Sana Biotechnology, Inc. (SANA)

Price$2.94Cached quoteAs of 2026-09-30 19:51 UTC

AI: Fair-priced

Price checkSana carries a substantial pre-commercial valuation, but it also has human proof-of-concept for its immune-evasion technology and two potentially high-value platforms approaching important clinical milestones.

The equity value is roughly $0.9 billion, while June cash, cash equivalents and marketable securities totaled $160.5 million. With no product revenue or meaningful earnings base, conventional sales and earnings multiples are not useful; most of the enterprise value represents expectations for SC451 and the fusosome platform. That valuation is difficult to call cheap because SC451 has not yet produced clinical data of its own and SG293 remains preclinical, but the UP421 human results provide more biological validation than is typical for an early-stage platform company.

Big pictureSana has concentrated its pipeline around hypoimmune cell replacement for type 1 diabetes and targeted in vivo CAR-T engineering, after deprioritizing earlier allogeneic CAR-T programs.

SC451 is an O-negative, stem-cell-derived pancreatic islet therapy engineered with Sana's hypoimmune technology, which disrupts MHC class I and II expression and adds CD47 to help cells evade adaptive and innate immune rejection. The goal is a one-time type 1 diabetes treatment without chronic insulin or immunosuppression. The underlying concept has human support from UP421, a donor-derived HIP-modified islet product that remained detectable and insulin-producing through 14 months in one patient without immunosuppression. The second core platform uses fusosome vectors to engineer CAR-T cells directly inside the patient: SG293 targets CD8 T cells to generate CD19 CAR-T cells for non-Hodgkin lymphoma, with SG227 targeting BCMA for multiple myeloma.

Business strengthThe strongest assets are differentiated immune-evasion biology, encouraging human durability data and a meaningful clinical partnership, but runway remains limited and repeated equity financing has already diluted shareholders.

June liquidity was $160.5 million including marketable securities, materially higher than the cash figure alone, but first-half non-GAAP operating cash burn was $69.3 million and management expects the current resources to fund operations only into mid-2027. Sana raised $93.3 million of net equity proceeds during the second quarter through its at-the-market program and the Mayo Clinic investment, and 299.3 million shares were outstanding at June. Mayo invested alongside a strategic collaboration intended to improve SC451 clinical delivery, trial design and scalability. The financing extends development runway, but additional capital is likely unless clinical progress enables a partnership or other funding source.

What could change the storySC451 entering the clinic and reproducing UP421's immune-evasion signal would be the largest value catalyst, while clinical failure, timeline slippage or another large financing could materially weaken the case.

Sana's September update maintained a 2026 goal of filing the SC451 IND and starting its Phase 1/2 study, with early proof of concept potentially available relatively quickly through immune-evasion, C-peptide and glucose-control measurements. SG293 now has potential first-in-human non-Hodgkin lymphoma data in the first half of 2027, making its clinical start another important catalyst. Competition is significant: Vertex already has an advanced stem-cell-derived islet program and an FDA-cleared IND for another broadly applicable islet therapy, while in vivo CAR-T has become an increasingly crowded field attracting major pharmaceutical investment. The bull case is successful translation of Sana's differentiated HIP and fusosome technologies into scalable therapies; the bear case is that the single-patient UP421 experience fails to translate to SC451, targeted in vivo gene delivery encounters safety or efficacy limitations, or cash burn forces substantial additional dilution before decisive data arrive.

AI: News

September update sharpened the lead-program timelinesSana kept SC451 on track for a 2026 IND and clinical start while shifting expected SG293 first-in-human data into the first half of 2027.

The September corporate presentation said SC451 nonclinical testing was nearing completion, GMP master and working cell banks had been produced, technology transfer to contract manufacturers was underway and clinical-site activation activities had begun. Management continues to target an IND filing and Phase 1/2 start in 2026. For the fusosome platform, Sana now identifies the first half of 2027 as the potential timing for initial SG293 human data in non-Hodgkin lymphoma, with SG227 potentially entering clinical development in 2027.

Second-quarter financing extended runway into mid-2027A combination of ATM issuance and strategic equity funding materially increased liquid resources, but highlighted continuing dilution risk.

Sana ended June with $160.5 million of cash, cash equivalents and marketable securities after raising $93.3 million of net equity proceeds during the quarter. First-half non-GAAP operating cash burn was $69.3 million. Management said those resources should fund operations into mid-2027, which covers several important clinical milestones but likely does not remove the need for additional financing before commercialization.

Long-term UP421 data reinforced the hypoimmune thesisFourteen-month follow-up showed transplanted HIP-modified islet cells continuing to survive and produce insulin without immunosuppression.

The follow-up, published in a peer-reviewed New England Journal of Medicine letter, reported persistent C-peptide production, meal-responsive insulin secretion, imaging evidence of graft survival and no identified therapy-related safety issue in the treated patient. The study involves only one patient and a low dose of primary donor islets, so it does not establish efficacy for SC451, but it provides direct human evidence that Sana's HIP engineering can potentially protect allogeneic islet cells from immune rejection.

Mayo Clinic collaboration added capital and clinical-development supportMayo Clinic partnered with Sana on SC451 development and made an equity investment tied to the diabetes program.

The collaboration covers treatment workflows, product handling, surgical procedures, post-treatment management, biomarker work and clinical-trial design, with the objective of developing a delivery model that could ultimately be used across multiple treatment centers. Mayo's initial equity investment provided additional funding for SC451 and related islet-cell programs while adding external clinical and transplant expertise.

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Revenue

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Total cash / debt

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Financial statements

	2025	2024	2023	2022	2021	2020	2019
Revenue	$0	$0	$0	$0	—	—	—
Research & development	$132.0M	$215.7M	$261.8M	$285.9M	$248.6M	$132.9M	$99.6M
Operating expenses	$250.3M	$272.7M	$293.1M	$272.6M	$356.9M	$286.1M	$141.2M
Operating income	−$250.3M	−$272.7M	−$293.1M	−$272.6M	−$356.9M	−$286.1M	−$141.2M
EBITDA	−$237.5M	−$257.2M	−$275.6M	−$257.0M	−$345.8M	−$280.2M	−$139.3M
Net income	−$244.2M	−$266.8M	−$283.3M	−$269.5M	−$355.9M	−$285.3M	−$130.8M
Basic EPSper basic share	-$0.96	-$1.16	-$1.46	-$1.43	-$2.14	-$21.92	-$26.68
Diluted EPSper diluted share	-$0.96	-$1.16	-$1.46	-$1.43	-$2.14	-$21.92	-$26.68

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Owners

Reported shareholders

Reference date Jun 30, 2026

12.51%of listed shares

FMR LLC37.43M shares · Jun 30, 2026

View holders

Top 20 reported holders of SANA
Holder	% owned
FMR LLC	12.51%37.43M shares
Flagship Pioneering, LLC	8.35%25M shares
RA CAPITAL MANAGEMENT, L.P.	6.26%18.75M shares
BlackRock, Inc.	5.57%16.68M shares
STATE STREET CORP	3.74%11.2M shares
CANADA PENSION PLAN INVESTMENT BOARD	3.41%10.22M shares
Harr Steve	≈2.99%8.96M shares
VANGUARD CAPITAL MANAGEMENT LLC	2.80%8.38M shares
Bishop Hans Edgar	≈1.95%5.85M shares
BANK OF AMERICA CORP /DE/	1.92%5.75M shares
GEODE CAPITAL MANAGEMENT, LLC	1.56%4.68M shares
Marex Group Ltd	1.33%3.99M shares
MARSHALL WACE, LLP	0.98%2.93M shares
Alphabet Inc.	0.94%2.81M shares
Mulligan Richard	≈0.90%2.7M shares
GOLDMAN SACHS GROUP INC	0.79%2.37M shares
Integral Health Asset Management, LLC	0.67%2M shares
TORONTO DOMINION BANK	0.66%1.97M shares
VANGUARD PORTFOLIO MANAGEMENT LLC	0.63%1.88M shares
JACOBS LEVY EQUITY MANAGEMENT, INC	0.62%1.87M shares

Percentages use 299.31M shares of this listed class outstanding on Jun 30, 2026. ≈ compares the latest reported holding with a share total from a different date; it is not a confirmed current stake.

Gray completes the 100% scale. Reported positions may overlap; holders have different reporting dates.

Source: SEC Form 13F ↗Updated Sep 29, 2026 · Quarterly data

Insider buys & sells

Jul 1, 2024–Jun 30, 2026

Buys0$0.00 disclosed value

Sells (SEC code S)6$3.08M disclosed value

Transaction	Insider	Type	Shares	Price	Value	Owned after
Jan 8, 2025Form 4	FMR LLCTenPercentOwner,Other	SellCommon Stock · indirect	1.0K	$7.26	$7.3K	4.54M
Jan 8, 2025Form 4	FMR LLCTenPercentOwner,Other	SellCommon Stock · indirect	164.9K	$6.71	$1.11M	4.54M
Jan 8, 2025Form 4	FMR LLCTenPercentOwner,Other	SellCommon Stock · indirect	25.0K	$6.50	$162.5K	4.71M
Jan 8, 2025Form 4	FMR LLCTenPercentOwner,Other	SellCommon Stock · indirect	100.0K	$6.11	$611.0K	4.73M
Sep 25, 2024Form 4 · 10b5-1	Mulligan RichardDirector	SellCommon Stock	150.0K	$3.89	$583.5K	2.70M