Sana Biotechnology(US:SANA) Newsfilterยท2025-04-09 15:40Core Viewpoint - Faruqi & Faruqi, LLP is investigating potential claims against Sana Biotechnology, Inc. for alleged violations of federal securities laws, particularly regarding misleading statements about the company's financial health and product development [3][5]. Group 1: Legal Investigation and Claims - The firm is encouraging investors who suffered losses in Sana between March 17, 2023, and November 4, 2024, to discuss their legal rights [1][3]. - A federal securities class action has been filed against Sana, with a deadline of May 20, 2025, for investors to seek the role of lead plaintiff [3][9]. - The complaint alleges that Sana and its executives made false statements about the company's financial capacity and the potential of its product candidates [5]. Group 2: Company Financials and Operations - On October 10, 2023, Sana announced a strategic shift to reduce spending on its fusogen platform and focus on its ex vivo cell therapy platform, resulting in a 29% headcount reduction [6][7]. - Following this announcement, Sana's stock price fell by $0.34 per share, or 8.95%, closing at $3.46 per share on October 11, 2023 [7]. - On November 4, 2024, Sana suspended development of SC291 and SC379, reallocating resources to its type 1 diabetes program, which extended its cash runway into 2026 [8]. - After this announcement, Sana's stock price dropped by $0.37 per share, or 9.84%, closing at $3.39 per share on November 5, 2024 [8].