Sana Biotechnology, Inc.
For the period ended Mar 31, 2026. Filed May 11, 2026.
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, 2026 · Filed May 11, 2026
Extracted filing text, with the paragraph anchors used by the comparison.
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Results of operations
Comparison of the three months ended March 31, 2026 and 2025
The following table summarizes our results of operations for the periods presented:
| Three Months Ended March 31, | |||
|---|---|---|---|
| 2026 | 2025 | Change | |
| (in thousands) | |||
| Operating expenses: | |||
| Research and development | $28,719 | $37,189 | $(8,470) |
| Research and development related success payments and contingent consideration | 8,433 | 1,957 | 6,476 |
| General and administrative | 11,462 | 11,484 | (22) |
| Total operating expenses | 48,614 | 50,630 | (2,016) |
| Loss from operations | (48,614) | (50,630) | 2,016 |
| Interest income, net | 951 | 992 | (41) |
| Other income, net | 453 | 249 | 204 |
| Net loss | $(47,210) | $(49,389) | $2,179 |
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, | |||
|---|---|---|---|
| 2026 | 2025 | Change | |
| (in thousands) | |||
| Personnel | $12,413 | $17,151 | $(4,738) |
| Third-party manufacturing | 722 | 2,967 | (2,245) |
| Facility and other allocated costs | 10,384 | 12,486 | (2,102) |
| Research, development, and laboratory | 4,018 | 3,996 | 22 |
| Other | 1,182 | 589 | 593 |
| Total research and development expense | $28,719 | $37,189 | $(8,470) |
Research and development expenses were $28.7 million and $37.2 million for the three months ended March 31, 2026 and 2025, respectively. The decrease of $8.5 million was primarily due to:
a decrease of $4.7 million in personnel-related expenses, including non-cash stock-based compensation, due to lower research and development headcount;
a decrease of $2.2 million in third-party manufacturing costs at CDMOs primarily related to the suspension of our allogeneic CAR T programs; and
a decrease of $2.1 million in facility and other allocated costs primarily related to depreciation, allocated personnel, and other 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, | |||
|---|---|---|---|
| 2026 | 2025 | Change | |
| (in thousands) | |||
| Cobalt success payment | $(1,823) | $105 | $(1,928) |
| Harvard success payments | (489) | (12) | (477) |
| Contingent consideration | 10,745 | 1,864 | 8,881 |
| Total research and development related success payments and contingent consideration | $8,433 | $1,957 | $6,476 |
The gain related to the change in the estimated fair value of our Cobalt Success Payment was $1.8 million for the three months ended March 31, 2026, compared to an expense of $0.1 million for the same period in 2025. The changes in value were primarily 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 $0.5 million for the three months ended March 31, 2026, compared to an immaterial gain for the same period in 2025. 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 $10.7 million for the three months ended March 31, 2026 compared to $1.9 million for the same period in 2025, 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 for the three months ended March 31, 2026, unchanged compared to the three months ended March 31, 2025. Legal fees increased $0.2 million offset by decreased personnel-related costs, including stock-based compensation, of $0.2 million compared to the three months ended March 31, 2025.
Interest income, net
Interest income, net, was $1.0 million for the three months ended March 31, 2026, unchanged compared to the three months ended March 31, 2025, and consisted primarily of interest earned on our cash and marketable securities balances.
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