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Sangamo BioSciences Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: November 3, 2010 06:24AM

Sangamo BioSciences Inc. (SGMO) filed Quarterly Report for the period ended 2010-09-30. Sangamo Biosciences Inc. has a market cap of $179.4 million; its shares were traded at around $4.09 with and P/S ratio of 8.1.

SGMO is in the portfolios of Louis Moore Bacon of Moore Capital Management, LP.

Highlight of Business Operations:

For the third quarter ended September 30, 2010, we incurred a consolidated net loss of $8.7 million, or $0.19 per share, compared to a net loss of $4.9 million, or $0.12 per share, for the same period in 2009. As of September 30, 2010, we had cash, cash equivalents, marketable securities and interest receivable totaling $63.1 million compared to $85.3 million as of December 31, 2009. As of September 30, 2010, we had an accumulated deficit of $209.2 million.

Revenues from our corporate collaboration and strategic partnering agreements were $2.2 million for the three months ended September 30, 2010, compared to $4.0 million in the corresponding period in 2009. The decrease in collaboration agreement revenues was primarily attributable to decreased revenues of $846,000 in connection with our license agreement with DAS, primarily due to a decrease in amortized revenues associated with the commercial option fee paid by DAS in June 2008, and decreased revenues of $689,000 in connection with the completion of the research term of our license agreement with Sigma in July 2010. Research grant revenues were $709,000 for the three months ended September 30, 2010, compared to $51,000 in the corresponding period in 2009. The increase in research grant revenues was primarily due to increased revenues of $433,000 related to our grant from CIRM and increased revenues of $276,000 in connection with our grant from MJFF.

Revenues from our corporate collaboration and strategic partnering agreements were $14.6 million for the nine months ended September 30, 2010, compared to $11.4 million in the corresponding period in 2009. The increase in collaboration agreement revenues was primarily attributable to increased revenues of $7.8 million in connection with our license agreement with Sigma, which was expanded in October 2009, partially offset by decreased revenues of $4.0 million in connection with our license agreement with DAS, primarily due to a decrease in amortized revenues associated with the commercial option fee paid by DAS in June 2008. Research grant revenues were $1.5 million for the nine months ended September 30, 2010, compared to $564,000 in the corresponding period in 2009. The increase in research grant revenues was primarily due to increased revenues of $599,000 related to our grant from CIRM and increased revenues of $299,000 in connection with our grant from MJFF.

Research and development expenses were $8.8 million for the three months ended September 30, 2010, compared to $6.2 million in the corresponding period in 2009. The increase in research and development expenses was primarily attributable to increased clinical and manufacturing expenses of $1.9 million related to the advancement of our clinical programs, particularly our SB-509-901 clinical trial, as well as increased personnel related expenses of $322,000.

Research and development expenses were $23.3 million for the nine months ended September 30, 2010, compared to $20.3 million in the corresponding period in 2009. The increase in research and development expenses was primarily attributable to increased clinical and manufacturing expenses of $1.6 million related to the advancement of our clinical programs, particularly our SB-509-901 clinical trial, as well as increased personnel related expenses of $1.1 million.

General and administrative expenses were $9.4 million for the nine months ended September 30, 2010, compared to $8.6 million in the corresponding period in 2009. The increase was primarily attributable to increased personnel related expenses of $684,000.

Read the The complete Report



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