Sana Biotechnology is a clinical-stage biotech company developing engineered cell therapies, with two lead programs in clinical development. The first, SC451, is an off-the-shelf, iPSC-derived pancreatic islet cell therapy for type 1 diabetes, designed to restore normal blood glucose without insulin or immunosuppression. SC451 is built on Sana's proprietary Hypoimmune (HIP) technology, which engineers cells with three genetic modifications to evade immune rejection — disrupting MHC class I and II expression and overexpressing CD47, a "don't eat me" signal that blocks NK cell killing. An earlier HIP-modified islet cell product demonstrated survival and function at 52 weeks post-transplant in a patient with an intact immune system and no immunosuppression, which Sana believes is a first-in-human proof of concept. The second program, SG293, is an in vivo CAR T cell therapy for B cell cancers and autoimmune diseases. Rather than manufacturing CAR T cells outside the body, SG293 delivers a CAR gene directly into a patient's CD8+ T cells via a single IV injection, using Sana's fusogen platform. Both programs are expected to enter Phase 1 trials in 2026. Sana is pre-revenue, funding operations through equity raises. If commercialized, therapies would be sold to hospitals and medical centers as one-time treatments, with manufacturing scalability — particularly iPSC-based production for SC451 and avoiding costly ex vivo manufacturing for SG293 — central to the economics.