The EPS miss and continued cash burn are negative, but the Mayo collaboration and pipeline catalysts (SC451 IND, SG293 data) could drive near-term volatility. Watch for IND filing updates and ASGCT presentation on May 12 for SG293 surrogate data — positive results could reverse sentiment. Cash runway into 2027 reduces near-term dilution risk.
Price Chart
Executive Summary
Sana Biotechnology reported Q1 2026 GAAP net loss of $0.17 per share, slightly better than the $0.21 loss in Q1 2025 but worse than the $0.15 consensus estimate. The company highlighted progress toward clinical trials for SC451 (type 1 diabetes) and SG293 (non-Hodgkin lymphoma), a strategic collaboration with Mayo Clinic including a $25M equity investment, and a cash runway into 2027. The EPS miss and lack of revenue are bearish, but the pipeline progress and collaboration provide some offset.
Key Financial Metrics
Key Facts
- GAAP net loss per share of $0.17 vs consensus estimate of $0.15 (miss of 13.3%)
- Net loss of $47.2M in Q1 2026 vs $49.4M in Q1 2025
- Cash, cash equivalents, and marketable securities of $101.1M as of March 31, 2026, down from $138.4M at year-end 2025
- Non-GAAP operating cash burn of $37.0M in Q1 2026 vs $46.6M in Q1 2025
- Entered strategic collaboration with Mayo Clinic for SC451, including $25M equity investment with option for additional $25M
- Reported positive 14-month clinical data for UP421 (HIP-modified islet cells) showing ongoing survival and function without immunosuppression
- Expects to file IND and begin Phase 1 trial for SC451 later in 2026
- Expects to begin clinical study for SG293 (in vivo CAR T) later in 2026
- Appointed Brian Piper as new CFO
- No revenue reported; pre-revenue biotechnology company
Financial Impact
EPS miss of $0.02 vs consensus; cash burn of $37M in the quarter; cash runway into 2027
Risk Factors
- Clinical trial delays or failures for SC451 or SG293
- Continued cash burn without near-term revenue
- Dilution risk from ATM facility and potential future equity offerings
- Dependence on Mayo Clinic collaboration for SC451 development
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3292311 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Aug 10, 2026 7w ago | 8-K | $3.79 $3.17 | ▼ −16.36% | ▼ −15.30% | $2.87 (−24.30%) |
Aug 10, 2026 7w ago | Press Release | $3.79 $3.17 | ▼ −16.36% | ▼ −15.30% | $2.87 (−24.30%) |
May 11, 2026 20w ago | 8-K | $3.26 $2.82 | ▼ −13.50% | ▼ −11.77% | $2.87 (−11.99%) |
May 11, 2026 20w ago | Press Release | $3.26 $2.82 | ▲ +13.50% | ▲ +11.77% | $2.87 (+11.99%) |
Apr 24, 2026 23w ago | DEFA14A | $3.29 $3.15 | ▼ −4.26% | ▼ −8.28% | $2.87 (−12.79%) |
Apr 24, 2026 23w ago | 8-K | $3.29 $3.15 | ▼ −4.26% | ▼ −8.28% | $2.87 (−12.79%) |
Apr 13, 2026 24w ago | 8-K | $3.48 $3.56 | ▲ +2.30% | ▼ −4.00% | $2.87 (−17.55%) |
Apr 13, 2026 24w ago | Press Release | $3.48 $3.56 | ▲ +2.30% | ▼ −4.00% | $2.87 (−17.55%) |
Mar 13, 2026 29w ago | Press Release | $3.36 $3.21 | ▼ −4.46% | ▼ −8.05% | $2.87 (−14.61%) |
Mar 3, 2026 30w ago | Press Release | $3.82 $3.05 | ▼ −20.16% | ▼ −15.74% | $2.87 (−24.89%) |
US Market Status
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