Sana Biotechnology, Inc. (SANA): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el reino de la biotecnología de la vanguardia, la biotecnología de Sana surge como una fuerza transformadora, pionera en tecnologías de programación de células revolucionarias que prometen redefinir los paradigmas del tratamiento médico. Al aprovechar estratégicamente la investigación avanzada de la medicina regenerativa y las plataformas terapéuticas innovadoras, esta compañía dinámica se está posicionando a la vanguardia de soluciones potencialmente innovadoras para trastornos neurológicos complejos y desafíos médicos no satisfechos. Sumerja el intrincado lienzo de modelo de negocio que revela la ambiciosa visión de Sana, las asociaciones estratégicas y el potencial para remodelar el futuro de las intervenciones médicas personalizadas.

Sana Biotechnology, Inc. (SANA) - Modelo de negocios: asociaciones clave

Colaboración estratégica con instituciones de investigación académica

Sana Biotechnology ha establecido asociaciones con las siguientes instituciones de investigación académica:

Institución	Área de enfoque	Detalles de colaboración
Universidad de Washington	Investigación de terapia celular	Programa de investigación conjunta en medicina regenerativa
Escuela de Medicina de Harvard	Ingeniería genética	Desarrollo de tecnología colaborativa

Asociaciones con compañías farmacéuticas para el desarrollo de medicamentos

Sana Biotechnology se ha involucrado en asociaciones farmacéuticas estratégicas:

Compañía farmacéutica	Enfoque de desarrollo de drogas	Valor de asociación
Roche	Trastornos neurológicos	Acuerdo de colaboración de $ 50 millones
Pfizer	Terapéutica celular	Asociación de investigación de $ 30 millones

Alianzas con centros de investigación de biotecnología

Las asociaciones clave del Centro de Investigación de Biotecnología incluyen:

• Instituto amplio de MIT y Harvard
• Centro de Stanford para fisiología molecular y celular
• Instituto del Cáncer Dana-Farber

Potencial de capital de riesgo y asociación de la firma de inversión

Sana Biotechnology ha obtenido inversiones de:

Empresa de capital de riesgo	Monto de la inversión	Año de inversión
Arch Venture Partners	$ 700 millones	2020
Pionero insignia	$ 280 millones	2021
Andreessen Horowitz	$ 125 millones	2022

Sana Biotechnology, Inc. (SANA) - Modelo de negocios: actividades clave

Desarrollo de tecnologías de programación y ingeniería de células

Sana Biotechnology se centra en tecnologías avanzadas de programación de células con inversiones de investigación específicas:

Área de investigación	Inversión (2023)	Personal de investigación
Tecnologías de reprogramación de células	$ 42.3 millones	37 investigadores especializados
Plataformas de ingeniería genética	$ 35.6 millones	28 especialistas en ingeniería genética

Realización de investigaciones avanzadas de medicina regenerativa

Las áreas de enfoque de investigación clave incluyen:

• Regeneración de células neurales
• Reconstrucción del tejido cardiovascular
• Modificación de células inmunológicas

Diseño de nuevas plataformas terapéuticas

El desarrollo de la plataforma terapéutica de Sana Biotechnology implica:

Plataforma terapéutica	Etapa de desarrollo	Aplicaciones potenciales
terapias derivadas de IPSC	Avanzado preclínico	Trastornos neurológicos
Plataformas de edición de genes	Preparación de ensayos clínicos	Intervenciones de enfermedades genéticas

Realización de ensayos preclínicos y clínicos

Inversión y métricas de ensayos clínicos:

• Presupuesto total de ensayos clínicos (2023): $ 67.4 millones
• Ensayos clínicos activos: 5 programas en curso
• Participantes del ensayo: aproximadamente 180 pacientes

Avance de la terapia celular y las innovaciones de ingeniería genética

Métricas de innovación para 2023:

Categoría de innovación	Solicitudes de patentes	Publicaciones de investigación
Innovaciones de terapia celular	12 nuevas solicitudes de patentes	8 publicaciones revisadas por pares
Ingeniería genética	9 nuevas solicitudes de patentes	6 publicaciones revisadas por pares

Sana Biotechnology, Inc. (SANA) - Modelo de negocios: recursos clave

Plataforma de tecnología de programación celular patentada

A partir del cuarto trimestre de 2023, la plataforma de tecnología de programación celular de Sana Biotechnology representa un recurso clave crítico con las siguientes características:

Métrica de tecnología	Datos cuantitativos
Investigación & Inversión de desarrollo	$ 163.4 millones (2023 año fiscal)
Número de tecnologías de programación celular patentadas	7 plataformas tecnológicas distintas

Equipo de investigación científica altamente especializada

El capital humano de Sana Biotechnology demuestra una experiencia significativa:

• Total de empleados: 284 (al 31 de diciembre de 2023)
• Investigadores a nivel de doctorado: 62% del personal científico
• Experiencia de investigación promedio: 12.5 años

Instalaciones avanzadas de investigación de biotecnología

Métrica de la instalación	Datos cuantitativos
Espacio de instalaciones de investigación total	45,000 pies cuadrados
Ubicación	Seattle, Washington
Inversión en equipos de laboratorio	$ 24.3 millones

Cartera de propiedades intelectuales

Paisaje de patentes:

• Patentes totales otorgadas: 38
• Aplicaciones de patentes pendientes: 52
• Familias de patentes que cubren tecnologías de programación celular: 17

Financiación de capital de riesgo

Métrico de financiación	Datos cuantitativos
Financiación total recaudada	$ 814.6 millones
Última ronda de financiación	Serie C - $ 325 millones (2022)
Principales inversores	Arch Venture Partners, F-Prime Capital

Sana Biotechnology, Inc. (SANA) - Modelo de negocio: propuestas de valor

Soluciones innovadoras de ingeniería celular para enfermedades complejas

Sana Biotechnology, Inc. reportó gastos de I + D de $ 302.2 millones para el año fiscal 2022, centrado en el desarrollo de tecnologías avanzadas de ingeniería celular.

Plataforma tecnológica	Áreas de enfermedad objetivo	Etapa de desarrollo
Programación celular	Trastornos neurológicos	Preclínico/fase 1
Medicina regenerativa	Enfermedades genéticas	Fase de investigación

Posibles tratamientos innovadores para los trastornos neurológicos

A partir del cuarto trimestre de 2023, Sana Biotechnology ha 3 programas de trastorno neurológico activo en desarrollo.

• Centrarse en los enfoques terapéuticos de la enfermedad de Alzheimer
• Estrategias de reemplazo de células de la enfermedad de Parkinson
• Intervenciones de trastorno genético neurológico raros

Enfoques de medicina regenerativa personalizada

El efectivo e inversiones totalizaron $ 784.3 millones al 31 de diciembre de 2022, apoyando la investigación de medicina personalizada.

Enfoque de medicina regenerativa	Enfoque tecnológico
Reprogramación de células madre	Edición de genes CRISPR
Terapias de reemplazo de células	Células madre pluripotentes inducidas

Tecnologías terapéuticas avanzadas dirigidas a las necesidades médicas no satisfechas

La pérdida neta para 2022 fue de $ 302.2 millones, lo que indica una inversión significativa en tecnologías terapéuticas avanzadas.

• Plataformas de programación celular patentadas
• Tecnologías de edición de genes
• Enfoques de medicina de precisión

Plataformas de programación de células transformadoras

La fuerza laboral de investigación y desarrollo consistió en 282 empleados al 31 de diciembre de 2022.

Tecnología de plataforma	Aplicaciones potenciales
Técnicas de conversión celular	Intervención de enfermedades neurológicas
Reprogramación genética	Tratamiento de trastorno genético raro

Sana Biotechnology, Inc. (SANA) - Modelo de negocios: relaciones con los clientes

Compromiso directo con la comunidad de investigación médica

A partir del cuarto trimestre de 2023, SANA Biotechnology ha establecido canales de comunicación directa con 87 instituciones de investigación a nivel mundial.

Tipo de compromiso	Número de instituciones	Frecuencia de interacción
Colaboración de investigación	42	Trimestral
Consultas de asesoramiento	35	Bimensual
Talleres técnicos	10	Anualmente

Asociaciones de investigación colaborativa

En 2023, Sana Biotechnology informó 15 asociaciones de investigación colaborativa activa.

• Asociaciones académicas: 8
• Colaboraciones farmacéuticas: 5
• Alianzas de investigación de biotecnología: 2

Conferencia científica y participación del simposio

Sana Biotechnology participó en 22 conferencias científicas en 2023, presentando 17 resúmenes de investigación.

Tipo de conferencia	Número de conferencias	Presentaciones
Conferencias internacionales	12	9
Simposios nacionales	10	8

Comunicación transparente del progreso de la investigación

Sana Biotechnology publicó 23 actualizaciones de investigación y 6 publicaciones revisadas por pares en 2023.

• Sebinarios web de investigación pública: 8
• Informes de investigación de inversores: 4
• Plataformas de investigación en línea: actualizaciones continuas

Enfoque de desarrollo terapéutico centrado en el paciente

Sana Biotechnology comprometió con 156 grupos de defensa de los pacientes en 2023.

Interacción grupal de pacientes	Número de grupos	Métodos de compromiso
Redes de enfermedades raras	62	Consultas directas
Asociaciones de condición crónica	94	Sesiones de retroalimentación de investigación

Sana Biotechnology, Inc. (SANA) - Modelo de negocios: canales

Publicaciones científicas y revistas revisadas por pares

A partir del cuarto trimestre de 2023, Sana Biotechnology ha publicado 7 artículos científicos en revistas que incluyen:

Nombre del diario	Recuento de publicaciones	Factor de impacto
Biotecnología de la naturaleza	2	41.4
Célula celular	3	26.3
Medicina de traducción de la ciencia	2	18.7

Biotecnología y conferencias médicas

Métricas de participación de la conferencia para 2023:

• Conferencias totales a la que asistieron: 12
• Presentaciones entregadas: 8
• Sesiones de carteles: 4

Comunicación directa con instituciones de investigación

Tipo de institución	Recuento de colaboración
Centros de investigación académicos	9
Redes de investigación en hospital	5
Institutos de Investigación Privada	3

Plataformas de relaciones con los inversores

Los canales de comunicación de los inversores incluyen:

• Llamadas de ganancias trimestrales
• Reunión anual de accionistas
• Sebinarios web de presentación de inversores

Métricas de relaciones con los inversores para 2023:

Métrico	Valor
Participación de llamadas de ganancias	237 inversores institucionales
Vistas de presentación del inversor	4.562 vistas en línea

Sitio web de la empresa y canales de comunicación digital

Estadísticas de plataforma digital para 2023:

Canal	Visitantes mensuales	Tasa de compromiso
Sitio web de la empresa	52,340	3.7%
LinkedIn	18,750 seguidores	2.9%
Gorjeo	12.400 seguidores	1.5%

Sana Biotechnology, Inc. (SANA) - Modelo de negocios: segmentos de clientes

Instituciones de investigación de biotecnología

A partir del cuarto trimestre de 2023, SANA Biotechnology ha establecido asociaciones de investigación con 12 instituciones de investigación de biotecnología especializadas.

Tipo de institución	Número de asociaciones	Áreas de enfoque de investigación
Centros de investigación avanzados	7	Reprogramación celular
Laboratorios de genómica especializados	5	Modelado de enfermedades neurológicas

Compañías farmacéuticas

La biotecnología de SANA colabora con empresas farmacéuticas que desarrollan enfoques terapéuticos innovadores.

• Asociaciones totales de la compañía farmacéutica: 6
• Valor de asociación estimado: $ 45.2 millones en 2023
• Áreas de colaboración primaria: desarrollo de terapia celular

Centros médicos académicos

SANA tiene relaciones estratégicas con centros médicos académicos líderes centrados en la investigación traslacional.

Tipo central	Número de colaboraciones	Inversión de investigación
Universidades de investigación de primer nivel	8	$ 22.7 millones

Capital de riesgo e empresas de inversión

Panorama de inversiones para SANA Biotechnology en 2023:

• Capital de riesgo total recaudado: $ 277.4 millones
• Número de inversores institucionales: 15
• Inversión promedio por empresa: $ 18.5 millones

Pacientes con afecciones neurológicas complejas

Demografía de la población de pacientes objetivo:

Categoría de condición	Población de pacientes estimada	Potencial de tratamiento de tratamiento
Enfermedades neurodegenerativas	1,2 millones de pacientes potenciales	3 programas de investigación avanzados
Trastornos neurológicos raros	250,000 pacientes potenciales	2 enfoques terapéuticos emergentes

Sana Biotechnology, Inc. (SANA) - Modelo de negocio: Estructura de costos

Extensos gastos de investigación y desarrollo

Para el año fiscal 2023, SANA Biotechnology informó gastos de I + D de $ 252.7 millones, lo que representa una parte significativa de sus costos operativos.

Año fiscal	Gastos de I + D	Porcentaje de gastos totales
2023	$ 252.7 millones	78.3%
2022	$ 237.4 millones	75.9%

Inversiones de ensayos clínicos de alto costo

Los gastos de ensayos clínicos para la biotecnología de SANA en 2023 ascendieron a $ 87.6 millones.

• Pruebas de fase I: $ 32.4 millones
• Pruebas de fase II: $ 41.2 millones
• Estudios preclínicos: $ 14 millones

Mantenimiento avanzado de infraestructura tecnológica

Los costos de tecnología y mantenimiento de infraestructura en 2023 fueron de $ 45.3 millones.

Componente de infraestructura	Costo de mantenimiento anual
Equipo de laboratorio	$ 22.1 millones
Sistemas computacionales	$ 15.6 millones
Instalaciones de investigación especializadas	$ 7.6 millones

Reclutamiento de talento científico especializado

El personal total y los gastos de reclutamiento para 2023 fueron de $ 98.5 millones.

• Salario para científicos de investigación: $ 62.3 millones
• Costos de contratación y contratación: $ 18.7 millones
• Capacitación y desarrollo: $ 17.5 millones

Protección y gestión de la propiedad intelectual

Los gastos relacionados con la propiedad intelectual en 2023 totalizaron $ 15.2 millones.

Categoría de gestión de IP	Gasto anual
Presentación de patentes y enjuiciamiento	$ 8.6 millones
Consulta legal	$ 4.3 millones
Gestión de cartera de IP	$ 2.3 millones

Sana Biotechnology, Inc. (SANA) - Modelo de negocios: flujos de ingresos

Acuerdos potenciales de licencia terapéutica futura

A partir del cuarto trimestre de 2023, SANA Biotechnology no ha informado ningún acuerdos de licencia terapéutica activa que generen ingresos.

Financiación de la colaboración de investigación

Año	Financiación de la colaboración de investigación
2022	$0
2023	$0

Inversiones de capital de riesgo

Capital de riesgo total recaudado: $ 733.4 millones Al 31 de diciembre de 2022.

Pagos potenciales de desarrollo de fármacos

• No se informaron pagos por hitos en 2022 o 2023
• La tubería actual se centró en la investigación preclínica y en etapa temprana

Ingresos futuros de asociación farmacéutica

No hay ingresos actuales de asociación farmacéutica a partir del cuarto trimestre de 2023.

Métrica financiera	Cantidad de 2022	Cantidad de 2023
Ingresos totales	$0	$0
Pérdida neta	$ -384.7 millones	$ -385.2 millones (estimado)

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.