sensei(SNSE) - 2025 Q1 - Quarterly Results

Report Highlights and Corporate Updates Sensei Biotherapeutics announced a successful first quarter of 2025, highlighted by favorable clinical data for its lead candidate, solnerstotug, in difficult-to-treat PD-(L)1 resistant cancer patients. The company completed enrollment for its dose expansion study and confirmed a cash runway sufficient to fund operations into the second quarter of 2026 - Observed favorable signs of clinical activity in patients with PD-(L)1-resistant cancers, with response rates nearly three times higher than typically expected[1][3] - Dose expansion enrollment is now complete, with the full dataset anticipated to be presented by the end of 2025[1][7] - The company projects its current cash, cash equivalents, and marketable securities will fund operations into the second quarter of 2026[1][8] Clinical Program Update: Solnerstotug (SNS-101) The Phase 1/2 clinical trial for solnerstotug, a conditionally active antibody targeting the VISTA immune checkpoint, has completed its dose expansion enrollment. The trial is evaluating the drug as both a monotherapy and in combination with Libtayo® in patients with advanced solid tumors, with a focus on PD-(L)1 resistant cases - Solnerstotug is a conditionally active antibody designed to selectively target the VISTA immune checkpoint within the tumor microenvironment[4] - A Phase 1/2 clinical trial is evaluating solnerstotug's safety and efficacy as a monotherapy and in combination with Regeneron's PD-1 inhibitor Libtayo® (cemiplimab)[5] Dose Expansion Enrollment Completion (Total 63 Patients) | Arm | Patient Group | Number of Patients | | :--- | :--- | :--- | | Monotherapy | MSS CRC | 10 | | Combination (w/ cemiplimab) | MSS CRC | 10 | | | PD-(L)1 resistant "hot" tumors | 43 | First Quarter 2025 Financial Results For the first quarter of 2025, Sensei reported a net loss of $6.9 million, a decrease from $8.0 million in the prior-year period. The company's cash position remains strong at $34.3 million. Both R&D and G&A expenses saw year-over-year reductions, primarily due to lower personnel costs Cash Position as of March 31, 2025 | Category | Amount (in millions) | | :--- | :--- | | Cash, cash equivalents and marketable securities | $34.3 | | Comparison to Dec 31, 2024 | $41.3 | Quarterly Expense Comparison (Q1 2025 vs Q1 2024) | Expense Category | Q1 2025 (in millions) | Q1 2024 (in millions) | Change | | :--- | :--- | :--- | :--- | | R&D Expenses | $3.7 | $4.9 | Decrease | | G&A Expenses | $3.5 | $3.8 | Decrease | Net Loss Comparison (Q1 2025 vs Q1 2024) | Metric | Q1 2025 | Q1 2024 | | :--- | :--- | :--- | | Net Loss | $6.9 million | $8.0 million | | Net Loss Per Share | $0.27 | $0.32 | Condensed Statements of Operations For the three months ended March 31, 2025, total operating expenses were $7.3 million, down from $8.7 million in the same period of 2024. This led to a reduced net loss of $6.9 million ($0.27 per share) compared to a net loss of $8.0 million ($0.32 per share) in Q1 2024 Statement of Operations (Unaudited, in thousands) | | Three Months Ended March 31, 2025 | Three Months Ended March 31, 2024 | | :--- | :--- | :--- | | Total operating expenses | $7,274 | $8,730 | | Loss from operations | $(7,274) | $(8,730) | | Net loss | $(6,864) | $(7,992) | | Net loss per share, basic and diluted | $(0.27) | $(0.32) | Selected Condensed Balance Sheet Data As of March 31, 2025, the company held $34.3 million in cash, cash equivalents, and marketable securities. Total assets stood at $38.3 million, with total stockholders' equity at $32.0 million Balance Sheet Data (Unaudited, in thousands) | | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $9,877 | $9,994 | | Marketable securities | $24,454 | $31,341 | | Total assets | $38,273 | $45,361 | | Total stockholders' equity | $31,987 | $38,386 | Corporate Activities During the first quarter of 2025, CEO John Celebi represented Sensei Biotherapeutics at two key industry conferences, presenting the company's clinical progress and strategic direction to the investment community - Participated in a panel discussion at the Canaccord Genuity Horizons in Oncology Virtual Conference on April 7, 2025[13] - Delivered a presentation at Oppenheimer's 35th Annual Healthcare Life Sciences Conference on February 11, 2025[13] Cautionary Note Regarding Forward-Looking Statements The report includes forward-looking statements concerning the potential benefits of its product candidates, clinical trial timelines, and its financial runway. It cautions that these are subject to significant risks and uncertainties, including clinical development failures, trial delays, and reliance on third-party suppliers, which could cause actual results to differ - Statements regarding the development, therapeutic benefits, clinical trial timing, and financial sufficiency (cash runway) are forward-looking[18] - Key risks include unsuccessful commercialization, trial delays or cessations, non-replication of prior results, and dependence on third-party suppliers[18][19]