Seattle-based Sana Biotechnology Inc. (Nasdaq: SANA) is laying off about 15% of its staff, according to a Nov. 29 Securities and Exchange Commission filing.
The biotech said it was stopping further investment in SC187, its program aimed at heart failure. Sana said in a Nov. 2 SEC filing that it had 494 full-time employees as of Sep. 30, meaning roughly 74 employees are affected by the layoffs.
"With such a diverse pipeline and vast opportunities presented by our science and technologies, portfolio prioritization is critical, and we have taken steps to stay in a position to seize the opportunities ahead," Nicole Keith, vice president of finance at Sana, said in a statement to the Business Journal. "This prioritization entails making tough program and resource decisions, but it is the best way to preserve a path to patients for our lead programs as we transition to a clinical-stage company."
Sana said in its Tuesday filing that the job cuts are expected by the of the year, and the company has a cash runway into 2025. The biotech expects to incur roughly $7.9 million in expenses related to employee severance, benefits and other costs, as well as about $2.2 million in stock-based charges related to modifying equity awards of impacted employees.
Sana launched in 2019 and went public through a $587.5 million initial public offering last year. The biotech is focused on repairing and controlling genes in cells. Its treatments, which are in the pre-clinical phase, are aimed at diseases ranging from leukemia to diabetes. Sana is developing and leasing a roughly 80,000-square-foot manufacturing facility in Bothell, replacing its Fremont, California facility. The biotech also has operations in South San Francisco, California, and Cambridge, Massachusetts.
In a release, Sana said it is focusing on programs at or near clinical development.
“We are making significant progress with our platforms to address two of the fundamental opportunities to enable greater utilization of cell engineering to treat serious diseases,” Sana CEO Steve Harr said in a release. “Losing talented and valued colleagues is painful, and we thank them for their contributions to Sana’s mission."
