SANA · Sana Biotechnology, Inc.

Sana Biotechnology reported its first quarter 2026 financial results, highlighting a net loss of $47.2 million, or $0.17 per share, compared to a net loss of $49.4 million, or $0.21 per share, in the same period last year. Research and development expenses decreased to $28.7 million from $37.2 million, primarily due to lower personnel costs and reduced third-party manufacturing expenses following the suspension of allogeneic CAR T programs. General and administrative expenses remained flat at $11.5 million. The company ended the quarter with $101.1 million in cash, cash equivalents, and marketable securities, down from $138.4 million at year-end 2025, reflecting a cash burn of $37.4 million from operations. On a non-GAAP basis, operating cash burn was $37.0 million, and non-GAAP net loss was $38.8 million. Key business updates include a strategic collaboration with Mayo Clinic for SC451, a hypoimmune stem cell-derived pancreatic islet cell therapy for type 1 diabetes, which included a $25 million equity investment. Positive 14-month data from an investigator-sponsored trial of UP421, a similar HIP-modified islet cell therapy, showed ongoing survival and function without immunosuppression. The company expects to file an IND and begin a Phase 1 trial for SC451 later this year. Additionally, progress continues on SG293, an in vivo CAR T cell therapy for non-Hodgkin lymphoma, with preclinical data to be presented at ASGCT and a clinical trial expected to start later this year. Management reiterated focus on execution and generating proof-of-concept data over the next 12-18 months.