SANA

Sana is a clinical-stage cell-therapy company with zero product revenue across the entire five-year history shown (FY2021–FY2025 revenue all blank) and a cumulative deficit of -$1.85B in retained earnings. FY2025 net loss was -$244M and operating cash burn was -$144M, against just $71.9M of cash and equivalents at year-end — barely six months of runway at the current burn rate without further dilution. Total assets shrank 16.8% YoY to $417M while equity collapsed 35.8% to $161M; current liabilities jumped 73.3% to $78.7M as current assets fell 7.5% to $149M. Share count is already up 18.6% YoY to 267M, telegraphing the dilution math investors should expect from here.

The MD&A makes clear how narrow this story has become. In November 2025 management 'prioritized' the portfolio down to two programs — SC451 (HIP-edited islet cells for type 1 diabetes) and SG293 (in vivo CAR T) — and 'suspended development' of SC291 and SC262, winding down the GLEAM and VIVID Phase 1 trials. SC451 has not yet filed an IND ('expect to file an IND … as early as this year') and SG293 is targeting 'initial clinical data as early as this year.' Both flagship assets are essentially preclinical or first-in-human, with the only human readout being a single-patient investigator-sponsored study of UP421. The risk-factors TOC explicitly flags 'our financial condition, including the sufficiency of our existing cash … and our ability to continue as a going concern,' which, paired with the balance sheet, is the loudest signal in the document.