KRTX - Sangamo Protagonist and Eiger among biotechs with exposure to Silicon Valley Bank

2023-03-10 21:26:19 ET

• Several smaller pharma and biotech companies have come out and said they have exposure to FDIC-shuttered Silicon Valley Bank ( SIVB ).
• The biotech was the biggest exposure disclosed so far is Sangamo Therapeutics ( NASDAQ: SGMO ), with $34.4M in deposits, "substantially all of which is uninsured," according to an SEC filing.
• While that figure represents ~11% of its cash, cash equivalents, and marketable securities, the company said it expects to be able to meet its payroll and supplier obligations.
• Protagonist Therapeutics ( PTGX ) said that it has $13M in cash at the bank .
• Eiger BioPharmaceuticals ( NASDAQ: EIGR ) said it has ~$8.3M at SVB ( SIVB ), ~6.9% of its cash, cash equivalents and short-term securities.
• Others include Atara Biotherapeutics ( NASDAQ: ATRA ), Karuna Therapeutics ( KRTX ), and Enanta Pharmaceuticals ( ENTA ).
• Though not a biotech or pharma, Him & Hers Health ( NYSE: HIMS ) said it has "limited cash exposure."

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