Sana Biotechnology, Inc.
For the period ended Mar 31, 2025. Filed May 8, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Mar 31, 2025 · Filed May 8, 2025
Extracted filing text, with the paragraph anchors used by the comparison.
See the whole filing, with its images and exhibitsContents
Results of operations
Comparison of the three months ended March 31, 2025 and 2024
The following table summarizes our results of operations for the periods presented:
| Three Months Ended March 31, | |||
|---|---|---|---|
| 2025 | 2024 | Change | |
| (in thousands) | |||
| Operating expenses: | |||
| Research and development | $37,189 | $56,448 | $(19,259) |
| Research and development related success payments and contingent consideration | 1,957 | 38,007 | (36,050) |
| General and administrative | 11,484 | 16,269 | (4,785) |
| Total operating expenses | 50,630 | 110,724 | (60,094) |
| Loss from operations | (50,630) | (110,724) | 60,094 |
| Interest income, net | 992 | 3,034 | (2,042) |
| Other income, net | 249 | 215 | 34 |
| Net loss | $(49,389) | $(107,475) | $58,086 |
Research and development expenses
The following table summarizes the components of our research and development expenses for the periods presented:
| Three Months Ended March 31, | |||
|---|---|---|---|
| 2025 | 2024 | Change | |
| (in thousands) | |||
| Personnel | $17,151 | $25,211 | $(8,060) |
| Research and laboratory | 3,075 | 8,160 | (5,085) |
| Clinical development | 921 | 4,512 | (3,591) |
| Facility and other allocated costs | 12,486 | 15,468 | (2,982) |
| Third-party manufacturing | 2,967 | 1,780 | 1,187 |
| Other | 589 | 1,317 | (728) |
| Total research and development expense | $37,189 | $56,448 | $(19,259) |
Research and development expense was $37.2 million and $56.4 million for the three months ended March 31, 2025 and 2024, respectively. The decrease of $19.3 million was primarily due to:
a decrease of $8.1 million in personnel-related expenses due to lower research and development headcount related to the portfolio prioritization announced in November 2024;
a decrease of $5.1 million in laboratory and research expenses primarily due to lower research and development headcount;
a decrease of $3.6 million in clinical development costs primarily related to the suspension of the ARDENT trial in November 2024 and clinical development milestones recorded in the first quarter of 2024 that did not recur in 2025; and
a decrease of $3.0 million in facility and other allocated costs primarily due to the portfolio prioritization announced in November 2024.
These decreases were partially offset by an increase of $1.2 million in third-party manufacturing costs.
Research and development related success payments and contingent consideration
The following table summarizes the expenses (gains) associated with research and development related success payments and contingent consideration for the periods presented:
| Three Months Ended March 31, | |||
|---|---|---|---|
| 2025 | 2024 | Change | |
| (in thousands) | |||
| Cobalt success payment | $105 | $27,920 | $(27,815) |
| Harvard success payments | (12) | 4,703 | (4,715) |
| Contingent consideration | 1,864 | 5,384 | (3,520) |
| Total research and development related success payments and contingent consideration | $1,957 | $38,007 | $(36,050) |
The expense related to the change in the estimated fair value of our Cobalt Success Payment was $0.1 million for the three months ended March 31, 2025, compared to $27.9 million for the same period in 2024. The changes in value were due to changes in our market capitalization during the relevant periods. The gain related to the change in the estimated fair value of our Harvard Success Payments was immaterial for the three months ended March 31, 2025, compared to an expense of $4.7 million for the same period in 2024. The changes in value were primarily due to changes in our common stock price during the relevant periods. The expense related to the change in the estimated fair value of our Cobalt Contingent Consideration was $1.9 million compared to $5.4 million for the three months ended March 31, 2025 and 2024, respectively. The changes in value were due primarily to changes in the timing and probability of the achievement of milestones during the relevant periods.
General and administrative expenses
General and administrative expenses were $11.5 million and $16.3 million for the three months ended March 31, 2025 and 2024, respectively. The decrease of $4.8 million was primarily due to lower personnel-related costs, including non-cash stock-based compensation of $2.3 million due to a decrease in headcount as a result of our portfolio prioritization announced in November 2024, and a decrease in legal and consulting fees of $1.5 million and $0.7 million, respectively.
Interest income, net
Interest income, net, was $1.0 million and $3.0 million for the three months ended March 31, 2025 and 2024, respectively, and consisted primarily of interest earned on our cash and marketable securities balances.
The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.