According to the Complaint, Sana Biotechnology, Inc. is a biotechnology company that develops ex vivo and in vivo cell engineering programs to purportedly revolutionize treatment across a broad array of therapeutic areas with unmet treatment needs, including oncology, diabetes, CNS disorders, and B-cell mediated autoimmune diseases. This lawsuit was filed against Sana and two of its Officers.

The Complaint alleges that, throughout the Class Period, Defendants made materially false and misleading statements regarding Sana's business, operations, and prospects. Specifically, the Complaint alleges Defendants made false and/or misleading statements and/or failed to disclose that: (i) Sana was at significant risk of having insufficient funds to maintain its current operations and advance one or more of its product candidates; (ii) SC291 in oncology, SC379, and SG299 were less promising than Defendants had led investors to believe; (iii) in order to preserve cash and advance its more promising product candidates, Sana was likely to decrease funding for and/or discontinue SC291 in oncology, SC379, and SG299, as well as significantly reduce its headcount; (iv) accordingly, Defendants overstated Sana's financial capacity to maintain its current operations and advance its existing product candidates; and (v) as a result, Defendants' public statements were materially false and/or misleading at all relevant times.