Sana Biotechnology Inc

Latest Results (15.04.2026):

Sana Biotechnology Inc — Fourth Quarter 2025: Sana reported Q4 and full-year 2025 results showing continued scientific progress (notably positive one‑year data from an investigator‑sponsored hypoimmune islet transplant and NEJM publication of 12‑week data), ongoing pipeline advancement toward IND/first‑in‑human studies, and a year‑end cash balance of $138.4 million with an expected runway into late 2026. Financially, the company posted a GAAP net loss of $58.8 million in Q4 2025 (GAAP net loss for full year $244.2 million) and lower non‑GAAP losses after excluding certain non‑cash valuation and impairment items. Cost reductions from a 2024 portfolio prioritization lowered R&D and G&A spend in 2025, while a $44.6 million impairment and increases in contingent liabilities affected GAAP results.

Cash position & runway

Cash, cash equivalents and marketable securities were $138.4 million at December 31, 2025. Sana expects this cash position to fund operations into late 2026, having raised capital in 2025 and reduced operating cash burn versus 2024.

Financings in 2025

Sana raised aggregate gross proceeds of $133.7 million in 2025 (including an $86.3M registered offering in August and $47.4M from its ATM). Net proceeds from equity financings were reported at $126.4 million for the year.

GAAP vs. non‑GAAP results

GAAP net loss was $58.8 million for Q4 2025 and $244.2 million for FY 2025. Non‑GAAP net loss (excluding non‑cash fair‑value adjustments and impairment) was $44.7 million for Q4 and $170.1 million for the full year, reflecting adjustments for contingent consideration, success‑payment liabilities and the impairment charge.

Expense trends

Research & development expense fell to $34.9 million in Q4 and $132.0 million for the year (from $45.1M Q4/ $215.7M FY 2024). General & administrative expense fell to $12.2 million in Q4 and $44.3 million for the year. Management attributes declines primarily to the portfolio prioritization executed in late 2024 (reduced program scope, headcount and related costs).

Impairment and contingent liabilities

Sana recorded a $44.6 million non‑cash impairment of long‑lived assets in 2025 related to its Bothell manufacturing facility and certain Seattle space after deciding to rely on third‑party CDMOs. Success payment liabilities and contingent consideration rose materially in 2025 (success payments $19.2M; contingent consideration $123.7M; total ~$143.0M), producing significant non‑cash expense volatility tied to Sana’s market capitalization.

Operating cash burn

Non‑GAAP operating cash burn for the twelve months ended December 31, 2025 was $138.5 million, down from $195.1 million in 2024 (non‑GAAP excludes financing inflows, portfolio prioritization cash costs, and capital expenditures per the company’s reconciliation).

Clinical and scientific progress

Sana highlighted 12‑month data from an investigator‑sponsored UP421 hypoimmune islet transplant showing safety, immune evasion and sustained C‑peptide production one year post‑transplant; NEJM published the 12‑week results. Sana is advancing SC451 (hypoimmune, iPSC‑derived islets) toward an IND and Phase 1 trial expected as early as 2026, and anticipates first‑in‑human data for SG293 (in vivo CAR‑T fusosome) in blood cancers as early as this year, supported by non‑human primate proof‑of‑concept B‑cell depletion data. The fusogen platform also produced in‑vivo HSC editing preclinical results published in Nature Biotechnology.

Leadership

In Q1 2026 Sana appointed Brian Piper as Executive Vice President and Chief Financial Officer to lead financial strategy and capital planning.