On this page of StockholderLetter.com we present the latest annual shareholder letter from Sana Biotechnology, Inc. — ticker symbol SANA. Reading current and past SANA letters to shareholders can bring important insights into the investment thesis.

 •  4/26/2024 Letter Continued (Full PDF)
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SANA Shareholder/Stockholder Letter Transcript:

Annual Report
2023

Dear Fellow Stockholders,
manufacture them at scale to create medicines for
patients with various diseases. To date, we have
shown promising data across a number of pre-clinical
models, including a recent publication in which a
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   cured    a non-human primate of type 1 diabetes    
normal blood sugar levels with no requirement for
either insulin or immunosuppression. Entering 2023,
Sana had made progress in advancing our science, but
we did not yet have any medicines in human clinical
studies. Today, we have four separate ongoing studies
across seven different indications in three important
disease categories     blood cancers, B cell-mediated
I am grateful to have the opportunity to provide
autoimmune diseases such as lupus and vasculitis,
this overview of our progress at Sana. Science is
and type 1 diabetes. This accomplishment stands as a
developing at a rapid pace across the biopharmaceutical
testament to the dedication and quality of our team.
industry, with tremendous progress in understanding
Earlier in 2024, we presented data from our early
biology, creating novel modalities to attack disease,
clinical experience with one of these medicines, and we
and launches of important new medicines tackling
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intractable diseases. The industry is also facing
to be evading immune detection in patients with an
many challenges, particularly for smaller companies,
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grappling with oscillating cost of capital, new work
risking our technology. We expect to have clinical data
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in each of these settings in 2024, and we will use these
in government regulation. Over the past year, Sana has
data to optimize the development path, prioritization
worked to focus and advance our efforts on programs
strategy, capital allocation, and therapeutic potential of
that give us the greatest opportunity to exploit the
each candidate.
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the company while minimizing distractions. We are
Lymphoma and leukemia represent a complex
now at a critical point in the company   s evolution with
and heterogeneous group of blood cancers where
clinical data from multiple trials over the next 6 to 12
autologous CD19-directed CAR T cells have shown
months that will provide us with a better understanding
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of the potential of our science to make meaningful
patients achieving durable complete remissions of
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their cancer. Unfortunately, many patients are not
needs. Data to date have been encouraging, and we
able to access these therapies, and of those that do,
look optimistically to our future.
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We are tackling both of these challenges with our
Our current clinical candidates are built off the
allogeneic CAR T cell platform. We are developing
backbone of our hypoimmune platform, or HIP, a
SC291, a CD19-directed allogeneic CAR T therapy,
technology built to overcome immune rejection of
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allogeneic cells. We genetically modify cells and
greater accessibility when compared to the approved

autologous CAR T therapies. SC262 is a CAR T
this is possible with data in 2024. If positive, our
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next challenge will be the production of our therapy,
from a CD19-directed therapy. We look forward to
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sharing data from both SC291 and SC262 in 2024.
delivering our intended therapeutic effect and scaling
B-cell mediated autoimmune diseases encompass a
wide range of relatively common diseases such as
lupus, multiple sclerosis, myasthenia gravis, IgA
this medicine to meet the demand of the millions of
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the most valuable asset inside Sana over the long-term.
nephropathy, and various forms of vasculitis. Over
When we started Sana, we were clear that our intent
the past decade, medicines that target and inhibit B
was to transform cell and gene therapy into modalities
cells and production or function of antibodies have
that could move beyond orphan drug indications in
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order to address areas of significant unmet need. This
the above diseases. CD19-directed CAR T cells are
goal required us to invest early in both novel science
the most potent B cell depleting medicines humans
and manufacturing, neither of which typically follows
have made to date, and early experience with these
a linear path in our industry. I want to thank you, our
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shareholders, for your support, your capital, and your
for patients suffering from these autoimmune diseases,
patience as we have navigated the choppy waters of
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biology, drug development, and the capital markets
time. Our SC291 program offers the potential for both
over the past several years. There is little doubt
the potency and scale to broadly address these diseases.
that more challenges lay ahead as we move toward
We believe this program could be the most valuable
commercialization, but it is worth it. We believe we
asset in the company over the medium-term and look
can create significant value for patients with these
forward to understanding its potential for patients as
efforts, which will translate into meaningful value for
we move through 2024.
all of our stakeholders.
Finally, I want to touch on type 1 diabetes, a disease
Thank you for your continued trust and partnership,
caused by the immune system destroying a person   s
insulin-producing pancreatic beta cells. Insulin is
essential for life, and patients with this disease died
relatively quickly until the discovery of insulin as
a therapy about a century ago. If you have friends
or family with type 1 diabetes, you know the heavy
burden that managing blood glucose and insulin places
on a patient. Despite an intense daily focus, there is
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with this disease, even with the best care. Our goal
is simple     make a one-time treatment that restores
normal insulin production for these patients and
allows them to live life as if they do not have type 1
diabetes. We believe we are close to showing whether
Steve Harr, MD

FORWARD-LOOKING STATEMENTS
This letter contains forward-looking statements about Sana Biotechnology, Inc. within the meaning of the federal
securities laws, including those related to our vision, progress, and business plans and expectations for our
development programs, product candidates, and technology platforms, including with respect to the potential timing
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statements other than statements of historical facts contained in this letter, including, among others, statements
regarding our strategy, expectations, and prospects, are forward-looking statements. In some cases, you can identify
forward-looking statements by terminology such as    aim,       anticipate,       assume,       believe,       contemplate,    
   continue,       could,       design,       due,       estimate,       expect,       goal,       intend,       may,       objective,       plan,       positioned,   
   potential,       predict,       seek,       should,       target,       will,       would    and other similar expressions that are predictions of
or indicate future events and future trends, or the negative of these terms or other comparable terminology. We have
based these forward-looking statements largely on our current expectations, estimates, forecasts, and projections about
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not rely upon forward-looking statements as predictions of future events. These statements are subject to risks and
uncertainties that could cause the actual results to vary materially, including, among others, the risks inherent in
drug development such as those associated with the initiation, cost, timing, progress, and results of our current and
future research and development programs, preclinical and clinical trials, as well as economic, market, and social
disruptions. For a detailed discussion of the risk factors that could affect our actual results, please refer to the risk
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Annual Report on Form 10-K dated February 29, 2024. Except as required by law, we undertake no obligation to
update publicly any forward-looking statements for any reason.



 4/26/2024 Letter Continued (Full PDF)