Sana Biotechnology Announces $75M Public Offering of Common Stock and Pre-Funded Warrants

Sana Biotechnology has priced a public offering of 20.9 million shares of common stock at $3.35 per share and 1.5 million pre-funded warrants to purchase common stock at $3.3499 per warrant. The offering is expected to raise approximately $75 million before deducting underwriting discounts and commissions. The gross proceeds will be used for general corporate purposes, including funding research and development activities.

Sana Biotechnology, Inc. (Nasdaq: SANA) has priced its public offering, consisting of 20,895,522 shares of common stock at $3.35 per share and 1,492,537 pre-funded warrants to purchase common stock at $3.3499 per warrant [1]. The company expects to raise approximately $75.0 million in gross proceeds before deducting underwriting discounts and commissions [2]. The offering is expected to close around August 8, 2025, subject to customary conditions.

Morgan Stanley, Goldman Sachs, BofA Securities, and TD Cowen are serving as joint book-running managers for the offering. The proceeds from the offering will be used for general corporate purposes, including funding research and development activities [2].

Sana Biotechnology, Inc. is focused on creating and delivering engineered cells as medicines for patients. The company has operations in Seattle, WA, Cambridge, MA, and South San Francisco, CA [1]. The public offering represents a significant funding event for the clinical-stage cell engineering company, which is crucial for advancing its engineered cell therapy pipeline [2].

The pricing of the offering indicates a discount to recent trading levels, which is typical for secondary offerings in the biotech sector. This dilutive event will increase Sana's outstanding share count by approximately 22.4 million shares, representing substantial dilution for existing shareholders [2].

With the additional capital, Sana Biotechnology aims to strengthen its balance sheet and extend its operational runway, which is essential for a development-stage biotech company without consistent revenue streams. The fresh capital will likely be directed toward advancing the company's engineered cell therapy pipeline, which includes treatments targeting various diseases through its novel cell engineering platforms [2].

References:
[1] https://finance.yahoo.com/news/sana-biotechnology-announces-proposed-public-203800015.html
[2] https://www.stocktitan.net/news/SANA/sana-biotechnology-announces-pricing-of-public-7eps966wahwm.html