Full Press Release Details
Sensei Biotherapeutics Reports First Quarter 2022 Financial Results and Recent Business Highlights
- SNS-101 preclinical data provide encouraging validation of
pH-sensitive approach to inhibiting VISTA with high selectivity to treat solid tumors -
Cash runway extended into the first quarter of 2025 with $136.2 million on hand at end of first quarter 2022 -
May 10, 2022 Sensei Biotherapeutics, Inc. (NASDAQ: SNSE), an immunotherapy company focused on the discovery and development of next generation therapeutics for cancer, today reported financial results for the first
quarter ended March 31, 2022, and provided recent corporate updates.
We continue to make significant progress in the development of our TMAb platform, which is designed to address the challenge of resistance to checkpoint blockade. New preclinical data show that SNS-101, our anti-VISTA
antibody, binds selectively in low-pH environments to inhibit tumor growth, offering high potential for therapeutic benefit while avoiding the pharmacokinetic sinks and
on-target, off-tumor toxicities that have made multiple immune targets difficult to drug, said John Celebi, president and chief executive officer of Sensei
Biotherapeutics. Importantly, we have extended our cash runway into the first quarter of 2025 by prioritizing near-term milestones for SNS-101 and other TMAb programs, while also continuing to optimize
our ImmunoPhage platform.
Highlights and Milestones
TMAb (Tumor Microenvironment Activated Biologics) Platform
preclinical studies to evaluate SNS-101, a monoclonal antibody targeting the immune checkpoint VISTA (V-domain Ig suppressor of T cell activation), which is implicated
in resistance to PD-1/PD-L1 and correlates with poor survival across numerous cancers. Recent updates for SNS-101 include:
ImmunoPhage Platform and SNS-401-NG
Sensei is optimizing its ImmunoPhage platform to offer a potentially transformative approach to generating new T cells to fight cancer, with potential to address multiple tumor types. Current work in this platform area extending
into 2023 is focused on SNS-401-NG, a potential first-in-class, multi-antigenic
bacteriophage designed to deliver anti-tumor antigens to the immune system. Sensei believes that a measured approach to development will position the company to advance the most potent
ImmunoPhage product candidate when ready.
First Quarter 2022 Financial Results
Cash Position: Cash, cash equivalents and marketable securities were $136.2 million as of March 31, 2022, as compared to $147.6 as of
December 31, 2021. Sensei expects the current cash balance to fund operations into the first quarter of 2025.
Research and Development (R&D)
Expenses: R&D expenses were $7.5 million for the quarter ended March 31, 2022, compared to $3.4 million for the quarter ended March 31, 2021. The increase in R&D expenses was primarily attributable to increased
headcount to support Sensei s research, development, and manufacturing activities.
General and Administrative (G&A) Expenses: G&A expenses were $5.0 million for the quarter
ended March 31, 2022, compared to $4.6 million for the quarter ended March 31, 2021, with the increase mainly driven by franchise tax increases. The company is focused on carefully managing the growth of G&A expenses in the near
Net Loss: Net loss was $12.4 million, for the quarter ended March 31, 2022, compared to $8.0 million for the quarter ended
Condensed Statements of Operations
(Unaudited, in thousands except share and per share data)
| Three Months Ended | ||||||||
| March 31, | ||||||||
| 2022 | 2021 | |||||||
| Operating expenses: | ||||||||
| Research and development | $ | 7,455 | $ | 3,365 | ||||
| General and administrative | 5,032 | 4,604 | ||||||
| Total operating expenses | 12,487 | 7,969 | ||||||
| Loss from operations | (12,487 | ) | (7,969 | ) | ||||
| Total other income (expense) | 82 | (3 | ) | |||||
| Net loss | (12,405 | ) | (7,972 | ) | ||||
| Net loss attributable to common stockholders | (12,405 | ) | (7,972 | ) | ||||
| Net loss per share, basic and diluted | $ | (0.40 | ) | $ | (0.42 | ) | ||
| Weighted-average common shares outstanding, basic and diluted | 30,647,679 | 18,904,853 |
Selected Condensed Balance Sheet Data
(Unaudited, in thousands)
| March 31, 2022 | December 31, 2021 | |||||||
| Cash and cash equivalents | $ | 8,721 | $ | 7,159 | ||||
| Marketable Securities | 127,503 | 140,462 | ||||||
| Total assets | 150,038 | 153,225 | ||||||
| Total liabilities | 14,730 | 6,712 | ||||||
| Total stockholders equity | 135,308 | 146,513 |
About Sensei Biotherapeutics
Sensei Biotherapeutics is a biopharmaceutical company engaged in discovery, development, and delivery of next generation immunotherapies with an initial focus
on treatments for cancer. Sensei has developed two unique approaches its TMAb (Tumor Microenvironment Activated biologics)
platform, comprising unique human monoclonal antibodies and alpaca derived nanobodies that are selectively active in the tumor microenvironment, and its ImmunoPhage platform that leverages bacteriophage to drive the generation of tumor antigen-specific immune responses. Using its TMAb platform, the company is developing SNS-101, an antibody-based
therapeutic targeting an immune checkpoint gene that inhibits anti-tumor immune responses called V-domain Ig suppressor of T cell activation (VISTA). Using the ImmunoPhage platform, Sensei is developing a library of ImmunoPhage, called Phortress , with multiple tumor-associated antigens to create a personalized, yet off-the-shelf cocktail approach for treating cancer patients. The platform is designed to enable efficient, scalable and
cost-effective manufacturing to support all of Sensei s clinical programs. SNS-401-NG is an ImmunoPhage cocktail in preclinical development for the treatment of Merkel cell carcinoma. For more information, please
visit www.senseibio.com, and follow the company on Twitter @SenseiBio and LinkedIn.
Cautionary Note Regarding Forward-Looking
Any statements contained in this press release that do not describe historical facts may constitute forward-looking statements as that term
is defined in the Private Securities Litigation Reform Act of 1995. These statements may be identified by words such as believe , expect , may , plan , potential , will , and
similar expressions, and are based on Sensei s current beliefs and expectations. These forward-looking statements include expectations regarding the development of Sensei s product candidates and platforms, the availability of data from
Sensei s preclinical studies, the timing of selection of product candidates, the timing of IND submissions to the FDA, and its belief that its existing cash and cash equivalents will be sufficient to fund its operations at least into the first
quarter of 2025. These statements involve risks and uncertainties that could cause actual results to differ materially from those reflected in such statements. Risks and uncertainties that may cause actual results to differ materially include
uncertainties inherent in the development of therapeutic product candidates, such as preclinical discovery and development, conduct of clinical trials and related regulatory requirements, Sensei s reliance on third parties over which it may not
always have full control, and other risks and uncertainties that are described in Sensei s Annual Report on Form 10-K filed with the U.S. Securities and Exchange Commission (SEC) on
March 15, 2022 and Sensei s other Periodic Reports filed with the SEC. Any forward-looking statements speak only as of the date of this press release and are based on information available to Sensei as of the date of this release, and
Sensei assumes no obligation to, and does not intend to, update any forward-looking statements, whether as a result of new information, future events or otherwise.
Chief Financial Officer
Sensei Biotherapeutics
Ten Bridge Communications