Sana Biotechnology (SANA) Q3 2026 earnings summary

Executive summary

• Q3 2026 net income was $20.4M, driven by non-cash gains from revaluing contingent consideration and success-payment liabilities; operating expenses before those gains remained substantial.

• SC451 for type 1 diabetes and SG293 for non-Hodgkin lymphoma advanced toward clinical studies; SC291 and SC262 development was suspended in the November 2025 portfolio prioritization.

• Cash, cash equivalents, and marketable securities totaled $121.7M at September 30, 2026; expected runway was into mid-2027.

Financial highlights

• Q3 GAAP net income was $20.4M, or $0.07 per share; 9M GAAP net loss was $90.4M, or $0.31 per share.

• Q3 non-GAAP net loss was $43.0M, or $0.14 per share; 9M non-GAAP net loss was $121.5M, or $0.41 per share.

• Q3 R&D expense was $33.9M, up $3.8M YoY; G&A was $10.9M, versus $10.3M. 9M R&D and G&A were $93.4M and $33.2M, respectively.

• Q3 operating expenses were negative $18.5M versus $43.5M a year earlier, reflecting a $63.4M non-cash gain from liability and contingent-consideration fair-value changes.

• 9M net loss narrowed from $185.3M to $90.4M; 2025 included a $44.6M long-lived asset impairment, while 2026 recorded net gains on liability revaluations.

Outlook and guidance

• SC451 IND filing and Phase 1/2 trial are targeted as early as 2026; SG293 clinical study is targeted for 1Q 2027, with first-in-human data possible in H1 2027.

• Data from SC451 and SG293 are anticipated in 2027; both programs are viewed as having potential for relatively rapid proof of concept.

• SG227 clinical testing could begin as early as 2027, contingent on SG293’s early clinical profile.

• Excluding one-time items, 2026 R&D expense is expected to be materially flat or slightly lower than 2025, with G&A materially flat.