Faruqi & Faruqi Reminds Sana Biotechnology Investors of the Pending Class Action Lawsuit with a Lead Plaintiff Deadline of May 20, 2025 - SANA

Core Viewpoint - Faruqi & Faruqi, LLP is investigating potential claims against Sana Biotechnology, Inc. due to allegations of misleading statements regarding the company's financial health and product development, with a deadline for investors to seek lead plaintiff status in a class action lawsuit by May 20, 2025 [2][4]. Group 1: Allegations Against Sana - The complaint alleges that Sana and its executives violated federal securities laws by making false or misleading statements about the company's financial stability and product candidates [4]. - Specific claims include that Sana was at significant risk of insufficient funds to maintain operations and that certain product candidates were less promising than previously stated [4]. - The company is accused of overstating its financial capacity and failing to disclose plans to reduce funding for certain projects and decrease its workforce [4]. Group 2: Recent Developments - On October 10, 2023, Sana announced a reduction in spending on its fusogen platform and a 29% headcount reduction, aiming to keep its 2024 operating cash burn below $200 million [5][6]. - Following this announcement, Sana's stock price fell by$0.34 per share, or 8.95%, closing at $3.46 per share [6]. - On November 4, 2024, Sana suspended development of two product candidates and shifted focus to its type 1 diabetes program, which led to a further stock price decline of$0.37 per share, or 9.84%, closing at $3.39 per share [7].