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    Sana Biotechnology (SANA)

    Market Price (8/19/2026): $3.58 | Market Cap: $1.1 BilSector: Health Care | Industry: Biotechnology

    Sana Biotechnology (SANA)

    Market Price (8/19/2026): $3.58
    Market Cap: $1.1 Bil
    Sector: Health Care
    Industry: Biotechnology

    Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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    Megatrend and thematic drivers
    Megatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Gene Editing & Therapy, Targeted Therapies, Show more.

    Weak multi-year price returns
    2Y Excs Rtn is -67%, 3Y Excs Rtn is -106%

    Meaningful short interest
    Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 14%

    Very low revenue
    Rev LTMTotal Revenue or Sales, Last Twelve Months is 0

    Not profitable at operating income level
    Op Inc LTMOperating Income, Last Twelve Months is -219 Mil

    Yield minus risk free rate is negative
    ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -24%

    Significant short interest
    Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 16.33

    Key risks
    SANA key risks include [1] a high probability of financial distress due to its pre-revenue status and high cash burn, Show more.

    0 Megatrend and thematic drivers
    Megatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Gene Editing & Therapy, Targeted Therapies, Show more.
    1 Weak multi-year price returns
    2Y Excs Rtn is -67%, 3Y Excs Rtn is -106%
    2 Meaningful short interest
    Short Interest % of Basic SharesShort Interest % of Basic Shares = (Short Interest Quantity) / (Basic Shares Outstanding). A high fraction of short interest can indicate potential risk of a short squeeze. is 14%
    3 Very low revenue
    Rev LTMTotal Revenue or Sales, Last Twelve Months is 0
    4 Not profitable at operating income level
    Op Inc LTMOperating Income, Last Twelve Months is -219 Mil
    5 Yield minus risk free rate is negative
    ERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -24%
    6 Significant short interest
    Short Interest Days-to-CoverDTC = (Short Interest Share Quantity) / (Average Daily Trading Volume). Reflects how many days it would take to cover (close out) the short interest based on average volumes. High DTC can signify an increased risk of a short squeeze. is 16.33
    7 Key risks
    SANA key risks include [1] a high probability of financial distress due to its pre-revenue status and high cash burn, Show more.

    SANA in ETFs

    Weight = SANA's share of each fund

    VTI0.00%
    ITOT0.00%
    IWM0.02%
    XBI0.25%
    IBB0.05%
    IWO0.04%
    VTWO0.02%
    SCHA0.01%
    +5 more covered ETFs

    Valuation & Metrics

    FYE: 12/31SANA [1]S&P 500 [2]
    REVENUE GROWTH
    LTM Revenue [3]$0.0 Mil—
    FY 2026 Sales$0.0 Mil—
    FY 2027 Sales$7.0 Mil—
    FY 2026 Sales Growth——
    FY 2027 Sales Growth—13.7%
    EARNINGS
    LTM Net Income (GAAP) [3]$-211.8 Mil—
    FY 2026 Net Income (Non-GAAP)$-175.3 Mil—
    FY 2027 Net Income (Non-GAAP)$-143.3 Mil—
    FY 2027 Net Income Growth—19.4%
    FY 2026 EPS (Non-GAAP)$-0.61—
    FY 2027 EPS (Non-GAAP)$-0.58—
    FY 2027 EPS Growth——
    VALUATION
    FY 2026 P/S—1.7
    FY 2027 P/S152.3—
    FY 2026 P/E—7.6
    FY 2027 P/E——

    [1] SANA forward figures are analyst consensus for the next two fiscal years (fiscal year end 12/31). Net Income and EPS are non-GAAP (adjusted) consensus. P/S and P/E divide the current market cap by the consensus figure.
    [2] S&P 500 figures are the SPY ETF's holdings-weighted forward aggregate. P/S and P/E reflect FY1/FY2 consensus blended to the 12-month window ending 8/31/27 (~one year forward), shown when ≥90% of index weight has estimates. Growth is the aggregate next-fiscal-year vs current-fiscal-year (FY1→FY2) change. Index-level dollar Sales, Net Income and EPS are not applicable.
    [3] LTM = reported trailing-twelve-month actuals (GAAP).
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    AI Analysis | Feedback

    MetricValueDateSource
    Number of Clinical-Stage Programs111062025Link
    Number of Preclinical-Stage Programs211062025Link
    Number of Employees19412312024Link

    Price Chart

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    Upcoming
    11/05/2026Earnings ReleaseRev: -
    EPS: -

    Why The Stock Moved

    Qualitative Assessment

    AI Analysis | Feedback

    Updated on 8/14/2026

    Sana Biotechnology (SANA) stock has gained about 10% since 4/30/2026 because of the following key factors:

    1. Sana Biotechnology reported a narrower-than-expected net loss for fiscal Q2 2026, beating analyst estimates. The company posted a net loss of $0.13 per share for the fiscal quarter ended June 30, 2026, which was approximately 12.58% to 13.33% better than the consensus analyst estimates of a $0.1487 to $0.15 loss per share. This positive earnings surprise contributed to a stock price increase of 3.19% to 4.99% immediately after the announcement.

    2. Significant advancement was made in key clinical programs for type 1 diabetes and non-Hodgkin lymphoma, bolstered by a strategic collaboration. Sana Biotechnology continued to make progress with its lead pipeline candidates, SC451 for type 1 diabetes and SG293 for non-Hodgkin lymphoma, with plans to initiate Phase 1 clinical trials for SC451 and generate first-in-human data for SG293 in 2026. This progress included a strategic collaboration with Mayo Clinic for SC451, which involved a $25 million equity investment in fiscal Q2 2026.

    Show more
    Updated on 8/14/2026

    Sana Biotechnology (SANA) stock has gained about 10% since 4/30/2026 because of the following key factors:

    1. Sana Biotechnology reported a narrower-than-expected net loss for fiscal Q2 2026, beating analyst estimates. The company posted a net loss of $0.13 per share for the fiscal quarter ended June 30, 2026, which was approximately 12.58% to 13.33% better than the consensus analyst estimates of a $0.1487 to $0.15 loss per share. This positive earnings surprise contributed to a stock price increase of 3.19% to 4.99% immediately after the announcement.

    2. Significant advancement was made in key clinical programs for type 1 diabetes and non-Hodgkin lymphoma, bolstered by a strategic collaboration. Sana Biotechnology continued to make progress with its lead pipeline candidates, SC451 for type 1 diabetes and SG293 for non-Hodgkin lymphoma, with plans to initiate Phase 1 clinical trials for SC451 and generate first-in-human data for SG293 in 2026. This progress included a strategic collaboration with Mayo Clinic for SC451, which involved a $25 million equity investment in fiscal Q2 2026.

    3. The company strengthened its financial position, extending its cash runway into mid-2027. As of June 30, 2026, Sana Biotechnology reported a cash position of $160.5 million. This was significantly bolstered by raising aggregate net proceeds of $93.3 million in fiscal Q2 2026, primarily through its at-the-market (ATM) offering facility and the aforementioned Mayo Clinic investment. The improved cash reserves provide an expected runway into mid-2027, alleviating near-term financing concerns for the clinical-stage biotech company.

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    Stock Movement Drivers

    Fundamental Drivers

    The 10.3% change in SANA stock from 4/30/2026 to 8/18/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).
    (LTM values as of)43020268182026Change
    Stock Price ($)3.293.6310.3%
    Change Contribution By: 
    Total Revenues ($ Mil)000.0%
    P/S Multiple∞∞0.0%
    Shares Outstanding (Mil)276296-6.6%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    4/30/2026 to 8/18/2026
    ReturnCorrelation
    SANA10.3% 
    Market (SPY)6.8%22.1%
    Sector (XLV)16.3%-0.5%

    Fundamental Drivers

    The -18.1% change in SANA stock from 1/31/2026 to 8/18/2026 was primarily driven by a -11.9% change in the company's Shares Outstanding (Mil).
    (LTM values as of)13120268182026Change
    Stock Price ($)4.433.63-18.1%
    Change Contribution By: 
    Total Revenues ($ Mil)000.0%
    P/S Multiple∞∞0.0%
    Shares Outstanding (Mil)260296-11.9%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    1/31/2026 to 8/18/2026
    ReturnCorrelation
    SANA-18.1% 
    Market (SPY)11.2%38.0%
    Sector (XLV)10.1%21.7%

    Fundamental Drivers

    The -10.6% change in SANA stock from 7/31/2025 to 8/18/2026 was primarily driven by a -19.6% change in the company's Shares Outstanding (Mil).
    (LTM values as of)73120258182026Change
    Stock Price ($)4.063.63-10.6%
    Change Contribution By: 
    Total Revenues ($ Mil)000.0%
    P/S Multiple∞∞0.0%
    Shares Outstanding (Mil)238296-19.6%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    7/31/2025 to 8/18/2026
    ReturnCorrelation
    SANA-10.6% 
    Market (SPY)22.4%34.1%
    Sector (XLV)31.8%23.5%

    Fundamental Drivers

    The -38.1% change in SANA stock from 7/31/2023 to 8/18/2026 was primarily driven by a -35.3% change in the company's Shares Outstanding (Mil).
    (LTM values as of)73120238182026Change
    Stock Price ($)5.863.63-38.1%
    Change Contribution By: 
    Total Revenues ($ Mil)000.0%
    P/S Multiple∞∞0.0%
    Shares Outstanding (Mil)191296-35.3%
    Cumulative Contribution0.0%

    LTM = Last Twelve Months as of date shown

    Market Drivers

    7/31/2023 to 8/18/2026
    ReturnCorrelation
    SANA-38.1% 
    Market (SPY)73.6%21.8%
    Sector (XLV)32.5%18.4%

    Return vs. Risk

    Price Returns Compared

     202120222023202420252026Total [1]
    Returns
    SANA Return-56%-74%3%-60%150%-10%-90%
    Peers Return-1%-41%13%-39%19%18%-43%
    S&P 500 Return27%-19%24%23%16%13%106%

    Monthly Win Rates [3]
    SANA Win Rate18%33%42%25%58%62% 
    Peers Win Rate37%42%50%37%62%62% 
    S&P 500 Win Rate75%42%67%75%67%50% 

    Max Drawdowns [4]
    SANA Max Drawdown--80%-63%-86%-69%-46% 
    Peers Max Drawdown-51%-56%-43%-57%-54%-31% 
    S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 

    [1] Cumulative total returns since the beginning of 2021
    [2] Peers: VRTX, CRSP, BEAM, NTLA, EDIT.
    [3] Win Rate = % of calendar months in which monthly returns were positive
    [4] Max drawdown represents maximum peak-to-trough decline within a year
    [5] 2026 data is for the year up to 8/18/2026 (YTD)

    How Low Can It Go

    EventSANAS&P 500
    2025 US Tariff Shock
      % Loss-56.6%-18.8%
      % Gain to Breakeven130.6%23.1%
      Time to Breakeven90 days79 days
    2024 Yen Carry Trade Unwind
      % Loss-10.0%-7.8%
      % Gain to Breakeven11.2%8.5%
      Time to Breakeven13 days18 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-52.7%-9.5%
      % Gain to Breakeven111.4%10.5%
      Time to Breakeven75 days24 days
    2023 SVB Regional Banking Crisis
      % Loss-27.3%-6.7%
      % Gain to Breakeven37.6%7.1%
      Time to Breakeven14 days31 days

    Compare to VRTX, CRSP, BEAM, NTLA, EDIT

    In The Past

    Sana Biotechnology's stock fell -56.6% during the 2025 US Tariff Shock. Such a loss loss requires a 130.6% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    EventSANAS&P 500
    2025 US Tariff Shock
      % Loss-56.6%-18.8%
      % Gain to Breakeven130.6%23.1%
      Time to Breakeven90 days79 days
    Summer-Fall 2023 Five Percent Yield Shock
      % Loss-52.7%-9.5%
      % Gain to Breakeven111.4%10.5%
      Time to Breakeven75 days24 days
    2023 SVB Regional Banking Crisis
      % Loss-27.3%-6.7%
      % Gain to Breakeven37.6%7.1%
      Time to Breakeven14 days31 days

    Compare to VRTX, CRSP, BEAM, NTLA, EDIT

    In The Past

    Sana Biotechnology's stock fell -56.6% during the 2025 US Tariff Shock. Such a loss loss requires a 130.6% gain to breakeven.

    Preserve Wealth

    Limiting losses and compounding gains is essential to preserving wealth.

    Asset Allocation

    Actively managed asset allocation strategies protect wealth. Learn more.

    About Sana Biotechnology (SANA)

    Sana Biotechnology, Inc. (SANA) is a biotechnology company focused on developing advanced medicines by engineering cells. The company utilizes sophisticated *ex vivo* (cells engineered outside the body) and *in vivo* (cells engineered inside the body) cell engineering platforms to create therapeutic solutions for a broad range of diseases with significant unmet medical needs.

    Sana's primary product candidates target various forms of cancer. This includes programs like SG295, SG242, and SC291, which are designed to combat CD19+ cancers such as non-Hodgkin Lymphoma, chronic lymphocytic leukemia, and acute lymphoblastic leukemia. Additionally, the company is developing SG221, SG239, and SC255 specifically for the treatment of multiple myeloma, aiming to provide novel options for these challenging blood cancers.

    Beyond oncology, Sana Biotechnology is also advancing therapies for other critical therapeutic areas. Its pipeline includes product candidates like SG328 for genetic disorders such as ornithine transcarbamylase deficiency, and SG418 for blood disorders like sickle cell disease and beta-thalassemia. Furthermore, Sana is developing SC451 for type I diabetes mellitus and SC379 for central nervous system disorders including secondary progressive multiple sclerosis, Pelizaeus-Merzbacher disease, and Huntington's disease, demonstrating a commitment to addressing diverse patient populations across multiple disease categories.

    AI Analysis | Feedback

    1. Imagine a biotech like Gilead Sciences, but entirely dedicated to creating a wide range of medicines by engineering human cells.

    2. Like a Vertex Pharmaceuticals, but building transformative therapies using cell engineering for diverse diseases beyond their current focus.

    AI Analysis | Feedback

    • SG295 and SG242: Product candidates targeting CD19+ cancer cells, including non-Hodgkin Lymphoma, chronic lymphocytic leukemia, and acute lymphoblastic leukemia.
    • SG221 and SG239: Product candidates for the treatment of multiple myeloma.
    • SG328: A product candidate for ornithine transcarbamylase deficiency.
    • SG418: A product candidate for sickle cell disease and beta-thalassemia.
    • SC291: A CD19 allogeneic T cell therapy.
    • SC255: A product candidate for multiple myeloma.
    • SC451: A product candidate for type I diabetes mellitus.
    • SC379: A product candidate for secondary progressive multiple sclerosis, Pelizaeus-Merzbacher disease, and Huntington's disease.

    AI Analysis | Feedback

    Based on the provided company description, Sana Biotechnology, Inc. (SANA) is a biotechnology company primarily focused on the research and development of engineered cell therapies. The company is currently developing various "product candidates" for a range of therapeutic areas, including oncology, diabetes, and genetic disorders. The description indicates that these products are in the development pipeline and have not yet been commercialized or approved for sale.

    Therefore, Sana Biotechnology does not currently have major commercial customers that purchase its products, as its therapies are still in the developmental phase. The company's ultimate goal is to develop medicines for patients suffering from various diseases, but it is not yet selling these products to other companies or directly to individuals.

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    Steve Harr, MD, President and Chief Executive Officer

    Steve Harr is a co-founder of Sana Biotechnology. Prior to co-founding Sana, he served as Chief Financial Officer and Head of Corporate Development for Juno Therapeutics until its acquisition by Celgene in early 2018. He was also a member of the Board of Directors of Loxo Oncology prior to its acquisition by Eli Lilly in early 2019. Additionally, Dr. Harr co-founded and was a member of the Board of Directors of JW Therapeutics, a cell therapy company in China. Before joining Juno, he was a Managing Director and Head of Biotechnology Investment Banking at Morgan Stanley, where he also served as the Lead Biotech Research Analyst and Co-head of Global Healthcare Research.

    Brian Piper, Executive Vice President, Chief Financial Officer

    Brian Piper was appointed as Executive Vice President and Chief Financial Officer of Sana Biotechnology in February 2026. He brings over 25 years of financial and operational experience in the biopharmaceutical sector. Prior to joining Sana, he served as CFO of Scorpion Therapeutics and its post-acquisition spin-off, Antares Therapeutics. Scorpion Therapeutics was acquired by Eli Lilly in 2025. Earlier in his career, Mr. Piper was CFO of Prelude Therapeutics, a public biotech company, and previously CFO of Aevi Genomic Medicine. He also spent 13 years at Shire Pharmaceuticals, holding senior roles in investor relations, corporate venture capital, and other finance functions.

    Dhavalkumar Patel, MD, PhD, Executive Vice President and Chief Scientific Officer

    Dhavalkumar Patel joined Sana Biotechnology in 2024 as Executive Vice President and Chief Scientific Officer. Before his tenure at Sana, Dr. Patel served as Executive Vice President and Chief Scientific Officer of UCB, a multinational biopharmaceutical company, where his work contributed to the registration of bimekizumab (Bimzelx®) and rozanolixizumab (Rystiggo®).

    Aaron Grossman, Executive Vice President, Chief Legal Officer

    Aaron Grossman serves as the Executive Vice President and Chief Legal Officer for Sana Biotechnology, a role he took on effective October 20, 2025.

    John Gerecitano, MD, PhD, Head of Oncology Research and Development

    John Gerecitano holds the position of Head of Oncology Research and Development at Sana Biotechnology.

    AI Analysis | Feedback

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    Key Risks to Sana Biotechnology (SANA)

    1. Substantial Capital Requirements and Going Concern Risk: Sana Biotechnology is an early-stage, pre-revenue company with significant operating costs and a rapid cash burn rate. The company is heavily reliant on external financing to fund its extensive research and development efforts, and there is "substantial doubt about ability to continue as a going concern" without securing additional capital. This financial instability and the ability to raise future funding are paramount for its continued operations and growth.
    2. Clinical Trial Success and Regulatory Approval: The success of Sana Biotechnology's product pipeline is critically dependent on positive outcomes from preclinical and clinical trials and subsequent regulatory approvals. Delays, failures, or unforeseen safety concerns in these trials, or difficulties in obtaining necessary regulatory clearances, could severely impede the company's ability to commercialize its product candidates and achieve its business objectives. The probability of success for some lead candidates is noted as low.
    3. Intense Competition and Manufacturing Challenges: The biotechnology sector, particularly in cell and gene therapy, is highly competitive and rapidly evolving. Sana Biotechnology faces significant competition from established players with greater financial resources, approved products, and robust manufacturing capabilities, risking being outpaced by rivals. Furthermore, the complex nature of developing and manufacturing engineered cell therapies presents significant operational hurdles, including difficulties in scaling up production, ensuring standardization, and managing high manufacturing costs, which can hinder market adoption and increase overall expenses.
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    AI Analysis | Feedback

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    AI Analysis | Feedback

    The addressable markets for Sana Biotechnology's main products and services are detailed below.

    Oncology

    • CD19+ Cancer Cells (Non-Hodgkin Lymphoma, Chronic Lymphocytic Leukemia, and Acute Lymphoblastic Leukemia):
      • The global Non-Hodgkin Lymphoma therapeutics market was valued at USD 10.99 billion in 2025 and is projected to increase to approximately USD 20.94 billion by 2034. Another estimate places the global market at USD 11.59 billion in 2025, growing to USD 19.44 billion by 2034.
      • The global Chronic Lymphocytic Leukemia market size was valued at USD 5.85 billion in 2025, projected to grow to USD 11.67 billion by 2034.
      • The global Acute Lymphoblastic Leukemia market size was estimated at USD 4.2 billion in 2025 and is expected to reach USD 11.8 billion by 2034.
    • Multiple Myeloma: The global multiple myeloma market size was estimated at USD 27.75 billion in 2024, projected to grow to USD 29.43 billion in 2025, and is expected to reach approximately USD 49.89 billion by 2034. Other projections show the market growing from USD 29.24 billion in 2025 to USD 44.19 billion by 2034.

    Genetic Disorders

    • Ornithine Transcarbamylase Deficiency: The global ornithine transcarbamylase deficiency treatment market was valued at approximately USD 1.2 billion in 2023 and is projected to reach USD 2.3 billion by 2032. Another source reported the market size at USD 774.2 million in 2024, anticipated to reach USD 1.2 billion in 2034.
    • Sickle Cell Disease: The global sickle cell disease treatment market size is valued at USD 3.75 billion in 2025 and is anticipated to reach around USD 14.06 billion by 2034. Another report estimates the market at USD 4.03 billion in 2024, expected to reach USD 13.06 billion by 2033.
    • Beta-Thalassemia: The global beta-thalassemia market size was valued at USD 9.70 billion in 2024 and is expected to reach USD 17.96 billion by 2032.

    Metabolic Disorders

    • Type I Diabetes Mellitus: The global type 1 diabetes market size is calculated at USD 37.60 billion in 2025 and is predicted to increase to approximately USD 79.14 billion by 2035. Other estimates include USD 34.83 billion in 2024, expected to reach USD 63.61 billion by 2032.

    Central Nervous System Disorders

    • Secondary Progressive Multiple Sclerosis: While a specific market size for Secondary Progressive Multiple Sclerosis treatment alone is not readily available, the global multiple sclerosis therapeutics market size is projected to expand from USD 32.23 billion in 2025 and USD 33.40 billion in 2026 to USD 39.93 billion by 2031. Secondary Progressive Multiple Sclerosis is projected to grow at a rate of 7.02% through 2031 within this broader market. The global multiple sclerosis treatment market was valued at USD 26.80 billion in 2024 and is expected to reach USD 34.75 billion by 2032.
    • Pelizaeus-Merzbacher Disease: null
    • Huntington's Disease: The global Huntington's disease treatment market was valued at USD 1.39 billion in 2025 and is projected to grow to USD 4.33 billion by 2034. Another source indicates the market was USD 1.2 billion in 2024, projected to reach USD 3.7 billion by 2034.

    AI Analysis | Feedback

    Here are 3-5 expected drivers of future revenue growth for Sana Biotechnology (SANA) over the next 2-3 years:
    1. Advancement and Potential Commercialization of SC451 for Type 1 Diabetes: Sana Biotechnology has strategically pivoted to prioritize SC451, its stem-cell-derived pancreatic islet cell therapy for Type 1 diabetes. This program is supported by encouraging early clinical data demonstrating safety, tolerability, and insulin production capability without immunosuppression. The company expects to file an Investigational New Drug (IND) application for SC451 as early as 2026 and commence Phase 1 testing shortly thereafter, representing a significant step towards potential future commercialization and revenue generation.
    2. Progress in the SG293 In-Vivo CAR-T Platform: Sana is focusing resources on its in-vivo CAR-T platform, SG293, which is being developed for B-cell cancers and autoimmune diseases. The company anticipates filing an IND for SG293 as early as 2027 and expects to generate first-in-human data for its in-vivo CAR-T program in 2026. Successful development and clinical validation of this platform could unlock significant revenue potential across multiple therapeutic areas through future product launches or strategic collaborations.
    3. Strategic Partnerships and Licensing Agreements: As a pre-revenue, clinical-stage company, Sana Biotechnology actively seeks strategic alliances and licensing partners. The company is exploring licensing opportunities for certain suspended oncology programs, such as SC291 in oncology and SC379 for glial progenitor cells. Successful partnerships could provide non-dilutive funding, milestone payments, and potential royalties, contributing to future revenue streams as its pipeline advances.
    4. Clinical Validation and Expansion of the Hypoimmune (HIP) Platform: The success of Sana's hypoimmune (HIP) platform, designed to enable allogeneic cell transplantation without immunosuppression, is a critical driver. Positive 12-month clinical data from a study of UP421, a hypoimmune-modified pancreatic islet cell therapy, has demonstrated the platform's ability to evade immune detection. This validation of the core technology could lead to the development of numerous other immune-evasive cell therapies across various disease areas, expanding the company's addressable markets and potential for future revenue.

    AI Analysis | Feedback

    Share Issuance

    • Sana Biotechnology completed an initial public offering (IPO) in February 2021, raising approximately $600 million by issuing around 23.5 million shares at $25 per share.
    • In 2025, the company raised aggregate gross proceeds of $133.7 million from sales of common stock through its at-the-market (ATM) offering facility and an equity financing, which included a public offering of 24.3 million shares and pre-funded warrants.
    • As of March 2026, Sana Biotechnology entered into an amended at-the-market sales agreement to support a new Form S-3 registration for up to $150.0 million of common stock.

    Inbound Investments

    • Institutional investors hold a vast majority of Sana Biotechnology's stock, with major players increasing their positions as of Q3 2025, signaling confidence in the long-term potential of the hypoimmune (HIP) technology.

    Capital Expenditures

    • Sana Biotechnology reported capital expenditures of -$938,000 in the last 12 months (likely referring to 2024).
    • A strategic portfolio prioritization in late 2024 and early 2025 resulted in a $44.6 million impairment charge in Q2 2025 related to manufacturing facilities, reflecting a scaling back of internal manufacturing build-out.
    • The company's operating expenses are concentrated in research and development and manufacturing scale-up, with efforts focused on building internal GMP capacity to control chemistry, manufacturing, and control (CMC) risk.

    Peer Outperformance in Biotechnology

    SANA has trailed 55% of its 364 Biotechnology peers over 5Y. Biotechnology ranks 10th of 10 industries in Health Care by median 5Y return. The sector’s gains have largely come from elsewhere.
    Share of Biotechnology constituents that SANA has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
    1Y
    50%
    of 460 industry peers · 6.8% return
    3Y
    48%
    of 406 industry peers · -33.3% return
    5Y
    45%
    of 364 industry peers · -82.4% return
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    Median price return by industry across the Health Care sector, ranked by 5Y. Biotechnology is SANA's own industry. Use this to see which corners of the sector have carried the returns.
    Industry Names 1Y med3Y med5Y med Top 3 by 5Y
    Health Care Distributors 7 9.7%79.7%140.2% CAH 411% · MCK 348% · COR 179%
    Health Care Services 20 20.0%41.9%9.5% HIMS 302% · RDNT 143% · DGX 72%
    Managed Health Care 8 33.2%-3.6%1.3% OSCR 142% · HQY 64% · ELV 14%
    Health Care Facilities 24 11.9%-3.3%-15.7% THC 289% · NHC 263% · ENSG 132%
    Health Care Equipment 51 -2.3%-9.2%-18.9% POCI 10738% · UFPT 396% · GKOS 288%
    Health Care Supplies 12 38.3%-12.4%-27.5% LNTH 314% · HAE 81% · MMSI 31%
    Pharmaceuticals 63 3.1%-1.7%-31.9% LQDA 2959% · INDV 1388% · ETON 1385%
    Life Sciences Tools & Services 108 -8.4%-32.7%-70.6% SNWV 1953% · ELMD 259% · MEDP 235%
    Health Care Technology 20 -28.4%-53.8%-73.9% SPOK 37% · HSTM -2% · VEEV -24%
    Biotechnology ← 365 6.6%-27.4%-77.2% BRTX 106400% · DNTH 1803% · CELZ 1443%
    Median of constituents with a full price history over each window. Top names are unfiltered by size in this render.

    Latest Trefis Analyses

    TitleDate
    0DASHBOARDS 
    1Sana Biotechnology Earnings Notes12/16/2025
    2Sana Biotechnology (SANA) Operating Cash Flow Comparison08/08/2025
    3Sana Biotechnology (SANA) Net Income Comparison08/08/2025
    4Sana Biotechnology (SANA) Operating Income Comparison08/08/2025
    5Sana Biotechnology (SANA) Debt Comparison08/08/2025
    6Sana Biotechnology (SANA) EBITDA Comparison08/08/2025
    7Sana Biotechnology (SANA) Tax Expense Comparison08/08/2025
    8Sana Biotechnology (SANA) Revenue Comparison08/08/2025
    9Why Sana Biotechnology Stock Moved: SANA Stock Has Gained 167% Since 2024 Fiscal End, Primarily Due To Favorable Change In Revenues08/08/2025
    10Sana Biotechnology (SANA) Valuation Ratios Comparison08/08/2025
    11ARTICLES 
    12SANA Stock Up 55% after 8-Day Win Streak07/15/2025
    13SANA Stock Up 53% after 7-Day Win Streak07/12/2025
    14SANA Stock Up 49% after 6-Day Win Streak07/11/2025
    15SANA Stock Up 48% after 5-Day Win Streak07/10/2025

    Recent Active Movers

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    IBBiShares Biotechnology ETFEquity1.9%20.7%
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    Top Losers

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    BOTZGlobal X Funds Global X Robotics & Ar...Equity-2.5%0.9%
    XLYState Street Consumer Discretionary S...Equity-2.4%-2.4%
    IYMiShares U.S. Basic Materials ETFEquity-2.0%21.4%

    Top Gainers

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    RINGiShares MSCI Global Gold Miners ETFEquity28.3%5.5%
    NASATema Space Innovators ETFEquity14.1%2.0%
    URAGlobal X Uranium ETFEquity12.8%2.1%
    SLViShares Silver TrustCommodity12.7%-10.8%
    MISLFirst Trust Indxx Aerospace & Defense...Equity12.6%11.1%
    ARKXARK Space & Defense Innovation ETFEquity11.5%-2.6%
    LITGlobal X Lithium & Battery Tech ETFEquity10.6%14.1%
    ITAiShares U.S. Aerospace & Defense ETFEquity10.0%17.5%
    XLEState Street Energy Select Sector SPD...Equity9.9%43.4%
    GDEWisdomTree Efficient Gold Plus Equity...Equity9.9%-5.1%

    Top Losers

    TickerCompanyCategory1M RtnYTD Rtn
    EWZiShares MSCI Brazil ETFEquity-5.0%6.1%
    EDVVanguard World Funds Extended Duratio...Bond-4.2%-7.1%
    ILFiShares Latin America 40 ETFEquity-2.9%9.1%
    USRTiShares Core U.S. REIT ETFReal Estate-2.8%17.4%
    SCHHSchwab U.S. REIT ETFReal Estate-2.7%14.7%
    TLTiShares 20+ Year Treasury Bond ETFBond-2.7%-4.2%
    KWEBKraneShares CSI China Internet ETFEquity-2.4%-21.4%
    IYTiShares U.S. Transportation ETFEquity-2.4%16.1%
    SPTLState Street SPDR Portfolio Long Term...Bond-2.3%-3.7%
    SPLBState Street SPDR Portfolio Long Term...Bond-2.3%-3.3%

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    Financials

    SANAVRTXCRSPBEAMNTLAEDITMedian
    NameSana Bio.Vertex P.CRISPR T.Beam The.Intellia.Editas M. 
    Mkt Price3.63528.19-26.5711.602.8811.60
    Mkt Cap1.1134.0-2.81.50.31.5
    Rev LTM012,587-156604760
    Op Inc LTM-2194,777--378-423-83-219
    FCF LTM-1353,796--373-349-121-135
    FCF 3Y Avg-2021,957--294-384-166-202
    CFO LTM-1324,293--359-347-120-132
    CFO 3Y Avg-1842,398--281-380-162-184

    Growth & Margins

    SANAVRTXCRSPBEAMNTLAEDITMedian
    NameSana Bio.Vertex P.CRISPR T.Beam The.Intellia.Editas M. 
    Rev Chg LTM-10.2%-158.9%12.6%20.8%16.7%
    Rev Chg 3Y Avg-9.8%-138.6%4.7%75.3%42.6%
    Rev Chg Q-12.5%--94.2%-46.2%232.3%-16.9%
    QoQ Delta Rev Chg LTM-3.0%--4.9%-10.0%21.5%-0.9%
    Op Inc Chg LTM-3.3%2,497.9%-15.2%17.3%48.1%17.3%
    Op Inc Chg 3Y Avg14.6%792.2%--25.0%1.9%24.7%14.6%
    Op Mgn LTM-37.9%--242.3%-711.7%-177.6%-209.9%
    Op Mgn 3Y Avg-23.9%--344.8%-940.1%-302.9%-323.9%
    QoQ Delta Op Mgn LTM--0.2%--15.7%-75.1%52.5%-7.9%
    CFO/Rev LTM-34.1%--230.3%-582.5%-255.0%-242.7%
    CFO/Rev 3Y Avg-19.6%--280.5%-728.8%-339.4%-309.9%
    FCF/Rev LTM-30.2%--238.9%-586.0%-256.5%-247.7%
    FCF/Rev 3Y Avg-15.7%--290.8%-738.8%-346.4%-318.6%

    Valuation

    SANAVRTXCRSPBEAMNTLAEDITMedian
    NameSana Bio.Vertex P.CRISPR T.Beam The.Intellia.Editas M. 
    Mkt Cap1.1134.0-2.81.50.31.5
    P/S-10.6-17.826.07.314.2
    P/Op Inc-4.928.1--7.3-3.7-4.1-4.1
    P/EBIT-4.926.6--7.3-3.7-4.9-4.9
    P/E-5.130.4--32.4-3.9-4.6-4.6
    P/CFO-8.131.2--7.7-4.5-2.9-4.5
    Total Yield-19.7%3.3%--3.1%-25.8%-21.5%-19.7%
    Dividend Yield0.0%0.0%-0.0%0.0%0.0%0.0%
    FCF Yield 3Y Avg-21.3%1.6%--13.0%-25.5%-62.1%-21.3%
    D/E0.10.0-0.10.00.00.0
    Net D/E-0.1-0.0--0.3-0.2-0.6-0.2

    Returns

    SANAVRTXCRSPBEAMNTLAEDITMedian
    NameSana Bio.Vertex P.CRISPR T.Beam The.Intellia.Editas M. 
    1M Rtn15.2%8.8%--3.5%2.0%-3.4%2.0%
    3M Rtn18.6%21.6%-0.9%-2.8%17.1%17.1%
    6M Rtn-5.7%10.7%--3.3%-5.1%65.5%-3.3%
    12M Rtn6.8%35.5%-55.4%8.1%5.5%8.1%
    3Y Rtn-33.3%53.2%-13.8%-69.1%-66.7%-33.3%
    1M Excs Rtn12.3%6.6%--2.4%2.9%-3.3%2.9%
    3M Excs Rtn15.5%17.1%--4.8%-12.5%9.9%9.9%
    6M Excs Rtn-18.1%-1.7%--15.7%-17.5%53.1%-15.7%
    12M Excs Rtn-10.2%15.2%-29.8%-13.7%-24.2%-10.2%
    3Y Excs Rtn-105.8%-21.3%--68.3%-142.9%-139.1%-105.8%

    Comparison Analyses

    null

    Financials

    $ Mil | FY: 12/312026Q22026Q12025Q42025Q32025Q22025Q12024Q42024Q32024Q22024Q12023Q42023Q3
    Period End6/30/20263/31/202612/31/20259/30/20256/30/20253/31/202512/31/20249/30/20246/30/20243/31/202412/31/20239/30/2023
    Filing Date8/10/20265/11/20263/3/202611/6/20258/11/20255/8/20253/17/202511/8/20248/8/20245/8/20242/29/202411/8/2023
    Key Financials Quarterly            
    Total Revenue000000000000
    Ebitda-63-46-58-40-48-47-45-58-45-107-792
    Operating Income-65-49-61-44-50-51-49-62-49-111-84-2
    Net Income-64-47-59-42-94-49-49-60-50-107-881
    EPS-0.22-0.17-0.21-0.16-0.39-0.21-0.21-0.25-0.21-0.49-0.450.00
    Key Financials TTM            
    Total Revenue TTM000000000000
    Ebitda TTM-208-192-193-180-197-195-255-290-229-296-269-267
    Operating Income TTM-219-204-206-193-212-211-271-305-246-313-286-284
    Net Income TTM-212-242-244-234-252-209-267-306-245-309-283-276
    Growth Rates Quarterly            
    Total Revenue Growth------------
    EBITDA Growth-33.0%1.6%-28.7%30.1%-4.5%56.1%43.1%-2589.4%59.3%-34.2%-2.3%102.8%
    Operating Income Growth-29.9%4.0%-25.0%29.5%-2.0%54.3%41.4%-2731.8%57.5%-31.7%-2.2%97.5%
    Net Income Growth32.2%4.4%-19.9%29.7%-86.5%54.0%44.3%-6189.8%55.9%-30.9%-9.5%101.2%
    Margins Quarterly            
    EBITDA Margin------------
    Operating Income Margin------------
    Net Income Margin------------
    Cash & Debt            
    Total Cash16010113815373105152199252311205269
    Total Debt74757982859194969910610497
    Net Debt / (Cash)-87-26-60-7113-13-58-103-153-205-101-172
    Cash Flows Quarterly            
    FCF from Operations-33-37-33-29-33-49-47-52-59-66-52-64
    Cash Flows TTM            
    FCF from Operations TTM-132-133-144-158-181-206-223-228-240-240-254-278
    Returns to Shareholders Quarterly            
    Dividends000000000000
    Share Repurchases-0-0-0-0-00-0-0-0-0-0-0
    Return on Invested Capital (ROIC) Quarterly            
    ROIC-12.9%-9.8%-12.6%-9.1%-10.7%-10.9%-10.9%-14.2%-11.7%-27.4%-21.9%-0.6%
    Return on Invested Capital (ROIC) TTM            
    ROIC TTM-10.8%-10.2%-10.5%-10.1%-11.2%-11.4%-15.1%-17.5%-14.6%-19.4%-18.8%-19.7%

    Segment Financials

    Operating Income by Segment
    $ Mil2025202420232022
    Single Segment-250-273-293-273
    Total-250-273-293-273


    Net Income by Segment
    $ Mil2025202420232022
    Single Segment-244-267-283-269
    Total-244-267-283-269


    Assets by Segment
    $ Mil20232022202120202019
    Single Segment5658231,129730415
    Total5658231,129730415


    Price Behavior

    Price Behavior
    Market Price$3.63 
    Market Cap ($ Bil)1.0 
    First Trading Date02/04/2021 
    Distance from 52W High-38.7% 
       50 Days200 Days
    DMA Price$3.37$3.71
    DMA Trenddownup
    Distance from DMA7.8%-2.2%
     3M1YR
    Volatility62.4%84.4%
    Downside Capture-40.62281.58
    Upside Capture43.07231.30
    Correlation (SPY)20.4%34.5%
    SANA Betas & Captures as of 7/31/2026

     1M2M3M6M1Y3Y
    Beta0.710.790.911.842.401.90
    Up Beta0.571.661.502.171.491.28
    Down Beta3.212.902.022.331.621.36
    Up Capture-73%-35%22%108%561%2101%
    Bmk +ve Days11223567138427
    Stock +ve Days8182956115336
    Down Capture92%-3%57%179%184%112%
    Bmk -ve Days11212859114326
    Stock -ve Days14243368132397

    [1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
    Based On 1-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with SANA
    SANA9.0%84.3%0.46-
    Sector ETF (XLV)26.3%15.5%1.3121.4%
    Equity (SPY)20.4%12.8%1.1734.5%
    Gold (GLD)29.8%28.5%0.9118.4%
    Commodities (DBC)40.2%20.2%1.56-7.6%
    Real Estate (VNQ)13.1%13.9%0.6519.6%
    Bitcoin (BTCUSD)-45.4%42.7%-1.3025.0%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 5-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with SANA
    SANA-30.0%118.2%0.14-
    Sector ETF (XLV)6.6%15.0%0.2523.5%
    Equity (SPY)13.1%17.2%0.5930.0%
    Gold (GLD)19.8%18.6%0.876.7%
    Commodities (DBC)9.8%19.6%0.390.7%
    Real Estate (VNQ)2.4%18.9%0.0223.7%
    Bitcoin (BTCUSD)7.1%52.6%0.3217.6%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How
    Based On 10-Year Data
    Annualized
    Return    		Annualized
    Volatility    		Sharpe
    Ratio    		Correlation
    with SANA
    SANA-20.8%115.7%0.08-
    Sector ETF (XLV)10.4%16.7%0.5123.2%
    Equity (SPY)15.2%17.9%0.7229.8%
    Gold (GLD)12.1%16.2%0.617.6%
    Commodities (DBC)7.8%18.1%0.351.2%
    Real Estate (VNQ)4.8%20.7%0.2023.4%
    Bitcoin (BTCUSD)59.9%66.0%1.0015.7%

    Smart multi-asset allocation framework can stack odds in your favor. Learn How

    Short Interest

    Short Interest: As Of Date7312026
    Short Interest: Shares Quantity42.1 Mil
    Short Interest: % Change Since 71520266.1%
    Average Daily Volume2.6 Mil
    Days-to-Cover Short Interest16.3 days
    Basic Shares Quantity295.7 Mil
    Short % of Basic Shares14.3%

    Earnings Returns History

    Updated 8/19/2026
    Expand for More
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/10/20265.0%1.9% 
    5/11/2026-8.4%-14.6%-20.8%
    3/3/2026-2.8%-16.3%-22.4%
    11/6/20251.0%-9.6%7.4%
    8/11/20256.5%16.4%-0.3%
    5/8/20250.6%-5.5%56.4%
    3/17/2025-17.7%-12.6%-38.6%
    11/8/2024-3.1%-16.5%-14.5%
    ...
    SUMMARY STATS   
    # Positive111010
    # Negative111211
    Median Positive6.5%13.2%19.2%
    Median Negative-3.1%-11.1%-18.8%
    Max Positive12.3%35.7%73.0%
    Max Negative-21.0%-20.3%-38.6%
     Collapse to Preview
     Forward Returns
    Earnings Date1D Returns5D Returns21D Returns
    8/10/20265.0%1.9% 
    5/11/2026-8.4%-14.6%-20.8%
    3/3/2026-2.8%-16.3%-22.4%
    11/6/20251.0%-9.6%7.4%
    8/11/20256.5%16.4%-0.3%
    5/8/20250.6%-5.5%56.4%
    3/17/2025-17.7%-12.6%-38.6%
    11/8/2024-3.1%-16.5%-14.5%
    8/8/20245.4%7.1%7.9%
    5/8/2024-21.0%-2.3%-26.4%
    2/29/202412.3%-4.6%0.8%
    11/8/2023-1.0%26.9%11.4%
    8/3/2023-0.9%0.9%-1.7%
    5/8/202310.3%35.7%12.1%
    3/16/20237.4%-0.3%73.0%
    11/2/2022-13.9%-20.3%-22.0%
    8/4/202211.1%10.4%-11.9%
    5/10/2022-13.5%-19.1%-18.8%
    3/16/202211.1%30.0%62.9%
    11/8/2021-1.7%-1.7%-15.8%
    8/4/20214.2%12.0%31.6%
    5/5/2021-0.1%14.5%26.3%
    SUMMARY STATS   
    # Positive111010
    # Negative111211
    Median Positive6.5%13.2%19.2%
    Median Negative-3.1%-11.1%-18.8%
    Max Positive12.3%35.7%73.0%
    Max Negative-21.0%-20.3%-38.6%

    SEC Filings

    Expand for More
    Report DateFiling DateFiling
    06/30/202608/10/202610-Q
    03/31/202605/11/202610-Q
    12/31/202503/03/202610-K
    09/30/202511/06/202510-Q
    06/30/202508/11/202510-Q
    03/31/202505/08/202510-Q
    12/31/202403/17/202510-K
    09/30/202411/08/202410-Q
    06/30/202408/08/202410-Q
    03/31/202405/08/202410-Q
    12/31/202302/29/202410-K
    09/30/202311/08/202310-Q
    06/30/202308/03/202310-Q
    03/31/202305/08/202310-Q
    12/31/202203/16/202310-K
    09/30/202211/02/202210-Q
     Collapse to Preview
    Report DateFiling DateFiling
    06/30/202608/10/202610-Q
    03/31/202605/11/202610-Q
    12/31/202503/03/202610-K
    09/30/202511/06/202510-Q
    06/30/202508/11/202510-Q
    03/31/202505/08/202510-Q
    12/31/202403/17/202510-K
    09/30/202411/08/202410-Q
    06/30/202408/08/202410-Q
    03/31/202405/08/202410-Q
    12/31/202302/29/202410-K
    09/30/202311/08/202310-Q
    06/30/202308/03/202310-Q
    03/31/202305/08/202310-Q
    12/31/202203/16/202310-K
    09/30/202211/02/202210-Q
    06/30/202208/04/202210-Q
    03/31/202205/10/202210-Q
    12/31/202103/16/202210-K
    09/30/202111/08/202110-Q
    06/30/202108/04/202110-Q
    03/31/202105/05/202110-Q
    09/30/202002/05/2021424B4
    12/31/201803/24/202110-K

    Recent Forward Guidance

    Updated 8/11/2026

    Latest: Q2 2026 Earnings Reported 8/10/2026

    Forward GuidanceGuidance Change
    MetricLowMidHigh% Chg% DeltaChangePrior
    2027 Cash Runway      

    Prior: Q1 2026 Earnings Reported 5/11/2026

    Forward GuidanceGuidance Change
    MetricLowMidHigh% Chg% DeltaChangePrior
    2027 Cash Runway      

    Q4 2025 Earnings Reported 3/3/2026

    Forward GuidanceGuidance Change
    MetricLowMidHigh% Chg% DeltaChangePrior
    2026 Cash Runway 2,026    

    Q3 2025 Earnings Reported 11/6/2025

    Forward GuidanceGuidance Change
    MetricLowMidHigh% Chg% DeltaChangePrior
    2026 Cash Runway     AffirmedGuidance: 0 for 2026

    Investor Activity (13F)

    Updated Aug 19, 2026
    13F holdings as of Mar 31, 2026 (Q1 2026)

    Active managers (13F portfolio over $250M, at least 3 holdings) with a position over $5M that is either over 10% of their portfolio or held in a concentrated book of 50 or fewer total positions. Index/ETF, sovereign, bank, community-bank and charitable/donor-advised filers are excluded.

    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Flagship Pioneering, LLC$72.0 Mil6.2%7Hold13F
    Alphabet Inc.$8.1 Mil0.2%27Hold13F
    Active Manager
    Active Manager
    Active ManagerValue% of PortfolioTotal PositionsQoQFiling
    Flagship Pioneering, LLC$72.0 Mil6.2%7Hold13F
    Alphabet Inc.$8.1 Mil0.2%27Hold13F

    Industry Resources

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