Sana Biotechnology Reports Third Quarter 2024 Financial Results and Business Updates

Core Insights - Sana Biotechnology, Inc. is advancing hypoimmune technology through three clinical trials targeting type 1 diabetes, B-cell mediated autoimmune diseases, and oncology, with data expected in 2024 and/or 2025 [1][2][3] - The company has a cash position of $199.0 million, providing a runway into 2026 [1][5] - Recent strategic repositioning focuses on immunologic diseases, particularly type 1 diabetes and B-cell mediated autoimmune diseases, aiming to accelerate development and extend capital runway [2][3] Clinical Programs - Three clinical programs are being advanced: - UP421 for type 1 diabetes, focusing on immune evasion and islet cell survival, with initial data expected in 2024 and/or 2025 [3] - GLEAM trial for SC291, a CAR T therapy for B-cell mediated autoimmune diseases, with data anticipated in 2024 and/or 2025 [3] - VIVID trial for SC262, a CAR T therapy for relapsed/refractory B-cell malignancies, with data expected in 2025 [3] Leadership Changes - The company appointed Dhaval Patel, M.D., Ph.D., as the new Chief Scientific Officer, bringing extensive experience in drug discovery and development [4] Financial Performance - As of September 30, 2024, cash, cash equivalents, and marketable securities decreased to $199.0 million from $205.2 million at the end of 2023, primarily due to operational cash burn of $176.0 million [5][9] - Research and development expenses for Q3 2024 were $53.2 million, down from $65.6 million in Q3 2023, attributed to lower personnel and laboratory costs [5][10] - The net loss for Q3 2024 was $59.9 million, or $0.25 per share, compared to a net income of $1.0 million in Q3 2023 [5][10] Non-GAAP Financial Measures - Non-GAAP operating cash burn for the nine months ended September 30, 2024, was $153.1 million, a decrease from $187.2 million in the same period of 2023 [6][17] - Non-GAAP net loss for Q3 2024 was $64.7 million, or $0.27 per share, compared to $79.0 million, or $0.41 per share, in Q3 2023 [6][18]