Financial Analysis

COMMITMENTS AND CONTINGENCIES Leases On August 25, 2025, the Company entered into an amendment for the operating lease of its office and research and development laboratory facilities in Brisbane, California. The amendment authorizes the landlord to draw on the existing $1.5 million letter of credit to offset rent payments between September 2025 through November 2025 and obligated the Company to replace or replenish the letter of credit back to $1.5 million by December 31, 2026. The amendment also allows for the interest-free deferral of 90% of the monthly base rent, due during the period from December 1, 2025 through December 31, 2026, with the deferred amount to be paid in full by January 5, 2027. During the deferral period, the Company remains obligated to pay 10% of the monthly base rent, together with other variable costs such as common area maintenance, taxes, and insurance. The Company concluded that the amendment represented a lease modification to be accounted for as a single contract with the existing lease under ASC Topic 842, Leases , and remeasured its lease liability using the current incremental borrowing rate of 7.94%, and recorded an adjustment to increase both the lease liability and the corresponding right-of-use asset by $0.3 million as of the lease modification date.

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Revenues recognized under the agreement were as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Revenue related to Genentech agreement: Recognition of license revenue $ $ 48,679 $ $ 48,679 Research services 547 547 Total $ $ 49,226 $ $ 49,226 …

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STOCK-BASED COMPENSATION The following table shows total stock-based compensation expense recognized in the accompanying Condensed Consolidated Statements of Operations (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Research and development $ 946 $ 1,478 $ 3,206 $ 4,186 General and administrative 1,181 1,837 3,743 4,913 Total stock-based compensation expense $ 2,127 $ 3,315 $ 6,949 $ 9,099

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FAIR VALUE MEASUREMENTS The Company measures certain financial assets and liabilities at fair value on a recurring basis, including cash equivalents and marketable securities. Fair value is determined based on a three-tier hierarchy under the authoritative guidance for fair value measurements and disclosures that prioritizes the inputs used in measuring fair value as follows: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2: Quoted prices in markets that are not active or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurements and unobservable (i.e., supported by little or no market activity). The Company had no marketable securities as of September 30, 2025 and December 31, 2024. The fair value measurements of the Companys cash equivalents are identified at the following levels within the fair value hierarchy (in thousands): September 30, 2025 Fair Value Measurements Total Level 1 Level 2 Level 3 Assets: Cash equivalents: Money market funds $ 4,589 $ 4,589 $ $ Total cash equivalents $ 4,589 $ 4,589 $ $ December 31, 2024 Fair Value Measurements Total Level 1 Level 2 Level 3 Assets: Cash equivalents: Money market funds $ 4,138 $ 4,138 $ $ Total cash equivalents $ 4,138 $ 4,138 $ $ …

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Recently Adopted In November 2023, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07). The standard requires disclosures to include significant segment expenses that are regularly provided to the chief operating decision maker (CODM), a description of other segment items by reportable segment, and any additional measures of a segments profit or loss used by the CODM when deciding how to allocate resources. The ASU also requires all annual disclosures currently required by Topic 280 to be included in interim periods. The Company adopted the standard for its annual reporting for the year ended December 31, 2024 and for its interim reporting starting with the quarter ended March 31, 2025. The Company has applied this standard retrospectively. See Note 11 Segment Information , for the additional required disclosures with retrospective presentation to all prior periods presented in the Condensed Consolidated Financial Statements. Not Yet Adopted In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (ASU 2023-09), which requires public entities, on an annual basis, to provide disclosure of specific categories in the rate reconciliation, as well as disclosure of income taxes paid disaggregated by jurisdiction. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, wit …

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RESTRUCTURING CHARGES France Restructuring In November 2023, the Company initiated an information and consultation procedure with the Works Council for its Valbonne, France workforce regarding a planned wind-down of Sangamos French research and development activities and a corresponding reduction in workforce, including planned closure of the Companys cell therapy manufacturing facility and research labs in Valbonne, France. The information and consultation procedure with the Works Council resulted in the definition of an acceptable set of termination provisions including payouts to departing employees and were a required step before the Company could eliminate positions at Sangamo France. The information and consultation procedure of the Works Council was completed in the first quarter of 2024. On March 1, 2024, the Companys Board of Directors approved the France Restructuring which resulted in the elimination of all 93 roles in France, or approximately 24% of the total global workforce. As a result, the Company terminated its research and development activities in France and has substantially completed making severance payments to its French employees as required by French law and the terms of the applicable collective bargaining agreements, and incurring other employee-related costs. A majority of expenses related to employee severance and notice period payments, benefits, contract termination costs, and other related restructuring charges for the France Restructuring were …

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SEGMENT INFORMATION The Company has identified its Chief Executive Officer as the CODM. Management uses one measure of profitability and does not segregate the Companys business for internal reporting. Operating results and assets are reviewed by the CODM primarily at the consolidated entity level for purposes of making resource allocation decisions and for evaluating financial performance. Accordingly, the Company has a single operating and reportable segment comprising all of the Companys operations. The key measure of segment profit and loss that the CODM uses to allocate resources and assess performance is the Companys net loss. The CODM uses net loss to assess the Companys ongoing financial needs in relation to current resources in assessing performance and allocating resources. The table below details the Companys revenues, significant expenses, and other segment items and reconciles those amounts to the Companys consolidated net loss as computed under U.S. GAAP in the accompanying Condensed Consolidated Statements of Operations: Three Months Ended September 30, Nine Months Ended September 30, 2025 2024 2025 2024 Revenues $ 581 $ 49,412 $ 25,324 $ 50,249 Less: Research and development 14,020 19,316 43,774 55,398 General and administrative 6,716 11,199 23,498 29,559 Clinical manufacturing operations 13,175 7,075 34,251 27,931 Impairment of long-lived assets 5,521 Stock-based compensation 2,127 3,315 6,949 9,099 Other segment items (*) (527) (2,165) 2,365 (2,714) Net loss …

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STOCKHOLDERS EQUITY At-the-Market Offering Program The Company is party to an Open Market Sale Agreement with Jefferies LLC (Jefferies), as amended, with respect to an at-the-market offering program under which the Company may offer and sell, from time to time at its sole discretion, shares of the Companys common stock having an aggregate offering price of up to $325.0 million through Jefferies as the Companys sales agent or principal. Approximately $148.7 million remained available under the sales agreement as of September 30, 2025. The Company sold 36.4 million and 57.2 million shares of its common stock for net proceeds of approximately $19.6 million and $37.2 million, respectively, during the three and nine months ended September 30, 2025. No shares were sold under the sales agreement during the three and nine months ended September 30, 2024. Issuance and Sale of Common Stock and Warrants 2025 Underwritten Offering On May 14, 2025, the Company completed an underwritten offering (the 2025 Offering) of 12.2 million shares of common stock, pre-funded warrants to purchase up to 34.4 million shares of common stock (the 2025 Pre-Funded Warrants), and accompanying warrants to purchase up to 46.6 million shares of common stock (the 2025 Common Warrants) pursuant to an Underwriting Agreement, dated May 12, 2025, between the Company and Cantor Fitzgerald & Co. The combined offering price of a unit consisting of one share of common stock and accompanying 2025 Common Warrant to p …

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SUBSEQUENT EVENTS At-the-Market Offering Program Subsequent to September 30, 2025, the Company sold 14.5 million shares of its common stock under the Open Market Sale Agreement with Jefferies, for net proceeds of approximately $9.1 million. Pfizer Exercise of Buy Out Option for License to Certain Zinc Finger Modified Cell Lines On October 27, 2025, the Company received $6.0 million from Pfizer pursuant to Pfizers exercise of its option to obtain a license to transfer to third parties certain cell lines that were generated by Pfizer pursuant to the terms of a 2008 licensing agreement between Pfizer and the Company, which was amended in 2023. The 2008 agreement originally granted Pfizer a worldwide, non-exclusive license under Company intellectual property for the use of certain zinc finger nucleases (ZFN) reagents to modify cells and for the use of these ZFN-modified cells for clinical and commercial production of therapeutic proteins. Under the 2023 amendment, Pfizer could transfer the cell lines to certain third parties in exchange for a licensing fee for each cell line initiation plus a revenue share fee. In addition, the 2023 amendment granted Pfizer an option to obtain the right to transfer such cells to any third party without further payment to or consent from Company. Prior to exercise of the Pfizer option, licensing fees received by the Company under the 2023 amendment were immaterial, and no revenue share fees were received. Nasdaq Extension Notice On October 29, 202 …

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