Analyst Conference Summary

biotechnology

release date: August 4, 2022
for quarter ending: June 30, 2022 (second quarter, Q2)

Forward-looking statements

Overview: Sana expects to file its first INDs with the FDA this year.

Basic data (GAAP):

Revenue was $0, flat from $0 year-earlier.

Net Income was was negative $72 million, down from $19 million year-earlier.

Earnings Per Share (EPS), diluted were negative $0.39, down from $0.09 year-earlier.

Guidance:

Cash runway into 2025

Conference Highlights:

Steve Harr, CEO, said: "We are pleased with the continued progress this quarter both across our platforms and with our product candidates. We made executive hires in critical operational roles, executed on key pre-IND activities for both SC291 and SG295, made business decisions that extend our cash runway to allow more potential clinical data readouts across multiple drug candidates with our current balance sheet, and presented important preclinical data across multiple platforms at various scientific conferences. We are well-positioned with our current resources to file INDs across several platforms with multiple drug products in both 2022 and 2023, and our team is enthusiastic to understand the potential of these medicines to improve outcomes for patients.

SC451 is an islet cell product candidate for the treatment of type 1 diabetes has a goal of filing an IND in 2023

SG295 also is planned for an IND in 2022. It uses retargeted fusosomes for in vivo delivery of genetic payloads to various cells, including CD8+ T cells, CD4+ T cells, and human hepatocytes.

In Q2 2022 Sana announced it would move its manufacturing plant from Fremont, CA to Bothell, WA, resulting in approximately $100 million in expected cost savings over the next three years. Sana signed a lease agreement to develop an approximately 80,000 square foot manufacturing facility in Bothell, WA. The facility will be designed to support the late-stage clinical and early commercial manufacturing of multiple product candidates across the portfolio.

At the end of the quarter cash and equivalents were $580 million

Operating expenses were $73 million, consisting of: $73 million for R&D; $18 million for SG&A; offset by $18 million from R∧D success and contingent payments. Interest income was $0.6 million. Other expense $0.2 million.

Q&A:

none

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