Sensei Biotherapeutics Reports $11.8 Million Net Loss for First Half of 2025

Sensei Biotherapeutics, Inc. reported a net loss of $11.8 million for the six months ended June 30, 2025, a decrease from a net loss of $15.1 million during the same period in 2024. The company's total operating expenses for the first half of 2025 were $12.5 million, down from $16.5 million in the prior year, reflecting a strategic reduction in research and development costs, which fell to $6.3 million from $9.5 million. General and administrative expenses also decreased to $6.2 million from $7.0 million, primarily due to lower personnel costs and reduced external administrative fees. The company’s accumulated deficit as of June 30, 2025, stood at $273.9 million.

In terms of liquidity, Sensei Biotherapeutics had cash, cash equivalents, and marketable securities totaling $28.6 million as of June 30, 2025, compared to $41.9 million at the end of 2024. The company experienced a net cash increase of $2.6 million during the first half of 2025, primarily due to $15.9 million in cash provided by investing activities, which included $24.5 million in maturities of short-term investments. However, the company noted that it expects to require additional financing to support its operations beyond the second quarter of 2026, raising concerns about its ability to continue as a going concern.

Operationally, Sensei Biotherapeutics is focused on advancing its clinical development of solnerstotug, a monoclonal antibody targeting the immune checkpoint VISTA. The company initiated a Phase 1/2 clinical trial in May 2023 and reported favorable activity in patients with PD-(L)1 resistant tumors in March 2025. As of May 2025, 97 patients had been dosed in the trial, and the company plans to present updated clinical data by the end of 2025. The company has also paused development on its other preclinical candidates, SNS-102, SNS-103, and SNS-201, as part of a restructuring initiative announced in November 2024, which included a workforce reduction of approximately 46%.

The company’s financial outlook remains cautious, with expectations of continued operating losses and negative cash flows for the foreseeable future. Sensei Biotherapeutics plans to finance its operations through a combination of equity offerings, debt financings, and potential collaborations. The company has not generated any revenue from product sales and does not anticipate doing so for several years, emphasizing the need for additional capital to support its ongoing research and development efforts.