# Sana Biotechnology, Inc. (SANA)

> Source: Nexqual · https://nexqual.com/SANA · data as of 2026-10-28 20:00 UTC · cite as "Nexqual, Sana Biotechnology, Inc. (SANA), nexqual.com/SANA" · informational, not investment advice.

**Price:** USD 2.63 (+6.48% on the day) · last close of Oct 28, 2026; US market closed, not a live price. Prev close 2.47 · day 2.38–2.64 · 52w 2.22–5.58 · market cap $787M · NMS

## Key facts
- Analysts: Buy (mean 1.89 on a 1–5 scale) (9 analysts), mean target USD 8.43 (range 6–12).
- Total return with dividends: 1Y -54.0% vs S&P 500 +13.2%; 5Y -87.3% vs S&P 500 +79.8%.
- Next earnings: 2026-11-05, EPS estimate USD -0.13, revenue estimate $0K.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Operating income | -$357M | -$273M | -$293M | -$273M | -$250M | -$219M |
| Net income | -$356M | -$269M | -$283M | -$267M | -$244M | -$212M |
| EPS (diluted) | -$2.14 | -$1.43 | -$1.46 | -$1.16 | -$0.96 | — |
| Free cash flow | -$281M | -$311M | -$274M | -$257M | -$145M | -$135M |
| Cash + short-term investments | $551M | $424M | $205M | $152M | $138M | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/B 5.1x · FCF yield -17.15% · Earnings yield -26.90%

## Analysts
Consensus Buy (mean 1.89 on a 1–5 scale), 9 analysts; mean target USD 8.43 (low 6, high 12).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-08-14 | B of A Securities | Target lowered | Buy | $7 → $6 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-29) | 5Y (from 2021-10-25) |
|---|---|---|
| Total return | -54.0% | -87.3% |
| S&P 500 (SPY) | +13.2% | +79.8% |
| Per year | -54.2% | -33.8% |
| Volatility (annualized) | 75.4% | 98.2% |
| Max drawdown | -57.7% (Oct 2025→Oct 2026) | -93.5% (Nov 2021→Mar 2025) |

## Peers (Biotechnology)
RYTM (Rhythm Pharmaceuticals, Inc.) USD 91.97 -0.23% · ORKA (Oruka Therapeutics, Inc.) USD 95.97 +0.17% · IOVA (Iovance Biotherapeutics, Inc.) USD 14.81 +1.58% · IONS (Ionis Pharmaceuticals, Inc.) USD 44.9 +2.14% · AXSM (Axsome Therapeutics, Inc.) USD 143.51 +0.92% · PRAX (Praxis Precision Medicines, Inc) USD 285.48 +6.69%

## More
Full page: https://nexqual.com/SANA · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Company outlook (8-K filed 2026-08-10)

- "Sana expects to file an IND and begin a Phase 1/2 clinical trial for SC451 as early as this year. • SG293 is a CD8-targeted fusosome that delivers the genetic material to make CD19-directed CAR T cells."
- "Sana expects to generate first-in-human data for SG293 in non-Hodgkin lymphoma as early as this year."
- "Raised aggregate net proceeds of $93.3 million from sales of common stock through Sana's at-the-market offering facility (ATM) and Mayo Clinic investment in the second quarter; expected cash runway into mid-2027. • Raised net proceeds of $93.3 million in the second quarter from sales of common stock through Sana's ATM and equity financing."

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $-0.13 | $-0.12 | −$0.01 | $0 | 4 |
| Next quarter (ends 2026-12-31) | $-0.16 | $-0.20 | +$0.04 | $0 | 4 |
| Current fiscal year (ends 2026-12-31) | $-0.59 | $-0.60 | $0.00 | $0 | 4 |
| Next fiscal year (ends 2027-12-31) | $-0.56 | $-0.54 | −$0.02 | $0 | 4 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-05): ±18.0%; last 8 reports averaged ±10.8%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 23 | 83.3% | ±18.0% |
| 2027-01-15 | 79 | 102.7% | ±36.9% |
| 2027-04-16 | 170 | 105.8% | ±53.0% |

## Earnings history and stock reaction
| Results filed | Quarter | EPS | Consensus | Surprise | Stock reaction |
|---|---|---|---|---|---|
| Aug 10, 2026 | Quarter ended Jun 30, 2026 | −$0.13 | −$0.12 | Miss −8.3% | +7.7% |
| May 11, 2026 | Quarter ended Mar 31, 2026 | −$0.14 | −$0.15 | Beat +6.7% | -7.1% |
| Mar 3, 2026 | Quarter ended Dec 31, 2025 | −$0.16 | −$0.13 | Miss −23.1% | -8.0% |
| Nov 6, 2025 | Quarter ended Sep 30, 2025 | −$0.15 | −$0.19 | Beat +21.1% | +0.2% |
| Aug 11, 2025 | — | — | — | — | +3.7% |
| Aug 6, 2025 | — | — | — | — | -30.3% |
| May 8, 2025 | — | — | — | — | +7.1% |
| Mar 17, 2025 | — | — | — | — | -22.2% |
EPS as reported against the analyst consensus before the release; surprise uses the cent-rounded figures shown (in dollars when EPS and consensus have opposite signs). Stock reaction = close before the results to close after (the first close following a release after the bell or before the open).

## Recent SEC filings (last 120 days)
| Filed | Form | What it says | Filing |
|---|---|---|---|
| 2026-09-08 | 8-K | Regulation FD disclosure | https://www.sec.gov/Archives/edgar/data/1770121/000119312526384405/0001193125-26-384405-index.htm |
| 2026-08-14 | Schedule 13G/A | ARCH Venture Fund IX, L.P., ARCH Venture Fund IX Overage, L.P.: 15.4% of shares, passive 5%+ holder (amended) | https://www.sec.gov/Archives/edgar/data/1770121/000101297526000773/0001012975-26-000773-index.htm |
| 2026-08-10 | 10-Q | Quarterly report · period ended Jun 30, 2026 | https://www.sec.gov/Archives/edgar/data/1770121/000119312526342395/0001193125-26-342395-index.htm |
| 2026-08-10 | 8-K | Quarterly results | https://www.sec.gov/Archives/edgar/data/1770121/000119312526342371/0001193125-26-342371-index.htm |
Source: SEC EDGAR. Quotes are the opening words of each item as filed.