Sana Biotechnology: Model Update Post 2Q26 Results

Research evidence excerpt

J P M O R G A N

North America Equity Research

17 August 2026

Sana Biotechnology

Model Update Post 2Q26 Results

Neutral

SANA, SANA US

Price (17 Aug 26):$3.68

SMid Biotechnology

We are updating our model following 2Q26 results. Of note, Sana is conducting

activities to prepare for SC451 (O-negative, HIP-modified, iPSC-derived pancreatic

islet cell therapy for type 1 diabetes (T1D)) for an IND submission and phase 1/2 trial

start, including near-term completion of GLP toxicology studies, advancement of

SC451 technology transfer to the contract manufacturer, and clinical trial readiness;

Sana expects to file an IND and begin a phase 1/2 trial for SC451 as early as this year.

Additionally, the company expects to generate first-in-human data for SG293 (CD8targeted fusosome that delivers the genetic material to make CD19-directed CAR T

cells) in non-Hodgkin lymphoma (NHL) as early as this year. As well, Sana is

preparing to begin clinical testing for SG227 (CD8-targeted fusosome that delivers

genetic material to make BCMA-directed CAR T cells) as early as mid-2027,

contingent upon the early clinical profile of SG293. At a high level, we see the

disruptive potential of its efforts in T1D with SC451, if successful, in the long run;

along these lines, we think that reaching the clinic will represent a major milestone for

the company and be critical to better understanding and validating the approach,

likelihood of success, and future potential. We are also intrigued by the next steps for

the fusosome pipeline assets and await clinical data. Remain Neutral.

Tessa T Romero AC

(1-212) 622-4484

Caroline Pocher

(1-212) 622-8204

Mariam Waggeh

(1-212) 622-1711

J.P. Morgan Securities LLC

Key Changes (FYE Dec)

Prev

(0.51)

(0.45)

Adj. EPS - 26E ($)

Adj. EPS - 27E ($)

Quarterly Forecasts (FYE Dec)

Adj. EPS ($)

Q1

Q2

Q3

Q4

FY

2025A

(0.21)

(0.39)

(0.16)

(0.21)

(0.96)

Style Exposure

Sources for: Style Exposure – J.P. Morgan Global Markets Strategy; all other tables are company data and J.P. Morgan estimates.