Sana Biotechnology, Inc. (SANA): Business Model Canvas [Jan-2025 Mis à jour]

Dans le domaine de la biotechnologie de la biotechnologie, la biotechnologie de la SANA apparaît comme une force transformatrice, pionnière des technologies de programmation des cellules révolutionnaires qui promettent de redéfinir les paradigmes de traitement médical. En tirant stratégiquement la recherche avancée en médecine régénérative et en plates-formes thérapeutiques innovantes, cette entreprise dynamique se positionne à la pointe de solutions potentiellement révolutionnaires pour des troubles neurologiques complexes et des défis médicaux non satisfaits. Plongez dans la toile du modèle commercial complexe qui dévoile la vision ambitieuse de Sana, les partenariats stratégiques et le potentiel de remodeler l'avenir des interventions médicales personnalisées.

Sana Biotechnology, Inc. (SANA) - Modèle d'entreprise: partenariats clés

Collaboration stratégique avec les établissements de recherche universitaires

Sana Biotechnology a établi des partenariats avec les établissements de recherche académiques suivants:

Institution	Domaine de mise au point	Détails de collaboration
Université de Washington	Recherche de thérapie cellulaire	Programme de recherche conjoint en médecine régénérative
École de médecine de Harvard	Génie génétique	Développement de technologies collaboratives

Partenariats avec des sociétés pharmaceutiques pour le développement de médicaments

SANA Biotechnology s'est engagé dans des partenariats pharmaceutiques stratégiques:

Entreprise pharmaceutique	Focus sur le développement des médicaments	Valeur de partenariat
Roche	Troubles neurologiques	Contrat de collaboration de 50 millions de dollars
Pfizer	Thérapeutique cellulaire	Partnership de recherche de 30 millions de dollars

Alliances avec des centres de recherche en biotechnologie

Les partenariats clés du Centre de recherche sur la biotechnologie comprennent:

• Broad Institute of MIT et Harvard
• Stanford Center for Molecular and Cellular Physiology
• Dana-Farber Cancer Institute

Partenariats potentiels de capital-risque et d'investissement

Sana Biotechnology a obtenu des investissements à partir de:

Entreprise de capital-risque	Montant d'investissement	Année d'investissement
Arch Venture Partners	700 millions de dollars	2020
Pionnier phare	280 millions de dollars	2021
Andreessen Horowitz	125 millions de dollars	2022

Sana Biotechnology, Inc. (SANA) - Modèle d'entreprise: Activités clés

Développer des technologies de programmation cellulaire et d'ingénierie

Sana Biotechnology se concentre sur les technologies de programmation cellulaire avancée avec des investissements de recherche spécifiques:

Domaine de recherche	Investissement (2023)	Personnel de recherche
Technologies de reprogrammation cellulaire	42,3 millions de dollars	37 chercheurs spécialisés
Plates-formes de génie génétique	35,6 millions de dollars	28 spécialistes du génie génétique

Effectuer une recherche avancée en médecine régénérative

Les principaux domaines d'intérêt de la recherche comprennent:

• Régénération des cellules neurales
• Reconstruction des tissus cardiovasculaires
• Modification des cellules immunologiques

Concevoir de nouvelles plateformes thérapeutiques

Le développement de la plate-forme thérapeutique de Sana Biotechnology implique:

Plate-forme thérapeutique	Étape de développement	Applications potentielles
thérapies dérivées d'IPSC	Préclinique avancé	Troubles neurologiques
Plates-formes d'édition de gènes	Préparation des essais cliniques	Interventions de maladies génétiques

Effectuer des essais précliniques et cliniques

Investissement et métriques d'essais cliniques:

• Budget total des essais cliniques (2023): 67,4 millions de dollars
• Essais cliniques actifs: 5 programmes en cours
• Participants de l'essai: environ 180 patients

Advance la thérapie cellulaire et les innovations en génie génétique

Mesures d'innovation pour 2023:

Catégorie d'innovation	Demandes de brevet	Publications de recherche
Innovations de thérapie cellulaire	12 nouvelles demandes de brevet	8 publications évaluées par des pairs
Génie génétique	9 nouvelles demandes de brevet	6 publications évaluées par des pairs

SANA Biotechnology, Inc. (SANA) - Modèle d'entreprise: Ressources clés

Plateforme de technologie de programmation cellulaire propriétaire

Depuis le Q4 2023, la plate-forme de technologie de programmation cellulaire de Sana Biotechnology représente une ressource clé critique avec les caractéristiques suivantes:

Métrique technologique	Données quantitatives
Recherche & Investissement en développement	163,4 millions de dollars (2023 Exercice)
Nombre de technologies de programmation cellulaire propriétaire	7 plateformes technologiques distinctes

Équipe de recherche scientifique hautement spécialisée

Le capital humain de Sana Biotechnology démontre une expertise significative:

• Total des employés: 284 (au 31 décembre 2023)
• Chercheurs au niveau du doctorat: 62% du personnel scientifique
• Expérience de recherche moyenne: 12,5 ans

Installations de recherche avancée en biotechnologie

Métrique de l'installation	Données quantitatives
Espace total des installations de recherche	45 000 pieds carrés
Emplacement	Seattle, Washington
Investissement de l'équipement de laboratoire	24,3 millions de dollars

Portefeuille de propriété intellectuelle

Paysage breveté:

• Total des brevets accordés: 38
• Demandes de brevet en instance: 52
• Les familles de brevets couvrant les technologies de programmation cellulaire: 17

Financement du capital-risque

Métrique de financement	Données quantitatives
Financement total collecté	814,6 millions de dollars
Dernière ronde de financement	Série C - 325 millions de dollars (2022)
Investisseurs majeurs	Arch Venture Partners, F-Prime Capital

SANA Biotechnology, Inc. (SANA) - Modèle d'entreprise: propositions de valeur

Solutions innovantes d'ingénierie cellulaire pour les maladies complexes

Sana Biotechnology, Inc. a déclaré des dépenses de R&D de 302,2 millions de dollars pour l'exercice 2022, axées sur le développement de technologies d'ingénierie cellulaire avancées.

Plate-forme technologique	Cible les zones de maladie	Étape de développement
Programmation cellulaire	Troubles neurologiques	Préclinique / phase 1
Médecine régénérative	Maladies génétiques	Phase de recherche

Traitements de percés potentiels pour les troubles neurologiques

Depuis le quatrième trimestre 2023, la biotechnologie de Sana a 3 programmes de troubles neurologiques actifs en développement.

• Concentrez-vous sur les approches thérapeutiques de la maladie d'Alzheimer
• Stratégies de remplacement des cellules de la maladie de Parkinson
• Interventions de troubles génétiques neurologiques rares

Approches de médecine régénérative personnalisée

Les espèces et les investissements ont totalisé 784,3 millions de dollars au 31 décembre 2022, soutenant la recherche en médecine personnalisée.

Focus de médecine régénérative	Approche technologique
Reprogrammation des cellules souches	Édition du gène CRISPR
Thérapies de remplacement des cellules	Cellules souches pluripotentes induites

Technologies thérapeutiques avancées ciblant les besoins médicaux non satisfaits

La perte nette pour 2022 était de 302,2 millions de dollars, indiquant des investissements importants dans des technologies thérapeutiques avancées.

• Plates-formes de programmation cellulaire propriétaire
• Technologies d'édition de gènes
• Approches de médecine de précision

Plates-formes de programmation cellulaire transformatrice

La main-d'œuvre de la recherche et du développement était composée de 282 employés au 31 décembre 2022.

Technologie de plate-forme	Applications potentielles
Techniques de conversion cellulaire	Intervention neurologique
Reprogrammation génétique	Traitement des troubles génétiques rares

SANA Biotechnology, Inc. (SANA) - Modèle d'entreprise: Relations clients

Engagement direct avec la communauté de la recherche médicale

Depuis le quatrième trimestre 2023, Sana Biotechnology a établi des canaux de communication directs avec 87 institutions de recherche dans le monde.

Type d'engagement	Nombre d'institutions	Fréquence d'interaction
Collaboration de recherche	42	Trimestriel
Consultations consultatives	35	Bimensuel
Ateliers techniques	10	Annuellement

Partenariats de recherche collaborative

En 2023, Sana Biotechnology a rapporté 15 partenariats de recherche collaborative actifs.

• Partenariats académiques: 8
• Collaborations pharmaceutiques: 5
• Alliances de recherche en biotechnologie: 2

Conférence scientifique et participation au symposium

La biotechnologie de Sana a participé à 22 conférences scientifiques en 2023, présentant 17 résumés de recherche.

Type de conférence	Nombre de conférences	Présentations
Conférences internationales	12	9
Symposiums nationaux	10	8

Communication transparente des progrès de la recherche

Sana Biotechnology a publié 23 mises à jour de recherche et 6 publications évaluées par des pairs en 2023.

• Webinaires de recherche publique: 8
• Briefings de recherche sur les investisseurs: 4
• Plateformes de recherche en ligne: mises à jour continues

Approche de développement thérapeutique axé sur les patients

La biotechnologie de Sana s'est engagée avec 156 groupes de défense des patients en 2023.

Interaction de groupe de patients	Nombre de groupes	Méthodes d'engagement
Réseaux de maladies rares	62	Consultations directes
Associations de conditions chroniques	94	Sessions de rétroaction de la recherche

Sana Biotechnology, Inc. (SANA) - Modèle d'entreprise: canaux

Publications scientifiques et revues à comité de lecture

Depuis le quatrième trimestre 2023, Sana Biotechnology a publié 7 articles scientifiques dans des revues, notamment:

Nom de journal	Comptage de publication	Facteur d'impact
Biotechnologie de la nature	2	41.4
Cellule souche	3	26.3
Médecine translationnelle scientifique	2	18.7

Biotechnologie et conférences médicales

Métriques de la participation de la conférence pour 2023:

• Conférences totales présentes: 12
• Présentations livrées: 8
• Sessions d'affiches: 4

Communication directe avec les institutions de recherche

Type d'institution	Compte de collaboration
Centres de recherche universitaires	9
Réseaux de recherche hospitaliers	5
Instituts de recherche privés	3

Plateformes de relations avec les investisseurs

Les canaux de communication des investisseurs comprennent:

• Appels de résultats trimestriels
• Réunion des actionnaires annuelle
• Webinaires de présentation des investisseurs

Métriques des relations avec les investisseurs pour 2023:

Métrique	Valeur
Participation d'appel des gains	237 investisseurs institutionnels
Vues de présentation des investisseurs	4 562 vues en ligne

Site Web de l'entreprise et canaux de communication numérique

Statistiques de la plate-forme numérique pour 2023:

Canal	Visiteurs mensuels	Taux d'engagement
Site Web de l'entreprise	52,340	3.7%
Liendin	18 750 abonnés	2.9%
Gazouillement	12 400 abonnés	1.5%

Sana Biotechnology, Inc. (SANA) - Modèle d'entreprise: segments de clients

Institutions de recherche en biotechnologie

Depuis le quatrième trimestre 2023, Sana Biotechnology a établi des partenariats de recherche avec 12 institutions de recherche spécialisées en biotechnologie.

Type d'institution	Nombre de partenariats	Les domaines de recherche sur la recherche
Centres de recherche avancés	7	Reprogrammation cellulaire
Laboratoires de génomique spécialisés	5	Modélisation des maladies neurologiques

Sociétés pharmaceutiques

Sana Biotechnology collabore avec les entreprises pharmaceutiques développant des approches thérapeutiques innovantes.

• Partenariats totaux de l'entreprise pharmaceutique: 6
• Valeur du partenariat estimé: 45,2 millions de dollars en 2023
• Zones de collaboration primaires: développement de la thérapie cellulaire

Centres médicaux académiques

SANA a des relations stratégiques avec les principaux centres médicaux universitaires axés sur la recherche translationnelle.

Type de centre	Nombre de collaborations	Investissement en recherche
Universités de recherche de haut niveau	8	22,7 millions de dollars

Capital-risque et sociétés d'investissement

Paysage d'investissement pour la biotechnologie de Sana en 2023:

• Capital de capital-risque total levé: 277,4 millions de dollars
• Nombre d'investisseurs institutionnels: 15
• Investissement moyen par entreprise: 18,5 millions de dollars

Patients souffrant de conditions neurologiques complexes

Target démographie de la population de patients:

Catégorie d'état	Population estimée des patients	Pipeline de traitement potentiel
Maladies neurodégénératives	1,2 million de patients potentiels	3 programmes de recherche avancés
Troubles neurologiques rares	250 000 patients potentiels	2 approches thérapeutiques émergentes

Sana Biotechnology, Inc. (SANA) - Modèle d'entreprise: Structure des coûts

Dépenses de recherche et développement approfondies

Pour l'exercice 2023, Sana Biotechnology a déclaré des dépenses de R&D de 252,7 millions de dollars, ce qui représente une partie importante de leurs coûts opérationnels.

Exercice fiscal	Dépenses de R&D	Pourcentage des dépenses totales
2023	252,7 millions de dollars	78.3%
2022	237,4 millions de dollars	75.9%

Investissements d'essais cliniques à coût élevé

Les dépenses d'essais cliniques pour la biotechnologie SANA en 2023 s'élevaient à 87,6 millions de dollars.

• Essais de phase I: 32,4 millions de dollars
• Essais de phase II: 41,2 millions de dollars
• Études précliniques: 14 millions de dollars

Maintenance avancée des infrastructures technologiques

Les coûts de maintenance de la technologie et des infrastructures en 2023 étaient de 45,3 millions de dollars.

Composant d'infrastructure	Coût de maintenance annuel
Équipement de laboratoire	22,1 millions de dollars
Systèmes de calcul	15,6 millions de dollars
Installations de recherche spécialisées	7,6 millions de dollars

Recrutement spécialisé des talents scientifiques

Les frais totaux de personnel et de recrutement pour 2023 étaient de 98,5 millions de dollars.

• Salaire pour les chercheurs: 62,3 millions de dollars
• Coûts de recrutement et d'embauche: 18,7 millions de dollars
• Formation et développement: 17,5 millions de dollars

Protection et gestion de la propriété intellectuelle

Les dépenses liées à la propriété intellectuelle en 2023 ont totalisé 15,2 millions de dollars.

Catégorie de gestion de la propriété intellectuelle	Dépenses annuelles
Dépôt de brevet et poursuite	8,6 millions de dollars
Consultation juridique	4,3 millions de dollars
Gestion du portefeuille IP	2,3 millions de dollars

SANA Biotechnology, Inc. (SANA) - Modèle d'entreprise: sources de revenus

Attributions potentielles de licences thérapeutiques potentiels

Depuis le quatrième trimestre 2023, la biotechnologie de Sana n'a signalé aucun accord de licence thérapeutique actif générant des revenus.

Financement de collaboration de recherche

Année	Financement de collaboration de recherche
2022	$0
2023	$0

Investissements en capital-risque

Capital de capital-risque total levé: 733,4 millions de dollars Au 31 décembre 2022.

Paiements potentiels de jalons de développement des médicaments

• Aucun paiement de jalon signalé en 2022 ou 2023
• Pipeline actuel axé sur la recherche préclinique et à un stade précoce

Revenus de partenariat pharmaceutique futur

Aucune revenus actuels de partenariat pharmaceutique au quatrième trimestre 2023.

Métrique financière	2022 Montant	2023 Montant
Revenus totaux	$0	$0
Perte nette	-384,7 millions de dollars	-385,2 millions de dollars (estimés)

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.