Sana Biotechnology Inc 2024年度报告

Dear Fellow Stockholders, maniacal in controlling our spend. We have increased ourcost discipline, made tough choices around our portfolio,DQGVLJQL¿FDQWO\GHFUHDVHGRXUEXUQUDWH7KHVHVWHSVhave been painful, and there are no guarantees that we areGRQHEXWE\WDNLQJWKHPZHKDYHLQFUHDVHGRXUORQJWHUPprobability of success given the current market. Not everyHI¿FDFLRXVGUXJZLOOJHWGHYHORSHGJLYHQWKHFXUUHQWmacroeconomic conditions, but we will do everything wecan to push forward our most promising candidates. Second, we need to strengthen our balance sheet, asthe company will need more money to keep executingon our mission. There are multiple mechanisms forbringing capital into the company, including corporatepartnerships, which typically both bring in cash andreduce burn; selling equity; raising debt; and some noveland alternative mechanisms we are working on. Likemost biotech companies, we will almost certainly raisecapital through issuing stock over time, which shouldFRPHDVQRVXUSULVHWRDQ\LQYHVWRULQWKLV¿HOG7KDWsaid, right now, we believe we have better options thatwill unlock meaningful shareholder value. Althoughthere is no guarantee that we will be able to executeon these options, stay tuned, as our management teamand board are focused here and understand how criticalcapital is to the company’s future. Charles Dickens’ opening from$Tale of Two Cities– “It was the best of times, it was the worst of times”– captures much of the current moment at Sana. Ourscience is unfolding in an incredibly exciting way. I ammore optimistic than ever that we will make a disruptiveand positive impact with one or many importantmedicines, translating into an important company. At thesame time, our stock price remains under tremendouspressure. In this letter I will address that challenge aswell as our path forward. Let me turn to why I am so optimistic about our future.:HQRZKDYHDOOWKHFRPSRQHQWVWREXLOGDRQHWLPHfunctionally curative therapy for type 1 diabetes, adisease that impacts almost 2 million people in theUS and over 9 million people worldwide. We recentlyshowed, in a human study, that we can overcome themost important limitation to making a safe and effectivetreatment with the potential for broad adoption by thispatient population – overcoming immune rejectionof allogeneic (somebody else’s) pancreatic beta cellswithout the need for immunosuppression. We needthe time and capital to make this potential a reality, towatch vigilantly for any safety issues, and eventually toincrease our manufacturing scale to meet the size of theXQPHWQHHG*LYHQWKHSURJUHVVDW6DQDDQGLQWKH¿HOGZHEHOLHYHWKDWDVLPSOHRQHWLPHWUHDWPHQWOHDGLQJWRORQJWHUPQRUPDOEORRGJOXFRVHZLWKQRQHHGIRUDQ\further insulin therapy or immunosuppression is nowinevitable. Our job is to make Sana the company thatdelivers this transformative therapeutic. We have made tremendous progress in proving our twoplatforms – hiding allogeneic cells from rejection andthein vivodelivery of genetic material – as well astranslating them into impactful therapies. Before delvinginto our progress, though, I want to address some of theadversities we face. Cell and gene therapies are out offavor with investors, and to a lesser extent, with largecompanies that are potential partners. The capital neededfor success is deemed too great, and even if successoccurs, there are questions about the “one and done”curative business model. The upfront costs at treatmentcan strain patients, payers, government/employers,and even providers. Beyond that, macro factors suchDVJHRSROLWLFDOWXUEXOHQFHXQFHUWDLQW\DERXWLQÀDWLRQand prospects for economic growth, new tariffs, anda “higher for longer” interest rate environment havecombined to put pressure on all risk assets. DespitePHDQLQJIXOVFLHQWL¿FGHULVNLQJZHKDYHDFKLHYHGRYHUthe past several years, the combined impact of thesefactors is a higher cost of capital for Sana. Type 1 diabetes is a disease in which a person’s immunesystem attacks and kills pancreatic beta cells, renderingthe person incapable of making insulin and controllingblood glucose. The disease was a death sentence until thediscovery of insulin therapy 100 years ago, and despite To survive and thrive in this environment, we need tomake our balance sheet last longer, and over time, weneed to show that we can deliver value to patients ata reasonable cost. In the near term, that means being This outcome is truly transformative for diabeticpatients, and its implications over time can extendto many other areas. I do not want to minimize thechallenging work ahead of us. I also think it is importantfor all stakeholders – patients with type 1 diabetes, theirfamilies, governments, payers, regulators, providers, andour shareholders – to understand how transformative thisdrug, and the broader technology, can be. Millions ofpeople are waiting for it, and we need to deliver. many improvements over the past century, the unmetneed r