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Sana Biotechnology (SANA) investor relations material

Sana Biotechnology Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary6 Nov, 2025

Executive summary

  • Prioritized SC451 (type 1 diabetes) and SG293 (in vivo CAR T) programs, suspending allogeneic CAR T programs SC291 and SC262 to focus resources on most promising assets.

  • Announced positive 12-week and six-month results from the UP421 trial, showing survival, function, and immune evasion of transplanted beta cells without immunosuppression in type 1 diabetes patients.

  • Completed public offerings and ATM equity sales in 2025, raising $133.2 million in gross proceeds and $109.2 million in net proceeds.

Financial highlights

  • Net loss for Q3 2025 was $42.2 million ($0.16/share), and $185.3 million ($0.75/share) for the nine months ended September 30, 2025, both improved from 2024.

  • Research and development expenses for Q3 2025 were $30.1 million, down from $53.2 million in Q3 2024; for the nine months ended September 30, 2025, R&D expenses were $97.1 million, down from $170.5 million in 2024.

  • General and administrative expenses for Q3 2025 were $10.3 million, down from $14.1 million in Q3 2024; for the nine months ended September 30, 2025, G&A expenses were $32.1 million, down from $46.8 million in 2024.

  • Cash, cash equivalents, and marketable securities totaled $153.1 million as of September 30, 2025.

  • Non-GAAP net loss for Q3 2025 was $39.0 million ($0.15/share), and $125.4 million ($0.51/share) for the nine months, both improved year-over-year.

Outlook and guidance

  • Cash and recent equity proceeds expected to fund operations for at least one year from the filing date, with runway projected into late 2026.

  • Anticipates need for additional financing in the future to support ongoing operations and clinical development.

  • Plans to file IND for SC451 as early as 2026 and for SG293 as early as 2027.

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Frequently asked questions

Sana Biotechnology Inc. is a biotechnology company focusing on the development of engineered cells as medicines. The company focuses on both ex vivo and in vivo cell engineering platforms to address a variety of therapeutic areas with significant unmet needs, including oncology, diabetes, central nervous system disorders, and autoimmune diseases among others. Sana Biotechnology's approach involves the use of cutting-edge technologies such as CRISPR for gene editing and their proprietary platforms, Fusogen for in vivo cell engineering, and a hyperimmune platform for ex vivo cell engineering. They are actively investigating potential treatments for conditions such as non-Hodgkin lymphoma, acute lymphoblastic leukemia, chronic lymphocytic leukemia, multiple myeloma, and diabetes, to name a few. The company is headquartered in Seattle, Washington, and its shares are listed on the NASDAQ.

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