Steve Harr (L) and Hans Bishop

Paint­ing by the num­bers, Sana founders carve up a gi­ant uni­corn-sized IPO — for a biotech that has­n't quite made it to the clin­ic

Sana Biotech­nol­o­gy is one of those star­tups that was sketched in on the chalk­board day one in the shape of a uni­corn.

A gi­ant uni­corn.

And from the num­bers the cell ther­a­py 2.0 play spelled out in their S-1 $SANA, it’s clear that the com­pa­ny founders — led by a pair of ma­jor VCs aligned with some high-pro­file in­dus­try fig­ures — are hunt­ing a big chunk of that val­ue for them­selves.

The raise they pen­ciled in — $150 mil­lion — isn’t like­ly what they ac­tu­al­ly have in mind, and it doesn’t do jus­tice to the size of their am­bi­tions.

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