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Sana Biotechnology, Inc. (SANA)·Q3 2025 Earnings Summary

Executive Summary

  • EPS of -$0.15 beat Wall Street consensus of -$0.1845; sequentially improved from -$0.39 (Q2) and year-over-year from -$0.25 (Q3’24). Drivers included lower R&D and G&A from portfolio prioritization and absence of Q2 impairment charges . EPS consensus from S&P Global estimates; actual from company filings.*
  • Operating expenses fell to $43.5M, down vs $94.98M in Q2 (which included $44.6M impairment) and vs $61.8M in Q3’24; R&D dropped to $30.1M (from $53.2M Y/Y) and G&A to $10.3M (from $14.1M Y/Y) due to prior portfolio prioritization and lower personnel/legal costs .
  • Strategic focus tightened: prioritizing SC451 (T1D) and next‑gen in vivo CAR T SG293; suspending enrollment and further internal investment in allogeneic CAR T programs (SC291/SC262). NEJM published positive 12‑week T1D data; management highlighted confidence in SC451 IND as early as 2026 and SG293 IND as early as 2027 .
  • Liquidity strengthened: $153.1M cash at Q3 with ~$170.5M pro forma including recent ATM sales; cash runway into late 2026. Aggregate gross proceeds ~$133.2M from ATM and equity in Q3/Q4 to date .
  • Near-term catalysts: continued T1D data readouts and IND preparations; investor presentation at TD Cowen Immunology & Inflammation Summit on Nov 12, 2025 .

What Went Well and What Went Wrong

What Went Well

  • EPS beat and narrower loss: GAAP net loss per share improved to -$0.16 (vs -$0.39 Q2 and -$0.25 Q3’24); Non‑GAAP net loss per share improved to -$0.15 Y/Y .
  • Strategic clarity and scientific validation: NEJM article showed HIP‑modified islets evaded immune detection and produced insulin; CEO: “now is the time to concentrate our efforts” on SC451 and in vivo CAR T .
  • Regulatory progress for SC451: FDA INTERACT feedback increased confidence in GMP master cell bank and nonclinical plan; IND expected as early as 2026 .

What Went Wrong

  • Program delays/pauses: in vivo CAR T IND timeline pushed from 2026 (SG299) to 2027 (SG293); allogeneic CAR T programs (SC291/SC262) suspended to focus resources .
  • Continued non‑cash volatility: success payment/contingent consideration remeasurement drove $3.1M non‑cash expense in Q3, reflecting sensitivity to market cap and stock price .
  • Manufacturing impairment aftermath: Q2 included $44.6M impairment tied to pivot from internal build‑out to CDMOs; while necessary, it amplified Q2 loss and underscores execution risk in scaling manufacturing .

Financial Results

MetricQ3 2024Q1 2025Q2 2025Q3 2025
Research and Development ($USD Millions)$53.206 $37.189 $29.761 $30.106
R&D Success Payments & Contingent Consideration ($USD Millions)$(5.497) $1.957 $10.262 $3.124
General & Administrative ($USD Millions)$14.052 $11.484 $10.341 $10.285
Impairment of Long‑Lived Assets ($USD Millions)— — $44.611 —
Total Operating Expenses ($USD Millions)$61.761 $50.630 $94.975 $43.515
Net Loss ($USD Millions)$(59.924) $(49.389) $(93.800) $(42.152)
Net Loss per Share (Basic & Diluted, $USD)$(0.25) $(0.21) $(0.39) $(0.16)
Weighted Avg Shares (Millions)235.412 237.578 238.409 260.494

Notes: No revenue reported; margin metrics not applicable for pre‑revenue stage. Explanation of opex reductions tied to portfolio prioritization and lower personnel/legal costs .

Cash & LiquidityMar 31, 2025Jun 30, 2025Sep 30, 2025
Cash, Cash Equivalents & Marketable Securities ($USD Millions)$104.701 $72.674 $153.054
Pro Forma Cash incl. recent ATM ($USD Millions)—$177.2 (pro forma as of Q2 with July/Aug proceeds) ~$170.5 (pro forma incl. recent ATM activity)
Non‑GAAP MetricsQ3 2024Q1 2025Q2 2025Q3 2025
Non‑GAAP Net Loss ($USD Millions)$(64.658) $(47.432) $(38.927) $(39.028)
Non‑GAAP Net Loss per Share ($USD)$(0.27) $(0.20) $(0.16) $(0.15)
Non‑GAAP Operating Cash Burn—$(46.598) (3M) $(78.991) (6M) $(108.040) (9M)
Success Payment Liabilities & Contingent ConsiderationDec 31, 2024Mar 31, 2025Jun 30, 2025Sep 30, 2025
Success Payment Liabilities ($USD Thousands)$4,556 $4,649 $8,611 $13,726
Contingent Consideration ($USD Thousands)$108,968 $110,832 $117,132 $115,141

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
SC451 (T1D) IND filingAs early as 2026“as early as 2026” (maintained from Q2) “as early as 2026” Maintained
In vivo CAR T IND (SG299 → SG293)IND timingSG299 “as early as 2026” SG293 “as early as 2027” Lowered/Delayed
Allogeneic CAR T (SC291/SC262)Program statusEnrolling; data expected in 2025 Suspended enrollment and further internal investment Lowered/Paused
Manufacturing strategyNear‑term approachShift to CDMOs; internal build‑out suspended Continued use of CDMOs affirmed Maintained
Cash runwayLiquidity outlookInto the second half of 2026 Into late 2026 Raised/Extended
Capital raisedEquity/ATM~$105M raised July–Aug 2025 ~$133.2M aggregate across Q3/Q4; pro forma cash ~$170.5M Increased

Earnings Call Themes & Trends

Note: A Q3 2025 earnings call transcript was not available via our document tools; MarketBeat lists a call resource without transcript access .

TopicPrevious Mentions (Q1 2025)Previous Mentions (Q2 2025)Current Period (Q3 2025)Trend
Type 1 Diabetes (UP421/SC451)12‑week UP421 data presented; SC451 preclinical durability; IND as early as 2026 6‑month UP421 data presented; INTERACT feedback supports GMP cell bank and plan NEJM publication (12‑week); continued regulatory interactions; SC451 IND as early as 2026 Strengthening
In vivo CAR T platformSG299 NHP depletion data; IND as early as 2026 SG299 IND expected as early as 2026 Next‑gen SG293 with improved potency/manufacturability; IND as early as 2027 Delay with upgrade
Allogeneic CAR T (SC291/SC262)Enrolling GLEAM/VIVID; 2025 data expected Enrolling; 2025 data expected Suspended enrollment and further internal investment Paused
Manufacturing strategy—Pivot to CDMOs; $44.6M impairment Continued use of CDMOs; affirmation Maintained
Capital & runway$104.7M cash; runway into 2026 ~$105M raised; pro forma cash $177.2M; runway into H2’26 $153.1M cash; ~$170.5M pro forma; runway into late 2026 Improved runway

Management Commentary

  • “Given our recent progress and the potentially transformative impact with SC451 in type 1 diabetes, as well as with our in vivo CAR T platform across a range of diseases, now is the time to concentrate our efforts in these programs.” — Steve Harr, President & CEO .
  • “Our goal for SC451 in type 1 diabetes is a single treatment leading to normal blood glucose with no need for further insulin treatment or immunosuppression... we believe now is the time to free up resources to invest in scaling this important therapy.” — Steve Harr .
  • On in vivo CAR T: increased potency and cell‑specific delivery yield deep B‑cell depletion without conditioning chemotherapy in NHPs; IND for SG293 targeted as early as 2027 .

Q&A Highlights

  • An earnings call transcript for Q3 2025 was not accessible through our sources; MarketBeat lists call logistics but does not provide transcript content .
  • Guidance clarifications instead come from the 8‑K and press release: SC451 IND timing (as early as 2026), SG293 IND timeline (as early as 2027), and suspension of allogeneic CAR T programs .

Estimates Context

MetricQ3 2025 ConsensusQ3 2025 Actual# of Estimates
EPS ($USD)-$0.1845*-$0.15 8*
Revenue ($USD Millions)$0.0*— (no revenue reported) 6*

Notes: EPS beat versus S&P Global consensus; no revenue reported in the quarter. Values retrieved from S&P Global.*

Key Takeaways for Investors

  • EPS beat (-$0.15 vs -$0.1845 consensus) on leaner opex and absent Q2 impairment; non‑GAAP EPS at -$0.15 supports improved cash discipline .*
  • Strategic focus and scientific validation (NEJM T1D data) de‑risk SC451 path to IND as early as 2026; further data readouts remain catalysts .
  • SG293 timeline reset to 2027 reflects platform upgrade and manufacturability improvements; near‑term spend aligned to highest‑impact programs .
  • Liquidity runway into late 2026 with ~$170.5M pro forma cash provides financing visibility through key IND milestones; continued ATM flexibility supports opportunistic capital access .
  • CDMO manufacturing strategy reduces near‑term capex/operational risk after Q2 impairment; execution turns to scale‑up and tech transfer .
  • Watch success payment/contingent consideration volatility tied to stock price/market cap; non‑cash swings can impact reported GAAP results intra‑quarter .
  • Near‑term events: TD Cowen presentation (Nov 12), ongoing UP421 follow‑ups, SC451 IND preparations; stock sensitive to clinical/regulatory updates .

*Values retrieved from S&P Global.