Sana Biotechnology Reports $93.8 Million Net Loss in Q2 2025, Adjusts Strategic Focus

Sana Biotechnology, Inc. reported a net loss of $93.8 million for the second quarter of 2025, compared to a net loss of $50.3 million in the same period last year. For the six months ended June 30, 2025, the company recorded a net loss of $143.2 million, a decrease from $157.8 million in the prior year. The company's total operating expenses for the second quarter were $95.0 million, significantly higher than $49.4 million in the same quarter of 2024, primarily due to a $44.6 million impairment of long-lived assets. Research and development expenses also decreased to $29.8 million from $60.9 million year-over-year, reflecting a strategic shift in focus and a reduction in workforce.

In terms of financial position, Sana's total assets decreased to $361.6 million as of June 30, 2025, down from $501.0 million at the end of 2024. The company's cash and cash equivalents fell to $71.3 million from $127.6 million, while marketable securities dropped to $1.4 million from $24.9 million. The accumulated deficit increased to $1.7 billion, reflecting ongoing operational losses. The company has made efforts to bolster its liquidity, including a public offering in August 2025 that raised approximately $70 million.

Strategically, Sana has made significant changes to its operational focus, including the suspension of certain clinical trials and a workforce reduction as part of a portfolio prioritization announced in November 2024. The company is now concentrating on developing therapies for type 1 diabetes and B-cell mediated autoimmune diseases, with ongoing clinical trials for its product candidates SC451 and SC291. The company has also entered into a sales agreement to potentially raise up to $119 million through at-the-market offerings.

Operationally, the company has been advancing its research and development programs, with three ongoing clinical trials. The GLEAM study for SC291 is evaluating its efficacy in patients with lupus nephritis and other autoimmune diseases, while the VIVID study is assessing SC262 in patients with relapsed B-cell malignancies. The company expects to share data from these studies in 2025. As of June 30, 2025, Sana had a workforce of approximately 230 employees, reflecting a reduction from previous periods.

Looking ahead, Sana Biotechnology anticipates continued operating losses as it invests in research and development. The company believes its existing cash and marketable securities, along with proceeds from recent financing activities, will be sufficient to fund operations for at least the next year. However, it acknowledges the need for additional financing to support future growth and product commercialization efforts. The company remains focused on advancing its clinical programs and establishing partnerships to enhance its product development capabilities.