Sana Biotechnology Reports Second Quarter 2024 Financial Results and Business Updates
Sana Biotechnology (NASDAQ: SANA) reported its second quarter 2024 financial results and business updates. The company is advancing its hypoimmune technology in trials for oncology, B-cell mediated autoimmune diseases, and type 1 diabetes. Key trials include the GLEAM trial for SC291 in autoimmune diseases, ARDENT and VIVID trials for SC291 and SC262 in oncology, with initial data expected in 2024. Sana published promising preclinical data in Nature Biotechnology.
Financially, Sana reported a cash position of $251.6 million and expects a 2024 operating cash burn below $200 million. R&D expenses for Q2 2024 were $60.9 million, down from $73.0 million in Q2 2023. G&A expenses were $16.4 million. The net loss for Q2 2024 was $50.3 million ($0.21 per share), improved from $114.0 million ($0.59 per share) in Q2 2023.
Sana Biotechnology (NASDAQ: SANA) ha riportato i suoi risultati finanziari del secondo trimestre 2024 e aggiornamenti aziendali. L'azienda sta avanzando la sua tecnologia ipoimmune in trials per oncologia, malattie autoimmuni mediate da cellule B e diabete di tipo 1. I trial chiave includono il trial GLEAM per SC291 nelle malattie autoimmuni, i trial ARDENT e VIVID per SC291 e SC262 in oncologia, con i primi dati attesi nel 2024. Sana ha pubblicato dati preclinici promettenti su Nature Biotechnology.
Dal punto di vista finanziario, Sana ha riportato una posizione di cassa di 251,6 milioni di dollari e si aspetta un consumo di cassa operativo nel 2024 al di sotto dei 200 milioni di dollari. Le spese per R&S per il secondo trimestre 2024 sono state di 60,9 milioni di dollari, in calo rispetto ai 73,0 milioni di dollari nel secondo trimestre 2023. Le spese generali e amministrative sono state di 16,4 milioni di dollari. La perdita netta per il secondo trimestre 2024 è stata di 50,3 milioni di dollari (0,21 dollari per azione), migliorata rispetto ai 114,0 milioni di dollari (0,59 dollari per azione) del secondo trimestre 2023.
Sana Biotechnology (NASDAQ: SANA) informó sobre sus resultados financieros del segundo trimestre de 2024 y actualizaciones comerciales. La empresa está avanzando en su tecnología hipoinmune en ensayos para oncología, enfermedades autoinmunitarias mediadas por células B y diabetes tipo 1. Los ensayos clave incluyen el ensayo GLEAM para SC291 en enfermedades autoinmunes, y los ensayos ARDENT y VIVID para SC291 y SC262 en oncología, con datos iniciales esperados para 2024. Sana publicó datos preclínicos prometedores en Nature Biotechnology.
A nivel financiero, Sana reportó una posición en efectivo de 251,6 millones de dólares y espera que el consumo de efectivo operativo en 2024 se mantenga por debajo de los 200 millones de dólares. Los gastos en I+D para el segundo trimestre de 2024 fueron de 60,9 millones de dólares, una disminución respecto a los 73,0 millones de dólares en el segundo trimestre de 2023. Los gastos generales y administrativos alcanzaron los 16,4 millones de dólares. La pérdida neta para el segundo trimestre de 2024 fue de 50,3 millones de dólares (0,21 dólares por acción), mejorando respecto a los 114,0 millones de dólares (0,59 dólares por acción) en el segundo trimestre de 2023.
사나 생명공학 (NASDAQ: SANA)는 2024년 2분기 재무 결과와 비즈니스 업데이트를 발표했습니다. 이 회사는 종양학, B세포 매개 자가면역 질환 및 제1형 당뇨병에 대한 임상시험에서 저면역 기술을 발전시키고 있습니다. 주요 임상시험으로는 자가면역 질환을 위한 SC291의 GLEAM 시험, 종양학을 위한 SC291과 SC262의 ARDENT 및 VIVID 시험이 있으며, 초기 데이터는 2024년에 예상됩니다. 사나는 Nature Biotechnology에 유망한 전임상 데이터를 발표했습니다.
재무적으로, 사나는 현금 보유액이 2억 5천 1백 60만 달러라고 보고했으며, 2024년 운영 현금 소모가 2억 달러 이하로 유지될 것으로 예상하고 있습니다. 2024년 2분기 연구 개발 비용은 6천 90만 달러로, 2023년 2분기의 7천 30만 달러에서 감소했습니다. 일반 관리비는 1천 640만 달러였습니다. 2024년 2분기의 순손실은 5천 30만 달러(주당 0.21 달러)로, 2023년 2분기의 1억 1천 40만 달러(주당 0.59 달러)에서 개선되었습니다.
Sana Biotechnology (NASDAQ: SANA) a publié ses résultats financiers du deuxième trimestre 2024 ainsi que des mises à jour sur son activité. L'entreprise promeut sa technologie hypoimmune dans des essais cliniques pour l'oncologie, les maladies auto-immunes médiées par les cellules B et le diabète de type 1. Les essais clés comprennent l'essai GLEAM pour SC291 dans les maladies auto-immunes, ainsi que les essais ARDENT et VIVID pour SC291 et SC262 en oncologie, avec des données initiales prévues pour 2024. Sana a publié des données précliniques prometteuses dans Nature Biotechnology.
Sur le plan financier, Sana a signalé une position de trésorerie de 251,6 millions de dollars et s'attend à une consommation de trésorerie opérationnelle inférieure à 200 millions de dollars en 2024. Les dépenses de R&D pour le deuxième trimestre 2024 s'élevaient à 60,9 millions de dollars, en baisse par rapport à 73,0 millions de dollars au deuxième trimestre 2023. Les dépenses générales et administratives étaient de 16,4 millions de dollars. La perte nette pour le deuxième trimestre 2024 s'élevait à 50,3 millions de dollars (0,21 dollar par action), contre 114,0 millions de dollars (0,59 dollar par action) au deuxième trimestre 2023.
Sana Biotechnology (NASDAQ: SANA) berichtete über ihre finanziellen Ergebnisse des zweiten Quartals 2024 und Unternehmensupdates. Das Unternehmen entwickelt seine hypoimmune Technologie in klinischen Studien für Onkologie, B-Zell-vermittelte Autoimmunerkrankungen und Typ-1-Diabetes. Zu den wichtigsten Studien gehören die GLEAM-Studie für SC291 bei Autoimmunerkrankungen sowie die ARDENT und VIVID-Studien für SC291 und SC262 in der Onkologie, wobei erste Daten für 2024 erwartet werden. Sana veröffentlichte vielversprechende präklinische Daten in Nature Biotechnology.
Finanziell berichtet Sana über eine Cash-Position von 251,6 Millionen US-Dollar und erwartet einen operativen Cashburn von unter 200 Millionen US-Dollar im Jahr 2024. Die F&E-Ausgaben für das zweite Quartal 2024 betrugen 60,9 Millionen US-Dollar und sanken im Vergleich zu 73,0 Millionen US-Dollar im zweiten Quartal 2023. Die Verwaltungskosten lagen bei 16,4 Millionen US-Dollar. Der Jahresverlust für das zweite Quartal 2024 belief sich auf 50,3 Millionen US-Dollar (0,21 US-Dollar pro Aktie) und verbesserte sich im Vergleich zu 114,0 Millionen US-Dollar (0,59 US-Dollar pro Aktie) im zweiten Quartal 2023.
- Cash position increased to $251.6 million.
- Operating cash burn expected below $200 million in 2024.
- R&D expenses decreased to $60.9 million in Q2 2024 from $73 million in Q2 2023.
- Net loss improved to $50.3 million ($0.21 per share) from $114.0 million ($0.59 per share) in Q2 2023.
- Net loss for H1 2024 remained substantial at $157.8 million ($0.70 per share).
- Ongoing reliance on equity financings and loans for cash flow.
Insights
Sana Biotechnology's Q2 2024 results reveal a mixed financial picture. The company's cash position improved to
The company's net loss narrowed to
Sana's progress in advancing its hypoimmune technology across multiple clinical trials is promising. The company is now running four trials across seven indications, including oncology, autoimmune diseases and type 1 diabetes. This broad approach could potentially de-risk the company's pipeline.
The ARDENT trial for SC291 in B-cell malignancies shows early signs of safety, immune evasion and efficacy. The GLEAM trial for autoimmune diseases and the type 1 diabetes trial using HIP-modified islet cells are also progressing. However, investors should note that these are early-stage trials and significant clinical data is still pending, expected later in 2024. The preclinical data published in Nature Biotechnology on glial cell replacement is intriguing but still far from clinical application.
Sana's strategy to accelerate investments in building a pivotal-ready supply chain and decreasing reliance on external manufacturing is prudent given ongoing geopolitical uncertainties. This move could provide long-term cost savings and operational flexibility.
The company's focus on expanding its clinical trial site footprint globally could accelerate patient enrollment and data collection. However, the unpredictability in patient numbers and data release dates due to ongoing dose escalation phases adds uncertainty for investors.
Sana's cash runway appears sufficient for near-term operations, but the high burn rate suggests potential need for additional financing in the medium term. The company's diverse pipeline across multiple indications could attract partnership opportunities or provide multiple shots on goal for success.
Continue to advance hypoimmune technology in four trials across seven indications in oncology, B-cell mediated autoimmune diseases, and type 1 diabetes
Enrolling patients in the GLEAM trial for SC291 in B-cell mediated autoimmune diseases; expect to report initial clinical data in 2024
Enrolling patients in two oncology trials – ARDENT for SC291 in B-cell malignancies and VIVID for SC262 in relapsed/refractory B-cell malignancies; expect to report additional clinical data in 2024
Enrolling patients in the investigator-sponsored trial with hypoimmune-modified primary islet cells; expect to report initial clinical data in 2024
Publication in Nature Biotechnology shows that healthy transplanted human glial cells replaced diseased glial cell population in a preclinical model
Cash position of
SEATTLE, Aug. 08, 2024 (GLOBE NEWSWIRE) -- Sana Biotechnology, Inc. (NASDAQ: SANA), a company focused on creating and delivering engineered cells as medicines, today reported financial results and business highlights for the second quarter 2024.
“The hypoimmune platform addresses one of the fundamental challenges with allogeneic cell transplantation and has the opportunity to impact a broad range of diseases,” said Steve Harr, Sana’s President and Chief Executive Officer. “We have four ongoing trials and are pleased with the progress and encouraged by our learnings in the clinic to-date. We are accelerating investments to build our pivotal-ready supply chain, decrease our reliance on external manufacturing given ongoing geopolitical uncertainty, and increase our clinical trial site footprint globally. We continue the dose escalation phases of our studies, which makes predicting the numbers of patients and release date for data an inexact science, but we look forward to reporting clinical data in each therapeutic area later this year with the goal of an initial understanding of the safety and efficacy profiles.”
Recent Corporate Highlights
Advancing four clinical programs across seven indications, including an allogeneic CAR T program targeting CD19+ cancers, an allogeneic CAR T program for B-cell mediated autoimmune diseases, an allogeneic CAR T program for cancer patients that have failed a CD19-targeted therapy, and a gene-modified primary islet cell therapy in type 1 diabetes:
- Oncology – The ARDENT trial evaluates SC291, a hypoimmune (HIP)-modified CD19-directed allogeneic CAR T therapy, in patients with B-cell malignancies. Early SC291 data from the ongoing ARDENT trial suggest the ability to dose safely, the desired immune evasion profile, and early clinical efficacy. The VIVID trial evaluates SC262, a HIP-modified CD22-directed allogeneic CAR T therapy, in patients with relapsed or refractory B-cell malignancies who have received prior CD19-directed CAR T therapy. Sana is enrolling patients in both studies and expects to share data in 2024.
- B-cell Mediated Autoimmune Diseases – The GLEAM trial evaluates SC291 in patients with B-cell mediated autoimmune diseases including lupus nephritis, extrarenal lupus, and antineutrophil cytoplasmic antibody (ANCA)-associated vasculitis. Sana is enrolling patients in this study and expects to share initial data in 2024.
- Type 1 Diabetes – UP421 is a primary human HIP-modified pancreatic islet cell therapy for patients with type 1 diabetes. The goal of this investigator-sponsored trial (IST) is to understand immune evasion, islet cell survival, and beta cell function, as measured by C-peptide production, of HIP-modified pancreatic islet cells in type 1 diabetics without any immunosuppression. Initial screening took longer than anticipated, and after a protocol amendment to expand the eligible patient pool, multiple patients are now enrolled and awaiting donor availability. Sana awaits initial patient dosing at Uppsala University Hospital and expects to share initial data in 2024.
Published preclinical data in Nature Biotechnology showing that healthy transplanted human glial progenitor cells replaced diseased glial cell population in a preclinical model:
- In the study, human glial chimeric mice were used to model the impact of competition between healthy and diseased human glia in vivo. When wild-type (WT) healthy human glial progenitor cells (hGPCs) were transplanted into adult mice that had been neonatally chimerized with mutant Huntingtin (mHTT)-expressing hGPCs, the healthy cells outcompeted and ultimately eliminated diseased glia, repopulating the brain with the healthy cells.
- These data establish additional proof-of-concept for the development of SC379, Sana’s pluripotent stem cell (PSC)-derived glial progenitor cell (GPC) product candidate, as a potential therapy to deliver healthy allogeneic GPCs to patients with certain central nervous system disorders.
Second Quarter 2024 Financial Results
GAAP Results
- Cash Position: Cash, cash equivalents, and marketable securities as of June 30, 2024 were
$251.6 million compared to$205.2 million as of December 31, 2023. The increase of$46.4 million was primarily driven by net proceeds from equity financings of$181.0 million , proceeds from stock option exercises and the employee stock purchase plan of$8.4 million , and proceeds of$7.6 million from a loan to fund tenant improvements for our manufacturing facility in Bothell, Washington during the six months ended June 30, 2024, partially offset by cash used in operations of$124.2 million and cash used for the purchase of property and equipment of$28.9 million . - Research and Development Expenses: For the three and six months ended June 30, 2024, research and development expenses, inclusive of non-cash expenses, were
$60.9 million and$117.3 million , respectively, compared to$73.0 million and$140.2 million for the same periods in 2023. The decreases of$12.1 million and$22.9 million for the three and six months ended June 30, 2024, respectively, compared to the same periods in 2023 were primarily due to lower personnel-related and laboratory costs due to a decrease in headcount and decreased research costs related to the strategic repositioning in the fourth quarter of 2023, lower costs for third-party manufacturing at contract development and manufacturing organizations, and a decline in facility and other allocated costs. These decreases were partially offset by increased clinical development costs and an increase in costs for the acceleration of internal manufacturing capabilities, further de-risking of the supply chain. Research and development expenses include non-cash stock-based compensation of$7.1 million and$13.0 million , respectively, for the three and six months ended June 30, 2024 and$6.7 million and$12.7 million , for the same periods in 2023. - Research and Development Related Success Payments and Contingent Consideration: For the three and six months ended June 30, 2024, Sana recognized a non-cash gain of
$27.9 million and a non-cash expense of$10.1 million , respectively, in connection with the change in the estimated fair value of the success payment liabilities and contingent consideration in aggregate, compared to non-cash expenses of$26.7 million and$26.8 million for the same periods in 2023. The value of these potential liabilities fluctuate significantly with changes in Sana’s market capitalization and stock price. - General and Administrative Expenses: General and administrative expenses for the three and six months ended June 30, 2024, inclusive of non-cash expenses, were
$16.4 million and$32.7 million , respectively, compared to$16.6 million and$33.3 million for the same periods in 2023. The decrease of$0.2 million for the three months ended June 30, 2024 compared to the same period in 2023 was primarily due to a decrease in costs related to Sana’s previously planned manufacturing facility in Fremont, California, lower personnel-related costs due to a decrease in headcount related to the strategic repositioning in the fourth quarter of 2023, and a decrease in legal fees. These decreases were partially offset by an increase in non-cash stock-based compensation and consulting fees. The decrease of$0.6 million for the six months ended June 30, 2024 compared to the same period in 2023 was primarily due to a decrease in costs related to Sana’s previously planned manufacturing facility in Fremont, California and lower personnel-related costs due to a decrease in headcount related to the strategic repositioning in the fourth quarter of 2023. These decreases were partially offset by an increase in non-cash stock-based compensation, legal fees, and consulting costs. - Net Loss: Net loss for the three and six months ended June 30, 2024 was
$50.3 million , or$0.21 per share, and$157.8 million , or$0.70 per share, respectively, compared to$114.0 million , or$0.59 per share, and$196.1 million , or$1.02 per share for the same periods in 2023.
Non-GAAP Measures
- Non-GAAP Operating Cash Burn: Non-GAAP operating cash burn for the six months ended June 30, 2024 was
$104.6 million compared to$136.5 million for the same period in 2023. Non-GAAP operating cash burn is the decrease in cash, cash equivalents, and marketable securities, excluding cash inflows from financing activities, cash outflows from business development, non-recurring items, and the purchase of property and equipment. - Non-GAAP Net Loss: Non-GAAP net loss for the three and six months ended June 30, 2024 was
$74.2 million , or$0.32 per share, and$143.6 million or$0.64 per share, respectively, compared to$87.3 million , or$0.45 per share, and$169.3 million , or$0.88 per share for the same periods in 2023. Non-GAAP net loss excludes non-cash expenses and gains related to the change in the estimated fair value of contingent consideration and success payment liabilities, and the impairment of an other asset.
A discussion of non-GAAP measures, including a reconciliation of GAAP and non-GAAP measures, is presented below under “Non-GAAP Financial Measures.”
About Sana
Sana Biotechnology, Inc. is focused on creating and delivering engineered cells as medicines for patients. We share a vision of repairing and controlling genes, replacing missing or damaged cells, and making our therapies broadly available to patients. We are a passionate group of people working together to create an enduring company that changes how the world treats disease. Sana has operations in Seattle, Cambridge, South San Francisco, and Rochester.
Cautionary Note Regarding Forward-Looking Statements
This press release contains forward-looking statements about Sana Biotechnology, Inc. (the “Company,” “we,” “us,” or “our”) within the meaning of the federal securities laws, including those related to the company’s vision, progress, and business plans; expectations for its development programs, product candidates and technology platforms, including its preclinical, clinical and regulatory development plans and timing expectations; expectations regarding the timing, substance, significance, and impact of data from clinical trials of the Company’s product candidates and an IST utilizing HIP-modified primary islet cells in patients with type 1 diabetes; the potential impact of accelerating our investments on our ability to decrease our reliance on external manufacturing, build out our pivotal-ready supply chain, and increase our clinical site footprint globally for our trials; expectations regarding the Company’s 2024 operating cash burn; the potential ability to dose safely, achieve the desired immune evasion profile, and achieve clinical efficacy with SC291 in patients with B-cell malignancies; and the potential of SC379 as a potential therapy to deliver healthy allogeneic GPCs to patients with certain central nervous system disorders. All statements other than statements of historical facts contained in this press release, including, among others, statements regarding the Company’s strategy, expectations, cash runway and future financial condition, future operations, and prospects, are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “aim,” “anticipate,” “assume,” “believe,” “contemplate,” “continue,” “could,” “design,” “due,” “estimate,” “expect,” “goal,” “intend,” “may,” “objective,” “plan,” “positioned,” “potential,” “predict,” “seek,” “should,” “target,” “will,” “would” and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology. The Company has based these forward-looking statements largely on its current expectations, estimates, forecasts and projections about future events and financial trends that it believes may affect its financial condition, results of operations, business strategy and financial needs. In light of the significant uncertainties in these forward-looking statements, you should not rely upon forward-looking statements as predictions of future events. These statements are subject to risks and uncertainties that could cause the actual results to vary materially, including, among others, the risks inherent in drug development such as those associated with the initiation, cost, timing, progress and results of the Company’s current and future research and development programs, preclinical and clinical trials, as well as economic, market, and social disruptions. For a detailed discussion of the risk factors that could affect the Company’s actual results, please refer to the risk factors identified in the Company’s Securities and Exchange Commission (SEC) reports, including but not limited to its Quarterly Report on Form 10-Q dated August 8, 2024. Except as required by law, the Company undertakes no obligation to update publicly any forward-looking statements for any reason.
Investor Relations & Media:
Nicole Keith
investor.relations@sana.com
media@sana.com
| Sana Biotechnology, Inc. Unaudited Selected Consolidated Balance Sheet Data | |||||||
| June 30, 2024 | December 31, 2023 | ||||||
| (in thousands) | |||||||
| Cash, cash equivalents, and marketable securities | $ | 251,643 | $ | 205,195 | |||
| Total assets | 618,667 | 565,299 | |||||
| Contingent consideration | 111,621 | 109,606 | |||||
| Success payment liabilities | 20,847 | 12,799 | |||||
| Total liabilities | 279,018 | 277,793 | |||||
| Total stockholders' equity | 339,649 | 287,506 | |||||
| Sana Biotechnology, Inc. Unaudited Consolidated Statements of Operations | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| (in thousands, except per share data) | |||||||||||||||
| Operating expenses: | |||||||||||||||
| Research and development | $ | 60,874 | $ | 73,044 | $ | 117,322 | $ | 140,210 | |||||||
| Research and development related success payments and contingent consideration | (27,944 | ) | 26,679 | 10,063 | 26,799 | ||||||||||
| General and administrative | 16,442 | 16,566 | 32,711 | 33,332 | |||||||||||
| Total operating expenses | 49,372 | 116,289 | 160,096 | 200,341 | |||||||||||
| Loss from operations | (49,372 | ) | (116,289 | ) | (160,096 | ) | (200,341 | ) | |||||||
| Interest income, net | 3,202 | 2,374 | 6,236 | 4,350 | |||||||||||
| Other expense, net | (4,121 | ) | (84 | ) | (3,906 | ) | (131 | ) | |||||||
| Net loss | $ | (50,291 | ) | $ | (113,999 | ) | $ | (157,766 | ) | $ | (196,122 | ) | |||
| Net loss per common share – basic and diluted | $ | (0.21 | ) | $ | (0.59 | ) | $ | (0.70 | ) | $ | (1.02 | ) | |||
| Weighted-average number of common shares – basic and diluted | 234,440 | 192,540 | 225,872 | 191,888 | |||||||||||
| Sana Biotechnology, Inc. Changes in the Estimated Fair Value of Success Payments and Contingent Consideration | |||||||||||
| Success Payment Liability(1) | Contingent Consideration(2) | Total Success Payment Liability and Contingent Consideration | |||||||||
| (in thousands) | |||||||||||
| Liability balance as of December 31, 2023 | $ | 12,799 | $ | 109,606 | $ | 122,405 | |||||
| Changes in fair value – expense | 32,623 | 5,384 | 38,007 | ||||||||
| Liability balance as of March 31, 2024 | 45,422 | 114,990 | 160,412 | ||||||||
| Changes in fair value – gain | (24,575 | ) | (3,369 | ) | (27,944 | ) | |||||
| Liability balance as of June 30, 2024 | $ | 20,847 | $ | 111,621 | $ | 132,468 | |||||
| Total change in fair value for the six months ended June 30, 2024 | $ | 8,048 | $ | 2,015 | $ | 10,063 | |||||
(1) Cobalt Biomedicine, Inc. (Cobalt) and the Presidents of Harvard College (Harvard) are entitled to success payments pursuant to the terms and conditions of their respective agreements. The success payments are recorded at fair value and remeasured at each reporting period with changes in the estimated fair value recorded in research and development related success payments and contingent consideration on the statement of operations.
(2) Cobalt is entitled to contingent consideration upon the achievement of certain milestones pursuant to the terms and conditions of the agreement. Contingent consideration is recorded at fair value and remeasured at each reporting period with changes in the estimated fair value recorded in research and development related success payments and contingent consideration on the statement of operations.
Non-GAAP Financial Measures
To supplement the financial results presented in accordance with generally accepted accounting principles in the United States (GAAP), Sana uses certain non-GAAP financial measures to evaluate its business. Sana’s management believes that these non-GAAP financial measures are helpful in understanding Sana’s financial performance and potential future results, as well as providing comparability to peer companies and period over period. In particular, Sana’s management utilizes non-GAAP operating cash burn, non-GAAP research and development expense and non-GAAP net loss and net loss per share. Sana believes the presentation of these non-GAAP measures provides management and investors greater visibility into the company’s actual ongoing costs to operate its business, including actual research and development costs unaffected by non-cash valuation changes and certain one-time expenses for acquiring technology, as well as facilitating a more meaningful comparison of period-to-period activity. Sana excludes these items because they are highly variable from period to period and, in respect of the non-cash expenses, provides investors with insight into the actual cash investment in the development of its therapeutic programs and platform technologies.
These are not meant to be considered in isolation or as a substitute for comparable GAAP measures and should be read in conjunction with Sana’s financial statements prepared in accordance with GAAP. These non-GAAP measures differ from GAAP measures with the same captions, may be different from non-GAAP financial measures with the same or similar captions that are used by other companies, and do not reflect a comprehensive system of accounting. Sana’s management uses these supplemental non-GAAP financial measures internally to understand, manage, and evaluate Sana’s business and make operating decisions. In addition, Sana’s management believes that the presentation of these non-GAAP financial measures is useful to investors because they enhance the ability of investors to compare Sana’s results from period to period and allows for greater transparency with respect to key financial metrics Sana uses in making operating decisions. The following are reconciliations of GAAP to non-GAAP financial measures:
| Sana Biotechnology, Inc. Unaudited Reconciliation of Change in Cash, Cash Equivalents, and Marketable Securities to Non-GAAP Operating Cash Burn | |||||||
| Six Months Ended June 30, | |||||||
| 2024 | 2023 | ||||||
| (in thousands) | |||||||
| Beginning cash, cash equivalents, and marketable securities | $ | 205,195 | $ | 434,014 | |||
| Ending cash, cash equivalents, and marketable securities | 251,643 | 325,915 | |||||
| Change in cash, cash equivalents, and marketable securities | 46,448 | (108,099 | ) | ||||
| Cash paid to purchase property and equipment | 28,901 | 3,753 | |||||
| Change in cash, cash equivalents, and marketable securities, excluding capital expenditures | 75,349 | (104,346 | ) | ||||
| Adjustments: | |||||||
| Net proceeds from issuance of common stock | (181,029 | ) | (27,014 | ) | |||
| Cash paid for personnel-related costs related to portfolio prioritizations | 1,110 | 1,881 | |||||
| Cash received in connection with the Coronavirus Aid, Relief, and Economic Security Act | - | (7,063 | ) | ||||
| Operating cash burn – Non-GAAP | $ | (104,570 | ) | $ | (136,542 | ) | |
| Sana Biotechnology, Inc. Unaudited Reconciliation of GAAP to Non-GAAP Net Loss and Net Loss Per Share | |||||||||||||||
| Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| 2024 | 2023 | 2024 | 2023 | ||||||||||||
| (in thousands, except per share data) | |||||||||||||||
| Net loss – GAAP | $ | (50,291 | ) | $ | (113,999 | ) | $ | (157,766 | ) | $ | (196,122 | ) | |||
| Adjustments: | |||||||||||||||
| Change in the estimated fair value of the success payment liabilities(1) | (24,575 | ) | 20,784 | 8,048 | 15,444 | ||||||||||
| Change in the estimated fair value of contingent consideration(2) | (3,369 | ) | 5,895 | 2,015 | 11,355 | ||||||||||
| Impairment of other asset | 4,069 | - | 4,069 | - | |||||||||||
| Net loss – Non-GAAP | $ | (74,166 | ) | $ | (87,320 | ) | $ | (143,634 | ) | $ | (169,323 | ) | |||
| Net loss per share – GAAP | $ | (0.21 | ) | $ | (0.59 | ) | $ | (0.70 | ) | $ | (1.02 | ) | |||
| Adjustments: | |||||||||||||||
| Change in the estimated fair value of the success payment liabilities(1) | (0.11 | ) | 0.11 | 0.03 | 0.08 | ||||||||||
| Change in the estimated fair value of contingent consideration(2) | (0.02 | ) | 0.03 | 0.01 | 0.06 | ||||||||||
| Impairment of other asset | 0.02 | - | 0.02 | - | |||||||||||
| Net loss per share – Non-GAAP | $ | (0.32 | ) | $ | (0.45 | ) | $ | (0.64 | ) | $ | (0.88 | ) | |||
| Weighted-average shares outstanding – basic and diluted | 234,440 | 192,540 | 225,872 | 191,888 | |||||||||||
(1) For the three months ended June 30, 2024, the gain related to the Cobalt success payment liability was
(2) The contingent consideration is in connection with the acquisition of Cobalt.
FAQ
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