# EDGAR Filing Document

**Accession Number:** 0001770121
**File Stem:** 0001770121-25-000009
**Filing Date:** 2025-8
**Character Count:** 32309
**Document Hash:** 84974a1befbfdfb3b8268f8f5bac0d19
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001770121-25-000009.hdr.sgml**: 20250811

**ACCESSION NUMBER**: 0001770121-25-000009

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 11

**CONFORMED PERIOD OF REPORT**: 20250811

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20250811

**DATE AS OF CHANGE**: 20250811

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Sana Biotechnology, Inc.
- **CENTRAL INDEX KEY:** 0001770121
- **STANDARD INDUSTRIAL CLASSIFICATION:** BIOLOGICAL PRODUCTS (NO DIAGNOSTIC SUBSTANCES) [2836]
- **ORGANIZATION NAME:** 03 Life Sciences
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39941
- **FILM NUMBER:** 251202061

**BUSINESS ADDRESS:**
- **STREET 1:** 188 EAST BLAINE STREET, SUITE 400
- **CITY:** SEATTLE
- **STATE:** WA
- **ZIP:** 98102
- **BUSINESS PHONE:** (206) 701-7914

**MAIL ADDRESS:**
- **STREET 1:** 188 EAST BLAINE STREET, SUITE 400
- **CITY:** SEATTLE
- **STATE:** WA
- **ZIP:** 98102

?xml version='1.0' encoding='ASCII'? 8-K

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

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**FORM** 8-K

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**CURRENT REPORT** 

**Pursuant to Section 13 or 15(d) of the** 

**Securities Exchange Act of 1934** 

**Date of Report (Date of earliest event reported):** August 11, 2025

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SANA BIOTECHNOLOGY, INC.

**(Exact name of registrant as specified in its charter)** 

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| | | |
|:---|:---|:---|
| Delaware | 001-39941 | 83-1381173 |
| **(State or other jurisdiction**<br>**of incorporation)** | **(Commission**<br>**File Number)**<br>| **(IRS Employer**<br>**Identification Number)** |

---

188 East Blaine Street**,** Suite 400

Seattle**,** Washington 98102

**(Address of principal executive offices, including Zip Code)** 

**Registrant's telephone number, including area code:** (206) 701-7914

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Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) 

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) 

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) 

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) 

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Securities registered pursuant to Section 12(b) of the Act:

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| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| Common Stock, $0.0001 par value per share | SANA | **The** Nasdaq **Stock Market LLC** |

---

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Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

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**Item 2.02 Results of Operations and Financial Condition.**

On August 11, 2025, Sana Biotechnology, Inc. (the "Company") issued a press release announcing its financial results for the quarter ended June 30, 2025. A copy of the press release is attached hereto as Exhibit 99.1.

The information in this Item 2.02, including the attached Exhibit 99.1, is being furnished and shall not be deemed "filed" for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any filing made by the Company under the Securities Act of 1933, as amended, or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

**Item 9.01 Financial Statements and Exhibits.**

**(d) Exhibits**

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| | |
|:---|:---|
| Exhibit No. | Description |
| 99.1 | [<u>Press release of Sana Biotechnology, Inc. dated August 11, 2025</u>](sana-ex99_1.htm) |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

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**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **SANA BIOTECHNOLOGY, INC.** | **SANA BIOTECHNOLOGY, INC.** |
| Date: August 11, 2025 | By: | /s/ Susan Wyrick |
|  |  | Susan Wyrick |
|  |  | Acting Chief Financial Officer |
|  |  | (Principal Accounting Officer) |

---

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## Exhibit 99.1

**<br>Exhibit 99.1**

**Sana Biotechnology Reports Second Quarter 2025 Financial Results and Business Updates**

*Presented positive 6-month clinical results of ongoing type 1 diabetes study showing that hypoimmune-modified pancreatic islet cells transplanted without immunosuppression overcome immune recognition, while continuing to function and persist with stable C-peptide*

*New England Journal of Medicine published positive 12-week clinical results of the type 1 diabetes study* 

*Recent FDA INTERACT meeting increases confidence in moving forward with GMP master cell bank for SC451 and in filing SC451 Investigational New Drug Application (IND) as early as 2026*

*Expect to file IND for SG299 in a B-cell related disease as early as 2026* 

*Enrolling patients in the GLEAM trial for SC291 in B-cell mediated autoimmune diseases and VIVID trial for SC262 in relapsed/refractory B-cell malignancies; expect to report clinical data from both studies in 2025*

*Raised aggregate gross proceeds of approximately $105 million from sales of common stock through Sana's at-the-market offering facility (ATM) and equity financing in July and August 2025; expected cash runway into the second half of 2026*

*Q2 2025 cash position of $72.7 million and pro forma Q2 2025 cash position of $177.2 million including gross proceeds from sales of common stock through the ATM and equity financing in July and August 2025*

SEATTLE — August 11, 2025 — 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 2025.

"We are pleased with the progress with the type 1 diabetes program, including recent FDA feedback on our HIP-edited GMP master cell bank and non-clinical testing plan for SC451, positive UP421 6-month clinical results presented at an invited talk at the American Diabetes Association Annual Meeting and World Transplant Congress 2025, and UP421 3-month clinical results published in the *New England Journal of Medicine*," said Steve Harr, Sana's President and Chief Executive Officer. "Type 1 diabetes affects over 9 million people worldwide, and we are positioned to deliver on our goal of a broadly accessible single treatment with no immunosuppression leading to long-term normal blood glucose without exogenous insulin in patients with type 1 diabetes. We expect to file the IND for SC451 as early as next year, and we also look forward to continuing progress in the rest of our pipeline. We have raised over $100 million in new capital since the end of the second quarter,strengthening our balance sheet and allowing us to continue to invest appropriately in moving our pipeline forward."

**Recent Corporate Highlights**

**Announced positive results from an investigator-sponsored, first-in-human study transplanting UP421, an allogeneic primary islet cell therapy engineered with hypoimmune platform (HIP) technology, into a patient with type 1 diabetes without the use of any immunosuppression.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•UP421 is a primary human HIP-modified pancreatic islet cell therapy for patients with type 1 diabetes. The goal of this investigator-sponsored trial is to understand safety, immune evasion, islet cell survival, and beta cell function, as measured by C-peptide production, of HIP-modified pancreatic islet cells transplanted into type 1 diabetes patients without the use of any immunosuppression. The trial is being conducted under a clinical trial authorization at Uppsala University Hospital with Dr. Per-Ola Carlsson as the principal investigator.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Results of the study through 6 months after cell transplantation demonstrate the survival and function of pancreatic beta cells as measured by the presence of circulating C-peptide, a biomarker indicating that transplanted beta cells are producing insulin. C-peptide levels also increase with a mixed meal tolerance test during testing at these timepoints, consistent with insulin secretion in response to a meal. 12-week PET-MRI scanning also demonstrated islet cells at the transplant site. The study identified no safety issues, and the HIP-modified islet cells evaded immune detection.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Announced that the *New England Journal of Medicine* published a journal article titled "Survival of Transplanted Allogeneic Beta Cells with No Immunosuppression" (DOI: 10.1056/NEJMoa2503822). The article discusses 12-week results from this study.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Sana and Uppsala University Hospital presented 6-month data at the 85<sup>th</sup> Annual American Diabetes Association (ADA) Scientific Sessions and the World Transplant Congress 2025, and expect to report additional data from the IST, including longer-term follow-up, as the year progresses.

**Advancing our pipeline across multiple indications and modalities:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Type 1 Diabetes – The clinical study of gene-modified primary islet cells (UP421) continues to evaluate safety, survival, and function of these cells. Sana continues pre-clinical development of SC451, an O-negative, HIP-modified, iPSC-derived pancreatic islet cell therapy, and a recent FDA INTERACT meeting increases our confidence in moving forward with our HIP-edited master cell bank for GMP manufacturing and our non-clinical testing plan.

oSana expects to file an IND for SC451 as early as 2026.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Allogeneic CAR T cells – Sana is enrolling patients in both the GLEAM and VIVID trials and expects to share data in 2025.

oThe GLEAM trial is a Phase 1 study evaluating SC291, a HIP-modified CD19-directed allogeneic CAR T cell therapy, in patients with B-cell mediated autoimmune diseases, including refractory systemic lupus erythematosus and antineutrophil cytoplasmic antibody (ANCA)-associated vasculitis. The VIVID trial is a Phase 1 study evaluating SC262, a HIP-modified CD22-directed allogeneic CAR T cell therapy, in patients with relapsed and/or refractory B-cell malignancies who have received prior CD19-directed CAR T therapy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•*In vivo* CAR T cells – SG299, which uses our fusogen platform, allows for cell-specific, *in vivo* delivery of various payloads. SG299 is a CD8-targeted fusosome that delivers to CD8+ T cells the genetic material to make CD19-directed CAR T cells while avoiding potentially troublesome delivery to areas such as the liver and gonadal tissue. Sana shared data showing that an SG299 surrogate with another component can lead to deep B-cell depletion in non-human primates without the use of any lymphodepleting chemotherapy. Sana expects to file an IND for SG299 as early as 2026, and we look forward to developing it in a range of B-cell cancers and B-cell mediated autoimmune diseases.

**Raised aggregate gross proceeds of approximately $105 million from sales of common stock through Sana's at-the-market offering facility (ATM) and equity financing in July and August 2025; expected cash runway into the second half of 2026**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Closed public offering in August 2025 of 20.9 million shares of Sana's common stock and pre-funded warrants to purchase 1.5 million shares of Sana's common stock. The gross proceeds from this offering were $75.0 million before deducting underwriting discounts and commissions and estimated offering expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•Raised gross proceeds of $29.5 million in July and August 2025 from sales of common stock through Sana's ATM.

**Second Quarter 2025 Financial Results**

**GAAP Results** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Cash Position**: Cash, cash equivalents, and marketable securities as of June 30, 2025 were $72.7 million compared to $152.5 million as of December 31, 2024. The decrease of $79.8 million was primarily driven by cash used in operations of $81.8 million.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Research and Development Expenses**: For the three and six months ended June 30, 2025, research and development expenses, inclusive of non-cash expenses, were $29.8 million and $67.0 million, respectively, compared to $60.9 million and $117.3 million for the same periods in 2024. The decreases of $31.1 million and $50.3 million for the three and six months ended June 30, 2025 compared to the same periods in 2024, respectively, were primarily due to lower research, laboratory, and clinical development costs related to the portfolio prioritization announced in the fourth quarter of 2024, lower personnel-related, costs, including non-cash stock-based compensation, a decrease in facility and other allocated costs primarily due to the portfolio prioritization announced in the fourth quarter of 2024, and lower third-party manufacturing costs. Research and development expenses include non-cash stock-based compensation of $4.2 million and $8.8 million, respectively, for the three and six months ended June 30, 2025 and $7.1 million and $13.0 million for the same periods in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Research and Development Related Success Payments and Contingent Consideration**: For the three and six months ended June 30, 2025, Sana recognized non-cash expenses of $10.3 million and $12.2 million, respectively, compared to a non-cash gain of $27.9 million and a non-cash expense of $10.1 million for the same periods in 2024, in connection with the change in the estimated fair value of the success payment liabilities and contingent consideration in aggregate. The value of these potential liabilities fluctuates significantly with changes in Sana's market capitalization and stock price.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**General and Administrative Expenses**: General and administrative expenses for the three and six months ended June 30, 2025, inclusive of non-cash expenses, were $10.3 million and $21.8 million, respectively, compared to $16.4 million and $32.7 million for the same periods in 2024. The decreases of $6.1 million and $10.9 million for the three and six months ended June 30, 2025, respectively, compared to the same periods in 2024 were primarily due to lower personnel-related costs, including non-cash stock-based compensation, due to a decrease in headcount in connection with the portfolio prioritization announced in the fourth quarter of 2024, and decreased legal and consulting fees. General and administrative expenses include non-cash stock-based compensation of $2.4 million and $4.8 million for the three and six months ended June 30, 2025, respectively, compared to $4.3 million and $7.5 million for the same periods in 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Impairment of Long-Lived Assets**: For the three and six months ended June 30, 2025, non-cash impairment of long-lived assets was $44.6 million, compared to zero for the same periods in 2024. The non-cash impairment was primarily related to Sana's manufacturing facility in Bothell, Washington and certain laboratory and office space in Seattle, Washington. Because of the increased availability of manufacturing capacity at third-party contract development and manufacturing organizations (CDMOs) for cell and gene therapy products as well as progress in understanding our near-term manufacturing needs, we expect to use CDMOs to meet our manufacturing needs at present and have suspended further build-out of our internal manufacturing capabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Net Loss**: Net loss for the three and six months ended June 30, 2025 was $93.8 million, or $0.39 per share, and $143.2 million, or $0.60 per share, respectively, compared to $50.3 million, or $0.21 per share, and $157.8 million, or $0.70 per share, for the same periods in 2024.

**Non-GAAP Measures** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Non-GAAP Operating Cash Burn**: Non-GAAP operating cash burn for the six months ended June 30, 2025 was $79.0 million compared to $104.6 million for the same period in 2024. Non-GAAP operating cash burn is the decrease in cash, cash equivalents, and marketable securities, excluding cash inflows from financing activities, costs related to the portfolio prioritizations in the fourth quarters of 2024 and 2023, and the purchase of property and equipment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;•**Non-GAAP Net Loss**: Non-GAAP net loss for the three and six months ended June 30, 2025 was $38.9 million, or $0.16 per share, and $86.4 million, or $0.36 per share, respectively, compared to $74.2 million, or $0.32 per share, and $143.6 million, or $0.64 per share, for the same periods in 2024. 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 non-cash impairment losses recorded in 2025.

A discussion of non-GAAP measures, including a reconciliation of GAAP and non-GAAP measures, is presented below under "Non-GAAP Financial Measures."

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**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, WA, Cambridge, MA, and South San Francisco, CA.

**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, including with respect to the substance and timing of potential INDs and potential indications for its product candidates; expectations with respect to the impact of the FDA INTERACT meeting and feedback and the ability to move forward with the Company's HIP-edited master cell bank for GMP manufacturing and non-clinical testing plan; the potential ability to deliver on our goal of a broadly accessible single treatment with no immunosuppression leading to long-term normal blood glucose without exogenous insulin in patients with type 1 diabetes; expectations regarding the timing, substance, significance, and impact of data from clinical trials of the Company's product candidates and technologies and an IST utilizing HIP-modified primary pancreatic islet cells, including expectations for reporting of additional data from the IST; expectations regarding the Company's cash runway and the potential impact of the Company's fundraising activities, including with respect to investment in the Company's pipeline; and statements made by the Company's President and Chief Executive Officer. 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 11, 2025. 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

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**Sana Biotechnology, Inc.**

**Unaudited Selected Consolidated Balance Sheet Data**

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| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
|  | **(in thousands)** | **(in thousands)** |
| Cash, cash equivalents, and marketable securities | $72674 | $152497 |
| Total assets | 361645 | 501020 |
| Contingent consideration | 117132 | 108968 |
| Success payment liabilities | 8611 | 4556 |
| Total liabilities | 239089 | 250516 |
| Total stockholders' equity | 122556 | 250504 |

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**Sana Biotechnology, Inc.**

**Unaudited Consolidated Statements of Operations**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  | **(in thousands, except per share data)** | **(in thousands, except per share data)** | **(in thousands, except per share data)** | **(in thousands, except per share data)** |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development | $29761 | $60874 | $66950 | $117322 |
| &nbsp;&nbsp;&nbsp;&nbsp;Research and development related success payments and contingent consideration | 10262 | (27944) | 12219 | 10063 |
| &nbsp;&nbsp;&nbsp;&nbsp;General and administrative | 10341 | 16442 | 21825 | 32711 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of long-lived assets | 44611 | - | 44611 | - |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total operating expenses | 94975 | 49372 | 145605 | 160096 |
| Loss from operations | (94975) | (49372) | (145605) | (160096) |
| Interest income, net | 577 | 3202 | 1569 | 6236 |
| Other income (expense), net | 598 | (4121) | 847 | (3906) |
| Net loss | $(93800) | $(50291) | $(143189) | $(157766) |
| Net loss per common share – basic and diluted | $(0.39) | $(0.21) | $(0.60) | $(0.70) |
| Weighted-average number of common shares – basic and diluted | 238409 | 234440 | 237996 | 225872 |

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**Sana Biotechnology, Inc.**

**Changes in the Estimated Fair Value of Success Payments and Contingent Consideration**

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| | | | |
|:---|:---|:---|:---|
|  | **Success Payment<br>Liability**<sup>(1)</sup> | **Contingent<br>Consideration**<sup>(2)</sup> | **Total Success Payment Liability and Contingent Consideration** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| Liability balance as of December 31, 2024 | $4556 | $108968 | $113524 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in fair value – expense | 93 | 1864 | 1957 |
| Liability balance as of March 31, 2025 | 4649 | 110832 | 115481 |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in fair value – expense | 3962 | 6300 | 10262 |
| Liability balance as of June 30, 2025 | $8611 | $117132 | $125743 |
| Total change in fair value for the six months ended June 30, 2025 | $4055 | $8164 | $12219 |

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(1)Cobalt Biomedicine, Inc. (Cobalt) and the President and Fellows 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:

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**Sana Biotechnology, Inc.**

**Unaudited Reconciliation of Change in Cash, Cash Equivalents, and Marketable Securities to**

**Non-GAAP Operating Cash Burn**

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| | | |
|:---|:---|:---|
|  | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** |
|  | **(in thousands)** | **(in thousands)** |
| Beginning cash, cash equivalents, and marketable securities | $152497 | $205195 |
| Ending cash, cash equivalents, and marketable securities | 72674 | 251643 |
| Change in cash, cash equivalents, and marketable securities | (79823) | 46448 |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid to purchase property and equipment | 24 | 28901 |
| Change in cash, cash equivalents, and marketable securities, excluding capital expenditures | (79799) | 75349 |
| Adjustments: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net proceeds from issuance of common stock | (254) | (181029) |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash paid for personnel-related costs incurred in connection with portfolio prioritizations | 1062 | 1110 |
| Operating cash burn – Non-GAAP | $(78991) | $(104570) |

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**Sana Biotechnology, Inc.**

**Unaudited Reconciliation of GAAP to Non-GAAP Net Loss and Net Loss Per Share**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
|  | **(in thousands, except per share data)** | **(in thousands, except per share data)** | **(in thousands, except per share data)** | **(in thousands, except per share data)** |
| Net loss – GAAP | $(93800) | $(50291) | $(143189) | $(157766) |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in the estimated fair value of the success payment liabilities<sup>(1)</sup> | 3962 | (24575) | 4055 | 8048 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in the estimated fair value of contingent consideration<sup>(2)</sup> | 6300 | (3369) | 8164 | 2015 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of long-lived and other assets | 44611 | 4069 | 44611 | 4069 |
| Net loss – Non-GAAP | $(38927) | $(74166) | $(86359) | $(143634) |
| Net loss per share – GAAP | $(0.39) | $(0.21) | $(0.60) | $(0.70) |
| Adjustments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in the estimated fair value of the success payment liabilities<sup>(1)</sup> | 0.01 | (0.11) | 0.02 | 0.03 |
| &nbsp;&nbsp;&nbsp;&nbsp;Change in the estimated fair value of contingent consideration<sup>(2)</sup> | 0.03 | (0.02) | 0.03 | 0.01 |
| &nbsp;&nbsp;&nbsp;&nbsp;Impairment of long-lived and other assets | 0.19 | 0.02 | 0.19 | 0.02 |
| Net loss per share – Non-GAAP | $(0.16) | $(0.32) | $(0.36) | $(0.64) |
| Weighted-average shares outstanding – basic and diluted | 238409 | 234440 | 237996 | 225872 |

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(1)For the three months ended June 30, 2025, the expense related to the Cobalt success payment liability was $3.6 million compared to a gain of $20.7 million for the same period in 2024. For the six months ended June 30, 2025, the expense related to the Cobalt success payment liability was $3.7 million compared to $7.2 million for the same period in 2024 For the three months ended June 30, 2025, the expense related to the Harvard success payment liabilities was $0.4 million compared to a gain of $3.9 million for the same period in 2024. For the six months ended June 30, 2025 the expense related to the Harvard success payment liabilities was $0.4 million compared to $0.8 million for the same period in 2024.

(2)The contingent consideration is in connection with the acquisition of Cobalt.

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