Sana Narrows Loss, Extends Cash Runway Into Mid-2027
The biotechnology company ended June with $160.5 million in cash and investments after raising $93.3 million during the quarter.
The cell-therapy developer Sana Biotechnology (SANA) narrowed its second-quarter loss as a prior-year asset impairment dropped out of its results and financing extended its operating runway.
The quarter paired lower reported expenses with continued investment in Sana’s lead type 1 diabetes and oncology programs. Total operating expenses fell to $65.4 million from $95.0 million a year earlier, largely because a $44.6 million impairment tied mainly to manufacturing and office space did not recur.
Sana’s GAAP net loss narrowed to $63.6 million, or $0.22 a share, from $93.8 million, or $0.39 a share, a year earlier. Its non-GAAP net loss widened slightly to $39.7 million from $38.9 million, while the loss per share improved to $0.13 from $0.16 as the weighted-average share count increased.
Quarterly research-and-development expense rose to $30.7 million from $29.8 million as spending increased on SC451 and SG293 research, clinical development and contract manufacturing. First-half R&D expense declined to $59.4 million from $67.0 million, reflecting lower personnel, facility and manufacturing costs and the absence of spending on suspended allogeneic CAR-T programs.
R&D-related success-payment and contingent-consideration expense more than doubled to $23.9 million from $10.3 million, partly offsetting the benefit from the absent impairment. General and administrative expense edged up to $10.8 million from $10.3 million on higher facility and allocated costs.
Sana raised $93.3 million in net proceeds through its at-the-market program and a Mayo Clinic financing, helping lift cash, cash equivalents and marketable securities to $160.5 million from $138.4 million at year-end. Its cash runway now extends into mid-2027. Mayo invested $25.0 million as part of a collaboration intended to accelerate development and standardization of SC451 delivery protocols.
Sana expects to file an investigational new drug application and begin a Phase 1/2 trial of SC451 as early as 2026, while first-in-human SG293 data in non-Hodgkin lymphoma are also expected as early as this year. Testing of SG227 is targeted for as early as mid-2027 and depends on SG293’s early clinical profile, leaving the next stage of the oncology program tied to initial patient data.