Reports Q1; SC451 And SG293 Headed To The Clinic

研报英文原文证据摘录

Reports Q1; SC451 And SG293 Headed To The Clinic

Biotechnology

Sana Biotechnology

TD SECURITIES (USA) LLC ESTIMATE CHANGES

May 11, 2026

Price: $3.56 (05/11/2026) Reports Q1; SC451 And SG293 Headed To The

Price Target: NA Clinic

BUY (1)

ESG SCORE: 61/100

Marc Frahm, Ph.D. THE TD COWEN INSIGHT

646 562 1394

Sana reported a Q1 loss of $47MM and pro forma cash of $129MM (into 2027). SC451

marc.frahm@tdsecurities.com

continues to progress towards the clinic with mfg. transfer and clinical trial prep underway.

Salvatore Caruso, Ph.D. IND on track for as early as 2026. SG293 (CD19-targeted in vivo CAR-T) NHP data to be

646 562 1315 presented at ASGCT showing deep B cell depletion with program to focus on NHL and

salvatore.caruso@tdsecurities.com

generate first-in-human data as early as this year. Buy.

Key Data

Symbol NASDAQ: SANA SC451 Continues To Progress Towards a 2026 IND

Beta: 2.18 Sana's lead HIP program is SC451, a stem cell-derived beta islet cell therapy for T1D. SC451

52-Week Range: $5.92-$1.68 continues to be de-risked by the ongoing IST of UP421, a cadaveric, HIP-modified beta

Market Cap: $950.0MM cell therapy that has used the same immune evasion approach to successfully engraft a

Net Debt (MM): $104.7 single patient for 14+ months with sustained c-peptide production and no need for immune

Cash/Share: $(0.57) suppression. Sana continues to conduct pre-IND studies ahead of an expected IND filing as

Dil. Shares Out (MM): 237.6 early as this year. As with UP421 before, once '451's trial is actively dosing patients we would

Enterprise Value $837.8 expect data to flow rapidly given the robustness of the c-peptide biomarker. '451's clinical

(MM):

development including the development of optimized processes around cell administration/

BV/Share: $0.60