Sana Biotechnology (SANA)
Market Price (7/2/2026): $3.51 | Market Cap: $971.8 MilSector: Health Care | Industry: Biotechnology
Sana Biotechnology (SANA)
Market Price (7/2/2026): $3.51Market Cap: $971.8 MilSector: Health CareIndustry: Biotechnology
Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.
Megatrend and thematic driversMegatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Gene Editing & Therapy, Targeted Therapies, Show more. | Weak multi-year price returns2Y Excs Rtn is -69%, 3Y Excs Rtn is -114% Meaningful short interestShort 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 11.06, 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 15% | Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -204 Mil Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -29% Key risksSANA key risks include [1] a high probability of financial distress due to its pre-revenue status and high cash burn, Show more. |
| Megatrend and thematic driversMegatrends include Biotechnology & Genomics, and Precision Medicine. Themes include Gene Editing & Therapy, Targeted Therapies, Show more. |
| Weak multi-year price returns2Y Excs Rtn is -69%, 3Y Excs Rtn is -114% |
| Meaningful short interestShort 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 11.06, 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 15% |
| Very low revenueRev LTMTotal Revenue or Sales, Last Twelve Months is 0 |
| Not profitable at operating income levelOp Inc LTMOperating Income, Last Twelve Months is -204 Mil |
| Yield minus risk free rate is negativeERPEquity Risk Premium (ERP) = Total Yield - Risk Free Rate, Reflects the premium above risk free assets offered by the investment. is -29% |
| Key risksSANA key risks include [1] a high probability of financial distress due to its pre-revenue status and high cash burn, Show more. |
Qualitative Assessment
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Sana Biotechnology (SANA) stock has gained about 25% since 3/31/2026 because of the following key factors:
1. Sana Biotechnology exceeded analyst expectations for fiscal Q1 2026 earnings, reporting a narrower-than-anticipated loss. The company announced its Q1 2026 results on May 11, 2026, posting an earnings per share (EPS) of -$0.14, which beat the consensus estimate of -$0.15 by $0.01. This positive surprise contributed to investor optimism, with shares rising 6.67% immediately following the Q1 2026 report.
2. The company provided encouraging updates on its clinical pipeline and regulatory progress for key cell therapy programs. Sana Biotechnology reiterated its expectation to file an Investigational New Drug (IND) application and commence a Phase 1 clinical trial for SC451, its hypoimmune-modified pancreatic islet cell therapy for Type 1 Diabetes, as early as 2026. Additionally, the company presented positive preclinical data for SG293, an in vivo CD19-directed CAR T cell therapy candidate, at the American Society of Gene & Cell Therapy (ASGCT) 2026 Annual Meeting in May 2026, also targeting initial human data in 2026. Updated results from an investigator-sponsored study of UP421, a related hypoimmune-modified islet cell therapy, continued to demonstrate cell survival and function without immunosuppression at 12 months post-transplant in a Type 1 Diabetes patient.
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Sana Biotechnology (SANA) stock has gained about 25% since 3/31/2026 because of the following key factors:
1. Sana Biotechnology exceeded analyst expectations for fiscal Q1 2026 earnings, reporting a narrower-than-anticipated loss. The company announced its Q1 2026 results on May 11, 2026, posting an earnings per share (EPS) of -$0.14, which beat the consensus estimate of -$0.15 by $0.01. This positive surprise contributed to investor optimism, with shares rising 6.67% immediately following the Q1 2026 report.
2. The company provided encouraging updates on its clinical pipeline and regulatory progress for key cell therapy programs. Sana Biotechnology reiterated its expectation to file an Investigational New Drug (IND) application and commence a Phase 1 clinical trial for SC451, its hypoimmune-modified pancreatic islet cell therapy for Type 1 Diabetes, as early as 2026. Additionally, the company presented positive preclinical data for SG293, an in vivo CD19-directed CAR T cell therapy candidate, at the American Society of Gene & Cell Therapy (ASGCT) 2026 Annual Meeting in May 2026, also targeting initial human data in 2026. Updated results from an investigator-sponsored study of UP421, a related hypoimmune-modified islet cell therapy, continued to demonstrate cell survival and function without immunosuppression at 12 months post-transplant in a Type 1 Diabetes patient.
3. A successful equity offering strengthened Sana Biotechnology's financial position, extending its cash runway. On May 15, 2026, Sana Biotechnology announced it had sold approximately $69 million in common shares through its at-the-market (ATM) facility. This, combined with a previous $25 million investment from Mayo Clinic, raised approximately $94 million in total capital since fiscal Q1 2026, extending the company's expected cash runway into mid-2027.
4. Positive analyst sentiment and favorable price targets likely bolstered investor confidence. Sana Biotechnology maintains a "Strong Buy" consensus rating from analysts. The average analyst 12-month price target in the past three months stands at $9.80, suggesting a potential upside of 180.80% from a recent trading price of $3.49. These optimistic projections from financial analysts indicate strong expectations for future performance.
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Stock Movement Drivers
Fundamental Drivers
The 23.6% change in SANA stock from 3/31/2026 to 7/1/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 3312026 | 7012026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.88 | 3.56 | 23.6% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 276 | 277 | -0.2% |
| Cumulative Contribution | 0.0% |
Market Drivers
3/31/2026 to 7/1/2026| Return | Correlation | |
|---|---|---|
| SANA | 23.6% | |
| Market (SPY) | 14.7% | 24.6% |
| Sector (XLV) | 8.8% | -7.0% |
Fundamental Drivers
The -12.5% change in SANA stock from 12/31/2025 to 7/1/2026 was primarily driven by a -5.9% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 12312025 | 7012026 | Change |
|---|---|---|---|
| Stock Price ($) | 4.07 | 3.56 | -12.5% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 260 | 277 | -5.9% |
| Cumulative Contribution | 0.0% |
Market Drivers
12/31/2025 to 7/1/2026| Return | Correlation | |
|---|---|---|
| SANA | -12.5% | |
| Market (SPY) | 9.7% | 39.7% |
| Sector (XLV) | 3.5% | 24.5% |
Fundamental Drivers
The 30.4% change in SANA stock from 6/30/2025 to 7/1/2026 was primarily driven by a 0.0% change in the company's Total Revenues ($ Mil).| (LTM values as of) | 6302025 | 7012026 | Change |
|---|---|---|---|
| Stock Price ($) | 2.73 | 3.56 | 30.4% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 238 | 277 | -14.2% |
| Cumulative Contribution | 0.0% |
Market Drivers
6/30/2025 to 7/1/2026| Return | Correlation | |
|---|---|---|
| SANA | 30.4% | |
| Market (SPY) | 21.7% | 33.3% |
| Sector (XLV) | 19.9% | 25.0% |
Fundamental Drivers
The -40.3% change in SANA stock from 6/30/2023 to 7/1/2026 was primarily driven by a -30.9% change in the company's Shares Outstanding (Mil).| (LTM values as of) | 6302023 | 7012026 | Change |
|---|---|---|---|
| Stock Price ($) | 5.96 | 3.56 | -40.3% |
| Change Contribution By: | |||
| Total Revenues ($ Mil) | 0 | 0 | 0.0% |
| P/S Multiple | ∞ | ∞ | 0.0% |
| Shares Outstanding (Mil) | 191 | 277 | -30.9% |
| Cumulative Contribution | 0.0% |
Market Drivers
6/30/2023 to 7/1/2026| Return | Correlation | |
|---|---|---|
| SANA | -40.3% | |
| Market (SPY) | 74.2% | 21.9% |
| Sector (XLV) | 25.8% | 18.2% |
Price Returns Compared
| 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | Total [1] | |
|---|---|---|---|---|---|---|---|
| Returns | |||||||
| SANA Return | -56% | -74% | 3% | -60% | 150% | -14% | -90% |
| Peers Return | -1% | -41% | 13% | -39% | 19% | 37% | -34% |
| S&P 500 Return | 27% | -19% | 24% | 23% | 16% | 10% | 100% |
Monthly Win Rates [3] | |||||||
| SANA Win Rate | 18% | 33% | 42% | 25% | 58% | 67% | |
| Peers Win Rate | 37% | 42% | 50% | 37% | 62% | 67% | |
| S&P 500 Win Rate | 75% | 42% | 67% | 75% | 67% | 50% | |
Max Drawdowns [4] | |||||||
| SANA Max Drawdown | - | -80% | -63% | -86% | -69% | -46% | |
| Peers Max Drawdown | -51% | -56% | -43% | -57% | -54% | -29% | |
| 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 7/1/2026 (YTD)
How Low Can It Go
| Event | SANA | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -56.6% | -18.8% |
| % Gain to Breakeven | 130.6% | 23.1% |
| Time to Breakeven | 90 days | 79 days |
| 2024 Yen Carry Trade Unwind | ||
| % Loss | -10.0% | -7.8% |
| % Gain to Breakeven | 11.2% | 8.5% |
| Time to Breakeven | 13 days | 18 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -52.7% | -9.5% |
| % Gain to Breakeven | 111.4% | 10.5% |
| Time to Breakeven | 75 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -27.3% | -6.7% |
| % Gain to Breakeven | 37.6% | 7.1% |
| Time to Breakeven | 14 days | 31 days |
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.
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| Event | SANA | S&P 500 |
|---|---|---|
| 2025 US Tariff Shock | ||
| % Loss | -56.6% | -18.8% |
| % Gain to Breakeven | 130.6% | 23.1% |
| Time to Breakeven | 90 days | 79 days |
| Summer-Fall 2023 Five Percent Yield Shock | ||
| % Loss | -52.7% | -9.5% |
| % Gain to Breakeven | 111.4% | 10.5% |
| Time to Breakeven | 75 days | 24 days |
| 2023 SVB Regional Banking Crisis | ||
| % Loss | -27.3% | -6.7% |
| % Gain to Breakeven | 37.6% | 7.1% |
| Time to Breakeven | 14 days | 31 days |
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.
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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.
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- 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.
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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.
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Key Risks to Sana Biotechnology (SANA)
- 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.
- 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.
- 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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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.
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- 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.
- 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.
- 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.
- 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.
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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.
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Peer Comparisons
| Peers to compare with: |
Financials
| Median | |
|---|---|
| Name | |
| Mkt Price | 25.36 |
| Mkt Cap | 2.7 |
| Rev LTM | 52 |
| Op Inc LTM | -288 |
| FCF LTM | -252 |
| FCF 3Y Avg | -256 |
| CFO LTM | -252 |
| CFO 3Y Avg | -240 |
Growth & Margins
| Median | |
|---|---|
| Name | |
| Rev Chg LTM | 10.1% |
| Rev Chg 3Y Avg | 10.0% |
| Rev Chg Q | -0.8% |
| QoQ Delta Rev Chg LTM | -0.3% |
| Op Inc Chg LTM | 18.0% |
| Op Inc Chg 3Y Avg | 6.0% |
| Op Mgn LTM | -230.1% |
| Op Mgn 3Y Avg | -358.4% |
| QoQ Delta Op Mgn LTM | 15.1% |
| CFO/Rev LTM | -363.1% |
| CFO/Rev 3Y Avg | -385.0% |
| FCF/Rev LTM | -364.6% |
| FCF/Rev 3Y Avg | -394.3% |
Price Behavior
| Market Price | $3.56 | |
| Market Cap ($ Bil) | 1.0 | |
| First Trading Date | 02/04/2021 | |
| Distance from 52W High | -39.9% | |
| 50 Days | 200 Days | |
| DMA Price | $3.21 | $3.85 |
| DMA Trend | indeterminate | down |
| Distance from DMA | 11.0% | -7.5% |
| 3M | 1YR | |
| Volatility | 59.1% | 93.7% |
| Downside Capture | 40.53 | 348.34 |
| Upside Capture | 77.87 | 297.72 |
| Correlation (SPY) | 25.5% | 33.3% |
| 1M | 2M | 3M | 6M | 1Y | 3Y | |
|---|---|---|---|---|---|---|
| Beta | 0.85 | 0.96 | 1.29 | 1.90 | 2.47 | 1.91 |
| Up Beta | 2.20 | 1.76 | 2.01 | 2.23 | 1.50 | 1.27 |
| Down Beta | 3.57 | 1.70 | 1.54 | 1.68 | 1.96 | 1.33 |
| Up Capture | -8% | 62% | 113% | 174% | 743% | 2309% |
| Bmk +ve Days | 11 | 24 | 40 | 67 | 140 | 429 |
| Stock +ve Days | 10 | 21 | 33 | 58 | 120 | 337 |
| Down Capture | -71% | 38% | 57% | 184% | 186% | 113% |
| Bmk -ve Days | 10 | 17 | 23 | 58 | 112 | 321 |
| Stock -ve Days | 10 | 19 | 29 | 64 | 126 | 394 |
[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 | |
|---|---|---|---|---|
| SANA | 22.9% | 93.6% | 0.64 | - |
| Sector ETF (XLV) | 20.0% | 15.5% | 0.98 | 25.5% |
| Equity (SPY) | 21.8% | 12.5% | 1.30 | 33.8% |
| Gold (GLD) | 21.7% | 27.7% | 0.69 | 11.9% |
| Commodities (DBC) | 21.4% | 18.6% | 0.90 | -5.7% |
| Real Estate (VNQ) | 13.0% | 13.7% | 0.65 | 21.4% |
| Bitcoin (BTCUSD) | -45.0% | 42.6% | -1.28 | 21.6% |
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Based On 5-Year Data
| Annualized Return | Annualized Volatility | Sharpe Ratio | Correlation with SANA | |
|---|---|---|---|---|
| SANA | -29.8% | 118.2% | 0.15 | - |
| Sector ETF (XLV) | 6.7% | 14.8% | 0.27 | 23.5% |
| Equity (SPY) | 13.5% | 17.1% | 0.61 | 30.1% |
| Gold (GLD) | 17.4% | 18.3% | 0.77 | 6.0% |
| Commodities (DBC) | 6.8% | 19.5% | 0.25 | 1.2% |
| Real Estate (VNQ) | 2.8% | 18.8% | 0.05 | 23.9% |
| Bitcoin (BTCUSD) | 11.9% | 53.7% | 0.41 | 16.8% |
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 | -20.9% | 116.7% | 0.07 | - |
| Sector ETF (XLV) | 10.4% | 16.6% | 0.51 | 23.2% |
| Equity (SPY) | 15.4% | 18.0% | 0.73 | 29.9% |
| Gold (GLD) | 11.9% | 16.1% | 0.60 | 7.0% |
| Commodities (DBC) | 5.6% | 18.0% | 0.24 | 1.4% |
| Real Estate (VNQ) | 5.4% | 20.7% | 0.22 | 23.8% |
| Bitcoin (BTCUSD) | 56.6% | 66.3% | 0.97 | 15.6% |
Smart multi-asset allocation framework can stack odds in your favor. Learn How
Earnings Returns History
Updated 6/12/2026| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/11/2026 | -8.4% | -14.6% | -20.8% |
| 3/3/2026 | -2.8% | -16.3% | -22.4% |
| 11/6/2025 | 1.0% | -9.6% | 7.4% |
| 8/11/2025 | 6.5% | 16.4% | -0.3% |
| 5/8/2025 | 0.6% | -5.5% | 56.4% |
| 3/17/2025 | -17.7% | -12.6% | -38.6% |
| 11/8/2024 | -3.1% | -16.5% | -14.5% |
| 8/8/2024 | 5.4% | 7.1% | 7.9% |
| ... | |||
| SUMMARY STATS | |||
| # Positive | 10 | 9 | 10 |
| # Negative | 11 | 12 | 11 |
| Median Positive | 6.9% | 14.5% | 19.2% |
| Median Negative | -3.1% | -11.1% | -18.8% |
| Max Positive | 12.3% | 35.7% | 73.0% |
| Max Negative | -21.0% | -20.3% | -38.6% |
| Forward Returns | |||
|---|---|---|---|
| Earnings Date | 1D Returns | 5D Returns | 21D Returns |
| 5/11/2026 | -8.4% | -14.6% | -20.8% |
| 3/3/2026 | -2.8% | -16.3% | -22.4% |
| 11/6/2025 | 1.0% | -9.6% | 7.4% |
| 8/11/2025 | 6.5% | 16.4% | -0.3% |
| 5/8/2025 | 0.6% | -5.5% | 56.4% |
| 3/17/2025 | -17.7% | -12.6% | -38.6% |
| 11/8/2024 | -3.1% | -16.5% | -14.5% |
| 8/8/2024 | 5.4% | 7.1% | 7.9% |
| 5/8/2024 | -21.0% | -2.3% | -26.4% |
| 2/29/2024 | 12.3% | -4.6% | 0.8% |
| 11/8/2023 | -1.0% | 26.9% | 11.4% |
| 8/3/2023 | -0.9% | 0.9% | -1.7% |
| 5/8/2023 | 10.3% | 35.7% | 12.1% |
| 3/16/2023 | 7.4% | -0.3% | 73.0% |
| 11/2/2022 | -13.9% | -20.3% | -22.0% |
| 8/4/2022 | 11.1% | 10.4% | -11.9% |
| 5/10/2022 | -13.5% | -19.1% | -18.8% |
| 3/16/2022 | 11.1% | 30.0% | 62.9% |
| 11/8/2021 | -1.7% | -1.7% | -15.8% |
| 8/4/2021 | 4.2% | 12.0% | 31.6% |
| 5/5/2021 | -0.1% | 14.5% | 26.3% |
| SUMMARY STATS | |||
| # Positive | 10 | 9 | 10 |
| # Negative | 11 | 12 | 11 |
| Median Positive | 6.9% | 14.5% | 19.2% |
| Median Negative | -3.1% | -11.1% | -18.8% |
| Max Positive | 12.3% | 35.7% | 73.0% |
| Max Negative | -21.0% | -20.3% | -38.6% |
SEC Filings
Expand for More| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/11/2026 | 10-Q |
| 12/31/2025 | 03/03/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/11/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 03/17/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/08/2023 | 10-Q |
| 12/31/2022 | 03/16/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| Report Date | Filing Date | Filing |
|---|---|---|
| 03/31/2026 | 05/11/2026 | 10-Q |
| 12/31/2025 | 03/03/2026 | 10-K |
| 09/30/2025 | 11/06/2025 | 10-Q |
| 06/30/2025 | 08/11/2025 | 10-Q |
| 03/31/2025 | 05/08/2025 | 10-Q |
| 12/31/2024 | 03/17/2025 | 10-K |
| 09/30/2024 | 11/08/2024 | 10-Q |
| 06/30/2024 | 08/08/2024 | 10-Q |
| 03/31/2024 | 05/08/2024 | 10-Q |
| 12/31/2023 | 02/29/2024 | 10-K |
| 09/30/2023 | 11/08/2023 | 10-Q |
| 06/30/2023 | 08/03/2023 | 10-Q |
| 03/31/2023 | 05/08/2023 | 10-Q |
| 12/31/2022 | 03/16/2023 | 10-K |
| 09/30/2022 | 11/02/2022 | 10-Q |
| 06/30/2022 | 08/04/2022 | 10-Q |
| 03/31/2022 | 05/10/2022 | 10-Q |
| 12/31/2021 | 03/16/2022 | 10-K |
| 09/30/2021 | 11/08/2021 | 10-Q |
| 06/30/2021 | 08/04/2021 | 10-Q |
| 03/31/2021 | 05/05/2021 | 10-Q |
| 09/30/2020 | 02/05/2021 | 424B4 |
| 12/31/2018 | 03/24/2021 | 10-K |
Recent Forward Guidance
Updated 7/1/2026Latest: Q1 2026 Earnings Reported 5/11/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2027 Cash Runway | Higher New | Guidance: 2,026 for 2026 | |||||
Prior: Q4 2025 Earnings Reported 3/3/2026
| Forward Guidance | Guidance Change | ||||||
|---|---|---|---|---|---|---|---|
| Metric | Low | Mid | High | % Chg | % Delta | Change | Prior |
| 2026 Cash Runway | 2,026 | ||||||
Industry Resources
External Quote Links
| Y Finance | Barrons |
| TradingView | Morningstar |
| SeekingAlpha | ValueLine |
| Motley Fool | Robinhood |
| CNBC | Etrade |
| MarketWatch | Unusual Whales |
| YCharts | Perplexity Finance |
| FinViz |
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