Q - Sensei Biotherapeutics,
For the period ended Jun 30, 2025. Filed Aug 5, 2025.
View on SEC.govAbout this filing
A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2025 · Filed Aug 5, 2025
FTH$22.05+10.7%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2025-03-31; filed 2025-05-06.
0000950170-25-064525
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2025-06-30; filed 2025-08-05.
0000950170-25-103101
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 128 previous paragraphs and 138 current paragraphs.
108 unchanged; 19 reworded; 7 added; 0 removed; 1 previous and 4 current paragraphs rearranged.
Tables are not compared: 2 previous and 3 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (7)
Current report
Unless otherwise indicated, all information in this Quarterly Report on Form 10-Q gives effect to a 1-for-20 reverse stock split of our common stock that became effective on June 16, 2025 (the “Reverse Stock Split”), and all references to historical share and per share amounts give effect to the Reverse Stock Split.
Current report
General and administrative expenses were $2.7 million for the three months ended June 30, 2025, compared to $3.2 million for the three months ended June 30, 2024. The decrease of $0.5 million was primarily attributable to $0.3 million of lower personnel costs, including stock-based compensation and incentives, $0.1 million for decreased external administrative fees and $0.1 million less license fees.
Current report
Comparison of the Six Months Ended June 30, 2025 and 2024
Current report
Research and Development Expenses
Current report
General and Administrative Expenses
Current report
Other Income
Current report
During the six months ended June 30, 2025, net cash used in financing activities was $0.4 million, primarily consisting of $0.5 million of principal payments under our financing leases, partially offset by $0.1 million of proceeds from the sale of financing lease assets.
Reworded paragraphs (19)
Previous wording
As of May 1, 2025 an aggregate of 97 patients have been dosed in the Phase 1 portion of the clinical trial, consisting of 34 patients in the dose escalation cohort and 63 patients in the dose expansion cohort. The 63 patients in the dose expansion cohort consist of:
Current wording
As of May 1, 2025 an aggregate of 97 patients have been dosed in the Phase 1 portion of the clinical trial, consisting of 34 patients in the dose escalation cohort and 64 patients in the dose expansion cohort. The 64 patients in the dose expansion cohort consist of:
Previous wording
53 patients in the cemiplimab combination arm, consisting of 10 MSS CRC patients and 43 PD-(L)1 resistant "hot" tumor patients.
Current wording
54 patients in the cemiplimab combination arm, consisting of 10 MSS CRC patients and 44 PD-(L)1 resistant “hot” tumor patients. 41 out of 44 patients in the “hot” tumor cohort had received and progressed on a prior PD-(L)1 inhibitor.
Previous wording
Enrollment in the Phase 1 portion of the clinical trial is now complete, and we expect to present updated clinical data from the dose expansion cohort by the end of 2025.
Current wording
Enrollment in the Phase 1 portion of the clinical trial is now complete, and we expect to present updated clinical data from the dose expansion cohort, including 6-month progression free survival, by the end of 2025.
Previous wording
Subject to our ability to raise sufficient additional capital, we are planning to initiate a Phase 2 trial of solnerstotug in the first quarter of 2026, with the trial design and patient selection strategies to be informed by the ongoing dose expansion portion of the trial.
Current wording
Subject to our ability to raise sufficient additional capital, we are planning to initiate Phase 2 studies of solnerstotug in 2026, with the trial design and patient selection strategies to be informed by the ongoing dose expansion portion of the trial.
Previous wording
We have incurred significant operating losses over the last several years. Our net loss was $6.9 million and $8.0 million for the three months ended March 31, 2025 and 2024, respectively. As of March 31, 2025, we had an accumulated deficit of $268.9 million. We expect to continue to incur significant expenses and operating losses for the foreseeable future. We anticipate that our expenses will increase significantly in connection with our ongoing activities, as we:
Current wording
We have incurred significant operating losses over the last several years. Our net loss was $11.8 million and $15.1 million for the six months ended June 30, 2025 and 2024, respectively. As of June 30, 2025, we had an accumulated deficit of $273.9 million. We expect to continue to incur significant expenses and operating losses for the foreseeable future. We anticipate that our expenses will increase significantly in connection with our ongoing activities, as we:
Previous wording
Our expenditures are subject to additional uncertainties, including the terms and timing of regulatory approvals. We may never succeed in achieving regulatory approval for any of our product candidates. We may obtain unexpected results from our clinical trials. We may elect to discontinue, delay or modify clinical trials of some product candidates or focus on others. A change in the outcome of any of these variables with respect to the development of a product candidate could mean a significant change in the costs and timing associated with the development of that product candidate. For example, if the FDA or other regulatory authorities were to require us to conduct clinical trials beyond those that we currently anticipate, or if we experience significant delays in enrollment in any of our clinical trials, we could be required to expend significant additional financial resources and time on the completion of clinical development. Product commercialization will take several years and significant additional development costs.
Current wording
We may elect to discontinue, delay or modify clinical trials of some product candidates or focus on others. A change in the outcome of any of these variables with respect to the development of a product candidate could mean a significant change in the costs and timing associated with the development of that product candidate. For example, if the FDA or other regulatory authorities were to require us to conduct clinical trials beyond those that we currently anticipate, or if we experience significant delays in enrollment in any of our clinical trials, we could be required to expend significant additional financial resources and time on the completion of clinical development. Product commercialization will take several years and significant additional development costs.
Previous wording
Other income was $0.4 million for the three months ended March 31, 2025, compared to other income of $0.7 million for the three months ended March 31, 2024. The other income decrease of $0.3 million was primarily related to a $0.3 million decrease in interest income.
Current wording
Other income was $0.3 million for the three months ended June 30, 2025, compared to other income of $0.6 million for the three months ended June 30, 2024. The decrease of $0.4 million was primarily related to a decrease in interest income.
Previous wording
Research and development expenses were $3.7 million for the three months ended March 31, 2025, compared to $4.9 million for the three months ended March 31, 2024. The decrease of $1.2 million was primarily attributable to $0.8 million of lower personnel costs, including stock-based compensation and incentives, $0.4 million of lower facilities and equipment cost, $0.3 million less expense relating to relating to lab supply purchases, $0.2 million of lower preclinical research expense, $0.1 million less outside research fees and $0.1 million of lower manufacturing cost, partially offset by $0.7 million of higher expense associated with clinical trials.
Current wording
Research and development expenses were $6.3 million for the six months ended June 30, 2025, compared to $9.5 million for the six months ended June 30, 2024. The decrease of $3.2 million was primarily attributable to $1.6 million of lower personnel costs, including stock-based compensation and incentives, $0.8 million of lower facilities and equipment cost, $0.6 million less expense relating to relating to lab supply purchases, $0.3 million of lower manufacturing cost, $0.3 million less outside research fees , $0.1 million of lower preclinical research expense and $0.1 million of lower consulting fees, partially offset by $0.6 million of higher expense associated with clinical trials.
Previous wording
General and administrative expenses were $3.5 million for the three months ended March 31, 2025, compared to $3.8 million for the three months ended March 31, 2024. The decrease of $0.3 million was primarily attributable to $0.6 million of lower personnel costs, including stock-based compensation and incentives, and $0.1 million of less expense for directors and officers insurance, primarily offset by $0.3 million of higher consulting cost and $0.1 million higher cost for external administrative fees.
Current wording
General and administrative expenses were $6.2 million for the six months ended June 30, 2025, compared to $7.0 million for the six months ended June 30, 2024. The decrease of $0.8 million was primarily attributable to $0.9 million of lower personnel costs, including stock-based compensation and incentives, $0.1 million lower cost for external administrative fees, $0.1 million of less expense for directors and officers insurance and $0.1 million of lower board fees, partially offset by $0.3 million of higher consulting cost and $0.1 million of additional facilities and equipment cost.
Previous wording
We have not generated any product revenue and have incurred net losses and negative cash flows from our operations. As of March 31, 2025, we had cash, cash equivalents and marketable securities of $34.3 million. We have financed our operations through sales of our common stock, convertible preferred stock and convertible debt. Through the date of this Report, we have raised an aggregate of $123.4 million of gross proceeds from private placements of our equity and convertible debt securities and net proceeds of $138.5 million from our IPO in February 2021. Our net loss was $6.9 million and $8.0 million for the three months ended March 31, 2025 and 2024, respectively. As of March 31, 2025, we had an accumulated deficit of $268.9 million. Our primary use of cash is to fund operating expenses, which consist primarily of research and development expenditures, and to a lesser extent, general and administrative expenditures.
Current wording
We have not generated any product revenue and have incurred net losses and negative cash flows from our operations. As of June 30, 2025, we had cash, cash equivalents and marketable securities of $28.6 million. We have financed our operations through sales of our common stock, convertible preferred stock and convertible debt. Through the date of this Report, we have raised an aggregate of $123.4 million of gross proceeds from private placements of our equity and convertible debt securities and net proceeds of $138.5 million from our IPO in February 2021. Our net loss was $11.8 million and $15.1 million for the six months ended June 30, 2025 and 2024, respectively. As of June 30, 2025, we had an accumulated deficit of $273.9 million. Our primary use of cash is to fund operating expenses, which consist primarily of research and development expenditures, and to a lesser extent, general and administrative expenditures.
Previous wording
During the three months ended March 31, 2025, net cash used in operating activities was $7.1 million, primarily resulting from our $6.9 million net loss and a $0.9 million decrease in our operating assets and liabilities partially offset by increases in non-cash charges of $0.6 million, primarily related to $0.5 million of stock compensation expense and $0.4 million of non-cash lease expense, partially offset by $0.3 million of accretion on marketable securities.
Current wording
During the six months ended June 30, 2025, net cash used in operating activities was $13.0 million, primarily resulting from our $11.8 million net loss and a $2.3 million decrease in our operating assets and liabilities partially offset by increases in non-cash charges of $1.1 million, primarily related to $0.8 million of non-cash lease expense and $0.7 million of stock compensation expense, partially offset by $0.4 million of accretion on marketable securities.
Previous wording
During the three months ended March 31, 2024, net cash used in operating activities was $7.6 million, primarily resulting from our $8.0 million net loss and a $1.4 million increase in our operating assets and liabilities partially offset by increases in non-cash charges of $1.8 million which included $1.2 million of stock compensation expense, $0.4 million of non-cash lease expense, $0.2 million for amortization of financing lease ROU assets, and $0.1 million for depreciation and amortization, partially offset by $0.1 million of accretion on marketable securities.
Current wording
During the six months ended June 30, 2024, net cash used in operating activities was $13.4 million, primarily resulting from our $15.1 million net loss and a $1.3 million increase in our operating assets and liabilities, partially offset by increases in non-cash charges of $3.1 million which included $2.0 million of stock compensation expense, $0.8 million of non-cash lease expense, $0.4 million for amortization of financing lease right-of-use assets, and $0.3 million for depreciation and amortization, partially offset by $0.4 million of accretion on marketable securities.
Previous wording
During the three months ended March 31, 2025, net cash provided by investing activities was $7.2 million, primarily due to $13.5 million in maturities of short-term investments, partially offset by $6.3 million in purchases of short-term investments.
Current wording
During the six months ended June 30, 2025, net cash provided by investing activities was $15.9 million, primarily due to $24.5 million in maturities of short-term investments and $0.2 million of proceeds from the sale of property and equipment, partially offset by $8.8 million in purchases of short-term investments.
Previous wording
During the three months ended March 31, 2024, net cash provided by investing activities was $5.8 million primarily due to $12.1 million in sales and maturities of short-term investments, partially offset by $6.3 million in purchases of short-term investments.
Current wording
During the six months ended June 30, 2024, net cash provided by investing activities was $12.7 million, primarily due to $30.8 million in maturities of short-term investments, partially offset by $18.0 million in purchases of short-term investments and $0.1 million of purchases of property and equipment.
Previous wording
During the three months ended March 31, 2025 and 2024, net cash used in financing activities was $0.2 million, primarily consisting of $0.2 million of principal payments under our financing leases.
Current wording
During the six months ended June 30, 2024, net cash used in financing activities was $0.4 million, primarily consisting of $0.4 million of principal payments under our financing leases.
Previous wording
Our material cash requirements will have an impact on our future liquidity. Our material cash requirements represent material expected or contractually committed future payment obligations. We believe that we will be able to fund these obligations through cash from our existing cash, cash equivalents and marketable securities.
Current wording
Our material cash requirements will have an impact on our future liquidity. Our material cash requirements represent material expected or contractually committed future payment obligations.
Previous wording
We have operating lease arrangements for our corporate offices, lab facilities and an executive residence. As part of our adoption of ASC 842, we recorded operating ROU assets and operating lease liabilities for these leases as of January 1, 2022. As of
Current wording
We have operating lease arrangements for our corporate offices and lab facilities. As part of our adoption of ASC 842, we recorded operating ROU assets and operating lease liabilities for these leases as of January 1, 2022. As of June 30, 2025, we had operating lease payment obligations of $2.3 million, with $0.9 million payable for the remainder of 2025. See Note 6 in our condensed consolidated financial statements included elsewhere in this Form 10-Q for additional information.
Previous wording
We lease research equipment and furniture under finance leases. As part of our adoption of ASC 842, we recorded financing ROU assets and financing lease liabilities for these leases as of January 1, 2022. As of March 31, 2025, we had finance lease payment obligations of $0.6 million, with $0.5 million payable for the remainder of 2025. See Note 6 in our condensed consolidated financial statements included elsewhere in this Form 10-Q for additional information.
Current wording
We lease research equipment and furniture under finance leases. As part of our adoption of ASC 842, we recorded financing ROU assets and financing lease liabilities for these leases as of January 1, 2022. As of June 30, 2025, we had finance lease payment obligations of $0.4 million, with $0.3 million payable for the remainder of 2025. See Note 6 in our condensed consolidated financial statements included elsewhere in this Form 10-Q for additional information.
Previous wording
We define our critical accounting policies as those accounting principles that require us to make subjective estimates and judgments about matters that are uncertain and are likely to have a material impact on our financial condition and results of operations, as well as the specific manner in which we apply those principles. During the three months ended March 31, 2025, there were no significant changes to our critical accounting policies disclosed in our audited financial statements for the year ended December 31, 2024, which are included in our Annual Report on Form 10-K, as filed with the SEC on March 28, 2025.
Current wording
We define our critical accounting policies as those accounting principles that require us to make subjective estimates and judgments about matters that are uncertain and are likely to have a material impact on our financial condition and results of operations, as well as the specific manner in which we apply those principles. During the six months ended June 30, 2025, there were no significant changes to our critical accounting policies disclosed in our audited financial statements for the year ended December 31, 2024, which are included in our Annual Report on Form 10-K, as filed with the SEC on March 28, 2025.
Rearranged current paragraphs (4)
Current report — wording carried from elsewhere
Our expenditures are subject to additional uncertainties, including the terms and timing of regulatory approvals. We may never succeed in achieving regulatory approval for any of our product candidates. We may obtain unexpected results from our clinical trials.
Current report — wording carried from elsewhere
Research and development expenses were $2.5 million for the three months ended June 30, 2025, compared to $4.6 million for the three months ended June 30, 2024. The decrease of $2.1 million was primarily attributable to $0.8 million of lower personnel costs, including stock-based compensation and incentives, $0.4 million of lower facilities and equipment cost, $0.3 million less expense relating to relating to lab supply purchases, $0.3 million of lower manufacturing costs and $0.3 million less outside research fees.
Current report — wording carried from elsewhere
The following sets forth our results of operations for the six months ended June 30, 2025 and 2024:
Current report — wording carried from elsewhere
Other income was $0.7 million for the six months ended June 30, 2025, compared to other income of $1.4 million for the six months ended June 30, 2024. The decrease of $0.7 million was primarily related to a decrease in interest income.
Rearranged previous paragraphs (1)
Previous report — wording carried elsewhere
March 31, 2025, we had operating lease payment obligations of $2.7 million, with $1.3 million payable for the remainder of 2025. See Note 6 in our condensed consolidated financial statements included elsewhere in this Form 10-Q for additional information.