Summary by Moomoo AI
Sana Biotechnology reported a net loss of $59.9 million for Q3 2024, compared to net income of $1.0 million in Q3 2023. Total operating expenses were $61.8 million, with research and development expenses of $53.2 million. The company ended the quarter with $199.0 million in cash, cash equivalents, and marketable securities.The company announced a strategic repositioning to focus on type 1 diabetes, B-cell mediated autoimmune diseases, refractory B-cell malignancies, and fusogen platform development. As part of this restructuring, Sana will suspend development of SC291 in oncology and SC379 glial progenitor cell program while seeking partnerships. The reorganization includes a 45% workforce reduction expected to be completed in Q1 2025.In February 2024, Sana completed an underwritten public offering raising approximately $180.0 million through the sale of 21.8 million shares of common stock and pre-funded warrants to purchase 12.7 million shares. The company expects to incur approximately $6.4 million in severance and related costs due to the workforce reduction, with operating losses and expenses projected to decrease in 2025 compared to 2024.
