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Sana Biotechnology

SANA Lead: Phase 1 5 Biotech Distilled articles ↓ 27 filings & releases ↓ Cash $41.1M (Sep 30, 2026) ↓ 5 verdicts ↓ 2 timing quotes ↓
MetabolicOncology CellGene Therapy

Market cap $710M 299.6M shares (10-Q, Oct 29, 2026) × $2.37 close Nov 6, 2026

Most recent annual filing: 2026-03-03

Catalyst timeline

7 trackedQuarter catalyst calendar →
  1. SC451 T1D IND filing2026SC451 T1D IND filing, 2026, material
  2. SC451 Ph1 start2026SC451 Ph1 start, 2026, notable
  3. SC451 IND filinglate 2026SC451 IND filing, late 2026, material
  4. SG293 CAR-T readout1H 2027SG293 CAR-T readout, 1H 2027, material
  5. SG293 readout1H 2027SG293 readout, 1H 2027, material
  6. SG227 corporate update2027SG227 corporate update, 2027, notable
  7. Cash runway guidance updatemid-2027Cash runway guidance update, mid-2027, routine

Bar width shows how precise the guidance is — a pin is a stated date, a wide band a six-month window. Deeper blue means more of the thesis rides on the event; it is not a view on the stock.

Pipeline (4 active programs)

Technology platforms

HIP

Hypoimmune Platform (HIP) — ex vivo cell engineering technology using three genome modifications (MHC class I disruption, MHC class II disruption, CD47 overexpression) to create allogeneic cells that evade immune rejection without immunosuppression; applied to iPSC-derived cell types including pancreatic islet cells; focus areas include type 1 diabetes and other diseases requiring cell replacement therapy.

Targets: MHC class I, MHC class II, CD47

Fusogen

Fusogen-based in vivo delivery platform — enables cell-specific delivery of genetic payloads (including CAR constructs) directly to target cells in vivo by targeting cell surface receptors; initial focus on CD8+ T cell-targeted delivery for in vivo CAR T generation; applicable to B cell cancers and B cell mediated autoimmune diseases.

Targets: CD8

HIP technology · President and Fellows of Harvard College

Hypoimmune platform (HIP) technology for engineering allogeneic cells to evade immune rejection and persist in vivo; focus on ex vivo cell therapy including stem cell-derived islet cells for type 1 diabetes and allogeneic CAR T cells; licensed from Harvard and University of California

fusogen platform

In vivo cell engineering platform using fusogen technology (acquired from Cobalt Biomedicine) for cell-specific delivery of genetic payloads including CARs to patient T cells in vivo; focus on B cell cancers, B cell mediated autoimmune diseases, and multiple myeloma

Targets: CD8

Fusogen technology

In vivo cell engineering platform using fusogen technology to deliver biological payloads to cells; acquired from Cobalt Biomedicine; IND-stage development ongoing

Fusosome

Cell-specific in vivo delivery platform using fusogens derived from insights from nature; delivers genetic payloads (e.g., CAR transgenes) to specific cell types (e.g., CD8+ T cells) without lymphodepletion; focus areas include blood cancers and autoimmune diseases

Targets: CD8

HIP · President and Fellows of Harvard College

Hypoimmune platform (HIP technology) for engineering allogeneic cells to evade immune rejection and persist in the body; focus on ex vivo cell therapies including stem cell-derived islet cells for type 1 diabetes and allogeneic CAR T cells; technology licensed from Harvard and UC

Fusogen · Cobalt Biomedicine, Inc.

In vivo cell engineering platform using fusosome technology for cell-specific delivery of genetic payloads (e.g., CAR constructs) to patient T cells in vivo, without need for lymphodepletion; focus on B-cell cancers, B-cell mediated autoimmune diseases, and multiple myeloma; technology acquired from Cobalt Biomedicine

Targets: CD8

Discontinued (2)

Capital (as filed)

Cash
$41.1M cash and cash equivalents · Sep 30, 2026 (10-Q)
Short-term investments
$80.6M Sep 30, 2026
Operating cash flow
−$38.8M quarter Jun 30, 2026 → Sep 30, 2026, year-to-date difference (10-Q)
As stated in coverage
$122M cash, runway mid-2027 per the update of Nov 5, 2026 — the company's own words as read there, not the filed figure

Cash, investments and operating cash flow are the company's own XBRL facts as filed with the SEC, each shown with its period end and tag. As-stated figures come from the company's own words as read in Biotech Distilled coverage, dated, and routinely count securities and planned financing that a balance sheet does not. Offering rows are the SEC cover pages as filed. Not investment advice. Figures as of Nov 7, 2026.

Biotech Distilled coverage (5)

Articles open on Substack. Some are subscriber-only; those marked ★ Distilled Pro are for Distilled Pro members.

Verdict history (5 calls)

Every verdict Biotech Distilled has published on Sana Biotechnology, oldest first — the full history, never a selection. How calls are scored: the track record.

  1. 2026-04-08 Watch Sana Biotechnology - Scientific Deep Dive Brilliant HIP biology but the $150M ATM dilution overhang makes the near-term risk/reward unattractive; wait for dilution to price in before entering.
  2. 2026-04-27 Speculative buy speculative UPDATE: Sana Biotechnology (SANA) - Mayo Clinic Buys In, ATM Overhang Eases Mayo Clinic's $50M strategic investment meaningfully de-risks the ATM dilution overhang, extends runway into 2027, and validates the commercial scaffolding for SC451, making SANA a speculative buy for high-risk-tolerance capital ahead of the SC451 IND and SG293 first-in-human data.
  3. 2026-05-12 Speculative buy speculative UPDATE: Sana Biotechnology (SANA) - Q1 Burn, Going-Concern Reaffirmed, SG227 Quietly Added Q1 burn tracks as modeled, SG227 expands the fusogen platform optionality, and the thesis remains intact despite the going-concern flag persisting into the 10-Q; maintain speculative buy sized for high-risk-tolerance capital.
  4. 2026-05-16 Speculative buy speculative UPDATE: Sana Biotechnology (SANA) - The ATM Lever Pulled, RA Capital Anchors In The pre-catalyst ATM raise at ~$3.19 with RA Capital anchoring extends runway to mid-2027 and substantially retires the dilution overhang, making the post-drop entry at ~$3.07 more attractive for high-risk-tolerance capital with binary catalysts unchanged.
  5. 2026-08-11 Hold speculative UPDATE: Sana Biotechnology (SANA) - NEJM Publishes the Cloak, Mayo Hasn't Written the Second Check NEJM peer-review validates the HIP cloak biology but adds no new data; at $3.61 the asymmetry that made sub-$3.10 interesting has narrowed, making this a hold-and-watch quarter for existing holders rather than a new entry point.

Every verdict Biotech Distilled has published on this company, in order, with the post it came from — the full history, never a selection. Position figures are the same ones shown on /track-record, computed by the same method. Editorial opinion, not investment advice.

Timing, in the company's words (2 quotes from 2 filings)

Sentences quoted verbatim from the company's SEC filings, newest filing first. Each sits under the filing it appeared in; the "matched to" tag names the calendar row it was read for.

Timing sentences quoted from the company's own SEC filings, each under the filing it appeared in. The 'matched to' tag is the calendar row the sentence was read for; the filing is the source. Not investment advice.

Filings & releases (27)

SEC filings from EDGAR and press releases captured from the company's investor-relations site, newest first. Releases captured from May 5, 2026; filings from March 2026. Summaries come from the BD update that read the document; "BD extracted" counts point at the pipeline table above. All companies →

5 more filings (13G holder notices, S-8, proxy material, SEC correspondence …)