The company's operating margin remains deeply negative at -22.2% as of 2026Q1, reflecting a fundamental inability to scale revenue against $26.6M in quarterly R&D expenditures.
| 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 |
|---|
| Sales/Revenue | 34.56M | 39.55M | 57.8M | 176.23M | 111.3M | 110.7M | 118.19M | 102.43M | 84.45M | 36.57M | 19.39M | 39.54M | 45.87M | 24.13M | 21.66M | 10.32M | 20.8M | 22.19M | 16.19M | 9.1M | 7.88M | 2.48M | 1.31M | 2.58M | 4.34M | 4.88M | 3.43M | 2.2M |
| Revenue Growth % | -45.8% | -31.57% | -67.2% | 58.34% | 0.54% | -6.34% | 15.39% | 21.29% | 130.95% | 88.6% | -50.96% | -13.8% | 90.07% | 11.44% | 109.86% | -50.4% | -6.23% | 37.08% | 77.91% | 15.38% | 217.43% | 88.9% | -49.01% | -40.62% | -11.1% | 42.3% | 56.05% | - |
| Cost of Goods Sold | 0 | 7.6M | 0 | 0 | 12.11M | 0 | 180.65M | 145.92M | 114.87M | 65.73M | 65.62M | 67.13M | 56.74M | 36.98M | 31.71M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -5.23M | -700K |
| COGS % of Revenue | - | 19.22% | - | - | 10.88% | - | 152.84% | 142.46% | 136.01% | 179.75% | 338.43% | 169.78% | 123.71% | 153.23% | 146.43% | - | - | - | - | - | - | - | - | - | - | - | -152.4% | -31.82% |
| Gross Profit | 34.56M | 31.95M | 57.8M | 176.23M | 99.19M | 110.7M | -62.45M | -43.49M | -30.41M | -29.16M | -46.23M | -27.59M | -10.87M | -12.85M | -10.05M | 10.32M | 20.8M | 22.19M | 16.19M | 9.1M | 7.88M | 2.48M | 1.31M | 2.58M | 4.34M | 4.88M | 8.66M | 2.9M |
| Gross Margin % | 100% | 80.78% | 100% | 100% | 89.12% | 100% | -52.84% | -42.46% | -36.01% | -79.75% | -238.43% | -69.78% | -23.71% | -53.23% | -46.43% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 100% | 252.4% | 131.82% |
| Gross Profit Growth % | - | -44.72% | -67.2% | 77.67% | -10.4% | 277.25% | -43.59% | -43.01% | -4.3% | 36.92% | -67.56% | -153.72% | 15.35% | -27.77% | -197.43% | -50.4% | -6.23% | 37.08% | 77.91% | 15.38% | 217.43% | 88.9% | -49.01% | -40.62% | -11.1% | -43.62% | 198.79% | - |
| Operating Expenses | 144.88M | 139.95M | 161.77M | 450.24M | 300.47M | 294.04M | 67.1M | 61.69M | 161.6M | 92.93M | 91.95M | 86.39M | 72.42M | 50.78M | 43.85M | 46.14M | 45.74M | 41.59M | 41.56M | 33.87M | 28.61M | 16.23M | 15.96M | 14.35M | 35.54M | 20.26M | 21.15M | 6.8M |
| OpEx % of Revenue | - | 353.85% | 279.88% | 255.48% | 269.97% | 265.61% | 56.77% | 60.22% | 191.35% | 254.13% | 474.23% | 218.51% | 157.88% | 210.41% | 202.51% | 447.14% | 219.85% | 187.45% | 256.77% | 372.27% | 362.89% | 653.46% | 1214.07% | 556.34% | 818.26% | 414.82% | 616.02% | 309.09% |
| Selling, General & Admin | 31.64M | 34.89M | 44.73M | 61.17M | 62.68M | 63.22M | 67.1M | 61.69M | 46.74M | 27.2M | 26.33M | 19.2M | 15.68M | 13.8M | 12.14M | 14.04M | 12.59M | 12.61M | 10.33M | 8.31M | 7.09M | 4.51M | 4.92M | 3.59M | 4.16M | 4.75M | 4.57M | 1.8M |
| SG&A % of Revenue | - | 88.2% | 77.38% | 34.71% | 56.32% | 57.11% | 56.77% | 60.22% | 55.34% | 74.38% | 135.8% | 48.55% | 34.18% | 57.18% | 56.08% | 136.08% | 60.5% | 56.81% | 63.83% | 91.34% | 89.88% | 181.64% | 374.07% | 139.36% | 95.88% | 97.24% | 133.09% | 81.82% |
| Research & Development | 113.23M | 112.67M | 111.52M | 234.06M | 249.9M | 230.82M | 180.65M | 145.92M | 114.87M | 65.73M | 65.62M | 67.2M | 56.74M | 36.98M | 31.71M | 32.1M | 33.15M | 28.98M | 31.23M | 25.56M | 21.53M | 11.42M | 11.05M | 10.19M | 13.36M | 15.51M | 11.35M | 4.3M |
| R&D % of Revenue | - | 284.87% | 192.94% | 132.81% | 224.53% | 208.51% | 152.84% | 142.46% | 136.01% | 179.75% | 338.43% | 169.95% | 123.71% | 153.23% | 146.43% | 311.06% | 159.36% | 130.64% | 192.94% | 280.93% | 273.01% | 459.7% | 840% | 395% | 307.69% | 317.58% | 330.53% | 195.45% |
| Other Operating Expenses | 0 | -7.6M | 5.52M | 155.01M | -12.11M | 0 | -180.65M | -145.92M | 0 | 0 | 887K | 431K | 364K | 82K | -66K | 0 | 0 | 0 | 0 | 0 | 0 | 4.81M | 0 | 4.16M | 22.17M | 0 | 9.8M | 2.5M |
| Operating Income | -110.32M | -108M | -103.97M | -274M | -201.28M | -183.34M | -129.55M | -105.18M | -77.15M | -56.36M | -72.56M | -46.86M | -26.78M | -26.71M | -22.2M | -35.82M | -24.93M | -19.4M | -25.38M | -24.77M | -20.73M | -13.75M | -14.65M | -11.77M | -31.57M | -28.44M | -12.48M | -3.9M |
| Operating Margin % | -319.25% | -273.07% | -179.88% | -155.48% | -180.85% | -165.61% | -109.61% | -102.69% | -91.35% | -154.13% | -374.23% | -118.51% | -58.38% | -110.66% | -102.51% | -347.14% | -119.85% | -87.45% | -156.77% | -272.27% | -262.89% | -553.46% | -1114.07% | -456.34% | -726.8% | -582.21% | -363.62% | -177.27% |
| Operating Income Growth % | - | -3.88% | 62.06% | -36.13% | -9.79% | -41.52% | -23.17% | -36.33% | -36.89% | 22.32% | -54.86% | -74.96% | -0.28% | -20.31% | 38.03% | -43.66% | -28.52% | 23.54% | -2.44% | -19.5% | -50.78% | 6.16% | -24.48% | 62.71% | -10.98% | -127.84% | -220.08% | - |
| EBITDA | -103.77M | -100.4M | -94.61M | -251.81M | -189.17M | -165.7M | -123.87M | -101.25M | -74.79M | -54.86M | -71.56M | -45.87M | -26.23M | -26.14M | -21.54M | -35.17M | -24.26M | -18.83M | -24.85M | -26.64M | -21.41M | -13.26M | -13.17M | -9.6M | -29.05M | -24.13M | -7.25M | -3.2M |
| EBITDA Margin % | -300.28% | -253.85% | -163.68% | -142.89% | -169.97% | -149.68% | -104.8% | -98.85% | -88.56% | -150.03% | -369.09% | -116.01% | -57.19% | -108.3% | -99.46% | -340.88% | -116.6% | -84.87% | -153.54% | -292.83% | -271.59% | -533.82% | -1001.52% | -372.16% | -668.94% | -493.98% | -211.21% | -145.45% |
| EBITDA Growth % | -41.54% | -6.12% | 62.43% | -33.11% | -14.17% | -33.77% | -22.34% | -35.38% | -36.32% | 23.34% | -56.02% | -74.86% | -0.36% | -21.35% | 38.77% | -45% | -28.83% | 24.23% | 6.72% | -24.41% | -61.5% | -0.68% | -37.22% | 66.96% | -20.39% | -232.8% | -126.59% | - |
| D&A (Non-Cash Add-back) | 6.55M | 7.6M | 9.36M | 22.19M | 12.11M | 17.64M | 5.68M | 3.93M | 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 |
| EBIT | -111.96M | -108M | -98.45M | -118.99M | -201.28M | -183.34M | -129.55M | -105.18M | -77.15M | -56.36M | -71.67M | -46.86M | -26.78M | -26.71M | -22.2M | -35.82M | -24.93M | -19.4M | -25.38M | -24.77M | -20.73M | -13.75M | -14.65M | -11.77M | -31.19M | -15.38M | -12.48M | -3.9M |
| Net Interest Income | 1.29M | 1.3M | 5.86M | 11.1M | 9.43M | 5.35M | 8.78M | 9.76M | 8.26M | 1.79M | 887K | 431K | 0 | 0 | 0 | 71K | 81K | 547K | 2.23M | 3.22M | 2.41M | 850K | 620K | 752K | 1.37M | 3.19M | 3.42M | 0 |
| Interest Income | 1.29M | 1.3M | 5.86M | 11.1M | 9.43M | 5.35M | 8.78M | 9.76M | 8.26M | 1.79M | 887K | 431K | 0 | 0 | 0 | 71K | 81K | 547K | 2.23M | 3.22M | 2.41M | 850K | 620K | 752K | 1.37M | 3.19M | 3.56M | 0 |
| Interest Expense | 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 | 139K | 0 |
| Other Income/Expense | -13.7M | -15.5M | 5.86M | 11.1M | 9.43M | 5.35M | 8.77M | 9.76M | 8.26M | 1.79M | 887K | 431K | 364K | 82K | -66K | 71K | 81K | 815K | 1.07M | 3.29M | 2.87M | 455K | 832K | 1.34M | 1.8M | 3.19M | 0 | 0 |
| Pretax Income | -124.02M | -123.5M | -98.11M | -262.9M | -191.85M | -177.99M | -120.78M | -95.42M | -68.89M | -54.57M | -71.67M | -46.42M | -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 | 0 | 0 |
| Pretax Margin % | -358.88% | -312.25% | -169.74% | -149.18% | -172.37% | -160.79% | -102.19% | -93.16% | -81.57% | -149.23% | -369.65% | -117.42% | -57.59% | -110.32% | -102.81% | -346.45% | -119.46% | -83.77% | -150.14% | -236.1% | -226.56% | -535.14% | -1050.8% | -404.54% | -685.33% | -516.87% | - | - |
| Income Tax | -687K | -568K | -167K | -5.07M | 429K | 306K | 345K | 0 | 0 | 0 | -14K | -5.72M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -3.42M | -100K |
| Effective Tax Rate % | 0.55% | 0.46% | 0.17% | 1.93% | -0.22% | -0.17% | -0.29% | 0% | 0% | 0% | 0.02% | 12.33% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | - | - |
| Net Income | -123.33M | -122.93M | -97.94M | -257.83M | -192.28M | -178.29M | -121M | -95.19M | -68.33M | -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 |
| Net Margin % | -356.89% | -310.81% | -169.45% | -146.3% | -172.76% | -161.05% | -102.37% | -92.93% | -80.91% | -149.23% | -369.58% | -102.94% | -57.59% | -110.32% | -102.81% | -346.45% | -119.46% | -83.77% | -150.14% | -236.1% | -226.56% | -535.14% | -1050.8% | -404.54% | -685.33% | -516.87% | -264.08% | -172.73% |
| Net Income Growth % | -55.23% | -25.52% | 62.01% | -34.09% | -7.85% | -47.35% | -27.12% | -39.3% | -25.23% | 23.85% | -76.05% | -54.08% | 0.78% | -19.58% | 37.72% | -43.84% | -33.72% | 23.52% | -13.14% | -20.24% | -34.39% | 3.8% | -32.45% | 64.95% | -17.88% | -178.5% | -138.58% | - |
| Net Income (Continuing) | -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 |
| Discontinued Operations | 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 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | -868K | 185K | 739K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.32 | -0.44 | -0.49 | -1.48 | -1.25 | -1.23 | -0.90 | -0.68 | -0.70 | -0.70 | -1.02 | -0.58 | -0.39 | -0.48 | -0.42 | -0.71 | -0.55 | -0.44 | -0.60 | -0.58 | -0.55 | -0.51 | -0.55 | -0.42 | -1.22 | -1.09 | -0.52 | -0.63 |
| EPS Growth % | 2.17% | 10.2% | 66.89% | -18.4% | -1.63% | -36.67% | -32.35% | 2.86% | 0% | 31.37% | -75.86% | -48.72% | 18.75% | -14.29% | 40.85% | -29.09% | -25% | 26.67% | -3.45% | -5.45% | -7.84% | 7.27% | -30.95% | 65.57% | -11.93% | -109.62% | 17.46% | - |
| EPS (Basic) | - | -0.44 | -0.49 | -1.48 | -1.25 | -1.23 | -0.90 | -0.68 | -0.70 | -0.70 | -1.02 | -0.58 | -0.39 | -0.48 | -0.42 | -0.71 | -0.55 | -0.44 | -0.60 | -0.58 | -0.55 | -0.51 | -0.55 | -0.42 | -1.22 | -1.09 | -0.52 | -0.63 |
| Diluted Shares Outstanding | 389.62M | 280.19M | 201.7M | 174.44M | 154.34M | 144.57M | 134.45M | 112.11M | 96.94M | 78.08M | 70.55M | 69.76M | 67.02M | 55.97M | 52.74M | 50.51M | 45.17M | 42.05M | 40.83M | 37.35M | 32.5M | 25.86M | 25.13M | 24.81M | 24.49M | 23.12M | 17.38M | 6.01M |
| Basic Shares Outstanding | 389.62M | 280.19M | 201.7M | 174.44M | 154.34M | 144.57M | 134.45M | 112.11M | 96.94M | 78.08M | 70.55M | 69.76M | 67.02M | 55.97M | 52.74M | 50.51M | 45.17M | 42.05M | 40.83M | 37.35M | 32.5M | 25.86M | 25.13M | 24.81M | 24.49M | 23.12M | 17.38M | 6.01M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Imminent liquidity and solvency risk
As evidenced by the 77.6% year-over-year revenue decline reported in 2026Q1, Sangamo's top-line trajectory remains highly erratic and dependent on binary milestone payments rather than recurring commercial sales, which complicates any attempt to forecast sustainable growth or long-term operational viability for the company's proprietary ZFP platform.
The revenue profile is characterized by extreme lumpiness, where quarterly figures fluctuate wildly based on the timing of collaboration agreements rather than underlying product demand. This lack of consistent revenue generation suggests that the company remains in a precarious transition phase, struggling to move beyond its reliance on sporadic partnership-driven inflows.
Based on the income statement data, Sangamo maintains a rigid cost structure dominated by R&D expenditures, which reached $26.6M in 2026Q1, consistently dwarfing the company's limited revenue and highlighting a persistent inability to achieve the necessary scale to offset its heavy laboratory and personnel-related overhead.
The company's expense discipline appears constrained by the necessity of maintaining specialized infrastructure for its ZFP technology. Investors should monitor whether the recent reduction in R&D spending from 2023 levels reflects a strategic pivot or a forced contraction due to the company's deteriorating liquidity position.
According to recent financial filings, Sangamo's operating margin of -22.2% in 2026Q1 underscores a fundamental lack of operating leverage, as the company continues to burn through capital to support its clinical-stage pipeline without the benefit of a scalable, high-margin commercial product to absorb its fixed costs.
The inability to scale operating income relative to gross profit suggests that the current business model is not yet optimized for profitability. The persistent negative operating margins indicate that the company's cost base is structurally misaligned with its current revenue-generating capacity, necessitating a significant shift in operational strategy.
As reported in recent statements, the combination of a $21M cash balance and ongoing quarterly operating losses suggests that Sangamo faces a severe liquidity crunch, which may force management into highly dilutive financing events that could significantly impair shareholder value in the near term.
Short-sellers would likely focus on the company's inability to sustain operations without constant capital injections, viewing the current cash runway as insufficient for late-stage clinical development. This vulnerability warrants further investigation into whether the company can secure non-dilutive funding or if it will be forced to sacrifice long-term intellectual property value for immediate survival.
Quick answers to the most common questions about buying SGMO stock.
For fiscal year 2025, Sangamo Therapeutics, Inc. (SGMO) reported total revenue of $39.6M. This represents a 1697.8% increase compared to $2.2M in 1999.
Sangamo Therapeutics, Inc. (SGMO) reported a net loss of $122.9M for the fiscal year ending 2025.
Sangamo Therapeutics, Inc. (SGMO) reported an operating income of $-108.0M, resulting in an operating profit margin of -273.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Sangamo Therapeutics, Inc. (SGMO) generated $31.9M in gross profit for the year, representing a gross profit margin of 80.8%. This demonstrates the company's core pricing power and production efficiency.