated Fair Value	$ 4,360	$ 3,592

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

3 Months Ended

Mar. 31, 2026

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 as a percentage of total revenues for the three months ended March 31, 2026 and 2025 were as follows:


	Three Months Ended March 31,
	2026		2025
Sigma-Aldrich Corporation	37	%	21	%
Miltenyi Biotec B.V. & Co. KG	35	%	—
Eli Lilly and Company	19	%	—
Pfizer Inc.	—		78	%

Other license agreements	9	%	1	%

Schedule of Cash and Cash Equivalents


	March 31, 2026		December 31, 2025		March 31, 2025		December 31, 2024
Cash and cash equivalents	$	27,586	$	20,948	$	25,180	$	41,918

Non-current restricted cash	—		—		1,500		1,500
Cash, cash equivalents, and restricted cash as reported within the Condensed Consolidated Statements of Cash Flows	$	27,586	$	20,948	$	26,680	$	43,418

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


	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
March 31, 2026
Assets
Cash equivalents:
Money market funds	$	4,360	$	—	$	—	$	4,360











Total cash equivalents	$	4,360	$	—	$	—	$	4,360

December 31, 2025
Assets
Cash equivalents:
Money market funds	$	3,592	$	—	$	—	$	3,592










Total cash equivalents	$	3,592	$	—	$	—	$	3,592

Schedule of Reconciliation of Cash


	March 31, 2026		December 31, 2025		March 31, 2025		December 31, 2024
Cash and cash equivalents	$	27,586	$	20,948	$	25,180	$	41,918

Non-current restricted cash	—		—		1,500		1,500
Cash, cash equivalents, and restricted cash as reported within the Condensed Consolidated Statements of Cash Flows	$	27,586	$	20,948	$	26,680	$	43,418

BASIC AND DILUTED NET LOSS PER SHARE (Details) - $ / shares shares in Thousands	3 Months Ended
	Mar. 31, 2026	Mar. 31, 2025
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Shares used in computing basic net loss per share (in shares)	389,616	220,269
Weighted average number of common shares outstanding - diluted (in shares)	389,616	220,269
Antidilutive securities (in shares)	146,500	55,300
Pre-funded warrants
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items]
Number of new stock issued during the period (in shares)	17,800
Stock price (in dollars per share)	$ 0.01

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (DEFICIT) - USD ($) $ in Thousands	Total	At-The-Market Offering	Stock Issuances Excluding At-The-Market Offering	Common Stock	Common Stock At-The-Market Offering	Common Stock Stock Issuances Excluding At-The-Market Offering	Additional Paid-in Capital	Additional Paid-in Capital At-The-Market Offering	Additional Paid-in Capital Stock Issuances Excluding At-The-Market Offering	Accumulated Deficit	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Dec. 31, 2024				212,837,679
Beginning balance at Dec. 31, 2024	$ 22,770			$ 2,128			$ 1,532,489			$ (1,504,317)	$ (7,530)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)				9,528,752
Issuance of common stock	10,361			$ 96			10,265
Issuance of common stock upon exercise of stock options and vesting of restricted stock units, net of tax (in shares)				2,997,659
Issuance of common stock upon exercise of stock options and vesting of restricted stock units, net of tax	(2,227)			$ 30			(2,257)
Stock-based compensation	2,596						2,596
Foreign currency translation adjustment	1,912										1,912
Net pension gains	91										91
Net loss	(30,597)									(30,597)
Ending balance (in shares) at Mar. 31, 2025				225,364,090
Ending balance at Mar. 31, 2025	4,906			$ 2,254			1,543,093			(1,534,914)	(5,527)
Beginning balance (in shares) at Dec. 31, 2025				350,688,142
Beginning balance at Dec. 31, 2025	(14,268)			$ 3,507			1,610,938			(1,627,249)	(1,464)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock (in shares)					9,336,198	35,190,292
Issuance of common stock		$ 3,732	$ 21,537		$ 93	$ 352		$ 3,639	$ 21,185
Modification of warrants	1,297						1,297
Issuance of common stock upon exercise of pre-funded warrants (in shares)				17,787,033
Issuance of common stock upon exercise of pre-funded warrants	178			$ 178
Issuance of common stock upon exercise of stock options and vesting of restricted stock units, net of tax (in shares)				1,272,352
Issuance of common stock upon exercise of stock options and vesting of restricted stock units, net of tax	(379)			$ 13			(392)
Stock-based compensation	992						992
Foreign currency translation adjustment	(1,049)										(1,049)
Net pension gains	0
Net loss	(30,995)									(30,995)
Ending balance (in shares) at Mar. 31, 2026				414,274,017
Ending balance at Mar. 31, 2026	$ (18,955)			$ 4,143			$ 1,637,659			$ (1,658,244)	$ (2,513)

STOCK-BASED COMPENSATION (Details) - USD ($) $ in Thousands	3 Months Ended
STOCK-BASED COMPENSATION (Details) - USD ($) $ in Thousands	Mar. 31, 2026	Mar. 31, 2025
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	$ 992	$ 2,596
Research and development
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	563	1,238
General and administrative
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation expense	$ 429	$ 1,358

SEGMENT INFORMATION (Tables)

3 Months Ended

Mar. 31, 2026

Segment Reporting [Abstract]

Schedule of Segment Reporting Information, by Segment


	Three Months Ended March 31,
	2026		2025



Revenues	$	1,442	$	6,437
Less:
Research and development (*)	11,840		15,111
General and administrative (*)	6,396		9,268
Clinical manufacturing operations (*)	12,948		9,656


Stock-based compensation	992		2,596
Other segment items (**)	261		403
Net loss	$	(30,995)	$	(30,597)

(**) Other segment items include restructuring charges, interest income, other income (expense), net, and income tax expense.