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SEATTLE - Sana Biotechnology , Inc. (NASDAQ:SANA) reported a narrower-than-expected loss for the fourth quarter of 2024, sending shares up 2.2% in after-hours trading.
The biotechnology company posted an adjusted loss of $0.23 per share, beating analyst estimates of a $0.24 per share loss.
Sana highlighted positive preliminary 12-week clinical results from its ongoing type 1 diabetes study, showing that its hypoimmune-modified pancreatic islet cells transplanted without immunosuppression are functioning and persisting with stable C-peptide production post-transplant.
"The updated preliminary 12-week clinical data for UP421, showing stable C-peptide production and a positive mixed meal tolerance test over time, build upon the earlier reported 4-week data and increase our confidence," said Steve Harr, Sana’s President and CEO.
The company ended the fourth quarter with a cash position of $152.5 million, which it expects will fund operations into 2026. Research and development expenses for Q4 were $47.0 million, down from $63.0 million in the same quarter last year.
Sana is currently enrolling patients in clinical trials for its SC291 and SC262 therapies, with data expected in 2025. The company also plans to file investigational new drug applications for SC451 in type 1 diabetes and SG299 in B-cell related diseases as early as 2026.
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