Sana Biotechnology (SANA) Morgan Stanley 22nd Annual Global Healthcare Conference summary

Recent milestones and platform overview

• Focused on cell and gene therapy, with two main platforms: gene delivery and Hypoimmune for overcoming allogeneic rejection.

• Hypoimmune platform uses three gene edits: knockout of MHC class I/II and overexpression of CD47 to evade immune rejection.

• Preclinical models show success in mice, humanized mice, and non-human primates; early human data is promising.

• Four drugs in human testing across type 1 diabetes, autoimmune diseases, and blood cancers.

• Strong intellectual property portfolio supports proprietary position.

Type 1 diabetes program

• Aims to replace missing pancreatic beta cells using gene-modified, stem cell-derived islets without immunosuppression.

• Non-human primate studies showed restored euglycemia after islet transplant, reversed by cell ablation.

• Human trials focus on cell survival and C-peptide as proof of overcoming immune rejection.

• Detectable C-peptide indicates endogenous insulin production and clinical benefit.

• Scaling manufacturing is a key challenge for broader impact.

Autoimmune and oncology pipeline

• Allogeneic CAR T therapies offer advantages in scale and patient convenience over autologous approaches.

• Early data in oncology shows B cell depletion; translation to autoimmune settings is expected to be more straightforward.

• Durability and potency are critical for commercial viability, aiming for parity with autologous CAR T cells.

• Initial autoimmune trial enrolled first patient in May; early data expected this year, with limited patient numbers due to dose finding.

• Oncology program (ARDENT) seeks to demonstrate durable responses comparable to autologous therapies.