Lawsuit filed for Investors who lost money with shares of Sana Biotechnology, Inc. (NASDAQ: SANA)

An investor, who purchased shares of Sana Biotechnology, Inc. (NASDAQ: SANA), filed a lawsuit over alleged violations of Federal Securities Laws by Sana Biotechnology, Inc. in connection with certain allegedly false and misleading statements.

Investors who purchased shares of Sana Biotechnology, Inc. (NASDAQ: SANA) have certain options and for certain investors are short and strict deadlines running. Deadline: May 20, 2025. NASDAQ: SANA investors should contact the Shareholders Foundation at mail@shareholdersfoundation.com or call +1(858) 779 - 1554.

Seattle, WA based Sana Biotechnology, Inc., a biotechnology company, focuses on utilizing engineered cells as medicines in the United States.

Sana Biotechnology, Inc develops ex vivo and in vivo cell engineering programs to purportedly revolutionize treatment across a broad array of therapeutic areas with unmet treatment needs, including, inter alia, oncology, diabetes, central nervous system ("CNS") disorders, and B-cell-mediated autoimmune diseases. The Company's product candidates include, among others, SC291 for the treatment of, inter alia, B-cell malignancies; SC379 for the treatment of certain CNS disorders; and SG299, which is part of the Company's fusogen platform for in vivo gene delivery for the treatment of hematologic malignancies.

On October 10, 2023, during after-market hours, Sana Biotechnology, Inc. announced that it "will reduce near-term spend on its fusogen platform for in vivo gene delivery" and instead "[i]ncreas[e its] focus on [its] ex vivo cell therapy platform[,]" thereby "postpon[ing] the planned SG299 IND" while "decreas[ing] its expected forward operating burn." Sana further disclosed a "29% headcount reduction" that, in tandem with the "decreased expenses related to the fusogen platform[,]" would keep its "2024 operating cash burn . . . below $200 million[,]" thereby "allowing [its] current cash position to extend further into 2025." The same press release also quoted Defendant Steven D. Harr ("Harr"), Sana's President and Chief Executive Officer, as stating that "[w]e need to ensure that we have a financeable cost structure with . . . emerging opportunities factored in," and that "this strategic re-positioning enables us to deliver significant clinical data across multiple drug candidates with the current balance sheet."
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Then, on November 4, 2024, Sana Biotechnology, Inc. announced that it "will suspend development of both SC291 in oncology and of SC379 . . . as it seeks partnerships for these programs" and instead "increase its investment in its type 1 diabetes program with the cash savings from these changes[,]" thereby "extend[ing] its expected cash runway into 2026." The same press release also quoted Defendant Harr as stating that "we need to ensure that we are directing our investments into the areas where we believe we can have the greatest impact for patients" and that "[t]his modified strategy will also help us reduce our cash burn but comes with the necessity of parting with some talented and valued colleagues."

Shares of Sana Biotechnology, Inc. (NASDAQ: SANA) declined from $12 per share in March 2024, to as low as $1.52 per share on December 30, 2024.

The plaintiff claims that between March 17, 2023 and November 4, 2024, the Defendants made false and/or misleading statements and/or failed to disclose that Sana Biotechnology, Inc. was at significant risk of having insufficient funds to maintain its current operations and advance one or more of its product candidates, that SC291 in oncology, SC379, and SG299 were less promising than Defendants had led investors to believe, that in order to preserve cash and advance its more promising product candidates, Sana Biotechnology, Inc. was likely to decrease funding for and/or discontinue SC291 in oncology, SC379, and SG299, as well as significantly reduce its headcount, that accordingly, Defendants overstated Sana Biotechnology, Inc. 's financial capacity to maintain its current operations and advance its existing product candidates, and that as a result, Defendants' public statements were materially false and/or misleading at all relevant times.

Those who purchased shares of Sana Biotechnology, Inc. (NASDAQ: SANA) have certain options and should contact the Shareholders Foundation.

Contact:
Michael Daniels
Shareholders Foundation, Inc.
3111 Camino Del Rio North
Suite 423
San Diego, CA 92108
Tel: +1-(858)-779-1554
E-Mail: mail@shareholdersfoundation.com

About Shareholders Foundation, Inc.
The Shareholders Foundation, Inc. is a professional portfolio monitoring and settlement claim filing service, and an investor advocacy group, which does research related to shareholder issues and informs investors of securities lawsuits, settlements, judgments, and other legal related news to the stock/financial market. Shareholders Foundation, Inc. is in contact with a large number of shareholders and offers help, support, and assistance for every shareholder. The Shareholders Foundation, Inc. is not a law firm. Referenced cases, investigations, and/or settlements are not filed/initiated/reached and/or are not related to Shareholders Foundation. The information is provided as a public service. It is not intended as legal advice and should not be relied upon.

This release was published on openPR.