Sana Biotechnology(SANA) - 2024 Q4 - Annual Results

Clinical Development - Positive preliminary 12-week clinical results for UP421 show stable C-peptide production and successful transplantation of hypoimmune-modified pancreatic islet cells without immunosuppression[1] - The company expects to file investigational new drug applications (INDs) for SC451 in type 1 diabetes and SG299 in B-cell related diseases as early as 2026[1] - Clinical data from the GLEAM trial for SC291 and the VIVID trial for SC262 is expected to be reported in 2025[1] - The GLEAM study is evaluating SC291 in patients with B-cell mediated autoimmune diseases, while the VIVID study is focused on relapsed/refractory B-cell malignancies[8] Financial Performance - Net loss for Q4 2024 was $49.1 million, or $0.21 per share, compared to a net loss of $88.1 million, or $0.45 per share, for the same period in 2023[11] - Net loss for the twelve months ended December 31, 2024, was $266,759 thousand, compared to a net loss of $283,255 thousand in 2023, indicating an improvement of approximately 5.8%[19] - The company reported a net loss per common share of $(1.16) for the twelve months ended December 31, 2024, compared to $(1.46) in 2023, an improvement of approximately 20.5%[19] - For the three months ended December 31, 2024, GAAP net loss was $49.1 million, compared to a loss of $88.1 million for the same period in 2023, representing a 44.3% improvement[27] - Non-GAAP net loss for the twelve months ended December 31, 2024, was $263.1 million, down from $317.4 million in 2023, indicating a 17.1% reduction[27] Cash and Expenses - Cash position as of December 31, 2024, was $152.5 million, down from $205.2 million as of December 31, 2023, primarily due to cash used in operations of $223.2 million[11] - Non-GAAP operating cash burn for the year ended December 31, 2024, was $195.1 million, down from $233.0 million in 2023[11] - Research and development expenses for Q4 2024 were $47.0 million, a decrease of $16.0 million compared to Q4 2023, driven by lower personnel-related and laboratory costs[11] - Research and development expenses for the full year 2024 were $217.6 million, compared to $268.8 million for 2023, reflecting a strategic portfolio prioritization[11] - Total operating expenses for the twelve months ended December 31, 2024, were $272,723 thousand, down from $293,141 thousand in 2023, a reduction of about 6.9%[19] Strategic Initiatives - The company has outlined a strategy focused on prioritizing its portfolio and managing cash burn effectively to extend its cash runway[22] - The company appointed new leadership, including a Chief Scientific Officer and a Chief People Officer, to strengthen its operational capabilities[7] Asset and Liability Management - Total liabilities decreased from $277,793 thousand in 2023 to $250,516 thousand in 2024, a decline of about 9.8%[17] - Total stockholders' equity decreased from $287,506 thousand in 2023 to $250,504 thousand in 2024, representing a decrease of approximately 12.9%[17] - Cash, cash equivalents, and marketable securities decreased from $205,195 thousand in 2023 to $152,497 thousand in 2024, representing a decline of approximately 25.7%[17] Impairments and Gains - Impairments recorded for the three months ended December 31, 2024, were $1.9 million, compared to $7.0 million in the same period of 2023, reflecting a significant decrease[29] - The company reported a gain of $9.2 million related to the Cobalt success payment liability for the three months ended December 31, 2024, compared to an expense of $0.4 million in the same period of 2023[27] - For the twelve months ended December 31, 2024, the gain related to the Harvard success payment liabilities was $1.3 million, compared to $0.3 million for the same period in 2023[27]