Sana Biotechnology, Inc. · NASDAQ:SANA

Sana Biotechnology — Investor Presentation (September 2026)

29 slides from Sana Biotechnology's investor presentation, September 2026

1. Slide 1: Corporate Presentation

   Corporate Presentation September 2026

2. Slide 2: Cautionary note regarding forward-looking statements

   Cautionary note regarding forward-looking statements 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 thi

3. Slide 3: Sana Biotechnology: Changing the Possible for Patients

   Sana Biotechnology Changing the Possible for Patients Type 1 diabetes represents a significant opportunity with validated biology  ~10M people WW live with type 1 diabetes; current standard treatment remains exogenous insulin  Disease impact remains significant, and patients want new alternatives

4. Slide 4: Type 1 diabetes is a significant unmet need

   Type 1 diabetes is a significant unmet need  ~10M people WW with T1D; almost 2M in U.S. alone1 Diabetes can damage multiple organs and raise the risk of early death2  Etiology: autoimmune destruction of insulin-producing Stroke Blindness pancreatic beta cells  Insulin replacement therapy is not c

5. Slide 5: Advancing toward a cure for broad T1D population

   Advancing toward a cure for broad T1D population T1D is a disease of missing pancreatic beta cells Primary islet transplants provide 1 long-term glucose control, but: • Supply is an issue • Requires chronic immunosuppression The Goal Stem-cell derived islets provide a A one-time treatment 2 scalable

6. Slide 6: Overcoming allogeneic immune rejection has been key limitation in transplant and cellular medicine

   Overcoming allogeneic immune rejection has been key limitation in transplant and cellular medicine Allogeneic cell rejection Sana’s hypoimmune approach  ~75 years of transplants – immune rejection Blocks adaptive Blocks innate remains the largest problem immune system immune system 1 2 3 Disruption

7. Slide 7: Sana has pioneered hypoimmune technology

   Sana has pioneered hypoimmune technology © 2020-2026 Sana Biotechnology. All rights reserved. 7

8. Slide 8: Clinical validation of hypoimmune islet cells in T1D patient without immunosuppression

   Clinical validation of hypoimmune islet cells in T1D patient without immunosuppression Overview 1 2 3 • Allogeneic, primary human HIP islet cell transplantation in type 1 diabetes patient • Intramuscular administration in forearm • No immunosuppression • Low dose first-in-human safety study • Trial

9. Slide 9: All primary and secondary endpoints met

   All primary and secondary endpoints met UP421 continues to evade immune detection and function without any therapy-related adverse events Wk Endpoints Wk 1 Wk 2 Wk 3 Wk 4 Wk 6 Wk 8 Wk 12 16/18 Wk 26 Wk 39 Wk 52 Safety (no AE/SAE related to drug) Cell survival/function (C-peptide) Not Not Not Graft v

10. Slide 10: HIP islet cell survival and function through 14 months

    HIP islet cell survival and function through 14 months Basal C-peptide in peripheral blood Increase in C-peptide levels in the MMTT Wk 61 15 Wk 52 20 Wk 26 12 12 12 11 Wk 18 11 11 Wk 12 12 11 11 10 Wk 8 10 15 Wk 4 Before 9 8 transplantation pmol/L pmol/L 10 6 6 5 3 4e-001 0 0 Baseline 1 2 3 4 6 8 12

11. Slide 11: Week 12 and 52 PET/MRI: further evidence of graft survival

    Week 12 and 52 PET/MRI: further evidence of graft survival Week 12 Week 52 MR T2-STIR-weighted trans images showing signal in m. brachioradialis after injection of UP421 Graft Uptake of Exendin-4 tracer Muscle specific for GLP-1R positive cells Abbreviations: GLP-1R, glucagon-like peptide-1 receptor

12. Slide 12: No detectable immune response toward HIP islet cells at 12 months

    No detectable immune response toward HIP islet cells at 12 months Assay tests patient immune cells (PBMCs) plus serum (antibodies plus complement) against various cell populations from UP421 drug product + CD47 + CD47 + CD47 MHC I MHC I MHC I MHC II Wild-type cells MHC II MHC Class I/II K/O cells MH

13. Slide 13: SC451: developing for the broad T1D population

    SC451: developing for the broad T1D population 1 Make hypoimmune islet 2 Manufacture 3 Deliver as a cells from stem cells at scale one-time therapy + CD47 MHC I Intramuscular MHC II delivery Safety Switch + CD47 MHC I Safety Switch MHC II SC451 program – HIP stem cell-derived islet cell therapy deli

14. Slide 14: We made significant progress in the last 18 months in turning this science into a medicine

    We made significant progress in the last 18 months in turning this exciting science into a medicine 04. Clinical planning 01. Nonclinical package • Clinical sites selected and • Comprehensive nonclinical activation activities have testing started and nearing begun completion • Defined target populat

15. Slide 15: SC451: next steps for value creation

    SC451: next steps for value creation Complete GLP Complete GMP File IND and Begin Phase 1 Make significant toxicology study tech transfer & equivalent in at testing progress on & non-clinical manufacture least one other commercial scale testing package clinical trial geography manufacturing material

16. Slide 16: SC451 Phase 1/2 has clear definitions of success: safety, cell survival, and function

    SC451 Phase 1/2 has clear definitions of success: safety, cell survival, and function  Early immune evasion  Endogenous insulin production evident within first month  Potential for insulin independence within 3-6 months Active follow-up Active follow-up Active follow-up (year 1) (year 2) (years 3

17. Slide 17: Fusosome technology: cell-specific in vivo delivery

    Fusosome technology: cell-specific in vivo delivery Sana approach: Leverage insights from nature to deliver various payloads to specific cells without lymphodepletion G F Fusosome © 2020-2026 Sana Biotechnology. All rights reserved. 17

18. Slide 18: Sana is pursuing in vivo engineering of CAR T cells using a fusosome vector system

    Sana is pursuing in vivo engineering of CAR T cells using a fusosome vector system Delivery Expression Function Transduction of CD8 T cells Transgene integration & CAR expression Targeted cell killing T cell CAR T cell B cell/tumor Target cell killing Transgene for CAR CAR T cell amplification expre

19. Slide 19: Sana made two critical assumptions in developing this program

    Sana made two critical assumptions in developing this program Cell specificity of delivery Integration into T cell will be important DNA is important  Lowers risk of off-target toxicity  CAR T cells typically undergo multi- logarithmic expansion inside the patient in order to clear target cells 

20. Slide 20: GLP Tox Study: SG299 leads to potent transduction of circulating CD8+ cells

    GLP Tox Study: SG299 leads to potent transduction of circulating CD8+ cells (~15-20%) 4 NHP at each dose received single injection Potent transduction of circulating CD8+ T cells Low dose High dose 10 0 • Fusogen has cross-reactivity with NHP CD8 CAR Vector Copy Per CD8+ T Cell 10 -1 • CD19 CAR does

21. Slide 21: GLP Tox Study: SG299 is specific for CD8+ cells; no transduction in hepatocytes or gonadal tissue

    GLP Tox Study: SG299 is specific for CD8+ cells; no transduction detected in hepatocytes or gonadal tissue 4 NHP at each dose received single injection Low dose High dose 10 -1 VCN is a sensitive marker for transduction CAR Vector Copy Per Cell 10 -2 10 -3 NO LIVER NO TESTIS OFF-TARGET OFF-TARGET de

22. Slide 22: Next generation: Improved the platform to increase potency and probability of success

    Next generation: Improved the platform to increase potency and probability of success CD8 T cell transduction with high on-target specificity Where we were: T cell restriction factors identified as limiting potency in resting T cells Overcome restriction via novel compositions What we did: Minimize

23. Slide 23: SG293 and SG227: next generation in vivo CAR Ts with improved potency and manufacturability

    SG293 and SG227: next generation in vivo CAR Ts with improved potency and manufacturability anti-CD8 binder 1 Novel fusogen to increase gene delivery and reduce dose, while maintaining high 1 Fusogen specificity CD19 SG293 2 Incorporates an activation factor on the BCMA SG227 vector to increase CAR

24. Slide 24: SG293 incorporates novel fusogen with high specificity in vitro

    SG293 incorporates novel fusogen with high specificity in vitro SG293 shows specificity for on-target vs. off-target cells in vitro compared to targeted VSV-G fusogen RevCD19CAR+miRNA-Research Grade ON-target (CD8+)→ SupT1 11.476 4.505 5.140 Low phagocytic Jurkat/J45 0.013 0.015 0.270 activity Raji

25. Slide 25: NHP study explored the efficacy, tolerability, and biodistribution of SG293 surrogate in vivo

    NHP study explored the efficacy, tolerability, and biodistribution of SG293 surrogate in vivo Study assessment overview  General safety endpoints Vehicle or o Clinical observations Pre-study Fusosome In-process Necropsy baseline delivery (IV) testing (liver, spleen, etc.) o Body weight and temperat

26. Slide 26: Significant in vivo biologic activity demonstrated in NHP with SG293 surrogate

    Significant in vivo biologic activity demonstrated in NHP with SG293 surrogate Significant CAR T expansion in the blood Complete depletion of circulating B cells 10000 1500 Controls CD20+ Cells/mL WB CAR T cells/μL WB 1000 NHP1 1000 NHP2 500 100 50 40 10 30 20 1 10 0 Pre 0 2 4 6 8 Pre 0 2 4 6 8 Stud

27. Slide 27: Sana's fusogen platform has the potential for multiple best-in-class therapies

    Sana’s fusogen platform has the potential for multiple best-in-class therapies Recent progress creates potential for best-in-class in vivo CAR T cell platform Platform can be readily expanded to other targets First SG293 trial for patients with non-Hodgkin lymphoma  With early safety and efficacy d

28. Slide 28: Sana: next 12 months can be transformative

    Sana: next 12 months can be transformative Type 1 diabetes: a disease in need of better alternatives  Scientific validation that a functional cure is possible  SC451 assembles all components into a scalable platform  2026: Goal is to file IND & start Phase 1/2 trial  Potential for early clinical

29. Slide 29: Thank You

    Thank You Biotechnology®

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