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Corporate Presentation November 2025
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2© 2020-2025 Sana Biotechnology. All rights reserved. This presentation contains forward-looking statements about Sana Biotechnology, Inc. (the “Company,” “we,” “us,” or “our”) within the meaning of the federal securities laws. All statements other than statements of historical facts contained in this presentation, including, among others, statements regarding the Company’s strategy, expectations, cash runway and future financial condition, future operations, and prospects, are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “aim,” “anticipate,” “assume,” “believe,” “contemplate,” “continue,” “could,” “design,” “due,” “estimate,” “expect,” “goal,” “intend,” “may,” “objective,” “plan,” “positioned,” “potential,” “predict,” “seek,” “should,” “target,” “will,” “would” and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology. The Company has based these forward-looking statements largely on its current expectations, estimates, forecasts and projections about future events and financial trends that it believes may affect its financial condition, results of operations, business strategy and financial needs. In light of the significant uncertainties in these forward- looking statements, you should not rely upon forward-looking statements as predictions of future events. These statements are subject to risks and uncertainties that could cause the actual results to vary materially, including, among others, the risks inherent in drug development such as those associated with the initiation, cost, timing, progress and results of the Company’s current and future research and development programs, preclinical studies, and clinical trials. For a detailed discussion of the risk factors that could affect the Company’s actual results, please refer to the risk factors identified in the Company’s SEC reports, including its Quarterly Report on Form 10-Q dated November 6, 2025. Except as required by law, the Company undertakes no obligation to update publicly any forward-looking statements for any reason. Cautionary Note Regarding Forward-Looking Statements
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3© 2020-2025 Sana Biotechnology. All rights reserved. Type 1 diabetes represents a significant opportunity with validated biology 9M+ people WW live with type 1 diabetes and there has not been a significant new medicine in >100 years Significant proof of concept that transplanting pancreatic islets can be transformative for patients, and Sana has now shown that we can do this without need for immunosuppression Gene-modified, stem cell-derived islets have the potential to provide a "functional cure" SC451 – advancing toward clinical development Fusogen platform proof of concept for in vivo CAR T cells Potential for potent CAR T cells with no conditioning chemotherapy and opportunity to transform the cancer and autoimmune landscape SG293 – advancing next-generation in vivo CAR T program towards clinical development Changing the Possible for Patients Sana Biotechnology
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4© 2020-2025 Sana Biotechnology. All rights reserved. Allogeneic cell rejection ~75 years of transplants – immune rejection remains the largest problem Lifelong immunosuppression is current standard Genome modification efforts to date have generally been incomplete Autologous therapies have limited scalability and are only available for a small number of cell types Sana has published and/or presented positive HIP platform data showing the ability to overcome allogeneic rejection from many cell types and multiple species Overcoming allogeneic immune rejection has been key limitation in transplant and cellular medicine 1Current clinical platform with multiple ongoing approaches in research phase. Sana’s hypoimmune approach1 + CD47 - MHC I - MHC II Healthy donor cells Hypoimmune cells Disruption of MHC Class I & II expression Overexpression of CD47 1 2 3 Blocks adaptive immune system Blocks innate immune system
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5© 2020-2025 Sana Biotechnology. All rights reserved. Sana’s team has pioneered hypoimmune technology
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6© 2020-2025 Sana Biotechnology. All rights reserved. T1D is an autoimmune destruction of insulin-producing pancreatic beta cells Insulin therapy has been transformative, but not curative T1D leads to more than a decade shorter life expectancy even with the best current care Patients and caregivers constantly battle risk of short and long-term sequelae of the disease Type 1 diabetes (T1D) remains a significant unmet medical need 1T1D Index and the International Diabetes Foundation; 2who.int/diabetes/global-report. The Global Burden of T1D1 9.4M Children & adults have T1D 201,600 Deaths per year in 2025 (rising 3%/yr) $81B Spent on T1D WW per year (3.5x more than 2008) 16.4M Children & adults will have T1D By 2040 (expected) Diabetes can lead to complications in many parts of the body and increase the risk of dying prematurely2 Stroke Blindness Heart attack Kidney failure Amputation 2025
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7© 2020-2025 Sana Biotechnology. All rights reserved. Advancing toward a cure for broad T1D population Abbreviations: T1D, type 1 diabetes. Primary islet transplants provide long-term glucose control, but: • Supply is an issue • Requires chronic immunosuppression 1 The Goal: A single treatment with long-term normal blood glucose without immunosuppression or insulin therapy Stem-cell derived islets provide a scalable supply, but: • Still requires chronic immunosuppression 2 Eliminate the need for immunosuppression 3 T1D is a disease of missing pancreatic beta cells
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8© 2020-2025 Sana Biotechnology. All rights reserved. Trial at Uppsala University Hospital Primary human HIP-modified islet cells transplanted in type 1 diabetes patients Intramuscular administration in forearm No immunosuppression Insights for SC451 Potential clinical validation of hypoimmune islet cells in T1D patients Safety Immune evasion Cell survival C-peptide Key Measured Outcomes IST Design Transplant into T1D patient without immunosuppression HIP gene modification of islet cells Donor cadaveric islet cells 1 2 3
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9© 2020-2025 Sana Biotechnology. All rights reserved. Positive 6-month results supported by 4-week & 12-week clinical trial results1 All primary and secondary endpoints met 1Sana expects to report additional data from this clinical trial, including longer-term follow-up. Endpoints Wk 1 Wk 2 Wk 3 Wk 4 Wk 6 Wk 8 Wk 12 Wk 16/18 Wk 26 Safety (no AE/SAE related to drug) Cell survival/function (C-peptide) Graft visibility (MRI) Not performed (as per protocol) Not performed (as per protocol) MRI & PET-MRI Adaptive immune evasion Innate immune evasion
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10© 2020-2025 Sana Biotechnology. All rights reserved. Basal C-peptide in peripheral blood Summary: No detectable C-peptide before transplantation. 6 months after UP421 transplantation, C-peptide is present and stable and stimulated by MMTT. C-peptide levels highlight survival and function of cells after HIP islet cell transplantation Increase in C-peptide levels in the MMTT 0 30 60 90 120 0 5 10 15 20 Time [min] pmol/L Before transplantation Week 8 Week 4 Week 12 Week 18 Week 26 Baseline 1 2 3 4 6 8 12 16 26 0 3 6 9 12 15 12 1111 12 111111 1010 4e-001 Week pmol/L Baseline: Below limit of detection (LOD).Sensitivity: 0.48 pmol/L. Dots represent technical triplicates. C-peptide analyzed in serum. Abbreviations: MMTT, mixed meal tolerance test.
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11© 2020-2025 Sana Biotechnology. All rights reserved. MR T2-STIR-weighted trans images showing signal in musculus brachioradialis after injection of UP421 Day 28 MRI: further evidence of graft survival The MR T2-STIR-weighted sequence is sensitive to water and fluid and is a fat suppression technique to suppress the high signal from fat. Abbreviations: STIR, short TI inversion recovery. D28 MRI showing several punctual signals at the site of graft injection, no inflammation and no safety/ pathological related observations Arrows indicate the location of some examples of injected cells
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12© 2020-2025 Sana Biotechnology. All rights reserved. PET-MRI showing GLP-1R signal in musculus brachioradialis 12 weeks after injection of UP421. Week 12 PET-MRI showing further evidence of graft survival Abbreviations: SUV, standardized uptake value. Uptake of Exendin-4 (GLP-1R targeted PET tracer) Uptake of Exendin-4 tracer specific for GLP-1R positive cells Arrows indicate the presence of UP421 at injection site Graft Muscle
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13© 2020-2025 Sana Biotechnology. All rights reserved. Donor HIP islet cells dKO islet cells WT islet cells Immune analysis using patient’s (recipient) immune cells after transplantation T cells Donor-specific antibodies Natural killer cells Whole blood Donor islet cells contain wild type & double knockout cells as well as HIP cells The drug product’s mixed cell population allows detailed immune analysis Abbreviations: dKO, double knock-out; HIP, hypoimmune; WT, wild type. CD47HLA I HLA II + CD47 HLA I HLA II CD47HLA I HLA II
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14© 2020-2025 Sana Biotechnology. All rights reserved. 10 20 30 40 50-0.5 0.0 0.5 1.0 1.5 2.0 Hours Normalized Cell Index 10 20 30 40 50 -0.5 0.0 0.5 1.0 1.5 Hours Normalized Cell Index Baseline 1 2 3 4 6 8 12 16 26 0 200 400 600 800 497188115175 301 457 576 685 21 Week Spot Frequency Baseline 1 2 3 4 6 8 12 16 26 0 50 100 150 200 616161606167 8598 128 60 Week IgM MFI Unmodified islet cells: do not evade T cell or B cell immune response Abbreviations: D, day; WT, wild type. CD47HLA I HLA II WT islet cells WT islet cells Patient’s T cells are activated and kill WT islet cells with peak at 7 days after transplant WT islet cells Patient’s B cells produce donor-specific antibodies (switch from IgM to IgG at D14) no killing Baseline Week 26 killing Baseline 1 2 3 4 6 8 12 16 26 0 50 100 150 200 677175 98111125129 88 6261 Week IgG MFI
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15© 2020-2025 Sana Biotechnology. All rights reserved. 10 20 30 40 50-0.5 0.0 0.5 1.0 1.5 2.0 Hours Normalized Cell Index 10 20 30 40 50-0.5 0.0 0.5 1.0 1.5 2.0 Hours Normalized Cell Index 10 20 30 40 50 -0.5 0.0 0.5 1.0 1.5 Hours Normalized Cell Index 10 20 30 40 50 -0.5 0.0 0.5 1.0 1.5 Hours Normalized Cell Index Baseline 1 2 3 4 6 8 12 16 26 0 200 400 600 800 21212221232023212320 Week Spot Frequency BL 1 2 3 4 6 8 12 16 26 0 50 100 150 200 59606261606160596060 IgG MFI BL 1 2 3 4 6 8 12 16 26 0 50 100 150 200 60615962606261625961 Week IgM MFI dKO islet cells: successfully evade B and T cell responses but are killed by NK cells Abbreviations: BL, baseline. dKO islet cells dKO islet cells No killing of HLA deficient cells by patient’s T cellsCD47HLA I HLA II dKO islet cells No binding of donor-specific antibodies to HLA deficient cells dKO islet cells Patient’s NK cells are killing HLA I/II deficient cells (due to “missing-self”) no killing no killing Baseline Week 26 killing Baseline Week 26 killing
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16© 2020-2025 Sana Biotechnology. All rights reserved. 10 20 30 40 50-0.5 0.0 0.5 1.0 1.5 2.0 Hours Normalized Cell Index 10 20 30 40 50-0.5 0.0 0.5 1.0 1.5 2.0 Hours Normalized Cell Index 10 20 30 40 50 -0.5 0.0 0.5 1.0 1.5 Hours Normalized Cell Index 10 20 30 40 50 -0.5 0.0 0.5 1.0 1.5 Hours Normalized Cell Index Baseline 1 2 3 4 6 8 12 16 26 0 200 400 600 800 20222019202321202122 Week Spot Frequency BL 1 2 3 4 6 8 12 16 26 0 50 100 150 200 60616058615960606159 IgG MFI HIP islet cells: successfully evade T cell, B cell, and NK cell immune responses HIP islet cells + CD47 HLA I HLA II HIP islet cells No killing of HIP islet cells by patient’s T cells HIP islet cells No binding of donor-specific antibodies to HIP islet cells HIP islet cells No killing of HIP islet cells by patient’s NK cells Baseline Week 26 no killing no killing Baseline Week 26 no killing no killing BL 1 2 3 4 6 8 12 16 26 0 50 100 150 200 58606061596361596062 Week IgM MFI
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17© 2020-2025 Sana Biotechnology. All rights reserved. HIP islet cells overcome patient's allogeneic and autoimmune barrier Target: WT islet cell Donor islet cells with editing profile in column title PBMC plus serum Target: HLAI/II dKO islet cell Target: HIP islet cell Adaptive immune Killing Innate immune Killing No immune killing D7 sample: PBMC (containing all immune cell populations) plus serum (containing antibodies and complement) killing assay Actual assay time = 4 hours. still image before movie
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18© 2020-2025 Sana Biotechnology. All rights reserved. still image after movie
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19© 2020-2025 Sana Biotechnology. All rights reserved. Graft site SC451: developing for the broad T1D population Make hypoimmune islet cells from stem cells 1 + CD47MHC I MHC II Manufacture at scale 2 Deliver as a single therapy 3 SC451 program – HIP stem cell-derived islet cell therapy delivered with no immunosuppression Expect to file IND and begin Phase 1 trial as early as 2026
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20© 2020-2025 Sana Biotechnology. All rights reserved. We are making meaningful progress across four major challenges to realize our vision for SC451 1 Overcoming immune rejection without immunosuppression 2 Differentiating PSCs into islet cells at a purity, potency, and yield to enable clinical trial dosing 3 Generating a gene- modified MCB from a GMP- compliant PSC line that is genetically stable through gene editing and differentiation 4 Manufacturing enough product to treat the patients that need it
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21© 2020-2025 Sana Biotechnology. All rights reserved. Insulin Pre- glucose Post- glucose 0 500 1000 1500 2000 Human c-peptide (pM) 0 4 8 12 16 20 24 0 200 400 600 52566064 Time post-transplant (weeks) Blood Glucose (mg/dL) Diabetic ULOQ STZ iPSC-islets Diabetic (STZ) control Maintain normoglycemia (64+ weeks) Secrete c-peptide in response to glucose Retain strong expression of hCD47 HIP-modified iPSC differentiated islet cells transplanted into muscle persist & control blood glucose in mice for >15 months *Plasma human c-peptide after 5 hr fast (pre) and 30 min after I.P. 3 g/kg dextrose bolus (post); data is mean ± S.D; **Diabetic threshold at 250 mg/dL; data reported as mean ± S.E.M. iPSCs differentiated into islets at high purity HIP-modified iPSC islets produce human c-peptide* in vivo (performed at week 51) HIP-modified iPSC islets persist and control blood glucose (non-fasted blood glucose**)
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22© 2020-2025 Sana Biotechnology. All rights reserved. Fusosome technology: cell-specific in vivo delivery F G Fusosome Sana approach: Leverage insights from nature to deliver various payloads to specific cells without lymphodepletion
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23© 2020-2025 Sana Biotechnology. All rights reserved. CAR activity • Expression/recognition • Amplification • Target cell killing Target cell killing CAR T cell amplification Delivery Transduction of CD8 T cells Expression Transgene integration and CAR expression Function Targeted cell killing T cell Fusosome B cell/tumorCAR T cell 2 Fusosome performance • Transduction specificity • Transduction efficiency 1 Transgene for CAR expression CARCAR Sana is pursuing in vivo engineering of CAR T cells using a fusosome vector system
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24© 2020-2025 Sana Biotechnology. All rights reserved. NHP study explored the efficacy, tolerability, and biodistribution of SG293 in vivo Day -14 Multiple timepoints Necropsy Vehicle or Fusosome delivery (IV) Day 56 In-process testingPre-study baseline Day 0 Study overview In-process testing included: • B cells by flow cytometry • CAR+ T cells in PBMCs by flow and ddPCR • Lymph node biopsy (Day 21) • General safety endpoints (clinical observations, body weight and temperature measurements, clinical pathology, neurological assessment) Pre-study assessments: • Baseline B cell/CD8 T cell frequency
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25© 2020-2025 Sana Biotechnology. All rights reserved. SG293 shows evidence of significant biologic activity in non-human primate model Significant CAR T expansion in the blood Complete depletion of circulating B cells Lymph nodes at Week 3 Evidence of “reset” when B cells return D-7 D35 D42 0 20 40 60 80 100 D-7 D35 D42 0 20 40 60 80 100 D-7 D35 D42 0 20 40 60 80 100 Vec Ctrl NHP1 NHP2 % of CD20+ 0 2 4 6 8 1 10 100 1000 10000 100000 Study Week CAR+ T Cells/mL WB Pre 0 2 4 6 8 0 10 20 30 40 50 500 1000 1500 Study Week CD20+ Cells/mL WB Pre CAR T cells/mL WB Study Week CD20+ cells/mL WB Study Week NHP1 NHP2 Controls Control NHP1 NHP2
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26© 2020-2025 Sana Biotechnology. All rights reserved. Potent and cell-specific in vivo delivery demonstrated with SG293 in study BLQ: Below limit of quantitation Organ 2001 2002 Liver BLQ BLQ Spleen BLQ BLQ Testes (L) BLQ BLQ Testes (R) BLQ BLQ Inguinal LN BLQ BLQ Mesenteric LN BLQ BLQ Heart BLQ BLQ Lung (CL) BLQ BLQ Brain (FC) BLQ BLQ Kidney (L) BLQ BLQ Adrenal Gland (L) BLQ BLQ Stomach BLQ BLQ Duodenum BLQ BLQ Colon BLQ BLQ Skin (RCV:2001, LCV:2002) BLQ BLQ Mam. Gland BLQ BLQ Urinary Bladder BLQ BLQ Adipose BLQ BLQ Salivary Gland BLQ BLQ Pancreas BLQ BLQ Thymus BLQ BLQ BM (Femur) BLQ BLQ SC (Cervical) BLQ BLQ No off-target gene delivery in NHPs receiving high dose vector No signal in liver or testes
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27© 2020-2025 Sana Biotechnology. All rights reserved. Key features CD8-targeted fusosome that delivers to CD8+ T cells the genetic material to make CD19-directed CAR T cells Potential to dose with a single treatment and no lymphodepletion Expect to file IND as early as 2027 in a B-cell cancer and/or B-cell mediated autoimmune disease SG293: Next generation in vivo CAR T with improved potency and manufacturability CD3 Fusogen anti-CD8 binder CD19CAR SG293
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28© 2020-2025 Sana Biotechnology. All rights reserved. HIP platform shows ability to overcome allogeneic rejection in clinical trials across multiple cell types Type 1 diabetes – all components for a curative therapy are now in place: Patients have remained off insulin for over a decade after primary islet transplant (but difficult to scale and requires immunosuppression to date) Stem cell-derived islets offer a more scalable solution (but requires immunosuppression to date) Sana has now shown that we can eliminate immunosuppression with HIP modifications, overcoming both allogeneic and autoimmune rejection SC451, a HIP-modified stem cell-derived pancreatic islet therapy, is advancing toward the clinic with an expected IND filing and start of Phase 1 trial as early as 2026 Fusogen platform offers the potential to treat B-cell cancers and B-cell mediated autoimmune diseases with NO lymphodepletion SG293, a next-generation in vivo CAR T product candidate, demonstrates deep B-cell depletion and immune reset with a single treatment in non-human primates with an expected IND filing as early as 2027 We anticipate meaningful clinical data in multiple diseases with our platform technologies