Steve Harr: Cash Decreases to $101.1M in 2026
Written by Emily J. Thompson, Senior Investment Analyst
Updated: 16 hours ago
0mins
Should l Buy SANA?
Cash, cash equivalents, and marketable securities as of March 31, 2026 were $101.1M compared to $138.4M as of December 31, 2025. The decrease of $37.3M was primarily driven by cash used in operations of $37.4M. "We remain focused on execution in 2026 and are on track with both SC451 and SG293," said Steve Harr, CEO. "We are working to file our IND and begin a Phase 1 trial later this year for SC451, our gene-modified, stem cell-derived pancreatic islet cell product candidate designed for patients with type 1 diabetes with the goal of a single treatment leading to long-term normal blood glucose without the need for any insulin therapy or immunosuppression. We are pleased to have recently entered into a strategic collaboration with Mayo Clinic, whose multidisciplinary expertise we expect will help accelerate the development, standardization of delivery for, and access to SC451. We also continue to advance SG293, our in vivo CAR T cell product candidate, which has the potential to offer a one-time, off-the-shelf treatment without conditioning chemotherapy to patients with blood cancers or B cell-mediated autoimmune disorders. We are making meaningful progress toward our goal of beginning clinical testing later this year. We are also preparing to begin a clinical trial for SG227, an in vivo BCMA-targeted CAR T cell therapy, by as early as mid-2027 assuming positive early safety and efficacy data for SG293. This near-term operational focus has the potential to generate meaningful proof of concept data across multiple programs over the coming 12-18 months, and we look forward to building on this momentum."
Trade with 70% Backtested Accuracy
Stop guessing "Should I Buy SANA?" and start using high-conviction signals backed by rigorous historical data.
Sign up today to access powerful investing tools and make smarter, data-driven decisions.
Analyst Views on SANA
Wall Street analysts forecast SANA stock price to rise
4 Analyst Rating
4 Buy
0 Hold
0 Sell
Strong Buy
Current: 3.510
Low
7.00
Averages
8.00
High
9.00
Current: 3.510
Low
7.00
Averages
8.00
High
9.00
About SANA
Sana Biotechnology, Inc. is a biotechnology company focusing on utilizing engineered cells as medicines. It is engaged in developing ex vivo and in vivo cell engineering platforms to revolutionize treatment across an array of therapeutic areas with unmet treatment needs, including type 1 diabetes (T1D), oncology, and B cell mediated autoimmune diseases. It develops a pipeline of clinical product candidates focused on creating transformative ex vivo therapies across a range of therapeutic areas. Its pipeline products include SC451 and UP421. SC451 is its HIP-edited product candidate for the treatment of type 1 diabetes. SC451 is a pluripotent stem cell (PSC)-derived hypoimmune pancreatic islet cell product candidate for the treatment of diabetes, with an initial focus on T1D. Its ex vivo cell engineering platform is focused on engineering hypoimmune cells that engraft, function, and persist in patients by evading immune rejection.
About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
Sana Biotechnology Partners with Mayo Clinic to Advance Diabetes Therapy
- Stock Surge: Shares of Sana Biotechnology (SANA) rose approximately 22% in premarket trading on Tuesday, reflecting strong market sentiment towards its collaboration with Mayo Clinic, indicating increased investor confidence in the company's future prospects.
- Innovative Therapy SC451: SC451 is designed as a one-time therapy that administers pancreatic islet cells to help type 1 diabetes patients achieve long-term glucose control, reducing reliance on insulin therapy and immunosuppression, showcasing significant clinical potential.
- Clinical Development Partnership: Under the collaboration, Mayo Clinic will work with SANA on clinical development and post-treatment care for SC451, which is expected to enter Phase 1 clinical trials this year, further advancing its path to market.
- Equity Investment Opportunity: In addition to clinical collaboration, Mayo Clinic will make an equity investment in SANA and receive an option for additional investment, providing crucial funding support for SANA's research and market initiatives.
See More
Sana Biotechnology Partners with Mayo Clinic for Diabetes Therapy Development
- Strategic Collaboration: Sana Biotechnology has formed a strategic partnership with Mayo Clinic to develop SC451, an investigational pancreatic islet cell therapy for Type-1 diabetes, utilizing Sana's proprietary hypoimmune technology, which has shown promising results in clinical studies by maintaining euglycemia without the need for endogenous insulin or immunosuppression.
- Clinical Support: Mayo Clinic will provide comprehensive clinical and operational insights, including workflow optimization, surgical expertise, handling, delivery, and post-treatment management, enhancing the clinical trial design and biomarker identification for patient selection for SC451.
- Investment Opportunity: Mayo Clinic will make an equity investment in Sana, with an option for further investments in the future, which not only provides financial support to Sana but also strengthens its resource integration capabilities in clinical development.
- Clinical Trial Plans: Sana plans to file an Investigational New Drug (IND) application and initiate a Phase 1 clinical study for SC451 this year, which is expected to enhance the company's market position and technological advantage in diabetes treatment.
See More
Sana Partners with Mayo Clinic to Advance Clinical Trials
- Equity Investment Agreement: Mayo Clinic purchased 7.5 million shares of Sana's common stock at $3.33 per share for gross proceeds of about $25 million, indicating a potential upside of 4% from Monday's closing price, reflecting market confidence in Sana's future prospects.
- Clinical Trial Plans: Sana expects to seek FDA clearance this year to initiate clinical trials for its investigational cell therapy SC451 targeting type 1 diabetes, aiming for long-term glucose control and reduced reliance on insulin, which holds significant market potential.
- Optimistic Analyst Ratings: According to Koyfin, eight out of nine analysts covering SANA rate it as 'Buy' or higher, with a 12-month average price target of $8.43, representing a potential upside of approximately 163% from the current closing price, indicating strong market optimism about its future performance.
- Retail Investor Sentiment Rising: On Stocktwits, retail sentiment around SANA stock shifted from 'neutral' to 'bullish' in the past 24 hours, with message volume increasing from 'low' to 'normal' levels, suggesting growing investor interest and confidence in the stock.
See More
Cell Therapy Market Set to Nearly Double by 2035
- Market Growth Potential: The global cell therapy manufacturing market is projected to grow from $7.17 billion in 2026 to over $14 billion by 2035, with a compound annual growth rate of 15.2%, indicating strong demand and investment appeal in this sector.
- FDA Policy Advancement: In early 2026, the FDA formalized flexible manufacturing and quality control oversight, clearing the path for the transition from clinical validation to commercial products, thus accelerating industry growth and innovation.
- Avaí Bio's Progress: Avaí Bio, in partnership with Austrianova, has commenced the production of a Master Cell Bank (MCB) for α-Klotho protein, establishing a foundational infrastructure that ensures compliance with the highest quality standards for future cell therapy products.
- Technological Innovation and Market Demand: Avaí Bio's Cell-in-a-Box® encapsulation platform will utilize cells from the MCB to create a therapy that continuously produces Klotho protein, addressing the growing demand for anti-aging treatments and holding significant market potential.
See More
SANA BIOTECHNOLOGY INC - HIP-MODIFIED ISLETS DEMONSTRATE SAFETY, IMMUNE EVASION, AND INSULIN PRODUCTION AFTER 14 MONTHS
Safety of In-Chip Modified Islets: Recent studies indicate that in-chip modified islets demonstrate safety for use in medical applications.
Immune Evasion: The modified islets show promising results in evading immune responses, which is crucial for their effectiveness in transplantation.
Insulin Production: These islets are capable of producing insulin, which is essential for managing blood sugar levels in diabetic patients.
14-Month Evaluation: The findings are based on evaluations conducted over a 14-month period, highlighting the long-term viability of the modified islets.
See More
Sana Biotechnology Reports Q4 Results with Expanded Losses
- Financial Overview: Sana Biotechnology reported an adjusted net loss of $44.74 million for Q4, or $0.16 per share, a decrease from $54.79 million and $0.23 per share last year, indicating efforts in cost management; however, the overall net loss expanded to $58.83 million, reflecting ongoing financial challenges.
- R&D Progress and Milestones: The company aims to generate human proof-of-concept data for SC451 and SG293 within the next 12-18 months, with SC451 targeting type 1 diabetes and SG293 focusing on blood cancers, suggesting that advancements in these critical therapeutic areas could position Sana competitively in the market.
- Cash Flow and Financing Status: As of Q4 2025, Sana reported a cash position of $138.4 million, with an expected runway into late 2026, ensuring funding for R&D and operations, which enhances investor confidence in its long-term growth prospects.
- Clinical Trials and Regulatory Interactions: Multiple interactions with regulators have bolstered confidence in Sana's manufacturing processes and clinical trial plans, with an IND application for SC451 anticipated as early as 2026, followed by Phase 1 trials, demonstrating the company's proactive approach to advancing its product pipeline.
See More
Sana Biotechnology Partners with Mayo Clinic to Advance Diabetes Therapy
- Stock Surge: Shares of Sana Biotechnology (SANA) rose approximately 22% in premarket trading on Tuesday, reflecting strong market sentiment towards its collaboration with Mayo Clinic, indicating increased investor confidence in the company's future prospects.
- Innovative Therapy SC451: SC451 is designed as a one-time therapy that administers pancreatic islet cells to help type 1 diabetes patients achieve long-term glucose control, reducing reliance on insulin therapy and immunosuppression, showcasing significant clinical potential.
- Clinical Development Partnership: Under the collaboration, Mayo Clinic will work with SANA on clinical development and post-treatment care for SC451, which is expected to enter Phase 1 clinical trials this year, further advancing its path to market.
- Equity Investment Opportunity: In addition to clinical collaboration, Mayo Clinic will make an equity investment in SANA and receive an option for additional investment, providing crucial funding support for SANA's research and market initiatives.
See More
Sana Biotechnology Partners with Mayo Clinic for Diabetes Therapy Development
- Strategic Collaboration: Sana Biotechnology has formed a strategic partnership with Mayo Clinic to develop SC451, an investigational pancreatic islet cell therapy for Type-1 diabetes, utilizing Sana's proprietary hypoimmune technology, which has shown promising results in clinical studies by maintaining euglycemia without the need for endogenous insulin or immunosuppression.
- Clinical Support: Mayo Clinic will provide comprehensive clinical and operational insights, including workflow optimization, surgical expertise, handling, delivery, and post-treatment management, enhancing the clinical trial design and biomarker identification for patient selection for SC451.
- Investment Opportunity: Mayo Clinic will make an equity investment in Sana, with an option for further investments in the future, which not only provides financial support to Sana but also strengthens its resource integration capabilities in clinical development.
- Clinical Trial Plans: Sana plans to file an Investigational New Drug (IND) application and initiate a Phase 1 clinical study for SC451 this year, which is expected to enhance the company's market position and technological advantage in diabetes treatment.
See More
Sana Partners with Mayo Clinic to Advance Clinical Trials
- Equity Investment Agreement: Mayo Clinic purchased 7.5 million shares of Sana's common stock at $3.33 per share for gross proceeds of about $25 million, indicating a potential upside of 4% from Monday's closing price, reflecting market confidence in Sana's future prospects.
- Clinical Trial Plans: Sana expects to seek FDA clearance this year to initiate clinical trials for its investigational cell therapy SC451 targeting type 1 diabetes, aiming for long-term glucose control and reduced reliance on insulin, which holds significant market potential.
- Optimistic Analyst Ratings: According to Koyfin, eight out of nine analysts covering SANA rate it as 'Buy' or higher, with a 12-month average price target of $8.43, representing a potential upside of approximately 163% from the current closing price, indicating strong market optimism about its future performance.
- Retail Investor Sentiment Rising: On Stocktwits, retail sentiment around SANA stock shifted from 'neutral' to 'bullish' in the past 24 hours, with message volume increasing from 'low' to 'normal' levels, suggesting growing investor interest and confidence in the stock.
See More
Cell Therapy Market Set to Nearly Double by 2035
- Market Growth Potential: The global cell therapy manufacturing market is projected to grow from $7.17 billion in 2026 to over $14 billion by 2035, with a compound annual growth rate of 15.2%, indicating strong demand and investment appeal in this sector.
- FDA Policy Advancement: In early 2026, the FDA formalized flexible manufacturing and quality control oversight, clearing the path for the transition from clinical validation to commercial products, thus accelerating industry growth and innovation.
- Avaí Bio's Progress: Avaí Bio, in partnership with Austrianova, has commenced the production of a Master Cell Bank (MCB) for α-Klotho protein, establishing a foundational infrastructure that ensures compliance with the highest quality standards for future cell therapy products.
- Technological Innovation and Market Demand: Avaí Bio's Cell-in-a-Box® encapsulation platform will utilize cells from the MCB to create a therapy that continuously produces Klotho protein, addressing the growing demand for anti-aging treatments and holding significant market potential.
See More
SANA BIOTECHNOLOGY INC - HIP-MODIFIED ISLETS DEMONSTRATE SAFETY, IMMUNE EVASION, AND INSULIN PRODUCTION AFTER 14 MONTHS
Safety of In-Chip Modified Islets: Recent studies indicate that in-chip modified islets demonstrate safety for use in medical applications.
Immune Evasion: The modified islets show promising results in evading immune responses, which is crucial for their effectiveness in transplantation.
Insulin Production: These islets are capable of producing insulin, which is essential for managing blood sugar levels in diabetic patients.
14-Month Evaluation: The findings are based on evaluations conducted over a 14-month period, highlighting the long-term viability of the modified islets.
See More
Sana Biotechnology Reports Q4 Results with Expanded Losses
- Financial Overview: Sana Biotechnology reported an adjusted net loss of $44.74 million for Q4, or $0.16 per share, a decrease from $54.79 million and $0.23 per share last year, indicating efforts in cost management; however, the overall net loss expanded to $58.83 million, reflecting ongoing financial challenges.
- R&D Progress and Milestones: The company aims to generate human proof-of-concept data for SC451 and SG293 within the next 12-18 months, with SC451 targeting type 1 diabetes and SG293 focusing on blood cancers, suggesting that advancements in these critical therapeutic areas could position Sana competitively in the market.
- Cash Flow and Financing Status: As of Q4 2025, Sana reported a cash position of $138.4 million, with an expected runway into late 2026, ensuring funding for R&D and operations, which enhances investor confidence in its long-term growth prospects.
- Clinical Trials and Regulatory Interactions: Multiple interactions with regulators have bolstered confidence in Sana's manufacturing processes and clinical trial plans, with an IND application for SC451 anticipated as early as 2026, followed by Phase 1 trials, demonstrating the company's proactive approach to advancing its product pipeline.
See More
