Monitor for SC451 IND filing and SG293 initial clinical data later this year, as these are the key near-term catalysts. The $160.5M cash position provides runway into mid-2027, but the ATM program may continue to dilute common shareholders. The Mayo Clinic collaboration and $25M investment add credibility to the non-immunosuppressive islet cell approach but do not change the risk profile of a pre-revenue biotech.
Price Chart
Executive Summary
Sana Biotechnology reported Q2 2026 GAAP net loss of $63.6M ($0.22/share), slightly narrower than the year-ago $93.8M loss ($0.39/share), driven by the absence of a $44.6M impairment and lower R&D spend. Non-GAAP net loss per share was $0.13, comparing favorably to $0.16 a year ago. The company ended Q2 with $160.5M cash, projecting runway into mid-2027 after raising $93.3M from ATM sales and Mayo Clinic equity investment. Key pipeline catalysts remain on track: SC451 IND/Phase 1/2 start for type 1 diabetes as early as this year, and first-in-human data for SG293 in non-Hodgkin lymphoma also expected this year.
Key Financial Metrics
Key Facts
- Q2 2026 GAAP net loss $63.6M ($0.22/share) vs $93.8M ($0.39/share) in Q2 2025
- Non-GAAP net loss $39.7M ($0.13/share) vs $38.9M ($0.16/share) a year ago
- Cash, equivalents, and marketable securities $160.5M as of June 30, 2026; cash runway expected into mid-2027
- Raised $93.3M in Q2 from ATM sales of common stock and Mayo Clinic equity investment
- SC451 (iPSC-derived islet cell therapy for type 1 diabetes) IND and Phase 1/2 trial start expected as early as 2026
- SG293 (CD8-targeted fusosome for non-Hodgkin lymphoma) first-in-human data expected as early as 2026
- Mayo Clinic invested $25.0M in connection with strategic collaboration for SC451
- NEJM publication of 14-month UP421 data showing survival and function of HIP-modified islet cells without immunosuppression
- R&D expenses $30.7M (Q2 2026) vs $29.8M (Q2 2025), up modestly on program advancement
- Non-cash fair value adjustment on success payments and contingent consideration totaled $23.9M expense in Q2 2026
Financial Impact
No reported revenue; cash burn $69.3M in H1 2026 vs $79.0M in H1 2025; cash position $160.5M with runway to mid-2027 after $93.3M raise
Risk Factors
- Pre-revenue clinical-stage biotech with no approved products; continued operating losses and cash burn
- SC451 and SG293 are in early/preclinical stages; clinical trial outcomes are highly uncertain
- ATM equity sales dilute existing shareholders; further dilution likely given cash runway only to mid-2027
- Contingent consideration and success payment liabilities ($175.3M total) may fluctuate with stock price and program milestones
- Dependence on contract manufacturers and CDMOs for clinical supply; any manufacturing delays could push back timelines
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3342190 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 10, 2026 7w ago | 8-K | $3.79 $3.17 | ▼ −16.36% | ▼ −15.30% | $2.90 (−23.35%) |
Aug 10, 2026 7w ago | Press Release | $3.79 $3.17 | ▼ −16.36% | ▼ −15.30% | $2.90 (−23.35%) |
May 11, 2026 20w ago | 8-K | $3.26 $2.82 | ▼ −13.50% | ▼ −11.77% | $2.90 (−10.89%) |
May 11, 2026 20w ago | Press Release | $3.26 $2.82 | ▲ +13.50% | ▲ +11.77% | $2.90 (+10.89%) |
Apr 24, 2026 23w ago | DEFA14A | $3.29 $3.15 | ▼ −4.26% | ▼ −8.28% | $2.90 (−11.70%) |
Apr 24, 2026 23w ago | 8-K | $3.29 $3.15 | ▼ −4.26% | ▼ −8.28% | $2.90 (−11.70%) |
Apr 13, 2026 24w ago | 8-K | $3.48 $3.56 | ▲ +2.30% | ▼ −4.00% | $2.90 (−16.52%) |
Apr 13, 2026 24w ago | Press Release | $3.48 $3.56 | ▲ +2.30% | ▼ −4.00% | $2.90 (−16.52%) |
Mar 13, 2026 29w ago | Press Release | $3.36 $3.21 | ▼ −4.46% | ▼ −8.05% | $2.90 (−13.54%) |
Mar 3, 2026 30w ago | Press Release | $3.82 $3.05 | ▼ −20.16% | ▼ −15.74% | $2.90 (−23.95%) |
US Market Status
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