Sensei Biotherapeutics (SNSE) Q1 2026 earnings summary

Executive summary

• Completed acquisition of Faeth Therapeutics, adding PIKTOR, a multi-node PI3K/AKT/mTOR inhibitor, as lead program for endometrial and breast cancer; $200M raised in concurrent private placement, significantly strengthening financial position and pipeline.

• Net loss for Q1 2026 was $170.2M, driven by $133M acquired in-process R&D expense from the Faeth acquisition and increased R&D and G&A costs.

• Cash, cash equivalents, and marketable securities totaled $202.8M at March 31, 2026, including $183.1M net proceeds from the private placement, up from $21.2M at year-end 2025.

Financial highlights

• Q1 2026 net loss: $170.2M, compared to $6.9M in Q1 2025, primarily due to acquisition-related charges.

• Research and development expenses: $18.0M (up from $3.7M), reflecting Faeth integration, stock-based compensation, and tax gross-up payments.

• General and administrative expenses: $19.7M (up from $3.5M), mainly due to acquisition-related costs and expanded operations.

• Acquired in-process R&D expense: $133.0M, related to Faeth acquisition.

• Cash used in operating activities: $10.7M; net cash provided by financing activities: $185.8M.

Outlook and guidance

• Existing cash resources expected to fund operations through topline data from ongoing Phase 2 and Phase 1b/2 PIKTOR trials.

• Anticipate lower R&D and G&A expenses in future periods as non-recurring acquisition costs subside, but ongoing expenses will remain higher than pre-acquisition levels.

• Topline data from PIKTOR Phase 2 in endometrial cancer expected in H2 2026; interim data from breast cancer trial expected in 2027.