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Sangamo BioSciences Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: May 6, 2011 06:20PM
Sangamo BioSciences Inc. (SGMO) filed Quarterly Report for the period ended 2011-03-31.
Highlight of Business Operations:
For the first quarter ended March 31, 2011, we incurred a consolidated net loss of $9.6 million, or $0.21 per share, compared to a net loss of $4.0 million, or $0.09 per share, for the same period in 2010. As of March 31, 2011, we had cash, cash equivalents, marketable securities and interest receivable totaling $49.2 million compared to $60.6 million as of December 31, 2010. As of March 31, 2011, we had an accumulated deficit of $227.1 million.
Revenues from our corporate collaboration and strategic partnering agreements were $1.5 million for the three months ended March 31, 2011, compared to $6.2 million in the corresponding period in 2010. The decrease in collaboration agreement revenues was primarily due to the completion in July 2010 of the amortization period of revenues related to the commercial license fee received from Sigma under the expanded agreement of October 2009. Research grant revenues were $713,000 for the three months ended March 31, 2011, compared to $449,000 in the corresponding period in 2010. Research grant revenues increased due to revenues from CIRM and MJFF of $410,000 and $303,000, respectively.
General and administrative expenses were $3.5 million for the three month period ended March 31, 2011 and $3.3 million for the corresponding period in 2010. There were no significant changes in general and administrative expenses over the comparative periods.
As of March 31, 2011, we had cash, cash equivalents, marketable securities and interest receivable totaling $49.2 million compared to $60.6 million as of December 31, 2010. The decrease was primarily attributable to capital required to fund our continuing operations, including the advancement of our ZFP Therapeutic programs. Our most significant use of capital pertains to salaries and benefits for our employees and external development expenses, such as manufacturing and clinical trial activity, related to our ZFP Therapeutic programs. Our cash and investment balances are held in a variety of interest bearing instruments, including obligations of U.S. government agencies, U.S. treasury debt securities, corporate debt securities and money market funds. Cash in excess of immediate requirements is invested in accordance with our investment policy with a view toward capital preservation and liquidity.
Net cash provided by investing activities was $7.2 million for the three months ended March 31, 2011. Net cash used in investing activities was $1.3 million for the three months ended March 31, 2010. Cash flows from investing activities for both periods primarily related to purchases and maturities of investments.
Net cash provided by financing activities for the three months ended March 31, 2011 and 2010 was $847,000 and $316,000, respectively, and primarily related to proceeds from the issuance of common stock upon exercise of stock options.