Sana Biotechnology, Inc. (SANA): Business Model Canvas [Dec-2025 Updated]

You're digging into Sana Biotechnology's engine room, trying to figure out how this clinical-stage player funds its ambitious cell therapy pipeline, especially with R&D expenses running heavy-think nearly $30 million in Q2 2025. Honestly, their Business Model Canvas right now isn't about product sales, which are zero; it's about managing the cash runway, which got a crucial boost from that $133.2 million gross proceeds raise late in 2025. Their whole game hinges on turning proprietary tech, like the Hypoimmune platform, into an off-the-shelf cure for Type 1 Diabetes with SC451. It's all about the tech and the clock. See the full breakdown below to map their key resources against those massive development costs.

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

You're looking at the external relationships Sana Biotechnology, Inc. (SANA) relies on to advance its engineered cell therapies. These partnerships are critical for clinical validation and future scale, especially given the company's current cash position of $153.1 million as of September 30, 2025.

Academic institutions for investigator-sponsored trials (e.g., Uppsala University Hospital)

Sana Biotechnology, Inc. heavily relies on academic centers to generate crucial first-in-human data. The investigator-sponsored trial (IST) for UP421, an allogeneic primary islet cell therapy using the hypoimmune (HIP) technology, is being conducted in partnership with Uppsala University Hospital in Sweden. This study, with Dr. Per-Ola Carlsson as the principal investigator, aims to provide proof of concept for transplanting functional islet cells without immunosuppression. Six-month follow-up results from this trial were announced in June 2025, showing continued cell survival and function.

Contract Development and Manufacturing Organizations (CDMOs) for specialized production

Sana Biotechnology, Inc. is pursuing a hybrid manufacturing strategy. The company is investing in building its own Good Manufacturing Practice (GMP) facility to support late-stage clinical development and early commercial candidates, which is intended to complement its existing CDMO networks. This internal build-out is a strategic move to better control scale-up and cost-effectiveness, a key consideration when the non-GAAP operating cash burn for the first six months of 2025 was $79.0 million.

Strategic alliances to enhance technology and de-risk early-stage development

The technology platform is bolstered by strategic alliances that bring in specialized capabilities. Sana Biotechnology, Inc. has agreements that leverage cutting-edge tools like CRISPR Cas12b. Specifically, partnerships include those with Beam Therapeutics and Harvard College. These collaborations are designed to de-risk early development by integrating external technological expertise into Sana Biotechnology, Inc.'s pipeline assets. Furthermore, the company manages contingent consideration liabilities related to past deals; for instance, the expense related to the Cobalt success payment liability for the nine months ended September 30, 2025, was $8.5 million.

Licensing partners for future commercialization and global reach

To expand its therapeutic scope, Sana Biotechnology, Inc. has secured licensing deals. An example includes a licensing agreement with ISO bio and invent, which provided access to a BCMA CAR construct used in both in vivo and ex vivo hypoimmune therapies targeting multiple myeloma. The company also has financial obligations tied to past transactions, such as the total contingent consideration for the Cobalt acquisition being up to an aggregate of $500.0 million, plus an additional success payment of up to $500.0 million.

Here's a quick look at the structure of these key external relationships and associated financial figures:

Finance: review the impact of the $111.2 million cash used in operations for Q3 2025 on the remaining cash runway by end of Q4.

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

Research and Development (R&D) of engineered cell therapies.

Research and Development Related Success Payments and Contingent Consideration for the nine months ended September 30, 2025, was $15.3 million.

Advancing SC451 (T1D) and SG293 (in vivo CAR T) toward IND filings.

• Investigational New Drug Application (IND) filing for SC451 expected as early as 2026.
• IND filing for SG293 expected as early as 2027.
• Positive 12-week clinical results for UP421, a related therapy, published in the New England Journal of Medicine.

Manufacturing process development for allogeneic, scalable cell therapies.

Sana Biotechnology suspended further build-out of its internal manufacturing capabilities at the 80,000-square-foot facility in Bothell, Washington, electing to use third-party Contract Development and Manufacturing Organizations (CDMOs) to meet current needs. This decision resulted in a non-cash impairment charge of $44.6 million for the three months ended June 30, 2025.

Securing and defending core intellectual property (IP) for platforms.

Patent applications filed by Sana Biotechnology, Inc. in 2025 included methods for transducing T cells using CD3-targeted viral vectors and methods to amplify reverse-transcriptase dependent viral vector nucleic acid products. Among top granted patent authorities in Q2 2024, Sana Biotechnology had 100% of its grants in the United States (US).

Strategic pipeline refocusing to prioritize high-impact assets.

The company announced a prioritization of SC451 and SG293, suspending internal investment in allogeneic CAR T studies SC291 and SC262. This strategic shift contributed to the reduction in Research and Development Expenses. The expected cash runway extends into late 2026 following equity financing activities. The Non-GAAP operating cash burn for the nine months ended September 30, 2025, was $108.0 million, compared to $153.1 million for the same period in 2024.

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

Proprietary Hypoimmune (HIP) platform for immune-evading cell therapies.

• HIP technology used in UP421, an allogeneic primary islet cell therapy, showed insulin production and immune evasion without immunosuppression in a patient.
• SC451, a HIP-modified stem cell-derived pancreatic islet cell therapy for type 1 diabetes, is advancing toward an Investigational New Drug (IND) filing targeted for as early as 2026.

Proprietary Fusogen platform for in vivo gene delivery.

• The platform is incorporated into SG293, an in vivo CAR T program, with an expected IND filing as early as 2027.
• Preclinical work showed a surrogate of SG299, using the Fusogen platform, achieved deep B-cell depletion in non-human primates without chemotherapy.

Financial Position as of Q3 2025

Highly specialized scientific and clinical talent pool.

• The company continues to attract talent needed to execute on its vision.
• Recent restructuring involved company-wide staff reductions to extend the cash runway into 2026.

GMP-compliant manufacturing facilities in the US.

• Sana Biotechnology paused further build-out of its internal manufacturing capabilities and will use third-party Contract Development and Manufacturing Organizations (CDMOs) for present needs.
• The paused internal facility is located in Bothell, Washington, and is an 80,000-square-foot site.
• The company opened the Bothell site in August 2024.

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.

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.

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:

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.

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:

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:

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.