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Sana Biotechnology, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net loss of $59.9 million compared to a net income of $984,000 in the same quarter of the previous year. The loss is attributed to increased operating expenses and reduced interest income.
Research and development expenses decreased to $53.2 million from $65.6 million in the same quarter of the previous year, primarily due to lower research and laboratory expenses and reduced personnel-related costs.
General and administrative expenses decreased to $14.1 million from $19.2 million, reflecting lower costs related to the previously planned manufacturing facility in Fremont, California, and reduced personnel-related costs.
Interest income, net, was $2.6 million, reflecting a slight decrease from $2.9 million in the previous year, primarily due to changes in market interest rates.
Sana reported total assets of $559.4 million as of September 30, 2024, with cash, cash equivalents, and marketable securities totaling $199.0 million.
The company completed a public offering in February 2024, raising approximately $180.0 million in net proceeds. It also sold shares under an at-the-market facility for net proceeds of $28.6 million.
Sana announced a strategic repositioning in November 2024 to prioritize clinical and preclinical development in specific therapeutic areas, resulting in a workforce reduction of approximately 45%.
The company expects to incur approximately $6.4 million in cash-based expenses related to the workforce reduction, with the portfolio update expected to be substantially complete in the first quarter of 2025.
Sana continues to focus on developing its cell engineering platforms and product candidates, with multiple programs in clinical and preclinical stages. The company plans to share clinical proof of concept data across multiple studies in 2024 or 2025.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Sana Biotechnology Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.