Loading...
•
Sep 30, 2022
Sana Q3 2022 Earnings Report
Sana Biotechnology reported financial results for the third quarter of 2022 and provided business updates.
Key Takeaways
Sana Biotechnology reported a net loss of $85.1 million for the third quarter of 2022. The company's cash position remains strong at $511.6 million, which is expected to fund operations into 2025. Key programs like SC291 and SG295 are progressing, with IND filings expected in the near future.
Sana Biotechnology remains on track to file an IND for SC291 this year, with potential clinical data expected in 2023.
The company is developing a second-generation process for SG295, which is expected to improve potency, safety, and manufacturability, with an IND filing anticipated in 2023.
Sana Biotechnology is advancing its SC276 program, with an IND filing expected in 2023, targeting B cell malignancies.
The company's cash position was $511.6 million as of September 30, 2022, providing a cash runway into 2025.
Sana
Sana
Forward Guidance
Sana Biotechnology anticipates several milestones in the near future, including IND filings for SC291, SG295, and SC276, along with potential clinical data readouts. The company's focus remains on advancing its pipeline and platforms while maintaining a strong balance sheet.
Positive Outlook
- SC291: IND filing expected this year.
- SC291: Potential clinical data in 2023, including tumor response and CAR T cell persistence data.
- SG295: IND filing expected in 2023.
- SG295: Second-generation process with improved potency, safety, and manufacturability.
- SC276: IND filing expected in 2023.
Challenges Ahead
- SG295: IND filing delayed until 2023 due to implementation of the second-generation process.
- SC451: IND filing now expected in 2024, with early clinical data also in 2024.
- Research and development expenses increased due to personnel-related expenses, third-party manufacturing costs, and facility costs.
- General and administrative expenses increased due to operating costs associated with the Fremont facility and stock-based compensation expense.
- Net loss for the quarter was $85.1 million.