Sana Biotechnology (SANA) AI Stock Analysis

• Market Cap: $1.05B
• Dividend Yield: N/A
• Average Volume (3M): 2.02M
• Price to Earnings (P/E): ―
• Beta (1Y): 1.26
• Revenue Growth: N/A
• EPS Growth: 31.16%
• Country: US
• Employees: 194
• Sector: Healthcare
• Sector Strength: 45
• Industry: Biotechnology
• EPS (TTM): -0.21
• Shares Outstanding: 266,366,120
• 10 Day Avg. Volume: 1,769,564
• 30 Day Avg. Volume: 2,022,707
• PEG Ratio: 0.24
• Price to Book (P/B): 6.41
• Price to Sales (P/S): 0.00
• P/FCF Ratio: -7.12
• Enterprise Value/Market Cap: 0.87
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: -3.66
• 1Y Price Target: $8.67
• Price Target Upside: 126.88% Upside
• Rating Consensus: Strong Buy
• Number of Analyst Covering: 3
• EPS Forecast (FY): -0.61
• Revenue Forecast (FY): N/A

• Rating: 46 Neutral
• Price Target: $3.50 ▼(-8.38% Downside)
• Action: Reiterated Date: 03/04/26
• Date: Action: Reiterated 03/04/26

Score is held down primarily by weak financial fundamentals (no revenue, sustained losses, and ongoing cash burn with a weakening balance sheet) and a soft technical setup (below key moving averages with negative MACD). Positive corporate developments and financing flexibility provide some support but do not fully offset execution and funding risk.

Positive Factors

Clinical proof-of-concept (UP421)

Twelve‑month UP421 results demonstrating durable islet function without immunosuppression provide foundational validation of Sana’s hypoimmune approach. This materially de‑risks the diabetes program, improves translational credibility, and raises the prospects for scalable follow‑on programs and partnerships over the next 2–6 months and beyond.

Dual-platform pipeline

Parallel development of hypoimmune cell therapies and an in vivo fusogen/CAR‑T delivery platform diversifies Sana’s scientific and commercial optionality. Multiple modality bets reduce single‑asset dependency, increase potential partnership/licensing use cases, and sustain long‑term strategic positioning in diabetes, oncology and autoimmune markets.

Financing flexibility and runway

Meaningful 2025 equity proceeds, a current cash balance and an amended ATM/shelf materially extend near‑term runway and give management optionality to fund parallel clinical starts. Structural access to capital reduces immediate liquidity risk and supports execution of key IND/trial milestones in 2026.

Negative Factors

No product revenue

Sana remains a pre‑commercial R&D company with no product sales; revenue visibility therefore depends entirely on future approvals, partnerships or milestone deals. This structural lack of operating income keeps cash generation uncertain and heightens reliance on external financing until commercialization.

Sustained cash burn

Persistent negative operating and free cash flow, though improved versus 2024, represent a structural funding pressure. Continued burn will require periodic capital raises, constrain strategic choices, and create execution risk if clinical timelines or costs extend beyond current plans.

Balance sheet weakening & dilution risk

While the ATM/shelf provides financing optionality, reliance on equity issuance amid declining equity/assets signals a weakening balance sheet and recurring dilution risk. Over the medium term this can erode existing shareholders’ stakes and limit non‑dilutive strategic alternatives like large licensing deals.

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

Development-stage profile with no reported revenue and persistent large losses, despite modest improvement in net loss (2021 to 2025) and reduced 2025 free cash flow burn versus 2024. Balance sheet leverage is not extreme, but equity/assets have trended down over time, keeping financing/runway risk elevated.

Income Statement

The company reports no revenue across the annual periods provided, consistent with a pre-commercial biotech profile. Losses remain substantial, but profitability is trending modestly better: net loss improved from about $356M (2021) to about $244M (2025). The key weakness is the continued absence of revenue and persistent operating losses, which keeps overall earnings quality and visibility low despite some cost progress.

Balance Sheet

Leverage is moderate, with total debt of about $79M against equity of about $161M in 2025 (debt-to-equity ~0.49), which is not excessive for the sector. However, the balance sheet has clearly weakened over time: equity and total assets have fallen meaningfully from 2021 to 2025, reflecting ongoing cash burn and cumulative losses. Returns on equity are deeply negative in recent years, highlighting that capital is still being consumed rather than compounded.

Cash Flow

Cash generation remains a major pressure point, with operating cash flow and free cash flow both negative each year, including roughly -$144M free cash flow in 2025. The burn rate improved versus 2024 (when free cash flow was roughly -$257M), but free cash flow growth is volatile and still negative in 2025. A relative positive is that cash outflow is broadly in line with reported losses (free cash flow is near net income magnitude), but the core issue remains: the business is not yet self-funding.

Breakdown	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021
Income Statement
Total Revenue	0.00	0.00	0.00	0.00	0.00
Gross Profit	0.00	0.00	0.00	0.00	0.00
EBITDA	-250.32M	-255.33M	-268.58M	-256.94M	-345.84M
Net Income	-244.17M	-266.76M	-283.25M	-269.48M	-355.93M
Balance Sheet
Total Assets	416.89M	501.02M	565.30M	822.72M	1.13B
Cash, Cash Equivalents and Short-Term Investments	138.38M	152.50M	205.19M	423.96M	551.00M
Total Debt	78.86M	94.20M	104.10M	108.25M	110.94M
Total Liabilities	256.01M	250.52M	277.79M	323.40M	400.90M
Stockholders Equity	160.88M	250.50M	287.51M	499.31M	728.50M
Cash Flow
Free Cash Flow	-144.77M	-256.58M	-273.61M	-310.93M	-280.92M
Operating Cash Flow	-143.83M	-223.15M	-253.58M	-290.05M	-251.05M
Investing Cash Flow	-40.24M	17.45M	172.01M	210.56M	-245.80M
Financing Cash Flow	128.73M	199.75M	31.65M	4.91M	631.75M

Sana Biotechnology Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 3.82
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

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 3.82 is below the 20-day moving average (MA) of 3.95, below the 50-day MA of 4.30, and below the 200-day MA of 3.87, indicating a bearish trend. The MACD of -0.13 indicates Positive momentum. The RSI at 32.61 is Neutral, neither overbought nor oversold. The STOCH value of 13.22 is Positive, 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
GERN	57 Neutral	$941.60M	-10.26	-33.89%	―	522.13%	62.68%
TSHA	53 Neutral	$1.24B	-8.82	-64.93%	―	-36.36%	-945.72%
Sector *	51 Neutral	$7.86B	-0.30	-43.30%	2.27%	22.53%	-2.21%
PRME	50 Neutral	$763.56M	―	-146.81%	―	647.13%	26.79%
CRSP	47 Neutral	$5.57B	-8.11	-30.18%	―	-81.10%	-99.21%
SANA	46 Neutral	$1.05B	―	-118.70%	―	―	31.16%
EDIT	41 Neutral	$199.14M	-3.11	-211.37%	―	-24.90%	7.19%

Sana Biotechnology Corporate Events

Sana Biotechnology Updates ATM Program to Support Development

Sana Biotechnology, Inc., based in Seattle and listed on Nasdaq as SANA, operates in the biotechnology industry, focusing on creating and delivering engineered cell and gene therapies. The company’s key platforms include its hypoimmune technology for allogeneic cell therapies such as pancreatic islet cell treatments for type 1 diabetes, and its fusogen delivery platform for in vivo CAR T and gene-editing approaches targeting cancers and autoimmune diseases.

Sana Biotechnology reported fourth-quarter and full-year 2025 results on March 3, 2026, highlighted by 12‑month data from the UP421 type 1 diabetes study showing safe, durable, immunosuppression‑free function of hypoimmune‑modified pancreatic islet cells, with early study results published in the New England Journal of Medicine. The company advanced lead programs SC451 for type 1 diabetes and SG293 for in vivo CAR T treatment of blood cancers and B‑cell‑mediated autoimmune diseases, strengthened its balance sheet with $133.7 million in 2025 equity proceeds for a cash position of $138.4 million and runway into late 2026, reduced R&D expenses following portfolio prioritization, entered an amended at‑the‑market sales agreement of up to $150 million, and appointed veteran biotech finance executive Brian Piper as chief financial officer.

On March 3, 2026, Sana amended and restated its at‑the‑market equity sales agreement with TD Securities (USA) LLC to allow controlled, periodic sales of common stock, replacing a May 8, 2025 facility under which it had already raised $45.8 million. The new arrangement, supported by a pending $150 million shelf registration, gives Sana flexible access to additional capital while preserving discretion over timing, size, and pricing of issuances, and underscores its intent to fund parallel clinical development of its hypoimmune and fusogen platforms without committing to a specific equity raise timetable.

The most recent analyst rating on (SANA) stock is a Hold with a $5.00 price target. To see the full list of analyst forecasts on Sana Biotechnology stock, see the SANA Stock Forecast page.

Sana Biotechnology Names Brian Piper as New CFO

On February 17, 2026, Sana Biotechnology appointed Brian Piper as Executive Vice President, Chief Financial Officer, Treasurer, and Principal Financial Officer, ending CEO Steve Harr’s interim role as acting principal financial officer. Piper, a veteran biotech finance executive with more than 25 years of industry experience, previously held CFO posts at Scorpion Therapeutics, Antares Therapeutics, Prelude Therapeutics, and Aevi Genomic Medicine, and earlier served in senior finance and investor relations roles at Shire Pharmaceuticals.

Under the terms of his offer, Piper will receive a $515,000 base salary, a target annual bonus equal to 40% of salary, and equity awards comprising stock options for 900,000 shares and 200,000 restricted stock units that vest over four years. His compensation package includes severance protections and eligibility under Sana’s change-in-control severance plan, underscoring the company’s effort to strengthen its financial leadership as it advances key clinical programs in type 1 diabetes and B‑cell–related diseases and navigates upcoming value inflection points for investors and patients.

The most recent analyst rating on (SANA) stock is a Hold with a $5.00 price target. To see the full list of analyst forecasts on Sana Biotechnology stock, see the SANA Stock Forecast page.

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.