Sana Biotechnology (SANA) AI Stock Analysis

• Market Cap: $1.18B
• Dividend Yield: N/A
• Average Volume (3M): 2.50M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.25
• Revenue Growth: N/A
• EPS Growth: 31.16%
• Country: US
• Employees: 194
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.16
• Shares Outstanding: 266,366,120
• 10 Day Avg. Volume: 2,281,770
• 30 Day Avg. Volume: 2,498,285
• PEG Ratio: 0.07
• Price to Book (P/B): 1.50
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -1.47
• Enterprise Value/Market Cap: 0.99
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: -6.53
• 1Y Price Target: $8.00
• Price Target Upside: 73.91% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 51 Neutral
• Price Target: $4.50 ▼(-2.17% Downside)

Overall score is held back primarily by weak financial fundamentals typical of a development-stage biotech (no revenue, large losses, and continued cash burn with higher leverage). Technicals are moderately supportive with the stock trading above major moving averages and mild positive momentum, while valuation remains challenged due to negative earnings. A positive corporate update on diabetes cell-therapy progress provides an additional tailwind but does not offset the funding and execution risk implied by current financials.

Positive Factors

Proprietary in vivo gene‑editing VLP fusogen platform

Publication in Nature Biotechnology validates Sana’s VLP fusogen tech for systemic, cell‑specific in vivo editing of long‑term HSCs. Peer‑reviewed evidence of targeted delivery and durable editing supports a durable competitive advantage in in vivo gene therapies and de‑risks platform translation efforts.

Clinical proof points in diabetes with UP421 and SC451 progress

Durable 12‑month survival/function without immunosuppression is a high‑bar clinical proof of the hypoimmune approach. Progress toward IND/Phase 1 for SC451 indicates pipeline maturation from case proof to a broader development program, materially improving long‑term commercialization prospects if sustained.

Strategic refocus on highest‑value programs

Management’s decision to prioritize SC451 and in vivo CAR‑T reallocates capital and talent toward programs with potentially larger patient impact and clearer regulatory paths, improving execution focus and increasing the chance of clinical and manufacturing success across fewer, higher‑conviction programs.

Negative Factors

Pre‑revenue, persistent large net losses

Sana remains a development‑stage biotech with no product revenue and sizable recurring net losses, which structurally constrain reinvestment capacity and heighten reliance on external capital. Continued negative results make sustainable operations contingent on successful trials or frequent financings.

Rising leverage and shrinking equity cushion

Higher leverage and materially reduced equity from prior years weaken financial flexibility to tolerate trial delays or scale manufacturing. With equity declining and debt rising, refinancing risk and covenant sensitivity increase, potentially forcing dilutive capital raises or constrained operational choices.

Negative operating and free cash flow; funding dependence

Sustained negative operating and free cash flow means the company cannot self‑finance development or scale manufacturing. While burn improved versus earlier years, the persistent funding gap makes Sana dependent on external equity/debt, which may dilute shareholders or limit long‑term autonomy if clinical results lag.

Sana Biotechnology Business Overview & Revenue Model

Company Description

Sana Biotechnology, Inc., a biotechnology company, focuses on utilizing engineered cells as medicines. The company develops ex vivo and in vivo cell engineering platforms for various therapeutic areas with unmet treatment needs, including oncology, diabetes, central nervous system disorders, cardiovascular diseases, genetic disorders, and others. Its product candidates include SG295 and SG242 that target CD19+ cancer cells, including non-Hodgkin Lymphoma, chronic lymphocytic leukemia, and acute lymphoblastic leukemia; SG221 and SG239 for the treatment of multiple myeloma; and SG328 for ornithine transcarbamylase deficiency. It also develops SG418 for sickle cell disease and beta-thalassemia; SC291, a CD19 allogeneic T cell therapy; SC255 for multiple myeloma; SC451 for type I diabetes mellitus; and SC379 for secondary progressive multiple sclerosis, Pelizaeus-Merzbacher disease, and Huntington's disease. Sana Biotechnology, Inc. was formerly known as FD Therapeutics, Inc. and changed its name to Sana Biotechnology, Inc. in September 2018. The company was incorporated in 2018 and is headquartered in Seattle, Washington.

How the Company Makes Money

Sana Biotechnology makes money primarily through the development and commercialization of its proprietary cell engineering platforms and technologies. The company generates revenue through partnerships and collaborations with other biotech and pharmaceutical companies, which may include upfront payments, milestone payments, and royalties based on the successful development and commercialization of therapies. Additionally, Sana may earn revenue from government grants and research funding, as well as potential future sales of approved therapeutic products. Strategic collaborations and licensing agreements are significant contributors to Sana's earnings, enabling the company to leverage its innovative technologies for broader applications and market reach.

Sana Biotechnology Financial Statement Overview

Summary

Pre-revenue with large, persistent losses (TTM net income about -$234M) and ongoing cash burn (TTM operating cash flow about -$158M; TTM free cash flow about -$159M). Multi-year burn-rate improvement is a positive, but shrinking equity over time and higher recent leverage (TTM debt-to-equity ~0.70) keep financial risk elevated.

Income Statement

The company remains firmly in a pre-revenue stage (revenue is $0 across the provided periods), so losses are the core story. Net losses are large and persistent (TTM (Trailing-Twelve-Months) net income of about -$234M), although losses have narrowed versus prior annual periods (from roughly -$356M in 2021 to -$267M in 2024). With no revenue base, reported margins are not economically meaningful and profitability is still a key weakness, despite some improvement in the loss run-rate.

Balance Sheet

The balance sheet shows moderate leverage with TTM (Trailing-Twelve-Months) debt of about $90M against equity of about $195M (debt-to-equity ~0.70), which is meaningfully higher than the ~0.22–0.38 range seen in 2022–2024. Assets and equity have also stepped down over time (equity from ~$729M in 2021 to ~$251M in 2024 and ~$195M TTM), reflecting ongoing burn and capitalization changes. While equity remains positive (a major improvement from negative equity in 2020), the rising leverage and deeply negative returns on equity signal elevated financial risk if losses persist.

Cash Flow

Cash generation remains negative, with TTM (Trailing-Twelve-Months) operating cash flow around -$158M and free cash flow around -$159M. The burn rate has improved versus 2021–2023 levels (when operating cash flow was roughly -$251M to -$290M), which is a clear positive, but TTM free cash flow growth is negative (about -14%), indicating some recent deterioration. Free cash flow tracks net loss fairly closely (TTM free cash flow slightly more favorable than net income), but the business is still dependent on external funding until it reaches commercialization.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00	0.00
Gross Profit	0.00	0.00	0.00	0.00	0.00	-10.17M
EBITDA	-178.62M	-255.33M	-268.58M	-256.94M	-345.84M	-287.03M
Net Income	-234.41M	-266.76M	-283.25M	-269.48M	-355.93M	-285.31M
Balance Sheet
Total Assets	435.43M	501.02M	565.30M	822.72M	1.13B	730.30M
Cash, Cash Equivalents and Short-Term Investments	153.05M	152.50M	205.19M	423.96M	551.00M	378.26M
Total Debt	89.74M	94.20M	104.10M	108.25M	110.94M	71.91M
Total Liabilities	240.12M	250.52M	277.79M	323.40M	400.90M	1.15B
Stockholders Equity	195.31M	250.50M	287.51M	499.31M	728.50M	-421.18M
Cash Flow
Free Cash Flow	-158.85M	-256.58M	-273.61M	-310.93M	-280.92M	-161.85M
Operating Cash Flow	-158.35M	-223.15M	-253.58M	-290.05M	-251.05M	-137.98M
Investing Cash Flow	23.35M	17.45M	172.01M	210.56M	-245.80M	-252.56M
Financing Cash Flow	111.73M	199.75M	31.65M	4.91M	631.75M	435.69M

Sana Biotechnology Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 4.60
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SANA, the sentiment is Negative. The current price of 4.6 is below the 20-day moving average (MA) of 4.62, above the 50-day MA of 4.44, and above the 200-day MA of 3.61, indicating a neutral trend. The MACD of 0.06 indicates Positive momentum. The RSI at 45.54 is Neutral, neither overbought nor oversold. The STOCH value of 27.78 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for SANA.

Sana Biotechnology Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
TSHA	53 Neutral	$1.24B	-12.72	-64.93%	―	-36.36%	-945.72%
GERN	52 Neutral	$874.55M	-11.40	-29.57%	―	522.13%	62.68%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
SANA	51 Neutral	$1.18B	-4.56	-96.11%	―	―	31.16%
CRSP	50 Neutral	$4.76B	-8.95	-25.33%	―	-81.10%	-99.21%
PRME	50 Neutral	$687.75M	-2.58	-112.34%	―	647.13%	26.79%
EDIT	41 Neutral	$194.26M	-0.84	-211.37%	―	-24.90%	7.19%

Sana Biotechnology Corporate Events

Sana Biotechnology Highlights Diabetes Cell Therapy Advances at Conference

At the 44th Annual J.P. Morgan Healthcare Conference on January 14, 2026, Sana Biotechnology presented updated data showing that UP421, its hypoimmune-engineered primary pancreatic islet cell therapy, survived and functioned for at least 12 months in a type 1 diabetes patient without immunosuppression, meeting all primary and secondary endpoints with no therapy-related adverse events and demonstrating sustained immune evasion and insulin production. Building on these results, the company reported substantial 2025 progress toward SC451, its HIP-modified, stem cell-derived islet therapy for the broader type 1 diabetes population, with goals to file an IND and start a Phase 1 trial in 2026, while also advancing SG293, an in vivo CD19-directed CAR T cell program supported by non-human primate data and targeting first-in-human results in 2026, underscoring Sana’s push to translate its hypoimmune and fusosome platforms into scalable, potentially transformative treatments for diabetes and hematologic indications.

The most recent analyst rating on (SANA) stock is a Hold with a $4.50 price target. To see the full list of analyst forecasts on Sana Biotechnology stock, see the SANA Stock Forecast page.