SANGAMO THERAPEUTICS, INC (SGMO): restructuring charge — Sangamo cuts 27% of US workforce, restructures toward neurology and Fabry; EVP departs

SANGAMO THERAPEUTICS, INC

US workforce reduced by ~120 roles (~27%); expects ~$31M annualized cost savings from restructuring.
EVP Technical Operations R. Andrew Ramelmeier to leave July 10, 2023; Phillip Ramsey appointed Head of Technical Ops.
Preliminary Q1 cash position expected to fund operations for at least 12 months; full Q1 results due by May 10, 2023.
Strategic focus on Nav1.7 (IND 2024), prion (IND 2025), Fabry Phase 3 trial, and TX200 CAR-Treg; pauses partnered programs.
One-time restructuring costs estimated at $5M-$7M, primarily in Q2 2023; reduces internal manufacturing and allogeneic footprints.

item 2.02 item 2.05 item 5.02 item 9.01

Executive movements

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Departed

R. Andrew Ramelmeier

Executive Vice President, Technical Operations

SGMO · SANGAMO THERAPEUTICS, INC

Effective: 2023-07-10
Filed: April 26, 2023, 7:59 PM ET

the employment of R. Andrew Ramelmeier, Ph.D., Executive Vice President, Technical Operations, will terminate effective as of July 10, 2023.

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

SANGAMO THERAPEUTICS, INC reported preliminary financial results for first quarter 2023.

Period: first quarter 2023
Result: preliminary results

Exact text from the filing

Sangamo Therapeutics, Inc. (“Sangamo”) issued a press release announcing preliminary financial results for the quarter ended March 31, 2023

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Executive change SEC 8-K Item 5.02 confidence 0.95

R. Andrew Ramelmeier was terminated as Executive Vice President, Technical Operations at SANGAMO THERAPEUTICS, INC.

Action: terminated
Role: Executive Vice President, Technical Operations

Exact text from the filing

the employment of R. Andrew Ramelmeier, Ph.D., Executive Vice President, Technical Operations, will terminate effective as of July 10, 2023.

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

SANGAMO THERAPEUTICS, INC announced a restructuring with charges of approximately $5 million to $7 million affecting United States workforce and California internal manufacturing and allogeneic research footprints (approximately 120 roles in the United States, or approximately 27% of its United States workforce).

Type: restructuring
Charge: approximately $5 million to $7 million
Affected area: United States workforce and California internal manufacturing and allogeneic research footprints
Headcount: approximately 120 roles in the United States, or approximately 27% of its United States workforce

Exact text from the filing

in the elimination of approximately 120 roles in the United States, or approximately 27% of its United States workforce. Sangamo estimates that it will incur approximately $5 million to $7 million in cash-based expenses related to employee severance and notice period payments, benefits and related restructuring costs. Sangamo expects that the majority of the

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SANGAMO THERAPEUTICS, INC filing history →

Source: SEC EDGAR

accession 0001628280-23-013290

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