Revenue: As of FY2026 Q1, the actual value is USD 0.

EPS: As of FY2026 Q1, the actual value is USD -0.17, beating the estimate of USD -0.1725.

EBIT: As of FY2026 Q1, the actual value is USD -48.61 M.

Financial Overview

Cash Position

As of March 31, 2026, Sana Biotechnology, Inc.’s cash, cash equivalents, and marketable securities totaled $101.1 million, a decrease from $138.4 million as of December 31, 2025 . This $37.3 million decrease was primarily driven by $37.4 million in cash used in operations . The pro forma cash position was $128.9 million, which includes an approximately $25.0 million equity investment from the Mayo Clinic collaboration and recent at-the-market offering facility (ATM) activity .

Operating Expenses

• Research and Development Expenses: For the three months ended March 31, 2026, research and development expenses were $28.7 million, an $8.5 million decrease compared to $37.2 million for the same period in 2025 . This decrease was mainly due to lower personnel-related expenses, including non-cash stock-based compensation ($3.1 million in Q1 2026 vs. $4.6 million in Q1 2025), reduced third-party manufacturing costs, and lower facility and other allocated costs .
• Research and Development Related Success Payments and Contingent Consideration: Non-cash expenses recognized were $8.4 million for the three months ended March 31, 2026, an increase from $2.0 million for the same period in 2025, reflecting fluctuations in the estimated fair value of liabilities .
• General and Administrative Expenses: These expenses remained unchanged at $11.5 million for the three months ended March 31, 2026, compared to the same period in 2025, including non-cash stock-based compensation of $2.6 million in Q1 2026 and $2.4 million in Q1 2025 .

Net Loss

• GAAP Net Loss: Sana Biotechnology, Inc. reported a net loss of -$47.2 million, or -$0.17 per share, for the three months ended March 31, 2026, an improvement from a net loss of -$49.4 million, or -$0.21 per share, for the same period in 2025 .
• Non-GAAP Net Loss: The non-GAAP net loss for the three months ended March 31, 2026, was -$38.8 million, or -$0.14 per share, compared to -$47.4 million, or -$0.20 per share, for the same period in 2025 .

Cash Flow

• Non-GAAP Operating Cash Burn: Non-GAAP operating cash burn for the three months ended March 31, 2026, was -$37.0 million, an improvement from -$46.6 million for the same period in 2025 .

Balance Sheet Data (as of March 31, 2026)

• Total Assets: $373,593 thousand, a decrease from $416,890 thousand as of December 31, 2025 .
• Total Liabilities: $254,353 thousand, a decrease from $256,006 thousand as of December 31, 2025 .
• Total Stockholders’ Equity: $119,240 thousand, a decrease from $160,884 thousand as of December 31, 2025 .

Operational Metrics

Sana Biotechnology, Inc. announced a strategic collaboration with Mayo Clinic, including an approximately $25.0 million equity investment, focused on improving care in type 1 diabetes and accelerating the development of SC451 . The company reported positive clinical results at 14 months from an ongoing trial transplanting UP421 without immunosuppression into a patient with type 1 diabetes, demonstrating ongoing survival and function of pancreatic beta cells . Progress continues towards starting Phase 1 trials for SC451 and SG293 in non-Hodgkin lymphoma later this year, with manufacturing readiness and preclinical data preparations underway . Brian Piper was appointed as Executive Vice President, Chief Financial Officer .

Outlook / Guidance

Sana Biotechnology, Inc. expects its cash runway to extend into 2027 . The company anticipates filing an IND and beginning a Phase 1 clinical trial for SC451 as early as this year, and aims to generate first-in-human data for SG293 in non-Hodgkin lymphoma also as early as this year . Furthermore, Sana Biotechnology, Inc. is preparing to begin a clinical trial for SG227 as early as mid-2027, assuming positive early safety and efficacy data for SG293 .