Sana Biotechnology, Inc.

SANAdata completeness 75%7 fiscal years on file

Data notes: no data for concept 'revenue'; no data for concept 'totalDebt'; no data for concept 'interestExpense'

The thesis, from the filings

Sana Biotechnology, Inc. earns about -92% on equity, but has diluted owners by 52% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own

Figure	FY 2021	FY 2022	FY 2023	FY 2024	FY 2025
Revenue	—	—	—	—	—
Net income	−$355.9M¹	−$269.5M²	−$283.3M³	−$266.8M³	−$244.2M³
Operating cash flow	−$251.1M⁴	−$290.1M⁵	−$253.6M⁶	−$223.2M⁶	−$143.8M⁶
Capital expenditure	$29.9M⁷	$20.9M⁸	$20M⁹	$33.4M⁹	$938,000⁹
Free cash flow (derived)	−$280.9M⁴	−$310.9M⁵	−$273.6M⁶	−$256.6M⁶	−$144.8M⁶
Total debt	—	—	—	—	—
Cash & equivalents	$253M¹⁰	$176.8M¹¹	$133.5M¹²	$127.6M¹²	$71.9M¹²
Diluted shares	166.4M	188.3M	194.5M	230.9M	253.2M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal

If you owned

Net assets behind them

$6.35

your share of equity

Profit it earned you last year

−$9.64

Free cash flow it threw off

−$5.72

Debt you’d be carrying

—

10 shares is a claim on $6.35 of net worth that earned you −$9.64 and generated −$5.72 of cash last year.

iii. Is this a good business?

Moat signal · return on equity

-92% avg · 5y

FY21 -49%FY22 -54%FY23 -99%FY24 -106%FY25 -152%

It earned an average -92% on equity over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →

Management signal · capital allocation

+52% shares · 5y

Share count is up 52% over 5 years — owners have been diluted. Worth asking what they got for it.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0

DCF · Growth Exit 10Y

not applicable

3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)

DCF · Growth Exit 5Y

not applicable

3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)

Earnings Power Value

not applicable

normalized (5y-median) earnings non-positive — EPV undefined

Graham Number

not applicable

diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts

10-K · period ending 2021-12-31 · accession 0000950170-24-023119 (NetIncomeLoss)
10-K · period ending 2022-12-31 · accession 0000950170-25-040254 (NetIncomeLoss)
10-K · period ending 2023-12-31 · accession 0001193125-26-088215 (NetIncomeLoss)
10-K · period ending 2021-12-31 · accession 0000950170-24-023119 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2022-12-31 · accession 0000950170-25-040254 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2023-12-31 · accession 0001193125-26-088215 (NetCashProvidedByUsedInOperatingActivities)
10-K · period ending 2021-12-31 · accession 0000950170-24-023119 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2022-12-31 · accession 0000950170-25-040254 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2023-12-31 · accession 0001193125-26-088215 (PaymentsToAcquirePropertyPlantAndEquipment)
10-K · period ending 2021-12-31 · accession 0000950170-24-023119 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2022-12-31 · accession 0000950170-25-040254 (CashAndCashEquivalentsAtCarryingValue)
10-K · period ending 2023-12-31 · accession 0001193125-26-088215 (CashAndCashEquivalentsAtCarryingValue)