Sana Biotechnology Files Q3 2024 10-Q

TL;DR

Sana Bio's Q3 10-Q is in. Check financials.

AI Summary

Sana Biotechnology, Inc. filed its 10-Q for the period ending September 30, 2024. The company reported its financial results and provided updates on its operations. Key financial data and disclosures related to its business activities are detailed within the filing.

Why It Matters

This filing provides investors with the latest financial performance and operational status of Sana Biotechnology, Inc., crucial for understanding the company's trajectory in the biotech sector.

Risk Assessment

Risk Level: medium — Biotechnology companies often carry higher risk due to the inherent uncertainties in drug development and regulatory approvals.

Key Numbers

• Q3 — Quarterly Period (Reporting period for the 10-Q filing)
• 2024-09-30 — Period End Date (The end date of the financial reporting period)
• 2024-11-08 — Filing Date (The date the 10-Q was submitted to the SEC)

Key Players & Entities

• Sana Biotechnology, Inc. (company) — Filer of the 10-Q
• 20240930 (date) — End of the reporting period
• 20241108 (date) — Filing date
• Harvard College (company) — Mentioned in relation to milestones and payments
• Cobalt Biomedicine Inc (company) — Mentioned in relation to acquisition agreement

FAQ

Key Financial Figures

• $0.0001 — nge on which registered Common Stock, $0.0001 par value per share SANA The Nasdaq

Filing Documents

• sana-20240930.htm (10-Q) — 2824KB
• sana-ex10_1.htm (EX-10.1) — 18KB
• sana-ex10_2.htm (EX-10.2) — 47KB
• sana-ex31_1.htm (EX-31.1) — 16KB
• sana-ex32_1.htm (EX-32.1) — 9KB
• img112682738_0.jpg (GRAPHIC) — 123KB
• 0000950170-24-123730.txt ( ) — 10503KB
• sana-20240930.xsd (EX-101.SCH) — 1312KB
• sana-20240930_htm.xml (XML) — 1833KB

Financial Statements (Unaudited)

Financial Statements (Unaudited) 5 Condensed Consolidated Balance Sheets 5 Condensed Consolidated Statements of Operations 6 Condensed Consolidated Statements of Comprehensive Income (Loss) 7 Condensed Consolidated Statements of Stockholders' Equity 8 Condensed Consolidated Statements of Cash Flows 10 Notes to Unaudited Condensed Consolidated Financial Statements 11 Item 2.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 22 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 34 Item 4.

Controls and Procedures

Controls and Procedures 35 PART II. OTHER INFORMATION Item 1.

Legal Proceedings

Legal Proceedings 36 Item 1A.

Risk Factors

Risk Factors 36 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 110 Item 3. Defaults Upon Senior Securities 110 Item 4. Mine Safety Disclosures 110 Item 5. Other Information 110 Item 6. Exhibits 111

Signatures

Signatures 112 SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS This Quarterly Report on Form 10-Q (Quarterly Report) contains forward-looking statements that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this Quarterly Report could be deemed forward-looking statements, including those statements highlighted below. In some cases, you can identify these statements by forward-looking words such as "aim," "anticipate," "believe," "continue," "could," "estimate," "expect," "intend," "may," "might," "plan," "potential," "predict," "should," "would," or "will," the negative of these terms, and other comparable terminology. These forward-looking statements, which are subject to risks, include, but are not limited to, statements about: our expectations regarding the potential market size and size of the potential patient populations for our product candidates and any future product candidates, if approved for commercial use; our clinical and regulatory development plans; our expectations with regard to our preclinical studies, clinical trials, and research and development programs, including the impact, timing, and availability of data from such studies and trials; the timing of commencement of future preclinical studies, clinical trials, and research and development programs; our ability to acquire, discover, and develop product candidates and timely advance them into and through clinical data readouts and successful completion of clinical trials; our expectations regarding the potential safety, efficacy, or clinical utility of our product candidates; our intentions with respect to and our ability to establish collaborations or partnerships; the timing or likelihood of regulatory filings and approvals for our product candidates; our commercialization, marketing, and manufacturing expectations, including with respect to the buildout of our manufacturing facility and capabilities an

FINANCI AL INFORMATION

PART I. FINANCI AL INFORMATION

Financ ial Statements

Item 1. Financ ial Statements Sana Biotechnology, Inc. Condensed Consolida ted Balance Sheets (in thousands, except per share amounts) September 30, 2024 December 31, 2023 (unaudited) ASSETS Current assets: Cash and cash equivalents $ 126,996 $ 133,517 Marketable securities 72,011 71,678 Restricted cash 3,832 3,832 Prepaid expenses and other current assets 7,310 4,488 Total current assets 210,149 213,515 Property and equipment, net 82,826 70,689 Operating lease right-of-use assets 61,040 74,903 Intangible asset 59,195 59,195 Goodwill 140,627 140,627 Other non-current assets 5,555 6,370 TOTAL ASSETS $ 559,392 $ 565,299 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 2,991 $ 4,108 Accrued compensation 18,050 23,722 Accrued expenses and other current liabilities 15,362 23,462 Operating lease liabilities 10,601 13,195 Total current liabilities 47,004 64,487 Operating lease liabilities, net of current portion 85,483 90,901 Contingent consideration 111,856 109,606 Success payment liabilities 15,115 12,799 Other non-current liabilities 7,456 - Total liabilities 266,914 277,793 Commitments and contingencies (Note 9) Stockholders' equity: Preferred stock, $ 0.0001 par value; 50,000 shares authorized; zero shares issued and outstanding as of September 30, 2024 and December 31, 2023 - - Common stock, $ 0.0001 par value; 750,000 shares authorized; 223,108 and 197,857 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively 22 20 Additional paid-in capital 1,848,183 1,625,637 Accumulated other comprehensive income (loss) 54 ( 60 ) Accumulated deficit ( 1,555,781 ) ( 1,338,091 ) Total stockholders' equity 292,478 287,506 TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 559,392 $ 565,299 See accompanying notes.