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Sangamo BioSciences Inc. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: August 3, 2012 03:25PM

Sangamo BioSciences Inc. (SGMO) filed Quarterly Report for the period ended 2012-06-30. Sangamo Biosciences, Inc. has a market cap of $307.9 million; its shares were traded at around $5.23 with and P/S ratio of 29.8. Sangamo Biosciences, Inc. had an annual average earning growth of 3.1% over the past 10 years.



Highlight of Business Operations:

Revenues from our corporate collaboration and strategic partnering agreements were $3.8 million for the three months ended June 30, 2012, compared to $0.6 million in the corresponding period in 2011. The increase in collaboration agreement revenue was primarily due to our collaboration and license agreement with Shire, established in January 2012. Pursuant to the agreement, we received an upfront payment of $13.0 million, which is being amortized on a straight-line basis over the initial six-year research term. During the three months ended June 30, 2012, we recognized revenue of $0.5 million related to the upfront payment. We also recognized revenues of$1.5 million related to research services performed under the Shire agreement. In addition, collaboration agreement revenue increased during the three months ended June 30, 2012 compared to the same period in 2011 due to the achievement of a commercial milestone under the agreement with Sigma. Research grant revenues were $0.8 million for the three months ended June 30, 2012, compared to $0.9 million in the corresponding period in 2011. Research grant revenues decreased primarily due to revenues from the Michael J. Fox Foundation for Parkinson’s Research (MJFF) grant, which was completed in 2011.

Revenues from our corporate collaboration and strategic partnering agreements were $5.5 million for the six months ended June 30, 2012, compared to $2.1 million in the corresponding period in 2011. The increase in collaboration agreement revenues was primarily attributable to our agreement with Shire, including $0.9 million in revenues from the amortization of the upfront license fee and $2.1 million related to research services performed under the agreement. In addition, collaboration agreement revenue increased during the six months ended June 30, 2012 compared to the same period in 2011 due to the achievement of a commercial milestone under the agreement with Sigma.. Research grant revenues were $2.3 million for the six months ended June 30, 2012, compared to $1.6 million in the corresponding period in 2011. The increase in research grant revenues was primarily due to $0.8 million in revenues related to the two final milestones achieved in 2012, pursuant to the agreement with Juvenile Diabetes Research Foundation International, as well as $0.4 million increased revenues from CHDI Foundation. This was partially offset by decreased revenues from MJFF and other research grants of $0.5 million.

loss for the period, an increase in deferred revenues and accounts receivable and a decrease in accounts payable and accrued liabilities, partially offset by stock-based compensation. Net cash used in operating activities for the six months ended June 30, 2011 primarily reflects the net loss for the period, a decrease in accounts payable and accrued liabilities and an increase in accounts receivable, partially offset by stock-based compensation.

Read the The complete Report



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