Sensei Biotherapeutics Reports $6.9 Million Net Loss in Q1 2025, Faces Liquidity Concerns

Sensei Biotherapeutics, Inc. reported a net loss of $6.9 million for the first quarter of 2025, a decrease from the $8.0 million loss recorded in the same period of the previous year. The company's total operating expenses for the quarter were $7.3 million, down from $8.7 million in the first quarter of 2024. This reduction in expenses was primarily driven by lower research and development costs, which fell to $3.7 million from $4.9 million, reflecting a decrease in personnel costs and other operational efficiencies. General and administrative expenses also decreased slightly to $3.5 million from $3.8 million.

As of March 31, 2025, Sensei Biotherapeutics had total assets of $38.3 million, a decline from $45.4 million at the end of 2024. The decrease in assets was largely attributed to a reduction in cash and cash equivalents, which stood at $9.9 million, down from $10.0 million at the end of the previous fiscal year. The company’s accumulated deficit increased to $268.9 million, up from $262.1 million at the end of 2024. The decline in cash and cash equivalents, along with the overall decrease in total assets, raises concerns about the company's liquidity, as it expects to require additional financing to support ongoing operations.

In terms of strategic developments, Sensei Biotherapeutics has focused on advancing its clinical candidate, solnerstotug, which is currently in a Phase 1/2 clinical trial. The company has reported favorable activity in patients with advanced solid tumors resistant to PD-(L)1 therapy. However, the company has also undergone significant restructuring, including a workforce reduction of approximately 46% and the closure of its Rockville, Maryland research site, aimed at extending its cash runway and reallocating resources towards the clinical development of solnerstotug.

Operationally, the company has not generated any revenue from product sales and does not anticipate doing so for several years. As of March 31, 2025, Sensei Biotherapeutics had cash, cash equivalents, and marketable securities totaling $34.3 million. The company has indicated that it will need to raise additional capital to fund its operations beyond the second quarter of 2026. The ongoing clinical trials and the potential for future product candidates will require significant investment, and the company has expressed uncertainty regarding its ability to secure necessary funding on favorable terms.

Looking ahead, Sensei Biotherapeutics expects to continue incurring significant operating losses as it advances its clinical programs and seeks regulatory approvals. The company plans to initiate a Phase 2 trial of solnerstotug in early 2026, contingent upon securing sufficient capital. The management has acknowledged the substantial doubt about the company's ability to continue as a going concern without additional financing, emphasizing the need for strategic partnerships and collaborations to support its long-term objectives.