F

Sana Biotechnology, Inc. — Earnings Quality Grade F

SANA · Healthcare

Major red flags

Revenue
$0M
2025
Net Income
-$244M
2025
Gross Margin
Free Cash Flow
-$145M
01

Screening Summary

5
Passed
1
Watch
3
Failed
M-Score

Management Signals

No recent CEO, CFO, board, or accounting leadership signals found in SEC 8-K filings.
02

Financial Trends

Revenue & Net Income ($B)

Margins (%)

03

18-Point Screening

01

Revenue Quality

A1DSO Change

Insufficient data

A2AR vs Revenue Growth

Insufficient data

A3Revenue vs CFFO

Insufficient data

02

Expense Quality

B1Inventory vs COGS

No material inventory

B2CapEx vs Revenue

Insufficient data

B3SG&A Ratio

Insufficient data

B4Gross Margin

Insufficient data

03

Cash Flow Quality

C1CFFO vs Net Income

CFFO < Net Income for 3 consecutive years

Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.

!
C2Free Cash Flow

FCF is negative ($-0.1B)

C3Accruals Ratio

Accruals ratio = -24.1%. Low accruals

C4Cash vs Debt

Cash $0.1B covers debt $0.1B

04

Balance Sheet Health

D1Goodwill + Intangibles

Goodwill+Intangibles $0.2B = 124% of equity. Over 50%

D2Leverage

Debt/EBITDA = -0.4x. Healthy

D3Soft Asset Growth

Insufficient data

D4Asset Impairment

No write-off data

05

Acquisition Risk

E1Serial Acquirer FCF

FCF after acquisitions negative for 3 years

Small-cap context: A single acquisition on a small balance sheet can trip serial-acquirer logic.

E2Goodwill Surge

Goodwill+Intangibles change 0% YoY. Normal

06

Manipulation Score

F1Beneish M-Score

Insufficient data

Portfolio monitoring

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05

Altman Z-Score

-16.01
Distress Zone
0 Distress1.102.605.0+ Safe
0.1678
Liquidity
-4.4353
Cumulative profit
-0.4934
Operating efficiency
0.6284
Leverage

Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25