Sana Biotechnology, Inc.

Signal Note: Baker Bros. Initiates Position in Sana Biotechnology (SANA)

Baker Brothers, the largest biotech-dedicated fund known for extreme conviction sizing, initiated a new position in SANA worth ~$1.26B — a remarkably large opening stake signaling high confidence in the company's in vivo cell engineering platform. SANA's lead programs include SC291 (CD19-targeted fusogen in B-cell malignancies) and SC379 (hypoimmune cell therapy), with SC291 Phase 1 dose-escalation data in relapsed/refractory NHL and autoimmune indications representing near-term catalysts through 2025. Baker's willingness to take a concentrated position of this magnitude in a clinical-stage name suggests they see differentiated de-risked biology and potentially underappreciated optionality in the in vivo approach versus conventional ex vivo