Sana Biotechnology, Inc.
For the period ended Jun 30, 2025. Filed Aug 11, 2025.
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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.
Jun 30, 2025 · Filed Aug 11, 2025
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Results of operations
Comparison of the three and six months ended June 30, 2025 and 2024
The following table summarizes our results of operations for the periods presented:
| Three Months Ended June 30, | Six Months Ended June 30, | |||||
|---|---|---|---|---|---|---|
| 2025 | 2024 | Change | 2025 | 2024 | Change | |
| (in thousands) | ||||||
| Operating expenses: | ||||||
| Research and development | $29,761 | $60,874 | $(31,113) | $66,950 | $117,322 | $(50,372) |
| Research and development related success payments and contingent consideration | 10,262 | (27,944) | 38,206 | 12,219 | 10,063 | 2,156 |
| General and administrative | 10,341 | 16,442 | (6,101) | 21,825 | 32,711 | (10,886) |
| Impairment of long-lived assets | 44,611 | - | 44,611 | 44,611 | - | 44,611 |
| Total operating expenses | 94,975 | 49,372 | 45,603 | 145,605 | 160,096 | (14,491) |
| Loss from operations | (94,975) | (49,372) | (45,603) | (145,605) | (160,096) | 14,491 |
| Interest income, net | 577 | 3,202 | (2,625) | 1,569 | 6,236 | (4,667) |
| Other income (expense), net | 598 | (4,121) | 4,719 | 847 | (3,906) | 4,753 |
| Net loss | $(93,800) | $(50,291) | $(43,509) | $(143,189) | $(157,766) | $14,577 |
Research and development expenses
The following table summarizes the components of our research and development expenses for the periods presented:
| Three Months Ended June 30, | |||
|---|---|---|---|
| 2025 | 2024 | Change | |
| (in thousands) | |||
| Research, development, and laboratory | $2,737 | $14,882 | $(12,145) |
| Personnel | 13,958 | 24,305 | (10,347) |
| Facility and other allocated costs | 11,525 | 16,195 | (4,670) |
| Third-party manufacturing | 1,016 | 3,333 | (2,317) |
| Other | 525 | 2,159 | (1,634) |
| Total research and development expense | $29,761 | $60,874 | $(31,113) |
Research and development expense was $29.8 million and $60.9 million for the three months ended June 30, 2025 and 2024, respectively. The decrease of $31.1 million was primarily due to:
a decrease of $12.1 million in laboratory, research, and clinical development expenses primarily related to lower research and development headcount related to the portfolio prioritization announced in November 2024, the suspension of the ARDENT trial in November 2024, and clinical development milestones recorded in the second quarter of 2024 that did not recur in 2025;
a decrease of $10.3 million in personnel-related expenses, including non-cash stock-based compensation, due to lower research and development headcount related to the portfolio prioritization announced in November 2024;
a decrease of $4.7 million in facility and other allocated costs primarily due to the portfolio prioritization announced in November 2024; and
a decrease in third-party manufacturing costs of $2.3 million.
The following table summarizes the components of our research and development expenses for the periods presented:
| Six Months Ended June 30, | |||
|---|---|---|---|
| 2025 | 2024 | Change | |
| (in thousands) | |||
| Research, development, and laboratory | $6,733 | $27,555 | $(20,822) |
| Personnel | 31,109 | 49,516 | (18,407) |
| Facility and other allocated costs | 24,011 | 31,663 | (7,652) |
| Third-party manufacturing | 3,983 | 5,113 | (1,130) |
| Other | 1,114 | 3,475 | (2,361) |
| Total research and development expense | $66,950 | $117,322 | $(50,372) |
Research and development expense was $67.0 million and $117.3 million for the six months ended June 30, 2025 and 2024, respectively. The decrease of $50.4 million was primarily due to:
a decrease of $20.8 million in laboratory, research, and clinical development expenses primarily expenses primarily related to lower research and development headcount related to the portfolio prioritization announced in November 2024, the suspension of the ARDENT trial in November 2024, and clinical development milestones recorded in the first half of 2024 that did not recur in 2025;
a decrease of $18.4 million in personnel-related expenses, including non-cash stock-based compensation, due to lower research and development headcount related to the portfolio prioritization announced in November 2024;
a decrease of $7.7 million in facility and other allocated costs primarily due to the portfolio prioritization announced in November 2024; and
a decrease in third-party manufacturing costs of $1.1 million.
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 June 30, | |||
|---|---|---|---|
| 2025 | 2024 | Change | |
| (in thousands) | |||
| Cobalt success payment | $3,611 | $(20,687) | $24,298 |
| Harvard success payments | 351 | (3,888) | 4,239 |
| Contingent consideration | 6,300 | (3,369) | 9,669 |
| Total research and development related success payments and contingent consideration | $10,262 | $(27,944) | $38,206 |
The expense related to the change in the estimated fair value of our Cobalt Success Payment was $3.6 million for the three months ended June 30, 2025, compared to a gain of $20.7 million for the same period in 2024. The changes in value were due to changes in our market capitalization during the relevant periods. The expense related to the change in the estimated fair value of our Harvard Success Payments was $0.4 million for the three months ended June 30, 2025, compared to a gain of $3.9 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 $6.3 million compared to a gain of $3.4 million for the three months ended June 30, 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.
The following table summarizes the expenses associated with research and development related success payments and contingent consideration for the periods presented:
| Six Months Ended June 30, | |||
|---|---|---|---|
| 2025 | 2024 | Change | |
| (in thousands) | |||
| Cobalt success payment | $3,716 | $7,233 | $(3,517) |
| Harvard success payments | 339 | 815 | (476) |
| Contingent consideration | 8,164 | 2,015 | 6,149 |
| Total research and development related success payments and contingent consideration | $12,219 | $10,063 | $2,156 |
The expenses related to the change in the estimated fair value of our Cobalt Success Payment was $3.7 million for the six months ended June 30, 2025, compared to $7.2 million for the same period in 2024. The changes in value were due to changes in our market capitalization during the relevant periods. The expenses related to the change in the estimated fair value of our Harvard Success Payments was $0.4 million for the six months ended June 30, 2025, compared to $0.8 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 expenses related to the change in the estimated fair value of our Cobalt Contingent Consideration was $8.2 million compared to $2.0 million for the six months ended June 30, 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 $10.3 million and $21.8 million for the three and six months ended June 30, 2025, respectively, compared to $16.4 million and 32.7 million for the same periods in 2024.
The decrease of $6.1 million for the three months ended June 30, 2025 was primarily due to lower personnel-related costs, including non-cash stock-based compensation of $3.7 million due to a decrease in headcount as a result of our portfolio prioritization announced in November 2024, and a decrease in consulting and legal fees of $1.0 million and $0.7 million, respectively.
The decrease of $10.9 million for the six months ended June 30, 2025 was primarily due to lower personnel-related costs, including non-cash stock-based compensation of $6.0 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 $2.2 million and $1.7 million, respectively.
Impairment of long-lived assets was $44.6 million for the three and six months ended June 30, 2025. See Note 11, Impairment of long-lived assets to our condensed consolidated financial statements included elsewhere in this Quarterly Report for additional information.
Interest income, net
Interest income, net, was $0.6 million and $1.6 million for the three and six months ended June 30, 2025, respectively, compared to $3.2 million and $6.2 million for the same periods in 2024, respectively, and consisted primarily of interest earned on our cash and marketable securities balances.
Other income (expense), net
Other income, net, was $0.6 million and $0.8 million for the three and six months ended June 30, 2025, respectively, compared to other expense, net of $4.1 million and $3.9 million for the three and six months ended June 30, 2024, respectively. The increases of $4.7 million for each of the three and six months ended June 30, 2025, were due to an other-than-temporary impairment of an other asset recorded in the second quarter of 2024.
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