Sana Biotechnology, Inc. reported a net loss of $266.76 million for the year ended December 31, 2024, compared to a net loss of $283.25 million in 2023. This represents a $16.49 million improvement. Total operating expenses decreased by $20.42 million to $272.72 million in 2024, primarily due to lower research and development expenses and general and administrative expenses, partially offset by increased clinical development costs. The company's accumulated deficit as of December 31, 2024, was $1.6 billion.
Significant changes compared to the previous year include a decrease in research and development expenses, primarily due to lower research activities and personnel costs resulting from portfolio prioritization and workforce reductions. Gains related to the change in fair value of success payment liabilities and contingent consideration also contributed to the improved net loss figure. The company's cash, cash equivalents, and marketable securities totaled $152.5 million as of December 31, 2024.
During 2024, Sana completed a follow-on offering raising approximately $180 million in net proceeds. The company also utilized its at-the-market equity offering facility, raising an additional $28.6 million in net proceeds. In November 2024, Sana announced a portfolio prioritization, suspending development of SC291 in oncology and SC379, while focusing on type 1 diabetes, B-cell mediated autoimmune diseases, refractory B-cell malignancies, and the fusogen platform for in vivo CAR T cells. This resulted in a workforce reduction to approximately 160 employees by the first quarter of 2025, from 194 at the end of 2024.
Key operational developments included positive four-week and twelve-week results from the UP421 investigator-sponsored trial in type 1 diabetes, demonstrating the survival and function of transplanted beta cells without immunosuppression. The company is enrolling patients in the GLEAM and VIVID Phase 1 clinical trials evaluating SC291 and SC262, respectively, and expects to share data in 2025. Preclinical studies for SG299, a CD8-targeted fusosome, showed selective gene delivery to CD8+ T cells and deep B cell depletion in non-human primates. The company plans to file an IND for SG299 as early as 2026.
Sana's 10-K filing indicates substantial doubt about its ability to continue as a going concern due to recurring operating losses and dependence on future financing. The company expects operating losses and expenses to decrease in 2025 compared to 2024, but anticipates potential increases in the longer term if clinical trials are successful and research and development efforts expand. The company's future funding requirements will depend on various factors, including clinical trial progress, regulatory approvals, manufacturing costs, and commercialization activities.
About Sana Biotechnology, Inc.
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