Sana Biotechnology, Inc. SANA
We were founded on the belief that engineered cells will be one of the most important transformations in medicine over the next several decades. The burden of diseases that can be addressed at their root cause through engineered cells is significant. We view engineered cells as having the potential to be as therapeutically disruptive as biologic drugs to clinical practice, enabling us to repair cells in the body when possible and replace them when needed. We have developed ex vivo and in vivo cell engineering platforms to revolutionize treatment across a broad array of therapeutic areas with unmet treatment needs, including type 1 diabetes, oncology, and B cell mediated autoimmune diseases.
For our ex vivo platform, we have made focused investments in our hypoimmune platform technology, which we refer to as our HIP technology, with the twin goals of engineering allogeneic cells that can "hide" from the patient's immune system to overcome the fundamental challenge of immune rejection and cell persistence and that we can manufacture at scale. A successful therapeutic requires cells that can engraft, function, and persist in the body, and we believe our approach can unlock a wave of disruptive therapeutics, starting in type 1 diabetes. For in vivo therapies that aim to repair or control genes in the body, a successful product candidate requires both gene modification and in vivo delivery of the therapeutic payload. Our initial focus is on cell-specific delivery of genetic payloads, known as chimeric antigen receptors (CARs), to a patient's T cells, resulting in the generation and proliferation of CAR T cells, which have been shown to deplete a patient's disease-causing B cells.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| R&D | $132.0M | $215.7M | $261.8M | $285.9M | $248.6M | $132.9M | $99.6M | — |
| SG&A | $44.3M | $64.0M | $73.3M | $71.6M | $50.4M | $28.3M | $21.8M | — |
| Total operating expenses | $250.3M | $272.7M | $293.1M | $272.6M | $356.9M | $286.1M | $141.2M | — |
| Operating income | -$250.3M | -$272.7M | -$293.1M | -$272.6M | -$356.9M | -$286.1M | -$141.2M | — |
| Pre-tax income | -$244.2M | — | — | — | -$355.9M | -$285.3M | -$138.3M | — |
| Income tax | $0 | — | — | — | — | — | $7.5M | — |
| Net income | -$244.2M | -$266.8M | -$283.3M | -$269.5M | -$355.9M | -$285.3M | -$130.8M | — |
| EPS, basic | -0.96 | -1.16 | -1.46 | -1.43 | -2.14 | -21.92 | — | — |
| EPS, diluted | -0.96 | -1.16 | -1.46 | -1.43 | -2.14 | -21.92 | -26.68 | — |
| Shares, diluted (wtd. avg.) | 253.2M | 230.9M | 194.5M | 188.3M | 166.4M | 13.0M | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $71.9M | $127.6M | $133.5M | $187.3M | $261.8M | $126.9M | $81.8M | $31.4M |
| Short-term investments | $66.5M | $24.9M | $71.7M | $247.2M | $298.0M | $253.5M | — | — |
| Total current assets | $148.7M | $160.8M | $213.5M | $444.4M | $558.1M | $384.5M | — | — |
| Property, plant and equipment | $26.9M | $77.3M | $70.7M | $66.9M | $65.5M | $46.8M | — | — |
| Goodwill | $140.6M | $140.6M | $140.6M | $140.6M | $140.6M | $140.6M | — | — |
| Other intangibles | $59.2M | $59.2M | $59.2M | $59.2M | $59.2M | $59.2M | — | — |
| Total assets | $416.9M | $501.0M | $565.3M | $822.7M | $1.13B | $730.3M | — | — |
| Accounts payable | $1.7M | $5.2M | $4.1M | $2.9M | $2.2M | $2.3M | — | — |
| Total current liabilities | $78.7M | $45.4M | $64.5M | $111.5M | $99.2M | $31.5M | — | — |
| Total liabilities | $256.0M | $250.5M | $277.8M | $323.4M | $400.9M | $298.6M | — | — |
| Retained earnings | -$1.85B | -$1.60B | -$1.34B | -$1.05B | -$785.4M | -$429.4M | — | — |
| Total equity | $160.9M | $250.5M | $287.5M | $499.3M | $728.5M | -$421.2M | -$142.5M | -$13.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 |
|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$143.8M | -$223.2M | -$253.6M | -$290.1M | -$251.1M | -$138.0M | -$85.5M | — |
| Depreciation and amortisation | $12.8M | $15.5M | $17.5M | $15.6M | $11.1M | $5.9M | $1.8M | — |
| Stock-based compensation | $25.5M | $37.7M | $35.5M | $38.3M | $22.4M | $5.8M | $1.5M | — |
| Capital expenditure | $938.0K | $33.4M | $20.0M | $20.9M | $29.9M | $23.9M | $26.1M | — |
| Investing cash flow | -$40.2M | $17.5M | $172.0M | $210.6M | -$245.8M | -$252.6M | -$87.9M | — |
| Financing cash flow | $128.7M | $199.7M | $31.6M | $4.9M | $631.8M | $435.7M | $223.7M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-088215.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | — | — | — | — | — | — | — | — |
| Gross profit | — | — | — | — | — | — | — | — |
| Net income | — | -$130.8M | -$285.3M | -$355.9M | -$269.5M | -$283.3M | -$266.8M | -$244.2M |
Recent filings and events
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Results announced Item 2.02
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Other event Item 8.01
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Other event Item 8.01
- Officer or director change Item 5.02
- Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
- Regulation FD disclosure Item 7.01
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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