Sana Biotechnology (SANA) Q4 2025 earnings summary

Executive summary

• Achieved key clinical milestones in type 1 diabetes and blood cancer programs, including 12-month safety and efficacy data for hypoimmune-modified islet cell therapy and progress toward first-in-human trials for next-generation CAR T therapy.

• Published positive clinical and preclinical results in leading journals, supporting the potential of hypoimmune and fusogen platforms.

• Raised $133.7 million in equity financing, strengthening cash position and extending runway into late 2026.

Financial highlights

• Cash, cash equivalents, and marketable securities were $138.4 million as of December 31, 2025, down from $152.5 million at year-end 2024.

• Net loss for 2025 was $244.2 million ($0.96 per share), compared to $266.8 million ($1.16 per share) in 2024.

• Non-GAAP net loss for 2025 was $170.1 million ($0.67 per share), improved from $263.1 million ($1.14 per share) in 2024.

• Research and development expenses for 2025 were $132.0 million, down from $215.7 million in 2024, reflecting portfolio prioritization.

• General and administrative expenses for 2025 were $44.3 million, down from $64.0 million in 2024.

• Recorded a $44.6 million non-cash impairment of long-lived assets in 2025 due to shift to third-party manufacturing.

Outlook and guidance

• Plans to file IND and initiate Phase 1 trial for SC451 in type 1 diabetes in 2026.

• Expects to generate first-in-human data for SG293 in blood cancers in 2026.

• Cash runway expected to extend into late 2026.