Sana Q1 2023 Earnings Report
Key Takeaways
Sana Biotechnology reported a net loss of $82.1 million, or $0.43 per share, for the first quarter of 2023. The company's cash position was $355.1 million as of March 31, 2023, which is expected to support activities through multiple data readouts and last into 2025. The company is progressing with its clinical trials and expects data from two clinical studies in 2023.
Initiated enrollment in the SC291 Phase 1 clinical trial for B-cell malignancies, with initial data expected later this year.
SC291 was granted Fast Track Designation by the FDA for the treatment of relapsed/refractory large B-cell lymphoma and relapsed/refractory chronic lymphocytic leukemia.
Data expected later this year from investigator-sponsored trial with hypoimmune-modified primary human islet cells.
Goal to submit INDs this year for both SC262 and SG299 in hematologic cancers.
Sana
Sana
Forward Guidance
Sana Biotechnology is focused on creating and delivering engineered cells as medicines for patients. The company is progressing with its clinical trials and expects data from two clinical studies in 2023.
Positive Outlook
- Initial human studies using Sana’s hypoimmune technology remain on track
- Started enrolling patients in SC291 trial
- Expect to deliver data from two clinical studies in 2023
- Making progress in earlier-stage pipeline
- On pace to file two additional INDs later this year and potentially three more in 2024
Challenges Ahead
- Risks inherent in drug development
- Risks associated with the initiation, cost, timing, progress and results of the Company’s current and future research and development programs, preclinical and clinical trials
- Economic, market, and social disruptions, including due to the COVID-19 public health crisis.
- Changes in the Company’s market capitalization and stock price on its potential success payment and contingent consideration liabilities
- Uncertainties in forward-looking statements