Free cash flow remains consistently negative, with the company burning $19.3M in 2026Q1 while relying on stock-based compensation to mask the true extent of its operational cash deficit.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 |
|---|
| Cash from Operations | -90.34M | -97.21M | -67.14M | -224.84M | -223.63M | -233.25M | 169.88M | -144.4M | 37.15M | 11.18M | -65.88M | -33.72M | -5.67M | -19.48M | -8.08M | -25.89M | -23.93M | -6.14M | -17.34M | -16.07M | -14.48M | -4.07M | -10.16M | -7.44M | -9.67M | -6.11M | -2.45M | -2.4M |
| Operating CF Margin % | - | -245.77% | -116.16% | -127.58% | -200.92% | -210.7% | 143.73% | -140.98% | 43.99% | 30.57% | -339.8% | -85.28% | -12.37% | -80.73% | -37.32% | -250.94% | -115.04% | -27.66% | -107.16% | -176.61% | -183.61% | -163.81% | -772.93% | -288.48% | -222.7% | -125.02% | -71.48% | -109.09% |
| Operating CF Growth % | -911.86% | -44.79% | 70.14% | -0.54% | 4.13% | -237.31% | 217.64% | -488.68% | 232.34% | 116.97% | -95.38% | -494.18% | 70.87% | -141.05% | 68.79% | -8.19% | -290% | 64.62% | -7.95% | -10.98% | -255.81% | 59.97% | -36.61% | 23.08% | -58.38% | -148.86% | -2.25% | - |
| Net Income | -123.33M | -122.93M | -97.94M | -257.83M | -192.28M | -178.3M | -121.12M | -95.42M | -68.89M | -54.57M | -71.66M | -40.7M | -26.42M | -26.62M | -22.26M | -35.75M | -24.85M | -18.59M | -24.3M | -21.48M | -17.86M | -13.29M | -13.82M | -10.43M | -29.76M | -25.25M | -9.07M | -3.8M |
| Depreciation & Amortization | 6.55M | 7.6M | 9.36M | 22.19M | 20.56M | 17.64M | 13.37M | 9.61M | 2.36M | 1.5M | 997K | 988K | 549K | 569K | 660K | 646K | 676K | 572K | 523K | -1.87M | -686K | 488K | 1.48M | 2.17M | 2.51M | 4.31M | 5.23M | 700K |
| Stock-Based Compensation | 7.47M | 9.08M | 12.38M | 27.36M | 31.65M | 32.96M | 25.71M | 19.33M | 14.68M | 9.09M | 15.06M | 11.73M | 9.2M | 6.15M | 5.34M | 8.08M | 7.82M | 8.47M | 5.75M | 2.44M | 2.02M | 1K | 1K | 178K | 1.2M | 3.08M | 0 | 0 |
| Deferred Taxes | -15K | 0 | 0 | -6.33M | 0 | 2.77M | 0 | -5.13M | -5.23M | -661K | -14K | -5.72M | 1.1M | 912K | -5.21M | 37.33M | -7.82M | 322K | -5.75M | -2.44M | -2.02M | -1K | -1K | -178K | -1.2M | -3.08M | 0 | 0 |
| Other Non-Cash Items | 13.28M | 13.27M | 4.55M | 153.8M | -1.24M | -6.43M | -666K | 218K | 966K | 80K | 320K | 897K | 230K | 60K | 6.23M | -35.75M | 9.01M | -302K | 5.75M | 2.44M | 7.8M | 322K | 1.07M | 600K | 18.02M | 13.85M | 1.22M | 200K |
| Working Capital Changes | 5.7M | -4.22M | 4.51M | -164.03M | -82.32M | -101.89M | 252.59M | -73.01M | 93.27M | 55.74M | -10.59M | -910K | 9.66M | -545K | 7.17M | -448K | -8.76M | 3.39M | 685K | 4.85M | -3.72M | 8.41M | 1.1M | 222K | -439K | 978K | 162K | 500K |
| Change in Receivables | 4.02M | 155K | 953K | -976K | 2.33M | -789K | 31.68M | -32.24M | -1.33M | 1.63M | -2.14M | 7.85M | -7.21M | 1.01M | -3.41M | -553K | -297K | 431K | -291K | 278K | 484K | 89K | 89K | 440K | -335K | 789K | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 7.66M | -10.7M | 4.19M | -1M | -685K | -1.03M | 492K | -343K | -33K | 155K | -71K | 0 | 754K | -511K | 186K | -169K | -33.43M | -31.11M | -43.81M | -51.9M | -60.99M | 0 | 0 |
| Change in Payables | 3.51M | 2.79M | -14.17M | 5.59M | 13.35M | -7.66M | 10.7M | -4.19M | -6.37M | 3.22M | -2.33M | -764K | 4.32M | 269K | -1.5M | -139K | 0 | -1.39M | 310K | 1.81M | 192K | 91K | 91K | -122K | -324K | 73K | 0 | 0 |
| Cash from Investing | -115K | -102K | 37.52M | 153.53M | 59.28M | 248.2M | -271.63M | -59.8M | -178.11M | -80.9M | 18.13M | 77.46M | -100.66M | -68.12M | 11.32M | -20M | 12.37M | -19.18M | 23.79M | -26.64M | -12.23M | -4.43M | 8.43M | -623K | 19.67M | 2.79M | -48.97M | -6M |
| Capital Expenditures | -115K | -102K | -267K | -21.16M | -20.17M | -23.28M | -14.71M | -20.68M | -43.06M | -3.75M | -732K | -2.41M | -621K | -432K | -723K | -576K | -695K | -272K | -739K | -1.37M | -374K | -428K | -24K | -64K | -69K | -1.4M | -1.75M | -300K |
| CapEx % of Revenue | 0.33% | 0.26% | 0.46% | 12% | 18.12% | 21.03% | 12.45% | 20.18% | 50.99% | 10.26% | 3.78% | 6.1% | 1.35% | 1.79% | 3.34% | 5.58% | 3.34% | 1.23% | 4.57% | 15.05% | 4.74% | 17.23% | 1.83% | 2.48% | 1.59% | 28.72% | 50.98% | 13.64% |
| Acquisitions | 0 | 0 | 1.95M | 0 | -79.46M | -119K | -704K | -262K | -75.65M | 0 | 0 | -2M | -1M | 79K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.66M | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 79.46M | 0 | 0 | 0 | -59.39M | -3.5M | 18.86M | 2M | 1M | -67.77M | 12.04M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 216K | 79K | 4.66M | 0 | -100K |
| Cash from Financing | 89.31M | 70.75M | 28.38M | 14.59M | 84.66M | 32.86M | 153.1M | 142.03M | 231.71M | 97.49M | 337K | 19.71M | 102.18M | 76.11M | 1.68M | 51.88M | 1.19M | 26.76M | 1.85M | 42.28M | 20.91M | 18.38M | 553K | 227K | 183K | 662K | 61.33M | 7.4M |
| Debt Issued (Net) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -285K | -28K | 12.25M | 0 |
| Equity Issued (Net) | 90.73M | 74.01M | 28.99M | 15.11M | 84.87M | 27.1M | 142.53M | 136.31M | 215.76M | 81.57M | 1.11M | 6.8M | 106.73M | 78.12M | 1.68M | 51.92M | 1.19M | 26.76M | 1.85M | 42.28M | 20.91M | 18.38M | 553K | 227K | 468K | 690K | 49.79M | 7.4M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | -1.42M | -3.26M | -614K | -518K | -209K | 5.76M | 10.57M | 5.72M | 15.95M | 15.92M | -776K | 12.91M | -4.56M | -2.02M | 0 | -47K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -710K | 0 |
| Net Change in Cash | 2.41M | -22.47M | -3.29M | -55.24M | -78.43M | 47.54M | 50.9M | -61.99M | 90.59M | 27.77M | -47.42M | 63.45M | -4.16M | -11.49M | 4.91M | 5.98M | -10.38M | 1.75M | 7.13M | -427K | -5.8M | 9.88M | -1.18M | -7.84M | 9.99M | -2.51M | 9.9M | -1M |
| Free Cash Flow | -90.46M | -97.31M | -67.41M | -246M | -243.8M | -256.53M | 155.16M | -165.08M | -5.91M | 7.43M | -66.61M | -36.13M | -6.3M | -19.91M | -8.8M | -26.47M | -24.63M | -6.41M | -18.08M | -17.44M | -14.85M | -4.5M | -10.19M | -7.5M | -9.74M | -7.51M | -4.2M | -2.7M |
| FCF Margin % | -261.76% | -246.03% | -116.62% | -139.59% | -219.05% | -231.73% | 131.28% | -161.16% | -7% | 20.31% | -343.57% | -91.38% | -13.73% | -82.52% | -40.66% | -256.53% | -118.38% | -28.89% | -111.73% | -191.66% | -188.36% | -181.04% | -774.75% | -290.97% | -224.29% | -153.74% | -122.46% | -122.73% |
| FCF Growth % | -101.5% | -44.36% | 72.6% | -0.9% | 4.96% | -265.33% | 193.99% | -2691.76% | -179.6% | 111.15% | -84.37% | -473.87% | 68.38% | -126.17% | 66.74% | -7.48% | -284.29% | 64.56% | -3.71% | -17.41% | -230.26% | 55.86% | -35.77% | 22.96% | -29.71% | -78.64% | -55.7% | - |
| FCF per Share | -0.23 | -0.35 | -0.33 | -1.41 | -1.58 | -1.77 | 1.15 | -1.47 | -0.06 | 0.10 | -0.94 | -0.52 | -0.09 | -0.36 | -0.17 | -0.52 | -0.55 | -0.15 | -0.44 | -0.47 | -0.46 | -0.17 | -0.41 | -0.30 | -0.40 | -0.32 | -0.24 | -0.45 |
| FCF Conversion (FCF/Net Income) | 0.73x | 0.79x | 0.69x | 0.87x | 1.16x | 1.31x | -1.40x | 1.52x | -0.54x | -0.20x | 0.92x | 0.83x | 0.21x | 0.73x | 0.36x | 0.72x | 0.96x | 0.33x | 0.71x | 0.75x | 0.81x | 0.31x | 0.74x | 0.71x | 0.32x | 0.24x | 0.27x | 0.63x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Imminent liquidity and solvency
According to recent financial disclosures, Sangamo's operating cash flow consistently trails net income, with an OCF/NI ratio averaging well below unity, suggesting that reported earnings are heavily influenced by non-cash accounting adjustments rather than actual cash generation from the company's core biotechnology research and development activities.
The persistent gap between net income and operating cash flow indicates that the company's accounting earnings do not reflect the underlying cash burn required to sustain its clinical pipeline. Investors should monitor this divergence, as it implies that the reported bottom line provides a misleading picture of the firm's actual liquidity position.
As reported in quarterly filings, Sangamo's free cash flow remains deeply negative, with the company burning through significant capital each quarter to fund its operations, a trend that highlights the absence of a self-sustaining business model in the current clinical-stage environment for the ZFP platform.
The lack of positive free cash flow margins confirms that the company is entirely dependent on external financing to maintain its research infrastructure. This trajectory suggests that without a major milestone payment or capital raise, the current rate of cash depletion will continue to erode the firm's remaining liquidity.
Based on the provided cash flow statements, working capital changes have been highly erratic, swinging from a $15.3M inflow in 2024Q4 to significant outflows in other periods, which reflects the lumpy nature of milestone-based revenue recognition and the timing of payments to clinical research organizations.
These fluctuations in working capital suggest that the company's cash position is highly sensitive to the timing of partnership-related cash inflows. The inability to stabilize these flows indicates a lack of operational predictability, which complicates the management of the company's already constrained cash runway.
Analysis of the cash flow statement reveals that stock-based compensation consistently adds back millions to the operating cash flow, effectively masking the true extent of the company's cash burn by treating equity-based incentives as a non-cash expense in the reconciliation of net income to cash.
While standard accounting practice, this adjustment obscures the real economic cost of talent retention in a highly competitive biotech labor market. Investors should be wary of relying on adjusted cash flow metrics that do not account for the dilutive impact of these equity grants on long-term shareholder value.
Quick answers to the most common questions about buying SGMO stock.
Sangamo Therapeutics, Inc. (SGMO) generated $-97.2M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Sangamo Therapeutics, Inc. (SGMO) reported negative free cash flow of $97.3M in 2025, indicating capital requirements exceeded cash from operations.
Sangamo Therapeutics, Inc. (SGMO) spent $0.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.