Sana Q2 2022 Earnings Report
Key Takeaways
Sana Biotechnology reported a net loss of $72.5 million, or $0.39 per share, for the second quarter of 2022. The company's cash position was $579.6 million as of June 30, 2022, and they anticipate cash runway into 2025 due to cost savings from moving their manufacturing facility.
Presented preclinical data showing survival of transplanted hypoimmune allogeneic pancreatic islet cells, cardiomyocytes, and retinal pigment epithelium cells without immunosuppression in non-human primates.
Announced expected cash runway into 2025 to enable multiple data readouts across the platforms.
Announced decision to move Sana’s manufacturing plant from Fremont, CA to Bothell, WA, resulting in approximately $100 million in expected cost savings over the next three years.
Strengthened the leadership team with the appointments of Snehal Patel to lead internal and external manufacturing and Julie Lepin to lead regulatory affairs.
Sana
Sana
Forward Guidance
Sana Biotechnology expects cash runway into 2025, enabling multiple data readouts across platforms for lead programs, driven by significant cash savings from manufacturing facility move to Bothell, Washington as well as research prioritization.
Positive Outlook
- Cash runway into 2025 will enable multiple data readouts across the platforms based on current timelines for lead programs.
- Sana expects to file INDs across several platforms with multiple drug products in both 2022 and 2023.
- Relocating manufacturing facility to Bothell, WA, resulting in approximately $100 million in expected cost savings over the next three years.
- The Bothell facility will support the late-stage clinical and early commercial manufacturing of multiple product candidates across the portfolio.
- Sana is well-positioned with current resources to file INDs across several platforms with multiple drug products in both 2022 and 2023.
Challenges Ahead
- Extension of cash runway includes a slowed pace of investment for multiple programs with INDs expected in 2024 and beyond.
- Decrease in cash of $167.3 million was primarily driven by cash used in operations of $149.2 million and cash used for the purchase of property and equipment of $11.9 million.
- Cash used in operations includes $6.2 million of upfront payments related to licensing technology for our CD22 and BCMA programs.
- Cash used in operations includes $3.2 million of costs incurred related to the previously planned manufacturing facility in Fremont, CA which will be replaced by the Bothell, WA site.
- Net loss for the three months ended June 30, 2022 was $72.5 million.