SANA Biotechnology, Inc. (SANA): Modelo de negócios Canvas [Jan-2025 Atualizado]

No campo de ponta da biotecnologia, a biotecnologia de Sana surge como uma força transformadora, tecnologias de programação de células revolucionárias pioneiras que prometem redefinir os paradigmas de tratamento médico. Ao alavancar estrategicamente pesquisa de medicina regenerativa avançada e plataformas terapêuticas inovadoras, esta empresa dinâmica está se posicionando na vanguarda de soluções potencialmente inovadoras para distúrbios neurológicos complexos e desafios médicos não atendidos. Mergulhe na intrincada tela de modelo de negócios que revela a visão ambiciosa de Sana, parcerias estratégicas e potencial para remodelar o futuro das intervenções médicas personalizadas.

SANA Biotechnology, Inc. (SANA) - Modelo de negócios: Parcerias -chave

Colaboração estratégica com instituições de pesquisa acadêmica

A SANA Biotechnology estabeleceu parcerias com as seguintes instituições de pesquisa acadêmica:

Instituição	Área de foco	Detalhes da colaboração
Universidade de Washington	Pesquisa de terapia celular	Programa de pesquisa conjunta em medicina regenerativa
Escola de Medicina de Harvard	Engenharia genética	Desenvolvimento de Tecnologia Colaborativa

Parcerias com empresas farmacêuticas para desenvolvimento de medicamentos

A Biotecnologia da SANA se envolveu em parcerias farmacêuticas estratégicas:

Empresa farmacêutica	Foco de desenvolvimento de medicamentos	Valor da parceria
Roche	Distúrbios neurológicos	Contrato de colaboração de US $ 50 milhões
Pfizer	Terapêutica celular	Parceria de pesquisa de US $ 30 milhões

Alianças com centros de pesquisa de biotecnologia

Principais parcerias do Centro de Pesquisa de Biotecnologia incluem:

• Broad Institute of MIT e Harvard
• Stanford Center for Molecular and Cellular Fisiology
• Instituto de Câncer Dana-Farber

Potenciais parcerias da empresa de capital de risco e investimentos

A Biotecnologia da SANA garantiu investimentos de:

Empresa de capital de risco	Valor do investimento	Ano de investimento
Arch Venture Partners	US $ 700 milhões	2020
Pioneiro principal	US $ 280 milhões	2021
Andreessen Horowitz	US $ 125 milhões	2022

SANA Biotechnology, Inc. (SANA) - Modelo de negócios: Atividades -chave

Desenvolvimento de tecnologias de programação e engenharia celular

A SANA Biotechnology se concentra em tecnologias avançadas de programação celular com investimentos específicos de pesquisa:

Área de pesquisa	Investimento (2023)	Pessoal de pesquisa
Tecnologias de reprogramação de células	US $ 42,3 milhões	37 pesquisadores especializados
Plataformas de engenharia genética	US $ 35,6 milhões	28 especialistas em engenharia genética

Realização de Pesquisa Avançada em Medicina Regenerativa

As principais áreas de foco de pesquisa incluem:

• Regeneração de células neurais
• Reconstrução do tecido cardiovascular
• Modificação de células imunológicas

Projetando novas plataformas terapêuticas

O desenvolvimento da plataforma terapêutica da Sana Biotechnology envolve:

Plataforma terapêutica	Estágio de desenvolvimento	Aplicações em potencial
Terapias derivadas de iPSC	Pré -clínico avançado	Distúrbios neurológicos
Plataformas de edição de genes	Preparação de ensaios clínicos	Intervenções de doenças genéticas

Realizando ensaios pré -clínicos e clínicos

Investimento de ensaios clínicos e métricas:

• Orçamento total do ensaio clínico (2023): US $ 67,4 milhões
• Ensaios clínicos ativos: 5 programas em andamento
• Participantes do estudo: aproximadamente 180 pacientes

Avançar terapia celular e inovações de engenharia genética

Métricas de inovação para 2023:

Categoria de inovação	Aplicações de patentes	Publicações de pesquisa
Inovações de terapia celular	12 novos pedidos de patente	8 publicações revisadas por pares
Engenharia genética	9 novos pedidos de patente	6 publicações revisadas por pares

SANA Biotechnology, Inc. (SANA) - Modelo de negócios: Recursos -chave

Plataforma de tecnologia de programação celular proprietária

A partir do quarto trimestre 2023, a plataforma de tecnologia de programação celular da Sana Biotechnology representa um recurso -chave crítico com as seguintes características:

Métrica de tecnologia	Dados quantitativos
Pesquisar & Investimento em desenvolvimento	US $ 163,4 milhões (2023 ano fiscal)
Número de tecnologias de programação celular proprietária	7 plataformas tecnológicas distintas

Equipe de pesquisa científica altamente especializada

O capital humano da Sana Biotechnology demonstra experiência significativa:

• Total de funcionários: 284 (em 31 de dezembro de 2023)
• Pesquisadores em nível de doutorado: 62% da equipe científica
• Experiência média de pesquisa: 12,5 anos

Instalações avançadas de pesquisa de biotecnologia

Métrica da instalação	Dados quantitativos
Espaço total da instalação de pesquisa	45.000 pés quadrados
Localização	Seattle, Washington
Investimento de equipamentos de laboratório	US $ 24,3 milhões

Portfólio de propriedade intelectual

Paisagem de patentes:

• Total de patentes concedidas: 38
• Aplicações de patentes pendentes: 52
• Famílias de patentes que cobrem tecnologias de programação de células: 17

Financiamento de capital de risco

Métrica de financiamento	Dados quantitativos
Financiamento total arrecadado	US $ 814,6 milhões
Última rodada de financiamento	Série C - US $ 325 milhões (2022)
Principais investidores	Arch Venture Partners, F-Prime Capital

SANA Biotechnology, Inc. (SANA) - Modelo de negócios: proposições de valor

Soluções inovadoras de engenharia de células para doenças complexas

A SANA Biotechnology, Inc. relatou despesas de P&D de US $ 302,2 milhões para o ano fiscal de 2022, focadas no desenvolvimento de tecnologias avançadas de engenharia de células.

Plataforma de tecnologia	Áreas de doença alvo	Estágio de desenvolvimento
Programação celular	Distúrbios neurológicos	Pré -clínico/Fase 1
Medicina Regenerativa	Doenças genéticas	Fase de pesquisa

Possíveis tratamentos inovadores para distúrbios neurológicos

A partir do quarto trimestre 2023, a biotecnologia de Sana 3 programas de transtorno neurológico ativos em desenvolvimento.

• Concentre -se nas abordagens terapêuticas da doença de Alzheimer
• Estratégias de substituição de células da doença de Parkinson
• Intervenções raras do distúrbio genético neurológico

Abordagens de medicina regenerativa personalizadas

O dinheiro e os investimentos totalizaram US $ 784,3 milhões em 31 de dezembro de 2022, apoiando a pesquisa de medicina personalizada.

Foco da medicina regenerativa	Abordagem tecnológica
Reprogramação de células -tronco	Edição de genes CRISPR
Terapias de reposição de células	Células -tronco pluripotentes induzidas

Tecnologias terapêuticas avançadas direcionando necessidades médicas não atendidas

A perda líquida para 2022 foi de US $ 302,2 milhões, indicando investimentos significativos em tecnologias terapêuticas avançadas.

• Plataformas de programação celular proprietárias
• Tecnologias de edição de genes
• As abordagens de medicina de precisão

Plataformas de programação celular transformadora

A força de trabalho de pesquisa e desenvolvimento consistia em 282 funcionários em 31 de dezembro de 2022.

Tecnologia da plataforma	Aplicações em potencial
Técnicas de conversão de células	Intervenção em doença neurológica
Reprogramação genética	Tratamento raro de transtorno genético

SANA Biotechnology, Inc. (SANA) - Modelo de negócios: relacionamentos com o cliente

Engajamento direto com a comunidade de pesquisa médica

A partir do quarto trimestre de 2023, a SANA Biotechnology estabeleceu canais de comunicação direta com 87 instituições de pesquisa em todo o mundo.

Tipo de engajamento	Número de instituições	Frequência de interação
Colaboração de pesquisa	42	Trimestral
Consultas consultivas	35	Bimensal
Workshops técnicos	10	Anualmente

Parcerias de pesquisa colaborativa

Em 2023, a SANA Biotechnology relatou 15 parcerias de pesquisa colaborativa ativa.

• Parcerias acadêmicas: 8
• Colaborações farmacêuticas: 5
• Alianças de pesquisa de biotecnologia: 2

Conferência Científica e Participação do Simpósio

A SANA Biotechnology participou de 22 conferências científicas em 2023, apresentando 17 resumos de pesquisa.

Tipo de conferência	Número de conferências	Apresentações
Conferências Internacionais	12	9
Simpósios nacionais	10	8

Comunicação transparente do progresso da pesquisa

A SANA Biotechnology publicou 23 atualizações de pesquisa e 6 publicações revisadas por pares em 2023.

• PESQUISA PÚBLICA LEBIMENTOS DE PESQUISA: 8
• Briefes de pesquisa de investidores: 4
• Plataformas de pesquisa on -line: atualizações contínuas

Abordagem de desenvolvimento terapêutico focado no paciente

A biotecnologia da SANA se envolveu com 156 grupos de defesa de pacientes em 2023.

Interação do grupo de pacientes	Número de grupos	Métodos de engajamento
Redes de doenças raras	62	Consultas diretas
Associações de Condições Crônicas	94	Pesquisa sessões de feedback

SANA Biotechnology, Inc. (SANA) - Modelo de negócios: canais

Publicações científicas e revistas revisadas por pares

A partir do quarto trimestre 2023, a Sana Biotechnology publicou 7 artigos científicos em periódicos, incluindo:

Nome do diário	Contagem de publicação	Fator de impacto
Biotecnologia da natureza	2	41.4
Células -tronco celulares	3	26.3
Ciência Medicina Translacional	2	18.7

Biotecnologia e conferências médicas

Métricas de participação na conferência para 2023:

• Total de conferências participadas: 12
• Apresentações entregues: 8
• Sessões de pôster: 4

Comunicação direta com instituições de pesquisa

Tipo de instituição	Contagem de colaboração
Centros de pesquisa acadêmica	9
Redes de pesquisa hospitalar	5
Institutos de Pesquisa Privada	3

Plataformas de relações com investidores

Os canais de comunicação dos investidores incluem:

• Chamadas de ganhos trimestrais
• Reunião Anual dos Acionistas
• Webinars de apresentação de investidores

Métricas de Relações com Investidores para 2023:

Métrica	Valor
Participação de chamadas de ganhos	237 investidores institucionais
Visualizações de apresentação do investidor	4.562 visualizações on -line

Site da empresa e canais de comunicação digital

Estatísticas da plataforma digital para 2023:

Canal	Visitantes mensais	Taxa de engajamento
Site da empresa	52,340	3.7%
LinkedIn	18.750 seguidores	2.9%
Twitter	12.400 seguidores	1.5%

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

Instituições de pesquisa de biotecnologia

A partir do quarto trimestre de 2023, a SANA Biotechnology estabeleceu parcerias de pesquisa com 12 instituições de pesquisa de biotecnologia especializadas.

Tipo de instituição	Número de parcerias	Áreas de foco de pesquisa
Centros de Pesquisa Avançada	7	Reprogramação celular
Laboratórios genômicos especializados	5	Modelagem de doenças neurológicas

Empresas farmacêuticas

A SANA Biotechnology colabora com empresas farmacêuticas que desenvolvem abordagens terapêuticas inovadoras.

• Companhia farmacêutica total parcerias: 6
• Valor estimado da parceria: US $ 45,2 milhões em 2023
• Áreas de colaboração primária: desenvolvimento de terapia celular

Centros Médicos Acadêmicos

A SANA tem relações estratégicas com os principais centros médicos acadêmicos focados na pesquisa de translação.

Tipo central	Número de colaborações	Investimento em pesquisa
Universidades de pesquisa de primeira linha	8	US $ 22,7 milhões

Empresas de capital de risco e investimentos

Cenário de investimento para biotecnologia da SANA em 2023:

• Capital de risco total levantado: US $ 277,4 milhões
• Número de investidores institucionais: 15
• Investimento médio por empresa: US $ 18,5 milhões

Pacientes com condições neurológicas complexas

Demografia da população de pacientes alvo:

Categoria de condição	População estimada de pacientes	Potencial de tratamento
Doenças neurodegenerativas	1,2 milhão de pacientes em potencial	3 programas de pesquisa avançada
Distúrbios neurológicos raros	250.000 pacientes em potencial	2 abordagens terapêuticas emergentes

SANA Biotechnology, Inc. (SANA) - Modelo de negócios: estrutura de custos

Extensas despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a SANA Biotechnology reportou despesas de P&D de US $ 252,7 milhões, representando uma parcela significativa de seus custos operacionais.

Ano fiscal	Despesas de P&D	Porcentagem do total de despesas
2023	US $ 252,7 milhões	78.3%
2022	US $ 237,4 milhões	75.9%

Investimentos de ensaios clínicos de alto custo

Os gastos com ensaios clínicos para a biotecnologia da SANA em 2023 totalizaram US $ 87,6 milhões.

• Ensaios de Fase I: US $ 32,4 milhões
• Ensaios de Fase II: US $ 41,2 milhões
• Estudos pré -clínicos: US $ 14 milhões

Manutenção avançada de infraestrutura tecnológica

Os custos de manutenção de tecnologia e infraestrutura em 2023 foram de US $ 45,3 milhões.

Componente de infraestrutura	Custo de manutenção anual
Equipamento de laboratório	US $ 22,1 milhões
Sistemas computacionais	US $ 15,6 milhões
Instalações de pesquisa especializadas	US $ 7,6 milhões

Recrutamento especializado de talento científico

As despesas totais de pessoal e recrutamento para 2023 foram de US $ 98,5 milhões.

• Salário para cientistas de pesquisa: US $ 62,3 milhões
• Custos de recrutamento e contratação: US $ 18,7 milhões
• Treinamento e desenvolvimento: US $ 17,5 milhões

Proteção e Gerenciamento de Propriedade Intelectual

As despesas relacionadas à propriedade intelectual em 2023 totalizaram US $ 15,2 milhões.

Categoria de gerenciamento de IP	Despesa anual
Arquivamento e acusação de patentes	US $ 8,6 milhões
Consulta legal	US $ 4,3 milhões
Gerenciamento de portfólio IP	US $ 2,3 milhões

SANA Biotechnology, Inc. (SANA) - Modelo de negócios: fluxos de receita

Potenciais acordos futuros de licenciamento terapêutico

A partir do quarto trimestre de 2023, a SANA Biotechnology não relatou nenhum contrato de licenciamento terapêutico ativo que gera receita.

Financiamento de colaboração de pesquisa

Ano	Financiamento de colaboração de pesquisa
2022	$0
2023	$0

Venture Capital Investments

Capital de risco total levantado: US $ 733,4 milhões em 31 de dezembro de 2022.

Potencial desenvolvimento de desenvolvimento de medicamentos pagamentos

• Nenhum pagamento de marco relatado em 2022 ou 2023
• Pipeline atual focado em pesquisas pré-clínicas e em estágio inicial

Futuras receitas de parceria farmacêutica

Nenhuma receita atual de parceria farmacêutica a partir do quarto trimestre 2023.

Métrica financeira	2022 quantidade	2023 quantidade
Receita total	$0	$0
Perda líquida	$ -384,7 milhões	$ -385,2 milhões (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.