Sep. 12 at 1:39 PM
$SANA is a classic high-risk, high-reward biotech setup.
The upside rests mainly on SC451 for Type 1 diabetes and SG293 for B-cell cancers/autoimmune disease. SC451 is backed by encouraging HIP-platform data, while SG293 could validate Sana’s in-vivo CAR-T approach.
The problem is funding. Cash is only ~
$57M, H1 R&D was ~
$59M, and management has warned current resources won’t cover planned operations for the next 12 months.
Dilution is already happening: shares outstanding rose ~12% in H1, and SANA still has ATM capacity left.
My view: around
$3 can be interesting for a small speculative position, with room to add near
$2. If clinical news drives a big spike, I’d consider taking partial profits because more equity issuance remains a real risk.
