Sana Q4 net loss $58.8M; UP421 islet cells function at 1 year no immunosuppression; new $150M ATM filed

Sana Biotechnology, Inc.

UP421 hypoimmune islet cells in type 1 diabetes show C-peptide production, immune evasion at 1 year without immunosuppression.
Expect to file IND for SC451 (stem cell-derived islet therapy) and begin Phase 1 trial this year.
SG293 in vivo CAR T: NHP data show deep B-cell depletion; first-in-human data expected this year.
Q4 2025 net loss $58.8M ($0.21/shr); R&D $34.9M; cash $138.4M; runway into late 2026.
Entered new ATM agreement with TD Cowen for up to $150M; raised $133.7M gross from equity in 2025.

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