Sana Biotechnology Reports Fourth Quarter and 2020 Financial Results and Business Updates Expects to present data at multiple scientific conferences in 2021 2020 year-end cash position of $412 million Further strengthene

Sana Biotechnology Reports Fourth Quarter and 2020 Financial Results and Business Updates

Expects to present data at multiple scientific conferences in 2021

2020 year-end cash position of $412 million

Further strengthened cash position with $627 million in net IPO proceeds

SEATTLE March 24, 2021 Sana Biotechnology, Inc. (NASDAQ: SANA), a company focused on creating and delivering engineered cells as medicines,

today reported financial results and business highlights for the fourth quarter and year ended December 31, 2020.

Engineering cells, whether

done in vivo or ex vivo, has the potential to transform outcomes for patients across many diseases. We are excited about our significant progress in 2020 in turning this vision into a reality continuing to build our scientific

team, expanding our technology with key acquisitions and licenses, and generating important data across multiple platforms and programs, said Steve Harr, Sana s President and Chief Executive Officer. With the completion of our

initial public offering in February, we have additional capital to execute our long-term vision of engineering cells to treat serious diseases such as cancer, various genetic disorders, type 1 diabetes, heart disease, and central nervous system

diseases. We look forward to providing updates at multiple scientific conferences throughout the year and driving our multiple programs toward the clinic.

Recent Corporate Highlights

Fourth Quarter and 2020 Financial Results

A discussion of non-GAAP measures, including a reconciliation of GAAP and

non-GAAP measures, is presented below under Non-GAAP Financial Measures.

Sana Biotechnology, Inc. is focused on

creating and delivering engineered cells as medicines for patients. We share a vision of repairing and controlling genes, replacing missing or damaged cells, and making our therapies broadly available to patients. We are more than 250 people working

together to create an enduring company that changes how the world treats disease. Sana has operations in Seattle, Cambridge, and South San Francisco.

Cautionary Note Regarding Forward-Looking Statements

This press release contains forward-looking statements about Sana Biotechnology, Inc. (the Company, we, us, or

our ) within the meaning of the federal securities laws, including those related to the Company s vision, progress, and business plans; expectations for its development programs, product candidates and technology platforms, including

its pre-clinical and clinical and regulatory development plans and timing expectations; updates at scientific conferences; and the potential use of intellectual property and technology licensed or acquired

from Washington University, Oscine Corp., and FCDI. All statements other than statements of historical facts contained in this press release, 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 and clinical trials, as well as the economic, market and social disruptions due to the ongoing COVID-19 public health crisis. 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 but not limited to its prospectus dated February 3, 2021. Except as required by law, the Company undertakes no obligation to update publicly any forward-looking statements for any reason.

Morgan Warners, Finsbury Glover Hering

Sana Biotechnology, Inc.

Unaudited Selected Consolidated Balance Sheet Data

Sana Biotechnology, Inc.

Unaudited Consolidated Statements of Operations

Non-GAAP Financial Measures

To supplement the financial results presented in accordance with generally accepted accounting principles in the United States (GAAP), Sana uses certain non-GAAP financial measures to evaluate its business. Sana s management believes that these non-GAAP financial measures are helpful in understanding Sana s financial

performance and potential future results, as well as providing comparability period over period and in regards to peer companies. In particular, Sana s management utilizes non-GAAP operating cash burn, non-GAAP research and development expense and non-GAAP net loss and net loss per share. Sana believes the presentation of these

non-GAAP measures provides management and investors greater visibility into the Company s ongoing actual costs to operate its business, including actual research and development costs unaffected by non-cash valuation changes and one-time expenses for acquiring technology, as well as facilitating a more meaningful comparison of period to period activity. Sana excludes

these items because they are highly variable from period to period and, in respect of the non-cash expenses, provides investors with insight into the actual cash investment in the development of its

therapeutic programs and platform technologies.

These are not meant to be considered in isolation or as a substitute for comparable GAAP measures and

should be read in conjunction with Sana s financial statements prepared in accordance with GAAP. These non-GAAP measures differ from GAAP measures with the same captions, may be different from non-GAAP financial measures with the same or similar captions that are used by other companies, and do not reflect a comprehensive system of accounting. Sana s management uses these supplemental non-GAAP financial measures internally to understand, manage, and evaluate Sana s business and make operating decisions. In addition, Sana s management believes that the presentation of these non-GAAP financial measures is useful to investors because they enhance the ability of investors to compare Sana s results from period to period and allows for greater transparency with respect to key financial

metrics Sana uses in making operating decisions. The following are reconciliations of GAAP to non-GAAP financial measures:

Sana Biotechnology, Inc.

Unaudited Reconciliation of Change in Cash, Cash Equivalents, and Marketable Securities to

Non-GAAP Operating Cash Burn

Sana Biotechnology, Inc.

Unaudited Reconciliation of GAAP to Non-GAAP Research and Development Expense

Sana Biotechnology, Inc.

Unaudited Reconciliation of GAAP to Non-GAAP Net Loss and Net Loss Per Share