Sensei Biotherapeutics Reports Third Quarter 2025 Financial Results

Rhea-AI Summary

Sensei Biotherapeutics (Nasdaq: SNSE) reported third quarter 2025 results and strategic changes on Nov 14, 2025. The board decided to discontinue development of solnerstotug and launched a comprehensive review of strategic alternatives, including asset sales, licensing, collaborations, a sale of the company, merger, or an orderly wind-down.

The company implemented a workforce reduction of approximately 65% and will retain a small team to manage the review, regulatory compliance, and orderly cessation of development activities.

Key financials for the quarter ended Sept 30, 2025: $25.0M cash, cash equivalents and marketable securities (down from $41.3M at Dec 31, 2024); R&D expense $2.5M (vs $4.6M prior year); G&A expense $2.3M (vs $3.2M prior year); net loss $4.6M (vs $7.3M prior year).

Positive

• Cash runway preserved by cost cuts and workforce reduction
• R&D expense declined 46% YoY (from $4.6M to $2.5M)
• Net loss improved 37% YoY (from $7.3M to $4.6M)

Negative

• Cash, equivalents and marketable securities declined 39% since Dec 31, 2024 ($41.3M to $25.0M)
• Workforce reduced by ~65%, materially lowering operational capacity
• Discontinuation of solnerstotug halts a development asset and its future value

Insights

Biotech strategy analyst

Company halts its lead program, cuts ~65% staff, and seeks strategic alternatives while holding $25.0 million in cash.

Sensei Biotherapeutics discontinued development of solnerstotug on October 30, 2025 and launched a formal review of strategic alternatives that may include asset sales, licensing, collaborations, a company sale, merger, or orderly wind‑down. The company cut its workforce by 65% and retained a small team to manage the review and regulatory and reporting obligations.

The disclosed cash position fell to $25.0 million as of September 30, 2025 from $41.3 million at year‑end 2024. Quarterly operating expense reductions show lower R&D ($2.5 million) and G&A ($2.3 million) spend, and net loss narrowed to $4.6 million, reflecting the curtailed operations.

The business mechanism is straightforward: stop advancing the lead program, shrink headcount to preserve cash, and solicit third‑party options to extract value from remaining assets. This preserves optionality while conserving runway, but it also signals the company no longer supports internal development of its most advanced asset.

Key dependencies and risks include the ability to find a buyer or partner for assets, the timing and outcomes of any licensing or sale process, and whether remaining cash suffices to complete an orderly process. The workforce reduction and program cessation materially reduce near‑term development risk but raise execution and value‑realization risk for stakeholders.

Concrete items to watch in the near term are progress and timelines for the strategic review, any announced transactions or licensing deals, updates to cash guidance, and status statements about regulatory or reporting obligations. Expect relevant updates over the coming weeks to months as the review proceeds.

BOSTON, Nov. 14, 2025 (GLOBE NEWSWIRE) -- Sensei Biotherapeutics, Inc. (Nasdaq: SNSE), a clinical stage biotechnology company focused on the discovery and development of next-generation therapeutics for cancer patients, today reported financial results for the third quarter 2025.

On October 30, 2025, the Company announced that its Board of Directors determined, after extensive consideration of the Company’s development pipeline and current market conditions, to discontinue development of solnerstotug and initiate a comprehensive review of strategic alternatives aimed at maximizing shareholder value. The Company is exploring a range of strategic alternatives that may include, among other options, a sale of assets, licensing arrangements, collaborations, a sale of the Company, a business combination, a merger, or an orderly wind-down of operations.

In connection with this strategic review, the Company has implemented a workforce reduction to preserve cash, reducing its workforce by approximately 65 percent. The Company is retaining a small team of employees to assist in exploring strategic alternatives, maintaining compliance with regulatory and financial reporting requirements, and managing the orderly cessation of development activities.

Third Quarter 2025 Financial Results

Cash Position: Cash, cash equivalents and marketable securities were $25.0 million as of September 30, 2025, as compared to $41.3 million as of December 31, 2024.

Research and Development (R&D) Expenses: R&D expenses were $2.5 million for the quarter ended September 30, 2025, compared to $4.6 million for the quarter ended September 30, 2024. The decrease in R&D expenses was primarily attributable to lower personnel and facilities costs, and reduced lab supply costs.

General and Administrative (G&A) Expenses: G&A expenses were $2.3 million for the quarter ended September 30, 2025, compared to $3.2 million for the quarter ended September 30, 2024. The decrease in G&A expense was primarily attributable to lower personnel costs.

Net Loss: Net loss was $4.6 million for the quarter ended September 30, 2025, compared to $7.3 million for the quarter ended September 30, 2024.  

About Sensei Biotherapeutics 
Sensei Biotherapeutics (Nasdaq: SNSE) is a clinical stage biotechnology company focused on the discovery and development of next-generation therapeutics for cancer patients. Through its TMAb™ (Tumor Microenvironment Activated biologics) platform, Sensei develops conditionally active therapeutics designed to disable immunosuppressive signals or activate immunostimulatory signals selectively in the tumor microenvironment to unleash T cells against tumors. Sensei’s lead product candidate is solnerstotug, a conditionally active antibody designed to block the V-domain Ig suppressor of T cell activation (VISTA) checkpoint selectively within the low pH tumor microenvironment, where VISTA acts as a suppressor of T cells by binding the receptor PSGL-1. For more information, please visit www.senseibio.com, and follow the company on X @SenseiBio and LinkedIn.

Condensed Statements of Operations
(Unaudited, in thousands except share and per share data)
	Three Months Ended September 30,
		2025				2024
Operating expenses:
Research and development	$	2,536			$	4,637
General and administrative		2,315				3,186
Total operating expenses		4,851				7,823
Loss from operations		(4,851	)			(7,823	)
Total other income		282				570
Net loss	$	(4,569	)			(7,253	)
Net loss attributable to common stockholders		(4,569	)			(7,253	)
Net loss per share, basic and diluted	$	(3.62	)		$	(5.77	)
Weighted-average common shares outstanding, basic and diluted		1,261,290				1,257,299

Selected Condensed Balance Sheet Data
(Unaudited, in thousands)
	September 30, 2025			December 31, 2024
Cash and cash equivalents	$	10,562		$	9,994
Marketable securities		14,479			31,341
Total assets		27,589			45,361
Total liabilities		4,582			6,975
Total stockholders’ equity		23,007			38,386

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 and phrases such as “believe”, “designed to,” “expect”, “may”, “plan”, “potential”, “will”, and similar expressions, and are based on Sensei’s current beliefs and expectations. These forward-looking statements include Sensei’s discontinued development of solnerstotug and review of strategic alternatives aimed at maximizing shareholder value and related workforce reduction. 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 risks relating to volatility and uncertainty in the capital markets for biotechnology companies; availability of suitable third parties with which to conduct contemplated strategic alternatives; whether Sensei will be able to pursue a strategic transaction, or whether any transaction, if pursued, will be completed on attractive terms or at all; changes in expected or existing competition; changes in the regulatory environment; and unexpected litigation or other disputes; and other risks and uncertainties that are described in Sensei’s Quarterly Report on Form 10-Q filed with the U.S. Securities and Exchange Commission (SEC) on November 14, 2025 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.

Investor and Media Contact:
Joyce Allaire
LifeSci Advisors
Jallaire@lifesciadvisors.com

FAQ

What did Sensei Biotherapeutics (SNSE) announce on Nov 14, 2025 about solnerstotug?

The company announced it will discontinue development of solnerstotug and begin a strategic review of alternatives.

How much cash did Sensei Biotherapeutics (SNSE) report as of Sept 30, 2025?

Sensei reported $25.0 million in cash, cash equivalents and marketable securities as of Sept 30, 2025.

What workforce change did Sensei Biotherapeutics (SNSE) make in Q3 2025?

The company implemented a workforce reduction of approximately 65% to preserve cash during the strategic review.

How did Sensei Biotherapeutics (SNSE) R&D and G&A expenses change in Q3 2025?

R&D expense fell to $2.5M from $4.6M YoY; G&A expense fell to $2.3M from $3.2M YoY.

What strategic options is Sensei Biotherapeutics (SNSE) exploring after Oct 30, 2025?

The company is exploring asset sales, licensing, collaborations, a sale of the company, mergers, business combinations, or an orderly wind-down.

What was Sensei Biotherapeutics (SNSE) net loss in Q3 2025 and how did it compare year-over-year?

Net loss was $4.6M for Q3 2025 versus $7.3M for Q3 2024, an improvement versus last year.