Company: SNSE
Filing Date: 2025-11-14
Form Type: 10-Q
Source: 0001193125-25-281590
Chunk: 12

Company: Sensei Biotherapeutics, Inc.
Filing Date: 2025-11-14
Form: 10-Q
Item: Item 8
Chunk 12
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(Unaudited)

1. ORGANIZATION AND OPERATIONS Business Sensei Biotherapeutics, Inc. (the “Company” or “Sensei”), a clinical-stage biotechnology company, was incorporated in 1999 as a Maryland corporation until being incorporated in Delaware on December 1, 2017. The Company is focused on the discovery and development of next-generation therapeutics for cancer patients. Liquidity and capital resourcesSince its inception, the Company has devoted substantially all of its resources to advancing development of its portfolio of programs, establishing and protecting its intellectual property, conducting research and development activities, organizing and staffing the Company, business planning, raising capital and providing general and administrative support for these operations. As a result, the Company has incurred substantial losses and had a net loss of $16.4 million for the nine months ended September 30, 2025. As of September 30, 2025, the Company had an accumulated deficit of $278.4 million. The Company expects to generate operating losses and negative operating cash flows for the foreseeable future, and as a result the Company’s liquidity position continues to tighten with the passage of time. The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry including, but not limited to, technical risks associated with the successful research, development and manufacturing of product candidates, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations and the ability to secure additional capital to fund operations.The Company has discontinued development of solnerstotug and initiated a comprehensive review of strategic alternatives aimed at maximizing shareholder value. The Company is exploring a range of strategic alternatives that may include, among other options, a sale of assets, licensing arrangements, collaborations, a sale of the Company, a business combination, a merger, or an orderly wind-down of operations.As part of the cash preservation associated with the strategic review process, the Company expects to implement a reduction in force of approximately 65% of its workforce. The Company estimates that it will incur cash expenditures of $1.6 million, primarily consisting of severance payments and other employee termination-related expenses, which the Company expects to recognize the majority of such costs in the fourth quarter of 2025, with the remaining employees forming a small team to assist in exploring strategic alternatives and managing compliance with regulatory and financial reporting requirements. The Company expects to incur additional losses in the future to fund its operations during the exploration of strategic alternatives. Failure to manage discretionary spending or execute on a strategic