Sana Biotechnology Reports $244.2 Million Net Loss for 2025, Focuses on SC451 and SG293 Programs

Sana Biotechnology, Inc. reported a net loss of $244.2 million for the year ended December 31, 2025, compared to a net loss of $266.8 million for the previous year. The company's operating expenses totaled $250.3 million, which included research and development expenses of $132.0 million, research and development related success payments and contingent consideration of $29.4 million, general and administrative expenses of $44.3 million, and impairment of long-lived assets of $44.6 million. This compares to operating expenses of $272.7 million for the year ended December 31, 2024, which included research and development expenses of $215.7 million, research and development related success payments and contingent consideration of negative $8.9 million, general and administrative expenses of $64.0 million, and impairment of long-lived assets of $1.9 million.

The decrease in research and development expenses was primarily attributed to lower personnel-related expenses, reduced scope of research and development activities, and decreased third-party manufacturing costs. The increase in research and development related success payments and contingent consideration was primarily due to changes in the company's market capitalization and assumptions regarding the achievement of milestones. The decrease in general and administrative expenses was primarily due to lower personnel costs, legal fees, and consulting fees. The increase in impairment of long-lived assets was primarily related to the company's manufacturing facility in Bothell, Washington, and certain laboratory and office space in Seattle, Washington.

Key operational developments for Sana Biotechnology in 2025 included advancing its SC451 program for type 1 diabetes and its SG293 program for B cell malignancies and B cell mediated autoimmune diseases. The company also announced positive 12-month results from the UP421 investigator-sponsored trial, demonstrating the survival and function of transplanted islet cells without immunosuppression. In November 2025, Sana announced a portfolio prioritization, suspending development of its allogeneic cell therapy CAR T programs to focus on SC451 and SG293. As of December 31, 2025, the company had 142 employees, with 104 primarily engaged in research and development activities.

Looking ahead, Sana Biotechnology anticipates submitting an IND for SC451 and beginning a Phase 1 clinical trial as early as this year. The company also intends to begin clinical testing and generate initial clinical data for SG293 in certain B cell cancers as early as this year. However, the company acknowledges that its present capital resources may not be sufficient to fund its planned operations for at least one year from the date of this report, raising substantial doubt about its ability to continue as a going concern. The company plans to address this condition through equity or debt offerings or capital obtained in connection with strategic collaborations or licensing or other arrangements.