"He has seemed to be clearly forecasting his intention to spin-out T-Regs, no?"

a CAR-Treg spin-out would be a godsend for SGMO but there is one big problem, i.e. valuation, which is extremely compromised by an under-performing and expensive infrastructure on the French Riviera

so no, a spin-out is non-viable... but yes, as you noted, SM is clearly signaling his desire for any type of M&A for CAR-Tregs to alleviate the burden of its ongoing cash burn