Sana Biotechnology Inc (NASDAQ: SANA) is a clinical-stage biotechnology company developing engineered cell-based therapies. The company generates no product revenue, funding operations entirely through equity issuances. As of the 10-K filed March 3, 2026, Sana had burned $143.8 million in cash from operations in FY2025, down from $223.2 million in FY2024 and $253.6 million in FY2023. Capital raises in FY2025 included an August 2025 underwritten public offering of 24.3 million shares plus pre-funded warrants for net proceeds of approximately $80.6 million, and at-the-market sales of 11.3 million shares for net proceeds of approximately $45.8 million under a TD Cowen sales agreement. In March 2026, Sana amended that ATM facility to allow up to $150.0 million in additional at-market sales. Research and development obligations include success payments to Cobalt ($6.9 million in FY2024) and Harvard ($1.3 million in FY2024). Operating lease obligations total $119.3 million across all periods as of the filing date.

Revenue model

No product revenue. Operations funded exclusively through equity capital markets: at-the-market common stock offerings via TD Cowen and periodic underwritten public offerings. Success payments owed to licensors Cobalt and Harvard are contingent R&D obligations, not revenue streams.

Products and services

Clinical-stage engineered cell therapy product candidates. Specific programs are not named in the provided filing excerpts. The company incurs R&D-related success payments tied to Cobalt and Harvard licensing arrangements.

Customers and end markets

No commercial customers as of the filing date. End market is patients in clinical trials. Potential future end markets include pharmaceutical pricing and reimbursement environments in the United States and European Union, subject to regulatory approval of product candidates.

Value-chain role

Drug developer and IP holder operating upstream of commercialization. Engages third-party service providers, contractors, collaborators, and consultants in clinical development. Holds patents and licenses intellectual property from academic and commercial partners including Cobalt and Harvard.

Geographic exposure

Primary operations in the United States. Clinical trial and regulatory activity referenced in the EU and UK, implicating GDPR and UK GDPR compliance obligations.

Source: SEC 10-K, filed 2026-03-03

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