Full Press Release Details
Sensei Biotherapeutics Reports Full Year 2020 Results and Provides Business Update
-Successfully completed upsized IPO in February 2021 raising approximately $152.6 million in gross proceeds
-Large subset of data expected from ongoing Phase 1/2 study of SNS-301 in combination with
pembrolizumab for the treatment of locally advanced unresectable or metastatic squamous cell carcinoma of the head and neck (SCCHN) by year-end -
BOSTON, MA and ROCKVILLE, MD. March 25, 2021 Sensei Biotherapeutics, Inc. (NASDAQ: SNSE), a clinical-stage
immunotherapy company focused on the discovery and development of next generation therapeutics for cancer, today reported financial results for the full year ended 2020 and provided an update on recent business progress.
With a strong foundation built in 2020, Sensei has already achieved significant milestones in 2021, highlighted by our upsized initial public offering
completed in February. Throughout 2020, we have worked diligently and efficiently to broaden our in-house R&D capabilities to deliver our novel and versatile ImmunoPhage platform and Phortress library to patients, said John Celebi, President and Chief Executive Officer of Sensei Biotherapeutics. Looking ahead, we have a well-capitalized foundation on which to further
advance our pipeline of immunotherapies based on our proprietary ImmunoPhage platform for the treatment of cancer. We expect to report a large additional subset of data from our ongoing Phase 1/2 study of
SNS-301 in SCCHN by year-end, as well as progressing our other personalized,
off-the-shelf product candidates.
Recent Business Highlights
Multiple Upcoming Anticipated Milestones
for 2021 and 2022 Across Pipeline:
Full Year 2021 Financial Results
About Sensei Biotherapeutics
Sensei Biotherapeutics is a clinical-stage biopharmaceutical company focused on the discovery, development and delivery of next generation
immunotherapies for the treatment of cancer and infectious diseases. The company has developed a proprietary bacteriophage-based platform, ImmunoPhage , that enables the rapid generation of
immune activating therapeutic agents that fully engage the immune system. Using the ImmunoPhage platform, Sensei is developing a library of ImmunoPhage, called Phortress , to target multiple tumor-associated antigens to create a personalized yet off-the-shelf cocktail approach for
treating cancer patients. The platform enables efficient, scalable and cost-effective manufacturing to support all of Sensei s clinical programs. The company s most advanced immunotherapy, SNS-301, a
first-in-class ImmunoPhage targeting the tumor antigen Aspartyl beta Hydroxylase (ASPH), is currently in a
Phase 1/2 clinical trial in patients with advanced Squamous Cell Carcinoma of the Head and Neck. Earlier stage programs include SNS-401, a ImmunoPhage
cocktail for the treatment of Merkel Cell Carcinoma, and SNS-VISTA, 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).
Cautionary Note Regarding Forward-Looking Statements
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 potential clinical development of Sensei s product candidates, the availability of data from Sensei s
clinical trials and the timing of regulatory filings. 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 conduct of clinical trials, 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 prospectus filed with the U.S. Securities and Exchange Commission (SEC) pursuant to Rule 424(b)(4) under the Securities Act of 1933, as amended, on
February 4, 2021 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.
Condensed Statements of Operations
(Unaudited, in thousands except share and per share data)
| Year Ended December 31, | ||||||||
| 2020 | 2019 | |||||||
| Operating expenses: | ||||||||
| Research and development | $ | 11,185 | $ | 8,350 | ||||
| General and administrative | 7,528 | 4,085 | ||||||
| Alvaxa IPR&D | 738 | |||||||
| Total operating expenses | 19,451 | 12,435 | ||||||
| Loss from operations | (19,451 | ) | (12,435 | ) | ||||
| Total other expense | (649 | ) | (4,305 | ) | ||||
| Net loss | (20,100 | ) | (16,740 | ) | ||||
| Cumulative dividends on convertible preferred stock | (104 | ) | (3,804 | ) | ||||
| Net loss attributable to common stockholders | $ | (20,204 | ) | $ | (20,544 | ) | ||
| Net loss per share, basic and diluted | $ | (12.53 | ) | $ | (55.92 | ) | ||
| Weighted-average common shares outstanding, basic and diluted | 1,612,140 | 367,359 |
Selected Condensed Balance Sheet Data
(Unaudited, in thousands)
| Year Ended December 31, | ||||||||
| 2020 | 2019 | |||||||
| Cash and cash equivalents | $ | 16,596 | $ | 251 | ||||
| Total assets | 21,428 | 1,217 | ||||||
| Total liabilities | 5,535 | 22,334 | ||||||
| Convertible preferred stock | 72,336 | 47,545 | ||||||
| Total stockholders deficit | (56,443 | ) | (68,662 | ) |
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