Sana Biotechnology, Inc. reported a net loss of $47.2 million for the first quarter of 2026, a decrease from the $49.4 million loss recorded in the same period of 2025. The company's total operating expenses for the quarter were $48.6 million, down from $50.6 million year-over-year. This reduction was primarily driven by a decrease in research and development expenses, which fell to $28.7 million from $37.2 million, attributed to lower personnel costs and reduced third-party manufacturing expenses related to the suspension of certain allogeneic CAR T programs.
In terms of financial position, as of March 31, 2026, Sana had cash, cash equivalents, and marketable securities totaling $101.1 million, a decrease from $148.7 million at the end of 2025. The company’s accumulated deficit increased to $1.9 billion, reflecting ongoing investments in research and development without any revenue from product sales. The company has not yet commercialized any products and anticipates continued operating losses as it advances its clinical programs.
Strategically, Sana has made significant adjustments to its development focus, prioritizing its SC451 and SG293 programs while suspending two allogeneic CAR T programs. The company is preparing to file an investigational new drug application for SC451, a treatment for type 1 diabetes, and expects to begin a Phase 1 clinical trial for this therapy within the year. Additionally, the company is advancing its in vivo CAR T product candidates, SG293 and SG227, with initial clinical data expected for SG293 as early as this year.
Operationally, Sana's workforce has seen changes, with a reduction in research and development headcount contributing to lower personnel costs. The company is also actively managing its cash flow, having entered into a stock purchase agreement with Mayo Clinic for the sale of shares, which could provide approximately $50 million in gross proceeds if the additional shares are purchased. Looking ahead, Sana acknowledges the need for additional financing to support its operations and clinical trials, with management expressing substantial doubt about the company's ability to continue as a going concern without securing further funding.
About Sana Biotechnology, Inc.
Sana Biotechnology develops engineered cell therapies using ex vivo and in vivo platforms to treat diseases like type 1 diabetes, autoimmune disorders, and cancers. Its core focus is on hypoimmune, allogeneic cells that evade immune rejection, enabling off-the-shelf treatments. The company leverages stem cell technology, gene editing, and targeted delivery to create transformative therapies with broad applicability across multiple therapeutic areas.
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