Sana Biotechnology Inc. (NASDAQ: SANA) entered into a stock purchase agreement with Mayo Clinic on April 10, 2026, to sell 7.5 million shares of common stock at $3.33 per share for gross proceeds of approximately $25 million.

The transaction includes an option for Mayo Clinic to purchase an additional 7.5 million shares at the same price by August 31, 2026, which would generate another $25 million in proceeds. The closing of the initial share purchase is expected to occur around April 15, 2026.

The shares were offered under an effective shelf registration statement filed with the Securities and Exchange Commission. Mayo Clinic has agreed to a lockup period, preventing the sale or transfer of the securities for six months from the initial closing, or three months from the second closing if the additional shares are purchased.

Sana Biotechnology will use the net proceeds to develop products covered under a collaboration and license agreement signed with a Mayo Clinic affiliate on the same date. The development focus includes SC451 and genetically modified stem-cell derived islet cell products, for which the Mayo Clinic affiliate holds royalty rights.

The company reported a cash position of $138.4 million as of December 31, 2025. Combined with the anticipated net proceeds of approximately $24.9 million from the initial share sale, Sana expects to have sufficient cash to fund operations into 2027.

The transaction details were disclosed in a press release statement from the company.