Overview

• U.S. cell therapy developer's Q1 adjusted EPS and adjusted net loss both beat expectations

• Company announced strategic collaboration with Mayo Clinic to advance SC451 for type 1 diabetes

• Cash runway expected into 2027 after $25 mln equity investment and ATM activity

Outlook

• Company expects to begin Phase 1 trial for SC451 later in 2026

• Company anticipates starting clinical study for SG293 in non-Hodgkin lymphoma later this year

• Company expects cash runway into 2027

Result Drivers

• R&D EXPENSE DECLINE - Lower research and development expenses driven by reduced headcount and decreased third-party manufacturing costs after suspension of allogeneic CAR T programs

• MAYO CLINIC COLLABORATION - Strategic partnership and $25 mln equity investment to accelerate SC451 development for type 1 diabetes

• NON-CASH EXPENSES - Increase in non-cash expenses from changes in fair value of contingent consideration and success payment liabilities affected net loss

Company press release: ID:nGNX3jDTr7

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Adjusted EPS	Beat	-$0.14	-$0.17 (9 Analysts)
Q1 EPS		-$0.17
Q1 Adjusted Net Income	Beat	-$38.78 mln	-$47.20 mln (7 Analysts)
Q1 Net Income		-$47.21 mln
Q1 Operating Expenses		$48.61 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 8 "strong buy" or "buy", 1 "hold" and no "sell" or "strong sell"

• The average consensus recommendation for the biotechnology & medical research peer group is "buy"

• Wall Street's median 12-month price target for Sana Biotechnology Inc is $7.00, about 99.4% above its May 8 closing price of $3.51

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