Sana Biotechnology

Sana Biotechnology reported Q3 2024 financials, highlighting clinical trials for HIP-modified cells in type 1 diabetes, B-cell autoimmune diseases, and oncology, with data expected in 2024/2025. Cash position at $199M, runway into 2026. Strategic focus on immunologic diseases, new CSO appointed.

Sana Biotechnology advances hypoimmune tech in trials for type 1 diabetes, B-cell mediated autoimmune diseases, and oncology; expects data in 2024-2025. Focuses on type 1 diabetes and B-cell mediated autoimmune diseases; cash position $199M with runway into 2026.

Sana Biotechnology is laying off staff and shifting focus to B-cell associated autoimmune diseases and Type 2 diabetes, ending cancer and neurological therapy development. The company aims to operate into 2026 with expected data readouts. Sana's share value has dropped over 80% since its 2021 IPO, leading to workforce reductions and pipeline changes. The company is now prioritizing autoimmune research and in-vivo cell therapies.

Sana Biotechnology is laying off employees due to pipeline shifts, focusing on type 1 diabetes and B cell–mediated autoimmune diseases. The company will suspend SC291's oncology development and cut SC379, seeking partners for SC291 and spinning out SC379. Sana aims to extend its cash runway into 2026 and expects proof of concept data for its type 1 diabetes program in 2024-2025.

H.C. Wainwright lowered Sana Biotechnology's price target to $8, maintaining a Buy rating, after Sana reshuffled its pipeline to focus on Type 1 diabetes and autoimmune diseases, de-prioritizing oncology programs. Sana seeks licensing partners for deprioritized programs, with proof of concept data expected in 2024 or 2025.

H.C. Wainwright reduced Sana Biotechnology's (SANA) price target to $8 from $11, maintaining a Buy rating. The firm revised its model to exclude SC291 oncology sales, focusing on SC262 in the post-CD19 CAR-T market, a smaller opportunity.

Sana Biotechnology shifts focus to autoimmune diseases and type 1 diabetes, extending cash runway to 2026. The company suspends oncology and glial progenitor cell programs, seeking partnerships. Sana prioritizes SC291 and UP421 programs, with multiple data readouts expected. CFO Nathan Hardy to step down, Dr. Dhaval Patel appointed as CSO. Citi raises price target for Sana to $15, maintaining Buy rating. InvestingPro highlights Sana's financial stability and market challenges.

Sana Biotechnology prioritizes type 1 diabetes (UP421, SC451), B-cell mediated autoimmune diseases (SC291), refractory B-cell malignancies (SC262), and the fusogen platform for in vivo CAR T cells, extending cash runway to 2026 with potential data readouts in 2024-2025. SC291 oncology and SC379 development are suspended for partnership opportunities, focusing investments on areas with greatest patient impact.

Sana Biotechnology has a cash runway of around 11 months, with a cash burn of US$285m and reserves of US$252m. Its cash burn reduction is reassuring, but the 37% cash burn relative to market cap raises concerns. The company must address its cash situation to avoid significant dilution.

Sana Biotechnology (NASDAQ:SANA) stock fell 6.4% to $3.96, with 422,683 shares traded, down 81% from average volume. Analysts set new targets: Rodman & Renshaw at $16.00, Citigroup at $15.00, and HC Wainwright at $11.00, all with 'buy' ratings. The stock has a 50-day moving average of $4.74 and a 200-day of $6.29, with a market cap of $870.51 million. Director Richard Mulligan sold 150,000 shares at $4.08 each, reducing his position. Institutional investors own 88.23% of SANA.