Sana Biotechnology, Inc.
SANA evidence brief
What we can confirm
- BioSniper Score:
- 7.1 / 10
- Market Cap:
- $949.0M
- Lead Asset:
- sc255 (Preclinical)
What it means
What to watch
Prepared research question
What matters most for SANA—catalysts, financial risk and supporting evidence?
Traceable citations · Unknowns marked
BioSniper AI · SANA
Sana Biotechnology is a pre-revenue biotech developing hypoimmune cell therapies for type 1 diabetes and B-cell mediated diseases, with its most advanced candidate (SC451) still in preclinical development and a cash runway that requires near-term financing.
Key risk: Cash runway <12 months
BioSniper Score
Based on 3 of 6 signals
Limited data coverage
Market Cap
$949.0M
Cash Runway
—
Lead Asset
sc255 (Preclinical)
Next Catalyst
—
Financial data as of Jun 30, 2026.
Tracking 7 pipeline candidates · 5 clinical trials for Sana Biotechnology, Inc..
Sana Biotechnology is a pre-revenue biotech developing hypoimmune cell therapies for type 1 diabetes and B-cell mediated diseases, with its most advanced candidate (SC451) still in preclinical development and a cash runway that requires near-term financing.
- Cash & equivalents of $57.1M as of 2026-06-30 [sec].
- Net loss of $63.6M for the six months ended 2026-06-30 [sec].
- Shareholders' equity of $154.6M as of 2026-06-30 [sec].
- Lead candidate SC451 (preclinical) for type 1 diabetes; SG293 (preclinical) for B-cell cancers and autoimmune diseases [pipeline][sec_mda].
- Company has never generated product revenue and expects to incur additional losses for the foreseeable future [sec_mda].
What works
- SC451 is based on a hypoimmune-modified stem cell-derived islet platform that has shown 14-month survival and function without immunosuppression in an investigator-sponsored study [news · 2026-05-11].
- The company raised approximately $80.6 million in net proceeds from a recent underwritten offering as of August 2026 [sec_mda · as of 2026-08-10].
- Strategic collaboration with Mayo Clinic to accelerate SC451 development for type 1 diabetes [news · 2026-05-11].
What to weigh
- No product revenue ever generated; company expects to remain pre-revenue for a number of years, if ever [sec_mda · as of 2026-08-10].
- Cash & equivalents of $57.1M as of 2026-06-30, with a net loss of $63.6M in the same period, indicating a cash runway of less than 12 months [sec].
- The company has suspended two allogeneic CAR T programs (SC291, SC262) to prioritize resources, narrowing the pipeline [sec_mda · as of 2026-03-03].
- SC451 remains preclinical; the company expects to file an IND but has not yet started a Phase 1 trial [sec_mda · as of 2026-03-03].
From the filings
Quoted directly from source documents.
No product revenue ever generated
“Since our inception, we have not generated any revenue from product sales or any other sources, and we have incurred significant operating losses.”
SEC MD&A · August 10, 2026
SC451 is preclinical; IND not yet filed
“We have incorporated this HIP technology into a more scalable manufacturing platform with SC451 and expect to file an investigational new drug application”
SEC MD&A · March 3, 2026
Suspension of two CAR T programs
“we announced our prioritization of further development of our SC451 and SG293 programs, and suspended development of our two allogeneic cell therapy CAR T programs - SC291 in B cell mediated autoimmune diseases and SC262 in oncology.”
SEC MD&A · March 3, 2026
Risks & what to watch (3)›
Key risks
- Cash runway <12 months — Cash $57.1M vs. net loss $63.6M per half-year; company states it needs financing within 12 months [sec][sec_mda].
- No approved products or revenue — Zero product revenue to date; all candidates are preclinical or early-stage [sec_mda].
- Pipeline narrowed to two programs — Suspended SC291 and SC262; only SC451 (preclinical) and SG293 (preclinical) remain [sec_mda].
What to watch
- Filing of IND for SC451 and initiation of Phase 1/2 trial [news · 2026-08-10].
- Initial clinical data from SG293 in non-Hodgkin lymphoma [news · 2026-08-10].
- Ability to raise additional capital within the next 12 months [sec_mda].
- Progress of the Mayo Clinic collaboration on SC451 [news · 2026-05-11].
Sources: Catalysts · News · Pipeline · SEC MD&A · Generated October 13, 2026 · How we verify sources →
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Evidence & data
Score breakdownBased on 3 of 6 signals · derived from public data
Cash runway data unavailable
D/E 1.79 · 0% dilution
Lead: Phase 1
7 candidates
No upcoming catalysts tracked
No insider transactions in the last 180 days
Pipeline
Regulatory
Financials
Institutional Holdings
Source: SEC Form 13F · as of Mar 2026Institutional holders
200
Total value held
$470.4M
| Holder | Shares | Value |
|---|---|---|
| fmr llc | 37,430,284 | $107.8M |
| flagship pioneering, llc | 25,001,856 | $72.0M |
| blackrock, inc. | 14,240,175 | $41.0M |
| state street corp | 10,538,086 | $30.3M |
| canada pension plan investment board | 10,221,900 | $29.4M |
| vanguard capital management llc | 7,434,724 | $21.4M |
| baillie gifford & co | 6,609,065 | $19.0M |
| geode capital management, llc | 4,181,973 | $12.0M |
| marex group plc | 3,999,100 | $11.5M |
| integral health asset management, llc | 3,200,000 | $9.2M |
Showing top 10 of 200 institutional holders of Sana Biotechnology, Inc.. Open the full 13F history after sign-in.
Short Interest
as of May 22, 2026- % of float
- 27.8%
- Days to cover
- 11.5
- Shares short
- 41,091,249
- Daily short volume
- -
Short percent of float and days-to-cover reflect reported short positioning. Daily short volume is the exchange-reported short share of a single day's trading volume and is noisier. See the most-shorted biotech ranking →
SANA short interestGovernance
Frequently asked questions
What is the AI investment thesis for Sana Biotechnology, Inc.?
Sana Biotechnology is a pre-revenue biotech developing hypoimmune cell therapies for type 1 diabetes and B-cell mediated diseases, with its most advanced candidate (SC451) still in preclinical development and a cash runway that requires near-term financing.
What is Sana Biotechnology, Inc.'s lead drug candidate?
Sana Biotechnology, Inc.'s most advanced tracked candidate is sc255 (Preclinical) for Multiple myeloma (MM).
Who is the CEO of Sana Biotechnology, Inc.?
Dr. Steven D. Harr M.D. is the chief executive officer of Sana Biotechnology, Inc. (SANA).
Where is Sana Biotechnology, Inc. headquartered?
Sana Biotechnology, Inc. (SANA) is headquartered in Seattle, WA, United States.
What therapeutic areas does Sana Biotechnology, Inc. focus on?
Sana Biotechnology, Inc. develops therapies across Oncology, Rare Disease, Gene Therapy, Immunology, Metabolic.
The AI overview and BioSniper Score are neutral, data-derived signals built from public SEC filings, ClinicalTrials.gov and FDA records — not investment advice.