The company exhibits no operating leverage, as evidenced by consistent quarterly operating losses that reached a peak of $110.7 million in 2024Q1 without any offsetting commercial revenue.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - | - | - | - | - |
| Cost of Goods Sold | 2.39M | 12.75M | 0 | 0 | 0 | 0 | 10.17M | 3.92M | 1K |
| COGS % of Revenue | - | - | - | - | - | - | - | - | - |
| Gross Profit | -2.39M | -12.75M | 0 | 0 | 0 | 0 | -10.17M | -3.92M | -1K |
| Gross Margin % | - | - | - | - | - | - | - | - | - |
| Gross Profit Growth % | - | - | - | - | - | 100% | -159.4% | -392000% | - |
| Operating Expenses | 235.17M | 178.21M | 272.72M | 293.14M | 272.56M | 356.91M | 150.95M | 141.15M | 8.22M |
| OpEx % of Revenue | - | - | - | - | - | - | - | - | - |
| Selling, General & Admin | 44.27M | 44.3M | 64.04M | 73.3M | 71.56M | 50.41M | 28.27M | 21.78M | 4.21M |
| SG&A % of Revenue | - | - | - | - | - | - | - | - | - |
| Research & Development | 146.28M | 131.98M | 208.68M | 219.84M | 201M | 306.5M | 122.68M | 119.38M | 4.01M |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1000K | 1.93M | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -237.56M | -190.96M | -272.72M | -293.14M | -272.56M | -356.91M | -161.12M | -141.15M | -8.22M |
| Operating Margin % | - | - | - | - | - | - | - | - | - |
| Operating Income Growth % | - | 29.98% | 6.97% | -7.55% | 23.63% | -121.51% | -14.15% | -1616.97% | - |
| EBITDA | -226.07M | -178.21M | -255.33M | -268.58M | -256.94M | -345.84M | -150.95M | -137.23M | -8.22M |
| EBITDA Margin % | - | - | - | - | - | - | - | - | - |
| EBITDA Growth % | -15.73% | 30.21% | 4.93% | -4.53% | 25.71% | -129.11% | -10% | -1569.48% | - |
| D&A (Non-Cash Add-back) | 11.49M | 12.75M | 17.39M | 24.56M | 15.63M | 11.07M | 10.17M | 3.92M | 1K |
| EBIT | -191.58M | -190.96M | -272.72M | -293.14M | -272.56M | -356.91M | -297.2M | -142.82M | -13.25M |
| Net Interest Income | 962K | 3.85M | 10.47M | 9.94M | 3.76M | 676K | 747K | 2.86M | 0 |
| Interest Income | 962K | 3.85M | 10.47M | 9.94M | 3.76M | 676K | 747K | 2.86M | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | -4.43M | -53.21M | 5.96M | 9.89M | 3.09M | 981K | -136.08M | 2.83M | -5.03M |
| Pretax Income | -241.99M | -244.17M | -266.76M | -283.25M | -269.48M | -355.93M | -297.2M | -138.32M | -13.25M |
| Pretax Margin % | - | - | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 | 0 | -11.9M | -7.55M | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% | 0% | 4% | 5.46% | 0% |
| Net Income | -241.99M | -244.17M | -266.76M | -283.25M | -269.48M | -355.93M | -285.31M | -130.78M | -13.25M |
| Net Margin % | - | - | - | - | - | - | - | - | - |
| Net Income Growth % | -15.96% | 8.47% | 5.82% | -5.11% | 24.29% | -24.75% | -118.16% | -887.23% | - |
| Net Income (Continuing) | -241.99M | -244.17M | -266.76M | -283.25M | -269.48M | -355.93M | -285.31M | -130.78M | -13.25M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.87 | -0.96 | -1.16 | -1.46 | -1.43 | -2.14 | -1.63 | -0.70 | -0.07 |
| EPS Growth % | -4.55% | 17.24% | 20.55% | -2.1% | 33.18% | -31.29% | -132.86% | -890.1% | - |
| EPS (Basic) | - | -0.96 | -1.16 | -1.46 | -1.43 | -2.14 | -1.63 | -0.70 | -0.07 |
| Diluted Shares Outstanding | 276.86M | 253.23M | 230.89M | 194.54M | 188.34M | 166.43M | 187.51M | 187.34M | 187.34M |
| Basic Shares Outstanding | 276.86M | 253.23M | 230.89M | 194.54M | 188.34M | 166.43M | 187.51M | 187.34M | 187.34M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - |
Liquidity and clinical execution
As reported in recent financial statements, Sana's R&D expenditure remains the primary driver of capital consumption, with quarterly outlays fluctuating between $24 million and $94.5 million, reflecting the non-discretionary nature of clinical development costs required to advance the company's hypoimmune platform toward critical data readouts.
The company's cost structure is almost entirely composed of R&D, which suggests that management lacks the flexibility to significantly reduce spending without jeopardizing the viability of its clinical pipeline. Investors should monitor whether the recent strategic pivot to prioritize specific assets will successfully lower the quarterly burn rate or if the high fixed costs of specialized laboratory operations will continue to outpace available liquidity.
Based on the provided income statement data, Sana exhibits no operating leverage, as the company has yet to generate commercial revenue, resulting in consistent operating losses that reached a peak of $110.7 million in 2024Q1 while maintaining high overhead relative to its current clinical progress.
The absence of revenue means that every dollar of SG&A and R&D expense directly impacts the net loss, leaving no buffer for operational inefficiencies. This suggests that the company's financial health is entirely dependent on external capital markets rather than internal operational scaling, which warrants caution regarding future dilution risks.
According to historical income statement filings, Sana consistently utilizes stock-based compensation, with quarterly charges reaching as high as $11.4 million in 2024Q2, which effectively serves as a non-cash expense that obscures the true magnitude of the company's underlying cash burn and liquidity depletion.
While stock-based compensation is a standard tool for talent retention in biotechnology, its presence in a pre-revenue entity suggests that the reported net loss may understate the actual cash requirements of the business. Analysts should focus on the cash burn rate rather than the GAAP net loss to better understand the urgency of the company's funding needs.
With a reported cash position of approximately $71.9 million, the company faces a precarious financial outlook, as the historical quarterly burn rate suggests that current capital reserves may be insufficient to support the ongoing clinical development of the SC291 and SC451 programs through their next milestones.
The market may be underestimating the risk that Sana will be forced to raise capital under unfavorable terms, which could lead to significant shareholder dilution. If the company fails to secure a strategic partnership or non-dilutive funding, the current liquidity profile appears to be the most immediate threat to the long-term execution of its clinical strategy.
Quick answers to the most common questions about buying SANA stock.
For fiscal year 2025, Sana Biotechnology, Inc. (SANA) reported total revenue of $0.0M.
Sana Biotechnology, Inc. (SANA) reported a net loss of $244.2M for the fiscal year ending 2025.