He has seemed to be clearly forecasting his intention to spin-out T-Regs, no? Become an autonomous publicly-traded entity, maybe take the ticker TREG, get all their associated expenses off SGMO books, allow them to raise capital (and likely partner) in a more attractive fashion (as less parent company baggage).

Existing SGMO shareholders would be given some level of ownership interest in this new entity, idea is to unlock value that is not being realized by current structure, and would again alleviate burden to raise as much capital annually for parent company as TREG would officially be of the books.

Parent has options to partner Fabry, monetize Hemo A future license stream, etc.