Summary of Sensei Biotherapeutics (SNSE) FY Conference - September 05, 2025 Company Overview - **Company**: Sensei Biotherapeutics - **Industry**: Biotechnology - **Focus**: Developing conditionally active antibodies for cancer using the Tumor Microenvironment Activated Biologics (TMAb) platform [1] Core Points and Arguments 1. **Defining Year**: 2025 is highlighted as a pivotal year for Sensei Biotherapeutics, transitioning from early promise to more mature efficacy signals, with phase one to dose expansion results expected at the ESMO Congress in October [2] 2. **Lead Program - SylvesterTOG**: - Positioned as the first credible VISTA-targeted therapy, aiming to address issues that previously hindered VISTA-focused antibodies [2] - Designed to selectively bind in the acidic tumor microenvironment, minimizing toxicity and improving pharmacokinetics [3] 3. **Market Opportunity**: - The PD-L1 therapy market is valued at $50 billion, with VISTA expressed in most solid tumors, indicating a significant potential for SylvesterTOG [3] - The approach aims to open a new checkpoint pathway that could rival PD-L1 therapies [3] 4. **Collaboration with Regeneron**: Evaluating SylvesterTOG in combination with Regeneron's PD-1 inhibitor, Libtayo, across various tumors, showcasing the innovative approach and recognition of VISTA's role in immunotherapy resistance [4] 5. **Safety and Efficacy**: - SylvesterTOG has shown a favorable safety profile with no dose-limiting toxicities and manageable cytokine release events, contrasting with earlier VISTA programs that faced severe issues [5] - The trial focused on "hot tumors," with historical response rates for PD-1 rechallenge being in the single digits, yet SylvesterTOG demonstrated remarkable activity [6][7] 6. **Durability of Response**: - Emphasis on the importance of durable responses in immunotherapy, with several patients showing long-term benefits from SylvesterTOG [8][9] - Full phase one to dose expansion data, including six-month progression-free survival (PFS) metrics, will be presented at ESMO [10] 7. **Safety Profile in Expansion Cohort**: Most adverse events were grade one or two, with low-grade cytokine release, indicating a well-tolerated treatment [11] 8. **Future Plans**: - Plans to initiate phase two studies in 2026, with multiple trials aligned with unmet medical needs and commercial potential [11] - Financially positioned with a cash runway into 2026 to support upcoming milestones [12] Other Important Content - **Recognition at ESMO**: The data will be featured in a mini oral session at ESMO, marking a significant recognition of the work being done on VISTA as a therapeutic target [10] - **Investor Opportunity**: Sensei Biotherapeutics presents a unique investment opportunity in the first successful unlocking of VISTA's myeloid biology, which could reshape the immuno-oncology landscape [12]