The company's liquidity position is under severe pressure, with free cash flow burn reaching as high as $81.5 million in 2024Q1, necessitating a strategic shift away from capital expenditures which dropped to $288,000 in 2026Q1.
| Cash from Operations | -132.55M | -143.83M | -223.15M | -253.58M | -290.05M | -251.05M | -137.98M | -85.5M | -13.49M |
| Operating CF Margin % | - | - | - | - | - | - | - | - | - |
| Operating CF Growth % | 140.63% | 35.55% | 12% | 12.57% | -15.53% | -81.95% | -61.37% | -533.6% | - |
| Net Income | -241.99M | -244.17M | -266.76M | -283.25M | -269.48M | -355.93M | -285.31M | -130.78M | -13.25M |
| Depreciation & Amortization | 11.5M | 12.75M | 17.39M | 24.56M | 15.63M | 11.07M | 5.92M | 1.83M | 1K |
| Stock-Based Compensation | 12.97M | 25.46M | 37.68M | 35.53M | 38.34M | 22.36M | 5.83M | 1.5M | 118K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -7.55M | 0 |
| Other Non-Cash Items | 91.96M | 72.24M | -10.28M | -49.03M | -82.08M | 61.64M | 129.42M | 38.97M | -228K |
| Working Capital Changes | -6.99M | -10.11M | -1.19M | 18.61M | 7.54M | 9.8M | 6.16M | 10.53M | -308K |
| Change in Receivables | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Change in Payables | -92K | -3.54M | 1.38M | 1.03M | 1.06M | -266K | 1.98M | -421K | 289K |
| Cash from Investing | -7.4M | -40.24M | 17.45M | 172.01M | 210.56M | -245.8M | -252.56M | -87.86M | -780K |
| Capital Expenditures | -1.09M | -938K | 0 | -20.03M | -20.88M | -29.86M | -23.87M | -26.18M | -460K |
| CapEx % of Revenue | - | - | - | - | - | - | - | - | - |
| Acquisitions | 1.02M | 1.43M | 0 | -192.04K | -231.44K | 0 | 0 | -3.19M | 0 |
| Investments | - | - | - | - | - | - | - | - | - |
| Other Investing | 7.59M | 0 | 17.45M | 192.04K | 231.44K | -4.57M | 0 | 59K | -320K |
| Cash from Financing | 127.62M | 128.73M | 199.75M | 31.65M | 4.91M | 631.75M | 435.69M | 223.73M | 45.72M |
| Debt Issued (Net) | -353K | -347K | 7.74M | 0 | 0 | 0 | 0 | 0 | 0 |
| Equity Issued (Net) | 127.42M | 129.08M | 181M | 31.65M | 4.91M | 631.75M | 435.54M | 223.74M | 45.72M |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Financing | 551K | 0 | 11.01M | 0 | 0 | 0 | 149K | -14K | 0 |
| Net Change in Cash | -12.33M | -55.33M | -5.95M | -49.92M | -74.58M | 134.9M | 45.14M | 50.36M | 31.45M |
| Free Cash Flow | -133.64M | -144.77M | -256.58M | -273.61M | -310.93M | -280.92M | -161.85M | -111.69M | -13.96M |
| FCF Margin % | - | - | - | - | - | - | - | - | - |
| FCF Growth % | 40.31% | 43.58% | 6.22% | 12% | -10.68% | -73.56% | -44.92% | -700.34% | - |
| FCF per Share | -0.48 | -0.57 | -1.11 | -1.41 | -1.65 | -1.69 | -0.86 | -0.60 | -0.07 |
| FCF Conversion (FCF/Net Income) | 0.55x | 0.59x | 0.84x | 0.90x | 1.08x | 0.71x | 0.48x | 0.65x | 1.02x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Liquidity and clinical execution
As reported in quarterly filings, the persistent gap between net income and operating cash flow, with OCF/NI ratios fluctuating between 0.35 and 1.16, suggests that non-cash adjustments and working capital volatility significantly distort the company's true underlying cash consumption profile during this pre-revenue clinical phase.
The wide variance in the OCF/NI ratio indicates that net income is a poor proxy for liquidity, as the company relies heavily on non-cash expenses to manage its reported bottom line. Investors should monitor whether this divergence narrows as the company attempts to stabilize its clinical trial expenditures.
Based on historical financial statements, Sana's free cash flow trajectory shows a consistent quarterly burn, with outflows reaching as high as $81.5 million in 2024Q1, highlighting the company's total dependence on external financing to sustain its research-heavy operational model without any offsetting commercial revenue streams.
The persistent negative FCF trend underscores the high cost of maintaining the hypoimmune platform's clinical development. Without a clear path to revenue, the current trajectory suggests that the company remains highly sensitive to equity market conditions for its continued survival.
According to recent cash flow data, capital expenditures have significantly moderated from $15.8 million in 2024Q1 to less than $300,000 in 2026Q1, indicating a strategic shift away from heavy infrastructure investment toward preserving remaining liquidity for essential clinical trial execution and patient-related research costs.
This sharp reduction in capital intensity suggests management is prioritizing cash preservation over the expansion of internal manufacturing capabilities. This pivot warrants further investigation into whether the company is outsourcing critical production or simply delaying necessary asset upgrades to extend its limited runway.
As evidenced by the erratic swings in working capital changes, which shifted from a $10.9 million outflow in 2025Q1 to a $3.4 million inflow by 2025Q4, the company's liquidity is subject to lumpy timing in vendor payments and clinical trial-related accruals that complicate cash forecasting.
The lack of a predictable working capital cycle is typical for a pre-revenue entity but adds a layer of risk for investors attempting to model the exact timing of the next capital raise. These fluctuations suggest that management is actively managing cash outflows on a quarter-to-quarter basis to navigate tight liquidity constraints.
Financial statements reveal that stock-based compensation, which peaked at $11.4 million in 2024Q2, serves as a significant non-cash add-back that effectively masks the true magnitude of the company's operational cash burn, potentially misleading investors regarding the actual rate of capital depletion.
While SBC is a standard tool for talent retention in biotech, its role in the cash flow statement suggests that the company's 'real' cash burn is higher than the headline operating cash flow figures might imply. Analysts should adjust for these non-cash charges to understand the true velocity of the company's cash runway.
Quick answers to the most common questions about buying SANA stock.
Sana Biotechnology, Inc. (SANA) generated $-143.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Sana Biotechnology, Inc. (SANA) reported negative free cash flow of $144.8M in 2025, indicating capital requirements exceeded cash from operations.
Sana Biotechnology, Inc. (SANA) spent $0.9M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.