Sana Biotechnology (SANA) Goldman Sachs 45th Annual Global Healthcare Conference summary

Key program updates and clinical progress

• Four drugs are in human testing across seven indications, with data expected from all four this year.

• Hypoimmune cell technology aims to prevent allogeneic and autoimmune rejection, with promising results in preclinical and early clinical studies.

• Type 1 diabetes program uses gene-modified islets to achieve euglycemia without immunosuppression; initial data from a phase 1 safety study is imminent.

• B-cell-mediated autoimmune disorder program is testing allogeneic CAR T-cells in lupus nephritis, extrarenal lupus, and ANCA-associated vasculitis, with first patient dosed and data expected by year-end.

• Oncology programs include CD19 and CD22 CAR T-cells for lymphoma and leukemia, with significant data readouts anticipated by the end of the year.

Scientific and technical challenges

• Demonstrated ability to gene-modify cells to evade immune rejection, with proof-of-concept studies using cadaveric islets as a precursor to scalable stem cell-derived therapies.

• Key hurdles include ensuring genomic stability, achieving sufficient purity and potency, and scaling manufacturing for broad patient access.

• Manufacturing at scale remains a scientific challenge, particularly for treating large populations such as type 1 diabetes.

• Allogeneic CAR T-cell persistence and tissue biodistribution are critical for efficacy in both cancer and autoimmune indications.

Commercial and strategic outlook

• Allogeneic therapies offer significant scalability advantages, with potential to treat tens of thousands of patients per manufacturing run.

• Business development strategy focuses on retaining full rights until proof-of-concept is established, then seeking global partners for late-stage development and commercialization.

• Cash runway is supported by $300 million on hand, with plans to raise additional funds and pursue partnerships to offset high development costs.

• Prioritization of programs is ongoing, with in vivo delivery and other platforms advancing as resources allow.