Sana Biotechnology released second quarter 2026 financial results and business updates. Quarterly financial results and business updates typically affect near-term investor views on operations and cash position.
| Nov 25 | Feb 26 | May 26 | Aug 26 | |||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Buy | — | — | — | — | — | — | — | — | — | — | — | — |
| Sell | — | — | — | — | — | — | — | — | — | — | — | — |
| total | individual payouts | |
|---|---|---|
| 2025 | ‡‡‡ |
|
| 2024 | ‡‡‡ |
|
| 2023 | ‡‡‡ |
|
| 2022 | ‡‡‡ |
|
| 2021 | ‡‡‡ |
|
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Cash | 209.03 | 156.33 | 142.58 | 164.69 |
| Receivables | — | — | — | — |
| Inventory | — | — | — | — |
| Other | — | — | — | — |
| 213.52 | 160.81 | 148.68 | 170.63 |
| 2023 | 2024 | 2025 | Q'26 | |
|---|---|---|---|---|
| Payables | 4.11 | 5.21 | 1.67 | 1.36 |
| ST’ Debt | — | — | — | — |
| Other | — | — | 40.20 | 90.81 |
| 64.49 | 45.43 | 78.73 | 123.75 |
| 10y | 5y | 3y | |
| Sales | — | — | — |
| Cash Flow | — | ‡‡‡ | ‡‡‡ |
| Earnings | — | ‡‡‡ | ‡‡‡ |
| Book Value | — | ‡‡‡ | ‡‡‡‡‡ |
| Year |
|---|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | (37.38) | (32.79) | — | — |
—
|
| ’25 | (48.66) | (33.10) | (29.43) | (32.64) |
(143.83)
|
| ’24 | (65.63) | (58.54) | (51.82) | (47.16) |
(223.15)
|
| ’23 | (79.27) | (58.80) | (63.55) | (51.96) |
(253.58)
|
| ’22 | (77.71) | (71.48) | (64.80) | (76.07) |
(290.05)
|
| ’21 | (49.91) | (40.56) | (50.49) | (110.10) |
(251.05)
|
| ’20 | (29.55) | (33.37) | (37.51) | (37.56) |
(137.98)
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | (37.42) | (34.39) | — | — |
—
|
| ’25 | (48.54) | (32.61) | (29.33) | (32.85) |
(143.33)
|
| ’24 | (81.48) | (71.60) | (55.91) | (47.60) |
(256.58)
|
| ’23 | (81.45) | (60.38) | (65.78) | (66.00) |
(273.61)
|
| ’22 | (85.24) | (75.87) | (69.15) | (80.67) |
(310.93)
|
| ’21 | (56.35) | (50.71) | (58.55) | (115.30) |
(280.92)
|
| ’20 | (35.15) | (36.06) | (43.83) | (46.82) |
(161.85)
|
| Mar | Jun | Sep | Dec | Year | |
|---|---|---|---|---|---|
| ’26 | (0.17) | (0.22) | — | — |
—
|
| ’25 | (0.21) | (0.39) | (0.16) | (0.21) |
(0.96)
|
| ’24 | (0.49) | (0.21) | (0.25) | (0.21) |
(1.16)
|
| ’23 | (0.43) | (0.59) | 0.00 | (0.45) |
(1.46)
|
| ’22 | (0.17) | (0.39) | (0.45) | (0.42) |
(1.43)
|
| ’21 | (1.52) | 0.09 | (0.46) | (0.60) |
(2.14)
|
| ’20 | — | — | — | (7.40) |
(21.92)
|
| 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| — | — | — | — | — | ‡‡‡‡ | 3.15 | 2.75 | 1.52 | 1.26 | — | — | — |
Low Price
|
| — | — | — | — | — | ‡‡‡‡ | 16.04 | 8.01 | 12.00 | 7.30 | — | — | — |
High Price
|
| — | — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | 421 | 328 | 194 | 142 | — | — | — |
Employees
|
| — | — | — | — | ‡‡‡ | ‡‡‡ | 0.00 | 0.00 | 0.00 | 0.00 | — | — | — |
Revenue/Emp
|
| — | — | — | — | — | — | — | — | — | — | — | — | — |
Revenue
|
| — | — | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | 0.00% | — | — | — | — | — | — |
Gross Margin
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (269.48) | (283.25) | (266.76) | (244.17) | — | — | — |
EBT
|
| — | — | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | 0.00% | 0.00% | 0.00% | 0.00% | ‡‡‡ | ‡‡‡ | ‡‡‡ |
EBT Margin
|
| — | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (269.48) | (283.25) | (266.76) | (244.17) | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Net Income
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 15.63 | 17.54 | 15.50 | 12.75 | — | — | — |
Depreciation
|
| — | — | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡ | 0.00 | 0.00 | 0.00 | 0.00 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Revenue/Sh
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (1.43) | (1.46) | (1.16) | (0.96) | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Earnings/Sh
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (1.54) | (1.30) | (0.97) | (0.57) | — | — | — |
Cash Flow/Sh
|
| — | — | ‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (0.11) | (0.10) | (0.14) | 0.00 | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Capex/Sh
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (1.65) | (1.41) | (1.11) | (0.57) | — | — | — |
Free CF/Sh
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 2.65 | 1.48 | 1.08 | 0.64 | — | — | — |
Book Value/Sh
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 188.34 | 194.54 | 230.89 | 253.23 | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
Shares
|
| — | — | — | — | — | — | — | — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ |
PE Ratio
|
| — | — | — | — | — | — | — | — | — | — | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PS Ratio
|
| — | — | — | — | — | — | — | — | — | — | ‡‡‡ | ‡‡‡ | ‡‡‡ |
PB Ratio
|
| — | — | — | — | — | — | — | — | — | — | — | — | — |
EV/Sales
|
| — | — | — | — | — | — | — | — | — | — | — | — | — |
EV/FCF
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (290.05) | (253.58) | (223.15) | (143.83) | ‡‡‡ | ‡‡‡ | ‡‡‡ |
Op' Cash Flow
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (20.88) | (20.03) | (33.43) | 0.49 | ‡‡‡‡‡ | — | — |
Capex
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (310.93) | (273.61) | (256.58) | (143.33) | — | — | — |
FCF
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 332.93 | 149.03 | 115.38 | 69.95 | — | — | — |
Working Cap'
|
| — | — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 108.00 | — | — | — | — | — | — |
Total Debt
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (322.06) | (209.03) | (156.33) | (142.58) | — | — | — |
Net Debt
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | 499.32 | 287.51 | 250.50 | 160.88 | — | — | — |
Sh' Equity
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (27.61%) | (40.81%) | (50.03%) | (53.20%) | — | — | — |
ROA
|
| — | — | ‡‡‡ | ‡‡‡ | ‡‡‡ | ‡‡‡‡‡ | (96.11%) | (233.45%) | (180.99%) | (854.59%) | — | — | — |
ROIC
|
| — | — | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | ‡‡‡‡‡ | (43.90%) | (72.00%) | (99.17%) | (118.70%) | — | — | — |
ROE
|
Sana Biotechnology (SANA) embodies biotech’s brutal gamble: a clinical-stage cell therapy pioneer burning cash at an alarming rate with zero revenue since inception, ballooning losses from -$13 million in 2018 to -$357 million peaks, and relentless dilution exploding shares outstanding 4,600% to nearly 231 million. Despite a flashy SPAC debut in 2020 that saw shares hit $44, they’ve cratered over 90% amid pipeline pauses, manufacturing scandals, and a 54% workforce slash to 194 employees—classic signs of survival mode in a sector where 90% of players flame out.
Analysts peddle rosy targets implying 56-212% upside from depressed levels, banking on 2025’s projected $37 million revenue inflection and narrowing losses. But peel back the hype: negative ROE, ROIC, and Free Cash Flow per share scream capital destruction, with a fragile balance sheet (equity down 66% to $250 million) and just 1-2 years’ cash runway vulnerable to funding droughts. This isn’t undervaluation—it’s a ticking binary bomb where clinical wins could spark rebounds, but failures (like past hypoimmune halts) promise evaporation.
For contrarians eyeing the rubble, Sana tempts as a speculative lottery ticket, but the math favors caution: unproven milestones, persistent burn, and biotech M&A freeze demand a fortress margin of safety. Dive deeper for the full autopsy on whether this carcass revives or rots.
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