Sana Biotechnology

What Sana Biotechnology does

Sana Biotechnology is a Seattle-headquartered, publicly traded (NASDAQ: SANA) clinical-stage biotechnology company developing engineered cells as medicines for Type 1 Diabetes, B-cell cancers, B-cell mediated autoimmune diseases, and genetic blood disorders. Founded in 2018, the company operates from three U.S. sites (Seattle, South San Francisco, Cambridge) with 251–500 employees and has raised approximately $1.5B in cumulative capital, including a $587.5M IPO in 2021 — at the time the third-largest biotech IPO in history.

Sana's product engine is built on two proprietary platforms. The Hypoimmune (HIP) platform genetically modifies cells to evade both innate and adaptive immune detection, enabling allogeneic cell transplantation without chronic immunosuppression; it underpins UP421 (HIP-modified primary allogeneic islet cells in a Phase 1 investigator-sponsored trial at Uppsala University Hospital showing 14-month insulin production without immunosuppression) and SC451 (HIP-modified iPSC-derived pancreatic islet cells in preclinical development for Type 1 Diabetes, planned for IND filing and Phase 1 initiation as early as 2026 in collaboration with Mayo Clinic). The Fusogen platform uses engineered virus-like particles for in vivo delivery of genetic payloads to specific cell types, supporting SG293 (CD19-directed in vivo CAR T for B-cell cancers and autoimmune disease), SG227 (BCMA-directed in vivo CAR T for multiple myeloma), and preclinical in vivo gene editing of hematopoietic stem cells (published in Nature Biotechnology, December 2025) for sickle cell disease and beta-thalassemia. Manufacturing for SC451 is conducted at external partners in Texas and Canada.

Sana is pre-revenue from a product standpoint, with FY2025 collaboration and licensing revenue of $138M characterized as non-recurring milestone recognition rather than recurring product sales, against a $244.2M net loss and $666M of cumulative 2025 R&D spend. The company's go-to-market is research-driven and partnership-led rather than commercial — relying on strategic collaborations with academic medical centers (Mayo Clinic, Uppsala University Hospital), repeated public equity offerings (Feb 2024 $165M, Aug 2025 $161.3M combined, April 2026 $25M Mayo investment, May 2026 $69M ATM), and capital markets engagement (investor conferences, sell-side analyst coverage) rather than building commercial sales infrastructure. Pricing model is undetermined pending regulatory approval.

Name

Sana Biotechnology

Legal name

Sana Biotechnology, Inc.

Website

https://sana.com

Company type

Public

Founded year

2018

Operating status

Operating

Headcount range

251–500 employees

Short description

Sana Biotechnology is a Seattle-based, publicly traded (NASDAQ: SANA) clinical-stage biotech developing engineered cell therapies for Type 1 Diabetes, B-cell cancers, autoimmune diseases, and genetic blood disorders. Its two proprietary platforms — Hypoimmune (HIP) for immune evasion and Fusogen for in vivo delivery — underpin a pipeline of allogeneic islet and in vivo CAR T candidates.

Ownership category

akta.pro rank

Product category

Cell Therapy / Engineered Cell Medicines

NAICS

Biological Product (except Diagnostic) Manufacturing (325414), Research and Development in Biotechnology (except Nanobiotechnology) (541714), Pharmaceutical Preparation Manufacturing (325412)

SIC

Pharmaceutical Preparations (2834), Biological Products, (No Disgnostic Substances) (2836)

akta.pro primary industry

Cell Therapy Developers (Allogeneic/Off-the-shelf) (HLAAABAB)

akta.pro secondary industry

Stem Cell–Based Regenerative Therapies (HLAAAGAA)

Keywords

• Engineered cell therapy
• Cell therapy pipeline
• Hypoimmune platform technology
• In vivo gene delivery
• Allogeneic cell therapy

Headquarters

HQ city

Seattle

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Technology or R&D, Personnel, Operations, Marketing or Sales, Supply Chain

Revenue model

1. Collaboration and Licensing Revenue: Revenue from existing collaboration, licensing, and milestone receipts. Sana reported $138M in collaboration revenue for FY2025; treated as one-time/non-recurring accounting recognition rather than recurring product revenue.
2. Future Cell Therapy Product Sales (Pre-Commercial): Pre-revenue with no approved products. Future revenue expected from one-time administration cell therapy product sales (SC451, SG293, UP421) once regulatory approval is obtained. Currently in clinical development with no commercial product revenue.

Pricing tiers

Go-to-market motion3 records

Distribution channels1 record

Marketing channels7 records

Core offering

Sana Biotechnology is a clinical-stage biotechnology company developing engineered cell therapies for Type 1 Diabetes, B-cell cancers, B-cell mediated autoimmune diseases, and genetic blood disorders. Its pipeline combines two proprietary platforms — the Hypoimmune (HIP) ex vivo cell engineering platform and the Fusogen in vivo delivery platform — applied across allogeneic iPSC-derived pancreatic islet cell candidates (SC451, UP421), in vivo CAR T programs (SG293, SG227), and in vivo hematopoietic stem cell gene editing research. As a pre-revenue biotech, Sana has no approved products; its offerings are investigational therapies currently distributed through clinical trial sites and academic medical center collaborations.

Product overview

Sana Biotechnology operates a single-platform-plus-pipeline architecture centered on engineered cells as medicines. The two core technology platforms — the Hypoimmune (HIP) ex vivo cell engineering platform and the Fusogen in vivo cell engineering platform — together feed an internal pipeline of named product candidates. The HIP platform underpins the lead ex vivo pancreatic islet cell programs for type 1 diabetes: UP421 (a clinical-stage investigator-sponsored allogeneic primary islet cell therapy) and SC451 (a preclinical iPSC-derived, HIP-modified islet cell therapy that Sana plans to advance into a Phase 1 trial as early as 2026 in collaboration with Mayo Clinic). The Fusogen platform underpins the in vivo CAR T pipeline, including the lead SG293 (CD8/CD19) candidate for B-cell cancers and B-cell mediated autoimmune diseases, the earlier-stage SG227 (CD8/BCMA) candidate for multiple myeloma, and preclinical in vivo gene editing of hematopoietic stem cells published in Nature Biotechnology. Manufacturing and process development for SC451 are conducted at external partners in Texas and Canada, supported by internal MSAT, supply chain, and analytical development teams across Sana's Seattle, Cambridge, and South San Francisco sites.

Differentiator

Problem solved

Functional benefit

Products and services

• SC451 SC451 is Sana's hypoimmune (HIP)-modified, induced pluripotent stem cell (iPSC)-derived pancreatic islet cell therapy in preclinical development for type 1 diabetes, designed to enable long-term glucose control without ongoing insulin injections or immunosuppression after a single administration.
• UP421 UP421 is an allogeneic primary pancreatic islet cell therapy investigated under an investigator-sponsored first-in-human Phase 1 safety study (NCT06239636) of hypoimmune pancreatic islet cell transplantation for type 1 diabetes without immunosuppression, conducted in partnership with Uppsala University Hospital.
• SG293 (CD8/CD19) SG293 is Sana's CD19-directed in vivo CAR T product candidate using its proprietary fusogen-based delivery technology for cell-specific delivery to CD8+ T cells, with potential applications in B-cell cancers and B-cell mediated autoimmune diseases.
• SG227 (CD8/BCMA) SG227 is an in vivo CAR T candidate from Sana's fusogen-based delivery platform targeting BCMA on T cells, being developed for multiple myeloma.

Quantifiable outcome

• 14-month first-in-human follow-up demonstrating HIP-modified islet cell survival and insulin production without immunosuppression (UP421)
• +2 more outcomes

Named customers2 records

Segments5 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Two partnerships are on record, tiered flagship and core.

• Mayo ClinicflagshipStrategic or Co-development Partner · 13 April 2026Multi-year strategic research and development collaboration focused on advancing SC451, Sana's stem cell-derived pancreatic islet cell therapy for Type 1 Diabetes. The collaboration includes an equity investment from Mayo Clinic into Sana. The agreement aligns Sana's HIP platform and SC451 program with Mayo Clinic's translational and clinical capabilities in Type 1 Diabetes.
• Uppsala University HospitalcoreStrategic or Co-development Partner · 1 January 2025Clinical study partner for the UP421 first-in-human study evaluating HIP-modified primary allogeneic islet cell therapy in Type 1 Diabetes. Uppsala delivered the 14-month proof-of-concept data demonstrating cell survival and insulin production without immunosuppression.

Scale indicators11 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Vertex Pharmaceuticals: Vertex is developing zimislecel, an allogeneic stem cell-derived islet cell therapy for Type 1 Diabetes, the same lead indication as Sana's SC451. Vertex is the most direct competitor in the engineered islet cell space, with Phase 3-stage data and substantially greater capital and commercial infrastructure.
• Sernova Corp: Sernova is developing the Cell Pouch system for transplantation of insulin-producing cells in Type 1 Diabetes, the same core indication as Sana's UP421 and SC451. Both companies are pursuing cell replacement therapy for T1D, though Sernova's approach uses a device-encapsulated allogeneic islet cell strategy without HIP modification.
• Fate Therapeutics: Fate is the closest direct peer in iPSC-derived off-the-shelf cell therapies, using a similar ex vivo engineered cell platform approach with multiple cell type programs. Both companies pursue allogeneic iPSC-derived immune-evaded cell products for cancer and immunology indications.
• Allogene Therapeutics: Allogene is the leading allogeneic CAR T developer, with allogeneic CD19 and BCMA CAR T programs in clinical development that overlap with Sana's SG293 (CD19 in vivo CAR T) and SG227 (BCMA in vivo CAR T). Both companies target B-cell cancers using engineered T cell approaches, though Allogene uses ex vivo manufacturing while Sana uses in vivo delivery.
• Intellia Therapeutics: Intellia is a clinical-stage in vivo gene editing company using CRISPR/Cas9 delivered via LNP to edit genes in patients, with programs in transthyretin amyloidosis, hereditary angioedema, and HSCs. The in vivo HSC gene editing approach intersects with Sana's Fusogen-based HSC program for sickle cell disease and beta-thalassemia.
• CRISPR Therapeutics: CRISPR Therapeutics is a leading gene editing company with Casgevy, the first FDA-approved CRISPR-based therapy for sickle cell disease and beta-thalassemia. The HSC gene editing programs overlap directly with Sana's preclinical Fusogen-based in vivo HSC editing approach for the same indications.
• Beam Therapeutics: Beam is a clinical-stage base editing company developing in vivo and ex vivo gene editing therapies, including programs in sickle cell disease, alpha-1 antitrypsin deficiency, and T-cell leukemias. Beam's in vivo gene editing programs directly overlap with Sana's Fusogen-platform in vivo delivery approach for genetic blood disorders.
• Editas Medicine: Editas is a clinical-stage gene editing company developing CRISPR-based medicines for sickle cell disease, beta-thalassemia, and inherited retinal diseases. Its HSC gene editing program for hemoglobinopathies competes directly with Sana's preclinical Fusogen-based in vivo HSC editing approach.

Emerging players

• Verve Therapeutics: Verve is a clinical-stage in vivo gene editing company developing one-time treatments for cardiovascular disease using base editing delivered via LNPs. Verve's in vivo delivery approach to a different organ system (liver) parallels Sana's in vivo Fusogen platform strategy and represents a comparable in vivo gene editing business model.
• Caribou Biosciences: Caribou is a clinical-stage allogeneic CAR T and natural killer cell therapy company with programs in B-cell cancers and autoimmune disease. Its allogeneic CD19 CAR T cell therapy (CB-010) competes with Sana's SG293 in vivo CD19 CAR T program in the same indications.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/sana-biotechnology

Revenue estimate

Valuation estimate

Number of profiles

Profiles18 records

Funding overview

Funding rounds6 records

Investors16 records

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments1 record

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Sana Biotechnology