Biogen has committed to covering costs for IND-enabling studies, clinical development and related regulatory costs with global commercialization also agreed. They make it effortless to come to work every day. The author projects Sangamo Therapeutics (SGMO) as a "buy" with a 1-year stock price target at $12.22 (+29% upside). For more than 150 years, we have worked to make a difference for all who rely on us. With 9 analysts following Sangamo, the accuracy of the above forecast should encompass a reasonable deviation of events to be foreseen in 2020-2021. Steven.Danehy@pfizer.com, Pfizer Investors: It is gratifying when your contributions have the potential to improve the quality of life! Factors that could cause actual results to differ include, but are not limited to, risks and uncertainties related to: the evolving COVID-19 pandemic and its impact on the global business environment, healthcare systems and the business and operations of Sangamo and Pfizer; the research and development process; the uncertain timing and unpredictable results of clinical trials, including whether final clinical trial data will validate the safety and efficacy of SB-525; the unpredictable regulatory approval process for product candidates across multiple regulatory authorities; the manufacturing of products and product candidates; the commercialization of approved products; the potential for technological developments that obviate technologies used by Sangamo and Pfizer in SB-525; the potential for Pfizer to terminate the SB-525 program or to breach or terminate its collaboration agreement with Sangamo; and the potential for Sangamo for fail to realize its expected benefits of its collaboration with Pfizer. [CDATA[> Research activities will span approximately the next 2-years until 2022. Additionally, Sangamo is pushing strongly on building out manufacturing revenue from vector manufacturing in 2020 and cell therapy manufacturing in the following year. Sangamo received an upfront payment of $12M and may receive milestone payments up to $60M (clinical) and $90M (commercial). Pfizer assumes no obligation to update forward-looking statements contained in this release as the result of new information or future events or developments. In addition, to learn more, please visit us on www.pfizer.com and follow us on Twitter at @Pfizer and @Pfizer_News, LinkedIn, YouTube and like us on Facebook at Facebook.com/Pfizer. Since our founding in 1995, Sangamo has been a leader in genomic medicine research and development. I wrote this article myself, and it expresses my own opinions. This can be explained via an outsized $179M deferred revenues adjustment stemming from the cash received from the new Biogen collaboration agreement, a larger than average decrease in accounts receivable of +$31M in 1Q-2Q offset by an expected net loss of -$79M. Consistent with our responsibility as one of the world's premier innovative biopharmaceutical companies, we collaborate with health care providers, governments and local communities to support and expand access to reliable, affordable health care around the world. Sangamo is positioned with a pipeline covering 18 potential therapeutics across targets ranging from Hemophilia A to Alzheimer's across pre-clinical to Phase 3.