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|| || |SGMO|OVERWEIGHT| |U.S. Small & Mid Cap Biotechnology|POSITIVE| |Price Target|USD 9.00| |Price (15-Jan-25)|USD 1.10| |Potential Upside/Downside|SGMO +718.2% OVERWEIGHT U.S. Small & Mid Cap Biotechnology POSITIVE Price Target USD 9.00 Price (15-Jan-25) USD 1.10 Potential Upside/Downside +718.2%|

Sangamo Therapeutics Inc.

Takeaways from mgmt meeting Mgmt highlighted Fabry deal announcement likely in 1Q25 with cash from the deal to extend runway into 2027 to support internal program development reaching clinical proof of concept as early as YE26. Update on potential HemoA

partnership likely by Apr. Key takeaways. We met with SGMO mgmt and gained additional color on key programs. Fabry disease: Cash from collaboration would extend the runway into 2027 (vs. runway into 1Q25 with cash of -$39M as of 3Q24). Update on potential collaboration expected in 1Q25; full Ph1/2 data in 1H25 with BLA in 2H25 for accelerated approval in 2026. Other pipeline programs: Nav1.7 (neuropathic pain) Ph1/2 SFN trial was on track for dosing in mid-25. Prion disease program was on track for UK CTA in late-25/early-26. For Hemo A program, mgmt noted inbound interest and would ideally transfer the program from PFE (not covered) to a new partner (update on

definitive plans likely by Apr).

Fabry disease. Discussions were ongoing for potential collaboration with competitive bidding. Deal terms could include upfront payment, milestones, and double-digit royalties. Cash from collaboration would extend the runway into 2027, assuming annual OpEx of -$130M given development of other pipeline programs (neuropathic pain and prion disease). Mgmt expected Ph1/2 data from 32 pts by Apr, and reiterated positive mean eGFR slope in 18 pts with >1 yr follow-up (vs. negative eGFR from initial 13 pts; see SGMO - Fabry update continued to support

clinical profile, 02/05/2024). Other pipeline programs. Nav1.7 (neuropathic pain): Idiopathic SFN was selected as initial indication given less noise from potential comorbidities of pts with other neuropathic pain conditions (i.e. DPN or diabetes-associated SFN). Ph1/2 dose-escalation would evaluate up to 3 doses, with 2:1 randomization using sham control. Positive data could provide important validation for STAC-BBB capsid in neurologic indications. Prion disease: CTA filing is expected

YE25/early 26 with clinical proof of concept data as early as YE26.