Sana Biotechnology (SANA) Q2 2026 earnings summary

Executive summary

• Advanced SC451 (type 1 diabetes), SG293 (B cell malignancies/autoimmune), and SG227 (multiple myeloma), prioritizing SC451 and SG293 while suspending two allogeneic CAR T programs to focus resources.

• Progressed toward Phase 1/2 trials for SC451 and SG293, with IND filings and clinical trial readiness underway.

• Published long-term UP421 data showing durable islet cell function without immunosuppression, featured in NEJM and major conferences.

• Entered a strategic collaboration with Mayo Clinic for SC451, including a $25M equity investment.

• Net loss for the six months ended June 30, 2026 was $110.8 million, with an accumulated deficit of $2.0 billion.

Financial highlights

• Cash, cash equivalents, and marketable securities totaled $160.5 million as of June 30, 2026, up from $138.4 million at year-end 2025, mainly due to equity financing.

• Q2 2026 net loss was $63.6 million ($0.22/share), down from $93.8 million ($0.39/share) in Q2 2025; six-month net loss was $110.8 million ($0.39/share), down from $143.2 million ($0.60/share) year-over-year.

• Operating expenses for Q2 2026 were $65.4 million, down from $95.0 million in Q2 2025, reflecting lower R&D and no impairment charges.

• Research and development expenses for Q2 2026 were $30.7 million, up $0.9 million year-over-year, driven by SC451 and SG293 costs.

• No impairment of long-lived assets in 2026; $44.6 million impairment recorded in Q2 2025.

Outlook and guidance

• Expects to file IND and begin Phase 1/2 trial for SC451 and generate first-in-human data for SG293 in non-Hodgkin lymphoma as early as this year.

• Anticipates clinical study for SG227 in multiple myeloma to begin as early as mid-2027, contingent on SG293 results.

• Additional capital will be required within 12 months to fund operations and clinical development, though cash runway is projected into mid-2027.

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

• Ongoing assessment and prioritization of programs based on internal and external factors.