Sana Biotechnology, Inc. (SANA): Business Model Canvas

Im hochmodernen Bereich der Biotechnologie erweist sich Sana Biotechnology als transformative Kraft und leistet Pionierarbeit bei revolutionären Zellprogrammierungstechnologien, die eine Neudefinition medizinischer Behandlungsparadigmen versprechen. Durch die strategische Nutzung fortschrittlicher regenerativer Medizinforschung und innovativer Therapieplattformen positioniert sich dieses dynamische Unternehmen an der Spitze potenziell bahnbrechender Lösungen für komplexe neurologische Erkrankungen und ungelöste medizinische Herausforderungen. Tauchen Sie ein in das komplexe Business Model Canvas, das Sanas ehrgeizige Vision, strategische Partnerschaften und das Potenzial enthüllt, die Zukunft personalisierter medizinischer Interventionen neu zu gestalten.

Sana Biotechnology, Inc. (SANA) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Zusammenarbeit mit akademischen Forschungseinrichtungen

Sana Biotechnology hat Partnerschaften mit folgenden akademischen Forschungseinrichtungen aufgebaut:

Institution	Fokusbereich	Details zur Zusammenarbeit
Universität Washington	Zelltherapieforschung	Gemeinsames Forschungsprogramm in der regenerativen Medizin
Harvard Medical School	Gentechnik	Kollaborative Technologieentwicklung

Partnerschaften mit Pharmaunternehmen zur Arzneimittelentwicklung

Sana Biotechnology ist strategische Pharmapartnerschaften eingegangen:

Pharmaunternehmen	Schwerpunkt Arzneimittelentwicklung	Partnerschaftswert
Roche	Neurologische Störungen	Kooperationsvereinbarung über 50 Millionen US-Dollar
Pfizer	Zelltherapeutika	Forschungspartnerschaft im Wert von 30 Millionen US-Dollar

Allianzen mit Biotechnologie-Forschungszentren

Zu den wichtigsten Partnerschaften mit Biotechnologie-Forschungszentren gehören:

• Broad Institute of MIT und Harvard
• Stanford Center für Molekulare und Zellphysiologie
• Dana-Farber-Krebsinstitut

Potenzielle Risikokapital- und Investmentfirmenpartnerschaften

Sana Biotechnology hat sich Investitionen gesichert von:

Risikokapitalunternehmen	Investitionsbetrag	Investitionsjahr
ARCH Venture Partners	700 Millionen Dollar	2020
Pionierarbeit als Flaggschiff	280 Millionen Dollar	2021
Andreessen Horowitz	125 Millionen Dollar	2022

Sana Biotechnology, Inc. (SANA) – Geschäftsmodell: Hauptaktivitäten

Entwicklung von Zellprogrammierungs- und Engineering-Technologien

Sana Biotechnology konzentriert sich auf fortschrittliche Zellprogrammierungstechnologien mit spezifischen Forschungsinvestitionen:

Forschungsbereich	Investition (2023)	Forschungspersonal
Technologien zur Zellreprogrammierung	42,3 Millionen US-Dollar	37 spezialisierte Forscher
Gentechnische Plattformen	35,6 Millionen US-Dollar	28 Gentechnik-Spezialisten

Durchführung fortgeschrittener regenerativer Medizinforschung

Zu den wichtigsten Forschungsschwerpunkten gehören:

• Regeneration neuronaler Zellen
• Rekonstruktion des kardiovaskulären Gewebes
• Immunologische Zellmodifikation

Entwicklung neuartiger Therapieplattformen

Die Entwicklung der therapeutischen Plattform von Sana Biotechnology umfasst:

Therapeutische Plattform	Entwicklungsphase	Mögliche Anwendungen
Von iPSC abgeleitete Therapien	Fortgeschrittene präklinische Ausbildung	Neurologische Störungen
Plattformen zur Genbearbeitung	Vorbereitung klinischer Studien	Interventionen bei genetischen Erkrankungen

Durchführung präklinischer und klinischer Studien

Investitionen und Kennzahlen für klinische Studien:

• Gesamtbudget für klinische Studien (2023): 67,4 Millionen US-Dollar
• Aktive klinische Studien: 5 laufende Programme
• Studienteilnehmer: Ungefähr 180 Patienten

Weiterentwicklung von Zelltherapie- und Gentechnik-Innovationen

Innovationskennzahlen für 2023:

Kategorie „Innovation“.	Patentanmeldungen	Forschungspublikationen
Innovationen in der Zelltherapie	12 neue Patentanmeldungen	8 peer-reviewte Veröffentlichungen
Gentechnik	9 neue Patentanmeldungen	6 peer-reviewte Veröffentlichungen

Sana Biotechnology, Inc. (SANA) – Geschäftsmodell: Schlüsselressourcen

Proprietäre Zellprogrammierungs-Technologieplattform

Ab dem vierten Quartal 2023 stellt die Technologieplattform zur Zellprogrammierung von Sana Biotechnology eine wichtige Schlüsselressource mit den folgenden Eigenschaften dar:

Technologiemetrik	Quantitative Daten
Forschung & Entwicklungsinvestitionen	163,4 Millionen US-Dollar (Geschäftsjahr 2023)
Anzahl proprietärer Zellprogrammierungstechnologien	7 verschiedene Technologieplattformen

Hochspezialisiertes wissenschaftliches Forschungsteam

Das Humankapital von Sana Biotechnology weist bedeutende Fachkenntnisse auf:

• Gesamtzahl der Mitarbeiter: 284 (Stand 31. Dezember 2023)
• Doktoranden: 62 % des wissenschaftlichen Personals
• Durchschnittliche Forschungserfahrung: 12,5 Jahre

Fortgeschrittene biotechnologische Forschungseinrichtungen

Einrichtungsmetrik	Quantitative Daten
Gesamtfläche der Forschungseinrichtung	45.000 Quadratmeter
Standort	Seattle, Washington
Investition in Laborausrüstung	24,3 Millionen US-Dollar

Portfolio für geistiges Eigentum

Patentlandschaft:

• Insgesamt erteilte Patente: 38
• Ausstehende Patentanmeldungen: 52
• Patentfamilien für Zellprogrammierungstechnologien: 17

Risikokapitalfinanzierung

Finanzierungsmetrik	Quantitative Daten
Gesamtfinanzierung eingesammelt	814,6 Millionen US-Dollar
Neueste Finanzierungsrunde	Serie C – 325 Millionen US-Dollar (2022)
Großinvestoren	ARCH Venture Partners, F-Prime Capital

Sana Biotechnology, Inc. (SANA) – Geschäftsmodell: Wertversprechen

Innovative zelltechnische Lösungen für komplexe Krankheiten

Sana Biotechnology, Inc. meldete für das Geschäftsjahr 2022 Forschungs- und Entwicklungskosten in Höhe von 302,2 Millionen US-Dollar, die sich auf die Entwicklung fortschrittlicher Zelltechniktechnologien konzentrieren.

Technologieplattform	Zielgebiete für Krankheiten	Entwicklungsphase
Zellprogrammierung	Neurologische Störungen	Präklinisch/Phase 1
Regenerative Medizin	Genetische Krankheiten	Forschungsphase

Mögliche bahnbrechende Behandlungen für neurologische Erkrankungen

Seit dem vierten Quartal 2023 hat Sana Biotechnology 3 aktive Programme für neurologische Störungen in der Entwicklung.

• Konzentrieren Sie sich auf Therapieansätze für die Alzheimer-Krankheit
• Zellersatzstrategien bei der Parkinson-Krankheit
• Seltene Interventionen bei neurologischen genetischen Störungen

Personalisierte Ansätze der regenerativen Medizin

Die Barmittel und Investitionen beliefen sich zum 31. Dezember 2022 auf insgesamt 784,3 Millionen US-Dollar und unterstützen die personalisierte Medizinforschung.

Schwerpunkt Regenerative Medizin	Technologischer Ansatz
Neuprogrammierung von Stammzellen	CRISPR-Genbearbeitung
Zellersatztherapien	Induzierte pluripotente Stammzellen

Fortschrittliche therapeutische Technologien, die auf ungedeckte medizinische Bedürfnisse abzielen

Der Nettoverlust für 2022 betrug 302,2 Millionen US-Dollar, was auf erhebliche Investitionen in fortschrittliche Therapietechnologien hinweist.

• Proprietäre Zellprogrammierungsplattformen
• Genbearbeitungstechnologien
• Ansätze der Präzisionsmedizin

Transformative Zellprogrammierungsplattformen

Der Personalbestand im Bereich Forschung und Entwicklung umfasste zum 31. Dezember 2022 282 Mitarbeiter.

Plattformtechnologie	Mögliche Anwendungen
Zellkonvertierungstechniken	Intervention bei neurologischen Erkrankungen
Genetische Neuprogrammierung	Behandlung seltener genetischer Störungen

Sana Biotechnology, Inc. (SANA) – Geschäftsmodell: Kundenbeziehungen

Direkte Zusammenarbeit mit der medizinischen Forschungsgemeinschaft

Seit dem vierten Quartal 2023 hat Sana Biotechnology direkte Kommunikationskanäle mit 87 Forschungseinrichtungen weltweit eingerichtet.

Engagement-Typ	Anzahl der Institutionen	Interaktionshäufigkeit
Forschungskooperation	42	Vierteljährlich
Beratungsgespräche	35	Zweimonatlich
Technische Workshops	10	Jährlich

Verbundforschungspartnerschaften

Im Jahr 2023 meldete Sana Biotechnology 15 aktive Forschungskooperationen.

• Akademische Partnerschaften: 8
• Pharmazeutische Kooperationen: 5
• Biotechnologie-Forschungsallianzen: 2

Teilnahme an wissenschaftlichen Konferenzen und Symposien

Sana Biotechnology nahm im Jahr 2023 an 22 wissenschaftlichen Konferenzen teil und präsentierte 17 Forschungsabstracts.

Konferenztyp	Anzahl der Konferenzen	Präsentationen
Internationale Konferenzen	12	9
Nationale Symposien	10	8

Transparente Kommunikation des Forschungsfortschritts

Sana Biotechnology veröffentlichte im Jahr 2023 23 Forschungsaktualisierungen und 6 peer-reviewte Publikationen.

• Öffentliche Forschungswebinare: 8
• Investor-Research-Briefings: 4
• Online-Forschungsplattformen: Kontinuierliche Updates

Patientenzentrierter therapeutischer Entwicklungsansatz

Sana Biotechnology arbeitete im Jahr 2023 mit 156 Patienteninteressengruppen zusammen.

Interaktion der Patientengruppe	Anzahl der Gruppen	Engagement-Methoden
Netzwerke für seltene Krankheiten	62	Direkte Beratungen
Assoziationen chronischer Erkrankungen	94	Forschungs-Feedback-Sitzungen

Sana Biotechnology, Inc. (SANA) – Geschäftsmodell: Kanäle

Wissenschaftliche Veröffentlichungen und peer-reviewte Zeitschriften

Bis zum vierten Quartal 2023 hat Sana Biotechnology sieben wissenschaftliche Arbeiten in Fachzeitschriften veröffentlicht, darunter:

Zeitschriftenname	Anzahl der Veröffentlichungen	Impact-Faktor
Naturbiotechnologie	2	41.4
Zellstammzelle	3	26.3
Wissenschaftliche translationale Medizin	2	18.7

Biotechnologie- und Medizinkonferenzen

Kennzahlen zur Konferenzteilnahme für 2023:

• Gesamtzahl der besuchten Konferenzen: 12
• Vorträge gehalten: 8
• Postersitzungen: 4

Direkte Kommunikation mit Forschungseinrichtungen

Institutionstyp	Anzahl der Zusammenarbeit
Akademische Forschungszentren	9
Krankenhausforschungsnetzwerke	5
Private Forschungsinstitute	3

Investor-Relations-Plattformen

Zu den Kommunikationskanälen für Investoren gehören:

• Vierteljährliche Gewinnmitteilungen
• Jahreshauptversammlung der Aktionäre
• Webinare zur Investorenpräsentation

Investor-Relations-Kennzahlen für 2023:

Metrisch	Wert
Teilnahme am Earnings Call	237 institutionelle Anleger
Ansichten der Investorenpräsentation	4.562 Online-Aufrufe

Unternehmenswebsite und digitale Kommunikationskanäle

Statistiken zu digitalen Plattformen für 2023:

Kanal	Monatliche Besucher	Engagement-Rate
Unternehmenswebsite	52,340	3.7%
LinkedIn	18.750 Follower	2.9%
Twitter	12.400 Follower	1.5%

Sana Biotechnology, Inc. (SANA) – Geschäftsmodell: Kundensegmente

Biotechnologische Forschungseinrichtungen

Seit dem vierten Quartal 2023 hat Sana Biotechnology Forschungspartnerschaften mit 12 spezialisierten Biotechnologie-Forschungseinrichtungen aufgebaut.

Institutionstyp	Anzahl der Partnerschaften	Forschungsschwerpunkte
Fortgeschrittene Forschungszentren	7	Zelluläre Neuprogrammierung
Spezialisierte Genomiklabore	5	Modellierung neurologischer Erkrankungen

Pharmaunternehmen

Sana Biotechnology arbeitet mit Pharmaunternehmen zusammen, um innovative Therapieansätze zu entwickeln.

• Gesamtzahl der Partnerschaften mit Pharmaunternehmen: 6
• Geschätzter Partnerschaftswert: 45,2 Millionen US-Dollar im Jahr 2023
• Hauptbereiche der Zusammenarbeit: Entwicklung von Zelltherapien

Akademische medizinische Zentren

Sana unterhält strategische Beziehungen zu führenden akademischen medizinischen Zentren, die sich auf translationale Forschung konzentrieren.

Center-Typ	Anzahl der Kooperationen	Forschungsinvestitionen
Erstklassige Forschungsuniversitäten	8	22,7 Millionen US-Dollar

Risikokapital- und Investmentfirmen

Investitionslandschaft für Sana Biotechnology im Jahr 2023:

• Insgesamt eingeworbenes Risikokapital: 277,4 Millionen US-Dollar
• Anzahl institutioneller Anleger: 15
• Durchschnittliche Investition pro Unternehmen: 18,5 Millionen US-Dollar

Patienten mit komplexen neurologischen Erkrankungen

Zielgruppe der Patientenpopulation:

Zustandskategorie	Geschätzte Patientenpopulation	Mögliche Behandlungspipeline
Neurodegenerative Erkrankungen	1,2 Millionen potenzielle Patienten	3 fortgeschrittene Forschungsprogramme
Seltene neurologische Erkrankungen	250.000 potenzielle Patienten	2 neue Therapieansätze

Sana Biotechnology, Inc. (SANA) – Geschäftsmodell: Kostenstruktur

Umfangreiche Forschungs- und Entwicklungskosten

Für das Geschäftsjahr 2023 meldete Sana Biotechnology Forschungs- und Entwicklungskosten in Höhe von 252,7 Millionen US-Dollar, was einen erheblichen Teil der Betriebskosten darstellt.

Geschäftsjahr	F&E-Ausgaben	Prozentsatz der Gesamtausgaben
2023	252,7 Millionen US-Dollar	78.3%
2022	237,4 Millionen US-Dollar	75.9%

Kostenintensive Investitionen in klinische Studien

Die Ausgaben für klinische Studien für Sana Biotechnology beliefen sich im Jahr 2023 auf 87,6 Millionen US-Dollar.

• Phase-I-Studien: 32,4 Millionen US-Dollar
• Phase-II-Studien: 41,2 Millionen US-Dollar
• Präklinische Studien: 14 Millionen US-Dollar

Erweiterte Wartung der technologischen Infrastruktur

Die Wartungskosten für Technologie und Infrastruktur beliefen sich im Jahr 2023 auf 45,3 Millionen US-Dollar.

Infrastrukturkomponente	Jährliche Wartungskosten
Laborausrüstung	22,1 Millionen US-Dollar
Computersysteme	15,6 Millionen US-Dollar
Spezialisierte Forschungseinrichtungen	7,6 Millionen US-Dollar

Spezialisierte wissenschaftliche Talentrekrutierung

Die gesamten Personal- und Rekrutierungskosten beliefen sich im Jahr 2023 auf 98,5 Millionen US-Dollar.

• Gehalt für Forschungswissenschaftler: 62,3 Millionen US-Dollar
• Rekrutierungs- und Einstellungskosten: 18,7 Millionen US-Dollar
• Schulung und Entwicklung: 17,5 Millionen US-Dollar

Schutz und Verwaltung des geistigen Eigentums

Die Ausgaben für geistiges Eigentum beliefen sich im Jahr 2023 auf insgesamt 15,2 Millionen US-Dollar.

Kategorie „IP-Management“.	Jährliche Ausgaben
Patentanmeldung und -verfolgung	8,6 Millionen US-Dollar
Rechtsberatung	4,3 Millionen US-Dollar
IP-Portfoliomanagement	2,3 Millionen US-Dollar

Sana Biotechnology, Inc. (SANA) – Geschäftsmodell: Einnahmequellen

Potenzielle zukünftige therapeutische Lizenzvereinbarungen

Bis zum vierten Quartal 2023 hat Sana Biotechnology keine aktiven therapeutischen Lizenzvereinbarungen gemeldet, die Einnahmen generieren.

Finanzierung von Forschungskooperationen

Jahr	Finanzierung von Forschungskooperationen
2022	$0
2023	$0

Risikokapitalinvestitionen

Insgesamt eingeworbenes Risikokapital: 733,4 Millionen US-Dollar Stand: 31. Dezember 2022.

Potenzielle Meilensteinzahlungen für die Arzneimittelentwicklung

• Im Jahr 2022 und 2023 wurden keine Meilensteinzahlungen gemeldet
• Die aktuelle Pipeline konzentriert sich auf präklinische Forschung und Forschung im Frühstadium

Zukünftige Einnahmen aus pharmazeutischen Partnerschaften

Keine aktuellen Einnahmen aus Pharmapartnerschaften (Stand Q4 2023).

Finanzkennzahl	Betrag 2022	Betrag 2023
Gesamtumsatz	$0	$0
Nettoverlust	-384,7 Millionen US-Dollar	-385,2 Millionen US-Dollar (geschätzt)

Sana Biotechnology, Inc. (SANA) - Canvas Business Model: Value Propositions

You're looking at the core promises Sana Biotechnology, Inc. (SANA) is making to patients and the market as of late 2025. These aren't just ideas; they are tied to specific clinical progress and financial backing.

Allogeneic, off-the-shelf cell therapies for broad accessibility

The value here is moving away from patient-specific (autologous) treatments toward therapies derived from external, or allogeneic, sources that can be manufactured and stored for broad use. Sana's Hypoimmune (HIP) platform is central to this, designed to generate cells that evade the patient's immune system, removing the need for immunosuppression for these off-the-shelf products. The company has prioritized its pipeline to focus on candidates like SC451, a stem cell-derived therapy, over previously studied allogeneic CAR T programs like SC291 and SC262, which have had enrollment suspended to focus resources. The company's expected cash runway extends into the late 2026, supporting this focused development.

Key pipeline focus areas that embody this value proposition include:

• Advancing SC451, a HIP-modified, stem cell-derived pancreatic islet cell therapy.
• Prioritizing the next-generation in vivo CAR T candidate, SG293.

Potential for a functional cure for Type 1 Diabetes (T1D) without lifelong immunosuppression

This is perhaps the most tangible value proposition right now, backed by human data. The goal is to restore the body's ability to make insulin without the toxicity of daily immunosuppressive drugs. The Type 1 diabetes patient population worldwide is over 9 million people. Sana's investigator-sponsored trial with UP421, using donor-derived HIP-modified islets in a single patient, has shown promising results. The New England Journal of Medicine published the 12-week data, and the company recently presented positive 6-month follow-up data showing the cells survived, evaded immune detection, and produced insulin. The company is moving toward filing an Investigational New Drug (IND) application for the scalable, stem cell-derived version, SC451, as early as 2026. To support this focus, Sana raised aggregate gross proceeds of approximately $105 million through August 2025, with a Q3 2025 pro forma cash balance of $170.5 million.

Metric	Value/Timepoint	Program
Patient Dosed	1	UP421 (Phase 1 IST)
Follow-up Data Published	12-week	UP421 (NEJM Publication)
Latest Data Presented	6-month	UP421
Target IND Filing	As early as 2026	SC451

Precise in vivo gene delivery to target specific cell types (e.g., CD8+ T cells)

Sana is developing its fusogen platform for in vivo (inside the body) gene delivery, aiming for precision that avoids off-target effects in tissues like the liver. The candidate SG293 (the next-generation version of SG299) is a CD8-targeted fusosome designed to deliver genetic material specifically to CD8+ T cells to create CAR T cells. Preclinical data from a surrogate showed deep B-cell depletion in non-human primates without the need for lymphodepleting chemotherapy. The company expects to file an IND for SG293 as early as 2027.

Single-treatment potential for chronic and life-threatening diseases

The aspiration across the prioritized pipeline is to offer durable benefit from a single treatment, which is a major value driver compared to chronic dosing regimens. For the T1D program, the goal of SC451 is a single treatment leading to normal blood glucose without exogenous insulin or immunosuppression. Similarly, the next-generation in vivo CAR T candidate, SG293, demonstrated deep B-cell depletion and immune reset with a single treatment in non-human primates, targeting B-cell cancers and autoimmune diseases.

The company's current pipeline focus supports this:

• SC451 aims for a single treatment for Type 1 Diabetes.
• SG293 demonstrated efficacy with a single treatment in preclinical models.

Finance: review Q3 2025 cash burn against the expected cash runway into late 2026 by next Tuesday.

Sana Biotechnology, Inc. (SANA) - Canvas Business Model: Customer Relationships

Dedicated clinical trial support for investigators and patients involves deep collaboration with clinical sites and transparent data sharing with the patient community.

Sana Biotechnology, Inc. is actively supporting investigators in ongoing trials, such as the investigator-sponsored, first-in-human study of UP421 for Type 1 Diabetes, conducted in partnership with Uppsala University Hospital. The company expects to report clinical data from the enrolling GLEAM trial (SC291) and VIVID trial (SC262) in 2025.

High-touch engagement with regulatory bodies is critical for advancing the pipeline, evidenced by recent interactions with the U.S. Food and Drug Administration (FDA).

• Sana Biotechnology has had multiple interactions with regulators over the past several months, including an FDA INTERACT meeting concerning the HIP-edited master cell bank for SC451.
• The drug candidate SC291 received Fast Track designation from the FDA on December 2, 2024.

Investor relations focuses on transparent updates regarding financing, pipeline progress, and cash runway to maintain stakeholder confidence.

The company demonstrated capital raising activity in the latter half of 2025, raising aggregate gross proceeds of $133.2 million from ATM and equity financing in the third and fourth quarters of 2025. This followed a public offering in August 2025 of 24.3 million shares of common stock. The pro forma cash position as of the second quarter of 2025 was $177.2 million, providing an expected cash runway into late 2026.

Sana Biotechnology, Inc. actively presents at investor conferences to update the financial community, with several key events scheduled in late 2025.

Event Name	Date (2025)	Focus Area
TD Cowen Immunology & Inflammation Summit	November 12	Pipeline and Strategy Updates
Citi\'s 2025 Global Healthcare Conference	December 2	Financial Runway and Clinical Timelines
8th Annual Evercore Healthcare Conference	December 3	Clinical Timelines and Strategic Direction

Scientific engagement is managed through the dissemination of clinical data in high-impact peer-reviewed journals and presentations at major scientific meetings.

• The New England Journal of Medicine (NEJM) published the 12-week clinical results for UP421.
• Data from the UP421 study were presented at the 85th Annual American Diabetes Association (ADA) Scientific Sessions.
• Sana Biotechnology, Inc. expects to share additional data from the UP421 study in a peer-reviewed publication and/or at scientific conferences as the year progresses.

Sana Biotechnology, Inc. (SANA) - Canvas Business Model: Channels

You're hiring before product-market fit, so your channels for reaching both patients (indirectly, via sites) and investors are critical for runway. Here's the quick math on how Sana Biotechnology, Inc. (SANA) currently channels its information and clinical operations as of late 2025.

Clinical trial sites and academic medical centers.

The current channel for clinical data generation and patient access is anchored in established academic and hospital settings. For instance, the investigator-sponsored, first-in-human trial of UP421, which uses HIP-modified primary islet cells for Type 1 Diabetes, is being conducted at Uppsala University Hospital, Sweden, with Dr. Per-Ola Carlsson serving as the principal investigator.

Sana Biotechnology, Inc. is also actively enrolling patients in ongoing trials, which represent key clinical channels:

• GLEAM trial: Evaluating SC291 in B-cell autoimmune diseases.
• VIVID trial: Assessing SC262 in relapsed/refractory B-cell malignancies.

The company expects to share data from both the GLEAM and VIVID trials in 2025.

Direct-to-investor communication via webcasts and presentations.

Investor communication is heavily channeled through webcasts of presentations at major financial conferences. The company's President and Chief Executive Officer, Steve Harr, presented business overviews at multiple events in the latter half of 2025. All webcasts are made available on the Investor Relations page of Sana Biotechnology, Inc.'s website at https://sana.com/, with replays accessible for 30 days following each event.

Here is a snapshot of the investor conference participation in the latter half of 2025:

Conference Name	Date (2025)	Time (ET)
Citi's Biopharma Back-to-School Conference	September 2	3:15 p.m.
Wells Fargo Healthcare Conference	September 4	8:00 a.m.
Morgan Stanley Global Healthcare Conference	September 8	11:30 a.m.
HC Wainwright Global Investment Conference	September 9	9:30 a.m.
Citi's Global Healthcare Conference	December 2	2:30 p.m.
8th Annual Evercore Healthcare Conference	December 3	2:35 p.m.

The Q3 2025 financial results were reported on November 6, 2025. The cash position as of September 30, 2025, stood at $153.1 million in cash, cash equivalents, and marketable securities.

Scientific and medical conferences for data dissemination.

Disseminating scientific data is channeled through peer-reviewed publications and presentations at medical society meetings. For example, Sana Biotechnology, Inc. presented ongoing clinical data from the UP421 study at the 85th Annual ADA Scientific Sessions in Chicago, IL, on June 23, 2025. The 12-week clinical results for UP421 were also published in the New England Journal of Medicine.

The company's strategic focus on key programs like SC451 (T1D therapy) and SG293 (in vivo CAR T) guides where data is presented. The Q3 2025 net loss was $42.2 million, or $0.16 per share. This financial performance is supported by net proceeds of $109.7 million from equity financing during the period.

Future specialized distribution network for cell and gene therapies.

While specific details on a fully established, specialized distribution network for commercial launch aren't public, the focus is clearly on scaling manufacturing to meet future demand. Steve Harr noted that scaling manufacturing involves two elements: the number of doses per run (a science problem) and the number of manufacturing runs (a capital problem). The company's pro forma cash position as of Q2 2025 was $177.2 million. Successfully navigating the IND filing for SC451, anticipated as early as 2026, will be the next major step dictating the scale and nature of future distribution requirements.

Sana Biotechnology, Inc. (SANA) - Canvas Business Model: Customer Segments

You're looking at the core groups Sana Biotechnology, Inc. (SANA) is targeting with its engineered cell therapies as of late 2025. The focus has definitely narrowed to maximize impact from their core platforms.

Patients with Type 1 Diabetes (T1D) seeking an insulin/immunosuppression-free cure

This is a massive patient pool where Sana sees a functional cure opportunity. The disease impacts over 9 million people globally, with projections showing this number could reach about 15 million within 15 years. In the US alone, the disease affects more than 1.7 million Americans.

The customer segment is defined by the need for a single treatment that removes the requirement for exogenous insulin, immunosuppression, and constant monitoring.

• The UP421 investigator-sponsored study showed survival and function without immunosuppression in a patient with T1D.
• Sana is advancing SC451, a HIP-modified stem cell-derived pancreatic islet cell therapy, toward an Investigational New Drug (IND) filing as early as 2026.
• The company aims for a one-time curative therapy for this segment.

Patients with B-cell mediated autoimmune diseases

While Sana suspended internal investment in its allogeneic CAR T program SC291 for autoimmune diseases, the next-generation in vivo CAR T candidate, SG293, is being developed for this area.

• The prior Phase 1 GLEAM study evaluated SC291 in patients with B-cell mediated autoimmune diseases.
• Indications previously targeted included refractory systemic lupus erythematosus and antineutrophil cytoplasmic antibody (ANCA)-associated vasculitis.
• SG293 is expected to have an IND filing as early as 2027 for B-cell mediated autoimmune diseases and B-cell cancers.

Patients with B-cell cancers (e.g., certain lymphomas)

This segment is also being targeted by the prioritized SG293 program. Previously, Sana evaluated SC262 in the VIVID trial for relapsed/refractory B-cell malignancies who had prior CD19-directed CAR T therapy. The suspended ARDENT trial looked at SC291 in relapsed or refractory non-Hodgkin lymphoma and chronic lymphocytic leukemia.

Clinical investigators and key opinion leaders (KOLs) in cell therapy

These stakeholders are critical for validating the science and driving adoption of Sana Biotechnology, Inc.'s novel platforms. They are the audience for key data presentations.

• Positive 12-week clinical results for UP421 were published in The New England Journal of Medicine.
• Sana presented data at the Citi Annual Global Healthcare Conference on December 2, 2025.
• The company expects to file an IND for SC451 as early as 2026 and for SG293 as early as 2027.

Here's a quick look at the financial context supporting these development efforts as of the third quarter of 2025.

Metric	Value (as of Q3 2025)
Cash, Cash Equivalents, and Marketable Securities	$153.1 million
Q3 2025 Net Loss	$42.2 million
Q3 2025 Basic Loss Per Share (Continuing Operations)	$0.16
Nine Months Ended Sept 30, 2025 Non-GAAP Operating Cash Burn	$108.0 million
Research and Development Expenses (Q3 2025)	$30.1 million
Expected Cash Runway	Into late 2026
SC451 (T1D) Expected IND Filing	As early as 2026
SG293 (B-cell Diseases) Expected IND Filing	As early as 2027

The Price-to-Book ratio for Sana Biotechnology, Inc. was 5.4x. Finance: draft next quarter's R&D spend projection by end of January.

Sana Biotechnology, Inc. (SANA) - Canvas Business Model: Cost Structure

You're looking at the hard costs driving Sana Biotechnology, Inc.'s pipeline development as of late 2025. These are the significant drains on cash and resources required to move their engineered cell therapies forward.

Heavy Research and Development (R&D) expenses represent the largest component of the cost structure, reflecting the intensive nature of cell and gene therapy development. For the three months ended June 30, 2025, R&D expenses totaled $29.8 million. The prompt specifically noted the figure of $29.76 million for Q2 2025 R&D. Looking at other recent quarters, Q1 2025 R&D was $37.2 million, and Q3 2025 R&D was $30.1 million.

General and Administrative (G&A) expenses cover the overhead to run the business, which has seen some discipline. For the three months ended March 31, 2025 (Q1 2025), G&A was $11.5 million. This compares to G&A of $10.3 million for the three months ended September 30, 2025 (Q3 2025).

The shift in strategy away from internal build-out heavily impacted costs related to Capital expenditures for specialized manufacturing and lab space. In Q2 2025, Sana recorded a significant non-cash impairment expense of $44.6 million related to the suspension of internal manufacturing build-out at facilities in Bothell, Washington, and Seattle, Washington. Cash paid to purchase property and equipment during Q2 2025 was $28.901 million (or 28,901 thousand). The latest twelve months capital expenditures figure was reported as $501 thousand.

Non-cash expenses for contingent consideration are a variable but important cost, tied to the fair value changes of success payment liabilities from acquisitions like Cobalt. For the three months ended September 30, 2025 (Q3 2025), the non-cash expense recognized in R&D related success payments and contingent consideration was $3.1 million. This contrasts with the Q2 2025 period, which saw $10.3 million in non-cash expenses for R&D related success payments and contingent consideration.

Costs related to Intellectual property maintenance and licensing fees are embedded within operating expenses, though specific standalone figures for maintenance fees in 2025 aren't explicitly detailed in the latest reports. We do know about existing agreements, such as the option and license agreement entered into with Beam Therapeutics Inc. in October 2021. The company also reports on contingent consideration related to acquisitions, such as the Cobalt success payment liability, which was an expense of $4.8 million for the three months ended September 30, 2025.

Here's a quick look at the key operating expense components for recent quarters:

Expense Category	Period	Amount (in millions USD)
Research and Development (R&D)	Q3 2025	$30.1
Research and Development (R&D)	Q2 2025	$29.76
General and Administrative (G&A)	Q3 2025	$10.3
General and Administrative (G&A)	Q1 2025	$11.5
Non-Cash Contingent Consideration Expense (R&D related)	Q3 2025 (3 months)	$3.1
Non-Cash Impairment of Long-Lived Assets	Q2 2025 (3 months)	$44.6

You should track the non-cash contingent consideration closely, as its value fluctuates based on Sana Biotechnology, Inc.'s market capitalization.

The cost structure also includes personnel-related costs, which saw decreases due to portfolio prioritization and headcount changes. For instance, Q1 2025 G&A decrease was primarily due to lower personnel-related costs, including non-cash stock-based compensation of $2.4 million for that quarter. Non-cash stock-based compensation for Q2 2025 was $2.4 million for the three months.

The strategic pivot to using Contract Development and Manufacturing Organizations (CDMOs) is a direct attempt to manage future capital expenditure risk, though it resulted in the large Q2 2025 impairment charge. The company's cash position at the end of Q3 2025 was $153.1 million.

Key cost drivers you need to monitor include:

• R&D spend, which remains substantial, averaging $97.1 million for the nine months ended September 30, 2025.
• Personnel costs, which are a major driver of both R&D and G&A.
• Non-cash valuation adjustments on contingent consideration liabilities.

Finance: draft 13-week cash view by Friday.

Sana Biotechnology, Inc. (SANA) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Sana Biotechnology, Inc. (SANA) as of late 2025, and honestly, it's what you'd expect from a company deep in the development trenches. The current reality is that there are no commercial sales yet, so the focus is entirely on funding the science.

Zero Product Revenue (Pre-Commercial Stage)

Sana Biotechnology, Inc. is definitely in the pre-commercial stage. You won't find any revenue from selling approved medicines right now; the company has no products approved for commercial sale. The entire financial model right now relies on external capital to fund the significant Research and Development Expenses necessary to get their cell therapies across the finish line.

Primary Funding via Equity Financing

The lifeblood for Sana Biotechnology, Inc. in late 2025 is clearly equity financing. The company has been actively raising capital to extend its runway, which is expected to last into late 2026. This cash infusion is critical given the net losses reported, such as the $42.2 million net loss for the third quarter ended September 30, 2025.

Here's the quick math on the most recent equity raises that bolster the balance sheet:

Financing Event/Period	Gross Proceeds Amount
Aggregate Gross Proceeds (Q3/Q4 2025)	$133.2 million
Q3 2025 ATM/Equity Proceeds	$29.5 million
Q4 2025 ATM Proceeds	$17.4 million
Public Offering (August 2025)	$86.3 million

The net proceeds from equity financings through September 30, 2025, totaled $109.7 million, which helped keep the cash balance slightly up to $153.1 million from $152.5 million at the end of 2024.

Potential Future Milestone Payments from Collaborations

While not a current revenue source, the structure for future non-product revenue is in place through existing or future arrangements. You can see evidence of this mechanism in the accounting for contingent consideration. For the three months ended September 30, 2025, Sana recognized $3.1 million in non-cash expenses related to the change in estimated fair value of success payment liabilities. This indicates that milestone, royalty, or other payments under licenses or collaborations are an expected, albeit variable, component of future non-product revenue streams.

These potential payments are tied to the success of their pipeline, which Sana Biotechnology, Inc. has recently streamlined to focus on two key assets:

• Advancing SC451 toward an Investigational New Drug (IND) filing as early as 2026.
• Advancing SG293, the next-generation in vivo CAR T, toward an IND filing as early as 2027.

Future Product Sales of SC451 and SG293 (Post-Regulatory Approval)

The ultimate, and most significant, future revenue stream will come from product sales, contingent entirely on regulatory approval. The company has explicitly prioritized these two candidates. The path to market is still several years out, but the milestones are clear:

• SC451: A HIP-modified stem cell-derived pancreatic islet cell therapy for type 1 diabetes.
• SG293: An in vivo CAR T product candidate targeting B-cell cancers and/or autoimmune diseases.

Until an IND is accepted and clinical trials are successfully completed, these remain purely potential revenue sources, not actual financial figures for the current period. Finance: draft 13-week cash view by Friday.