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SANA

Sana Biotechnology, Inc.

SANA

Sana Biotechnology, Inc. • NASDAQ
$4.30 ▲ 6.97% (+0.28)
Market Cap $1.14 B
52w High $7.30
52w Low $1.26
Dividend Yield 0%
P/E -4.48
Volume 3.92M
Outstanding Shares 266.18M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $43.515M ▼ $-42.152M ▲ 0% $-0.16 ▲ $-38.961M ▲
Q2-2025 $0 $94.975M ▲ $-93.8M ▼ 0% $-0.39 ▼ $-47.507M ▼
Q1-2025 $0 $50.63M ▼ $-49.389M ▼ 0% $-0.21 $-46.981M ▼
Q4-2024 $0 $50.866M ▼ $-49.069M ▲ 0% $-0.21 ▲ $-45.173M ▲
Q3-2024 $0 $61.761M $-59.924M 0% $-0.25 $-57.704M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $153.054M ▲ $435.432M ▲ $240.124M ▲ $195.308M ▲
Q2-2025 $72.674M ▼ $361.645M ▼ $239.089M ▲ $122.556M ▼
Q1-2025 $104.701M ▼ $445.47M ▼ $236.391M ▼ $209.079M ▼
Q4-2024 $152.497M ▼ $501.02M ▼ $250.516M ▼ $250.504M ▼
Q3-2024 $199.007M $559.392M $266.914M $292.478M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-42.152M ▲ $-29.429M ▲ $-48.025M ▼ $109.54M ▲ $32.086M ▲ $-29.47M ▲
Q2-2025 $-93.8M ▼ $-33.101M ▲ $7.68M ▼ $561K ▼ $-24.86M ▲ $-32.989M ▲
Q1-2025 $-49.389M ▼ $-48.657M ▼ $16.603M ▼ $982K ▲ $-31.072M ▼ $-48.793M ▼
Q4-2024 $-49.069M ▲ $-47.161M ▲ $47.088M ▲ $643K ▼ $570K ▲ $-47.597M ▲
Q3-2024 $-59.924M $-51.819M $41.775M $2.082M $-7.962M $-55.912M

Five-Year Company Overview

Income Statement

Income Statement Sana is still a pure R&D story with no product revenue yet, so all activity flows through expenses and losses. The company has reported sizable net losses every year, driven mainly by research and development and supporting overhead. Losses were particularly heavy around the time of going public and have stayed large, though there are signs of modest improvement rather than a worsening trend. In practical terms, this means the business is entirely dependent on external funding and future milestones, not on current sales or profits.

Balance Sheet

Balance Sheet The balance sheet shows a typical early‑stage biotech profile: a meaningful cash position relative to its size, modest physical assets, and limited debt. Cash and total assets have been drifting down as funds are spent on trials and platform development. Debt remains relatively small compared with the overall capital structure, which reduces financial strain from interest payments. Shareholders’ equity is positive and has historically been supported by capital raises, which is standard for this type of company but also implies ongoing dilution risk if more funding is needed before meaningful revenue arrives.

Cash Flow

Cash Flow Cash flow is consistently negative, reflecting steady cash burn to fund R&D and operations. Operating cash outflows have been fairly stable rather than accelerating sharply, which suggests some discipline in spend, but the company is still consuming cash each year with no offsetting inflows from product sales. Capital expenditures are modest, so most cash use is tied directly to scientific and clinical work rather than heavy infrastructure. Overall, the story is one of a time‑limited cash runway that must be extended through additional financing, partnerships, or cost controls as the pipeline advances.

Competitive Edge

Competitive Edge Competitively, Sana is trying to build a differentiated position in cell and gene therapy rather than competing on me‑too products. Its Hypoimmune platform aims to make transplanted cells effectively invisible to the immune system, and early human data from a diabetes program provides an initial real‑world validation of this concept. The fusogen platform for in‑body CAR T creation could address major cost and access challenges in current cell therapies. These technologies, plus a leadership team with prior success in cell therapy, give Sana a credible edge. At the same time, it operates in a crowded, rapidly evolving field with many well‑funded rivals, and regulatory and clinical risks remain high until later‑stage data are available.

Innovation and R&D

Innovation and R&D Sana is highly innovation‑centric, pouring most of its spending into R&D around its Hypoimmune and fusogen platforms. The company has deliberately narrowed its focus to a small number of high‑impact programs, particularly for type 1 diabetes and in‑vivo CAR T for blood cancers. This focus can improve capital efficiency and clarity of execution but also concentrates risk in a few key bets. The platforms themselves are flexible and could be extended to other diseases if early programs succeed, which gives the pipeline significant optionality. Timelines remain long, with major regulatory filings for the lead programs still several years away, so scientific and clinical progress will be the main drivers of value perception for some time.

Summary

Sana Biotechnology is a pre‑revenue, clinical‑stage biotech with ambitious platform technologies and a typical high‑risk, high‑uncertainty financial profile. The company runs sizable operating losses and steady cash burn, balanced by manageable debt levels and a still‑meaningful but shrinking cash cushion. Its potential strength lies in differentiated cell and gene therapy platforms that, if successful, could open large markets and create a durable competitive moat. However, the outcome depends heavily on future clinical data, regulatory interactions, and the company’s ability to secure ongoing funding or partnerships as it advances toward late‑stage trials. For observers, this is a long‑duration, science‑driven story where execution on a few pivotal programs will likely determine how the financial picture evolves.

NEWS

November 24, 2025 · 4:05 PM UTC

Sana Biotechnology to Present at December 2025 Investor Conferences

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