Senti Biosciences (SNTI) Q1 2026 earnings summary

Executive summary

• Clinical-stage biotech focused on gene circuit platform for cell and gene therapies targeting cancer and incurable diseases.

• Advanced SENTI-202 program into pivotal phase with positive FDA feedback supporting a single-arm pivotal trial for registration in relapsed/refractory AML.

• Net loss of $4.2M for Q1 2026, improved from $14.1M in Q1 2025, driven by lower R&D and G&A expenses and a one-time $6.9M lease modification gain.

• Cash and cash equivalents at $8.9M as of March 31, 2026, with substantial doubt about ability to continue as a going concern beyond Q2 2026 without additional funding.

• Entered into a securities purchase agreement in April 2026 for up to $40M in senior secured convertible notes, with $10M expected in May 2026.

Financial highlights

• Q1 2026 revenue: $16K from related-party collaboration (BlueRock).

• R&D expenses: $5.3M (down from $9.3M in Q1 2025), mainly due to lower external services and supplies.

• G&A expenses: $6.2M (down from $7.1M in Q1 2025), reflecting lower external services, depreciation, and facilities costs.

• Net loss was $4.2M ($0.14 per share) for Q1 2026, compared to $14.1M ($1.41 per share) in Q1 2025.

• Net cash used in operating activities: $7.5M in Q1 2026 (vs. $14.1M in Q1 2025).

Outlook and guidance

• Expect continued significant operating losses and negative cash flows as clinical and preclinical programs advance.

• Current cash runway projected into Q3 2026, assuming $10M note funding closes; additional capital needed for ongoing operations.

• Management actively pursuing further financing and strategic options.

• Focus remains on advancing SENTI-202 efficiently toward pivotal development in R/R AML and exploring combinations with standard of care in newly diagnosed AML.

• Proceeds from new financing expected to support general corporate purposes and SENTI-202 clinical and manufacturing activities.