Sana Biotechnology (SANA) Q1 2026 earnings summary

Executive summary

• Advanced three therapeutics: SC451 (type 1 diabetes), SG293 (B cell malignancies/autoimmune), and SG227 (multiple myeloma), leveraging ex vivo and in vivo cell engineering platforms.

• Announced strategic collaboration with Mayo Clinic to accelerate SC451 development, including a $25 million equity investment.

• Positive 14-month results from UP421 study showed HIP-modified islet cells survived/functioned without immunosuppression.

• Progress toward Phase 1 trials for SC451 and SG293 expected to start later in 2026; SG227 clinical study targeted for mid-2027.

• Strengthened leadership with appointment of new CFO, Brian Piper.

Financial highlights

• Net loss for Q1 2026 was $47.2 million ($0.17 per share), compared to $49.4 million ($0.21 per share) in Q1 2025.

• Operating expenses decreased to $48.6 million from $50.6 million year-over-year, mainly due to lower R&D headcount and reduced third-party manufacturing costs.

• Cash, cash equivalents, and marketable securities totaled $101.1 million as of March 31, 2026, down from $138.4 million at year-end 2025.

• R&D expenses decreased to $28.7 million from $37.2 million year-over-year.

• Non-GAAP net loss was $38.8 million ($0.14 per share), compared to $47.4 million ($0.20 per share) in Q1 2025.

Outlook and guidance

• Cash runway expected into 2027, supported by Mayo Clinic’s $25 million equity investment and ATM activity.

• Management determined current capital resources may not be sufficient to fund planned operations for at least one year, raising substantial doubt about ability to continue as a going concern.

• IND filing and Phase 1 trial for SC451 anticipated later in 2026; first-in-human data for SG293 expected in 2026.

• Expects R&D and G&A expenses to remain flat or slightly lower in 2026, barring one-time items.

• Plans to address liquidity through equity/debt offerings or strategic collaborations.