Financial Performance - The company reported a net loss of $22.4 million for the nine months ended September 30, 2024, compared to a net loss of $26.7 million for the same period in 2023, indicating a decrease in losses of approximately 16.1%[69] - The company reported a net loss of $22.4 million for the nine months ended September 30, 2024, an improvement from a net loss of $26.7 million in the same period of 2023, reflecting a decrease of $4.3 million[88] - Net cash used in operating activities was $18.9 million for the nine months ended September 30, 2024, compared to $25.9 million in the same period of 2023, indicating improved cash flow management[90] - The company incurred net cash used in financing activities of $0.6 million for the nine months ended September 30, 2024, a significant decrease from $10.7 million in the same period of 2023[93] - Other income decreased to $2.0 million for the nine months ended September 30, 2024, down from $2.2 million in 2023, primarily due to a decrease in interest income[87] Expenses - Research and development expenses increased to $4.6 million for the three months ended September 30, 2024, from $3.8 million in the same period of 2023, reflecting an increase of 21.3%[80] - General and administrative expenses decreased to $3.2 million for the three months ended September 30, 2024, down from $3.9 million in the same period of 2023, a reduction of 17.9%[81] - Research and development expenses increased to $14.1 million for the nine months ended September 30, 2024, up from $13.8 million in the same period of 2023, reflecting a $0.3 million rise primarily due to higher clinical trial costs[84] - General and administrative expenses decreased significantly to $10.2 million for the nine months ended September 30, 2024, down from $15.1 million in 2023, a reduction of $4.9 million attributed to lower external professional services and personnel costs[86] - The company anticipates significant increases in expenses related to ongoing clinical trials, regulatory approvals, and commercialization efforts[69] - The company anticipates an increase in expenses related to ongoing research and development activities, including clinical trials and regulatory approvals for product candidates[98] Funding and Capital - The company has raised an aggregate of $123.4 million from private placements and $138.5 million from its IPO in February 2021, totaling $261.9 million in gross proceeds[69] - As of September 30, 2024, the company had cash, cash equivalents, and marketable securities totaling $47.0 million, with an accumulated deficit of $254.3 million[88] - The company expects its existing cash and marketable securities to fund operations into the second quarter of 2026, based on current assumptions[100] - Net cash provided by investing activities was $25.6 million for the nine months ended September 30, 2024, primarily due to $52.5 million in maturities of short-term investments[91] Clinical Development - The company currently has one investigational product candidate, SNS-101, in clinical development, with a Phase 1/2 trial initiated in May 2023[67] - Patient enrollment for the dose expansion portion of the Phase 1/2 study of SNS-101 is expected to reach an aggregate of 50 to 70 patients[67] - The company plans to decrease operating expenses by approximately 46% through workforce reduction and closing its research site in Rockville, Maryland[67] Company Classification and Reporting - The company may take advantage of exemptions until the last day of the fiscal year following the fifth anniversary of its initial public offering, ceasing to be an emerging growth company (EGC) if annual revenue exceeds $1.235 billion or market value exceeds $700 million[107] - The company has elected not to "opt out" of the extended transition period for complying with new or revised accounting standards, meaning it will adopt new standards at the same time as private companies[108] - The company qualifies as a "smaller reporting company," with a market value of stock held by non-affiliates less than $700 million and annual revenue below $100 million in the most recently completed fiscal year[109] - As a smaller reporting company, the company may present only the two most recent fiscal years of audited financial statements in its Annual Report on Form 10-K[110] - The company has reduced disclosure obligations regarding executive compensation due to its status as a smaller reporting company[110] - The company is not required to provide quantitative and qualitative disclosures about market risk as it is classified as a smaller reporting company[111]
sensei(SNSE) - 2024 Q3 - Quarterly Report