Senti Biosciences, Inc. (Senti Bio), a clinical-stage biotechnology firm, reported a net loss of $61.4 million for the year ended December 31, 2025, compared to a net loss of $52.8 million in 2024. The company's collaboration revenue, related to an option exercise period extension fee under an agreement with BlueRock Therapeutics, was $22,000 in 2025, a new source of revenue compared to the previous year. Research and development expenses increased to $37.6 million from $34.4 million, while general and administrative expenses slightly decreased to $26.2 million from $26.4 million. A significant factor impacting the financial results was an impairment of long-lived assets, which amounted to $5.1 million in 2025, primarily related to the Alameda sublease, compared to $0.3 million in 2024.
The company's financial position showed cash and cash equivalents decreasing to $16.4 million as of December 31, 2025, from $48.3 million the previous year. Net cash used in operating activities was $43.4 million in 2025, compared to $41.4 million in 2024. The company's primary source of liquidity in 2025 was $11.8 million in net proceeds from the issuance of common stock under an at-the-market (ATM) agreement and $3.1 million from a CIRM grant. In 2024, the company's primary source of liquidity was $53.7 million in net proceeds from financing activities, including $47.3 million from a private placement offering.
Operationally, Senti Bio focused on advancing its lead product candidate, SENTI-202, through clinical development. The company's strategy includes leveraging its gene circuit platform to develop cell therapies for oncology and establishing strategic collaborations to support programs beyond oncology. A key development was the sale of manufacturing assets and sublease of its Alameda facility to GeneFab, allowing Senti Bio to concentrate on its oncology programs. The company also has a collaboration agreement with Celest Therapeutics for the clinical development of a product candidate in China, though Celest decided to cease enrollment of the clinical trial in April 2025 due to dose limiting toxicities observed.
Senti Bio faces significant challenges, including the need for substantial additional funding to continue operations and the inherent risks associated with clinical-stage biotechnology companies. As of December 31, 2025, management expressed substantial doubt about the company's ability to continue as a going concern for the next 12 months. The company's future success depends on its ability to raise capital, achieve clinical milestones, and secure regulatory approvals for its product candidates. The company is also subject to risks related to competition, intellectual property protection, and government regulation.
Looking ahead, Senti Bio intends to advance its internal pipeline of CAR-NK cell therapies, including SENTI-202, and leverage partnerships to support indications beyond oncology. The company also plans to establish additional collaborations to access the full potential of its technology in various modalities, including T cells, stem cells, in vivo gene therapy, and mRNA. However, the company's ability to execute these plans is contingent upon securing additional funding and overcoming the challenges inherent in drug development and commercialization.
About Senti Biosciences, Inc.
Senti Biosciences is a biotech company developing cell and gene therapies using proprietary gene circuit platform technologies. Its focus is on engineering smarter, programmable therapies for cancer and other diseases, primarily through off-the-shelf CAR-NK cell products targeting hematologic and solid tumors. The company emphasizes precision, safety, and control in immunotherapy, leveraging synthetic biology, strategic collaborations, and advanced manufacturing to address unmet medical needs.
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