Sana Biotechnology Q1 2024 Financial Results and Business Updates

Sana Biotechnology, Inc. has reported its financial results and key business updates for the first quarter of 2024. The company is focused on developing engineered cells as medical treatments and is currently advancing four clinical programs across seven medical indications. These programs include therapies for oncology, B-cell mediated autoimmune diseases, and type 1 diabetes.

One of the most notable ongoing trials is the ARDENT trial for SC291, which is being tested on patients with B-cell malignancies. Initial findings suggest that SC291 can be safely administered and shows early signs of clinical efficacy while achieving the desired immune evasion profile. Further data from this trial is expected to be released in 2024.

The GLEAM trial, also involving SC291, targets patients with B-cell mediated autoimmune diseases such as lupus nephritis and ANCA-associated vasculitis. This study has started enrolling patients, with initial clinical data expected in 2024.

Another significant trial is the VIVID trial for SC262, which is aimed at patients with relapsed or refractory B-cell malignancies who have previously received CD19-directed CAR T therapy. This study too has begun enrolling patients, and preliminary data is anticipated in 2024.

In addition to these trials, Sana is investigating a primary islet cell therapy, UP421, for type 1 diabetes. This trial seeks to understand the survival and immune evasion of allogeneic islet cells in patients without the need for immunosuppression. Initial data from this investigator-sponsored trial is expected in the first half of 2024.

In a recent development, Sana published preclinical data in Cell Stem Cell that demonstrated the efficacy of HIP-modified allogeneic islet cells in enabling exogenous insulin independence without immunosuppression for six months in a non-human primate study. This indicates the potential of these cells to provide lasting endocrine function without being recognized by the immune system.

Financially, Sana has bolstered its position through a completed financing round that raised $189.8 million in gross proceeds. This financing will support ongoing activities through multiple data readouts. As of March 31, 2024, the company’s cash, cash equivalents, and marketable securities totaled $311.1 million, an increase from $205.2 million at the end of 2023. This increase was primarily driven by net proceeds from equity financings, although it was partially offset by operational expenses.

In terms of expenses, research and development costs for the first quarter of 2024 were $56.4 million, a decrease from $67.2 million in the same period of 2023. The reduction in expenses was largely due to lower personnel-related costs and laboratory costs, related to a decrease in headcount following a strategic repositioning in the fourth quarter of 2023. These decreases were somewhat offset by increased clinical development costs. General and administrative expenses also saw a small decline, dropping to $16.3 million from $16.8 million in the same period of the previous year.

Sana reported a net loss of $107.5 million for the first quarter of 2024, translating to $0.49 per share. This is a higher loss compared to $82.1 million, or $0.43 per share, reported for the same period in 2023. The increased loss is attributed mainly to the changes in estimated fair value of success payment liabilities and contingent consideration.

In summary, Sana Biotechnology is making significant strides in its clinical programs, particularly with its hypoimmune platform, and has managed to strengthen its financial footing to support its ongoing and future activities. The coming year is expected to be critical for the company as it aims to share data from multiple clinical studies and further understand the potential of its therapies to treat a range of diseases.