Faeth Therapeutics (FTH) posts Q2 loss, $200 million PIPE

Rhea-AI Filing Summary

Faeth Therapeutics, Inc. reported financial results for the quarter ended June 30, 2026 and provided clinical and corporate updates. The company highlighted its combination with Sensei Biotherapeutics and a concurrent $200 million PIPE financing, which it says provides capital to advance its multi-node inhibitor PIKTOR across multiple cancers.

For the quarter, total operating expenses were $18,385 (in thousands), up from $5,206 (in thousands) a year earlier, driven by research and development of $9,180 (in thousands) and general and administrative expenses of $9,205 (in thousands). Net loss was $16,007 (in thousands), compared with $4,936 (in thousands), or $2.84 net loss per share versus $3.91. Cash and cash equivalents were $26,903 (in thousands) and marketable securities were $159,538 (in thousands) as of June 30, 2026.

Operationally, Faeth reported that topline results from its Phase 2 PIK-201 trial in advanced endometrial cancer are on track for year-end 2026, and that the first patient was dosed in its Phase 1b/2 PIK-101 trial in HR+ breast cancer in April 2026, with initial data anticipated in 2027.

Positive

• The combination with Sensei Biotherapeutics included a concurrent $200 million PIPE financing, adding significant capital to support development of PIKTOR in multiple cancer indications.
• As of June 30, 2026, cash and cash equivalents were $26,903 and marketable securities $159,538 (each in thousands), up from $8,668 and $12,516 (in thousands) at December 31, 2025, indicating a materially stronger liquidity position.

Negative

• Net loss was $16,007 (in thousands) for the quarter, compared with $4,936 (in thousands) a year earlier, as total operating expenses rose to $18,385 (in thousands) from $5,206 (in thousands) driven by higher R&D and G&A spending.

8-K Event Classification

2 items: 2.02, 9.01

2 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Net loss: $16,007 (in thousands) Net loss per share: $2.84 Total operating expenses: $18,385 (in thousands) +5 more

8 metrics

Net loss $16,007 (in thousands) For the quarter ended June 30, 2026

Net loss per share $2.84 Basic and diluted, quarter ended June 30, 2026

Total operating expenses $18,385 (in thousands) Quarter ended June 30, 2026

Research and development expense $9,180 (in thousands) Quarter ended June 30, 2026

General and administrative expense $9,205 (in thousands) Quarter ended June 30, 2026

Cash and cash equivalents $26,903 (in thousands) Balance at June 30, 2026

Marketable securities $159,538 (in thousands) Balance at June 30, 2026

PIPE financing $200 million Concurrent financing completed with the Sensei Biotherapeutics combination

Key Terms

PIPE financing, multi-node inhibitor, PI3K/AKT/mTOR pathway, Series B redeemable convertible preferred stock, +1 more

5 terms

PIPE financing financial

"With the concurrent $200 million PIPE financing, we now have the capital"

Pipe financing is a way for companies to raise money quickly by selling new shares or bonds directly to investors, often before their stock is publicly traded or in the early stages of a project. It’s similar to a company securing a loan from investors, providing quick capital needed for growth or operations. For investors, it can offer opportunities for early involvement and potentially higher returns, but it may also carry increased risk due to the immediate nature of the deal.

multi-node inhibitor medical

"developing PIKTOR, an investigational all-oral, multi-node inhibitor of the PI3K/AKT/mTOR"

PI3K/AKT/mTOR pathway medical

"inhibitor of the PI3K/AKT/mTOR pathway, today announced financial results"

A chain of proteins inside cells that passes signals controlling cell growth, survival and energy use; think of it like a thermostat and wiring that tells a cell when to grow, divide or conserve resources. It matters to investors because drugs or tests that alter this pathway are central to many cancer and metabolic disease treatments, influencing the value and risk of biotech pipelines, trial outcomes and future sales potential.

Series B redeemable convertible preferred stock financial

"Series B redeemable convertible preferred stock $ 6,767"

HR+/HER2- advanced breast cancer medical

"a Phase 1b/2 trial in HR+/HER2- advanced breast cancer (Study FTH-PIK-101)"

Earnings Snapshot

Net loss: $16,007 (in thousands)

Quarter ended June 30, 2026

Net loss $16,007 (in thousands) Compared with $4,936 (in thousands) for the quarter ended June 30, 2025

Net loss per share, basic and diluted $2.84 Compared with $3.91 for the quarter ended June 30, 2025

Total operating expenses $18,385 (in thousands) Compared with $5,206 (in thousands) for the quarter ended June 30, 2025

Cash and cash equivalents $26,903 (in thousands) Compared with $8,668 (in thousands) as of December 31, 2025

Marketable securities $159,538 (in thousands) Compared with $12,516 (in thousands) as of December 31, 2025

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FAQ

What were Faeth Therapeutics (FTH) key financial results for Q2 2026?

Faeth reported a net loss of $16,007 (in thousands) on total operating expenses of $18,385 (in thousands) for Q2 2026. Net loss per share was $2.84, compared with $3.91 and a net loss of $4,936 (in thousands) in Q2 2025.

What is Faeth Therapeutics (FTH) cash and investment position after the Sensei transaction?

As of June 30, 2026, Faeth held $26,903 (in thousands) in cash and cash equivalents and $159,538 (in thousands) in marketable securities. These balances increased from $8,668 and $12,516 (each in thousands) at December 31, 2025, reflecting the closing of its $200 million PIPE.

What clinical milestones did Faeth Therapeutics (FTH) highlight for the PIK-201 trial?

Faeth stated that topline results from its Phase 2 PIK-201 trial in second-line advanced endometrial cancer are on track for year-end 2026. PIKTOR targets the PI3K/AKT/mTOR pathway, which is described as dysregulated in up to 50% of solid tumors.

What progress has Faeth Therapeutics (FTH) made in the PIK-101 breast cancer study?

The first patient in the Phase 1b/2 PIK-101 trial in HR+/HER2- advanced breast cancer was dosed in April 2026. Faeth anticipates reporting interim safety and efficacy data in 2027, expanding development of PIKTOR into a second indication.

What major corporate changes did Faeth Therapeutics (FTH) report in 2026?

Faeth completed a combination with Sensei Biotherapeutics, changed its name to Faeth Therapeutics, Inc. on June 15, 2026, and its common stock began trading on Nasdaq under the ticker “FTH” on June 16, 2026.

How did operating expenses change year over year for Faeth Therapeutics (FTH)?

Total operating expenses increased to $18,385 (in thousands) in Q2 2026 from $5,206 (in thousands) in Q2 2025. Research and development rose to $9,180 (in thousands), while general and administrative expenses reached $9,205 (in thousands).

false 0001829802 0001829802 2026-08-04 2026-08-04

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): August 4, 2026

Faeth Therapeutics, Inc.

(Exact Name of Registrant as Specified in its Charter)

Delaware		001-39980		83-1863385
(State or Other Jurisdiction of Incorporation)		(Commission File Number)		(IRS Employer Identification No.)

701 Tillery Street, #12, #1010 Austin, TX		78702
(Address of Principal Executive Offices)		(Zip Code)

Registrant’s telephone number, including area code: (512) 200-2982

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Securities Exchange Act of 1934:

Title of each class		Trading symbol		Name of each exchange on which registered
Common Stock		FTH		The Nasdaq Stock Market LLC

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02 Results of Operations and Financial Condition.

On August 4, 2026, Faeth Therapeutics, Inc. issued a press release announcing its financial results for the quarter ended June 30, 2026. A copy of the press release is attached hereto as Exhibit 99.1.

The information in this Item 2.02 and the exhibit attached hereto are being furnished and shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall they be deemed incorporated by reference into any filing under the Exchange Act or the Securities Act of 1933, as amended, whether filed before or after the date hereof and regardless of any general incorporation language in such filing.

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit Number		Exhibit Description
99.1		Press Release of Faeth Therapeutics, Inc., dated August 4, 2026
104		The cover page from this Current Report on Form 8-K, formatted in Inline XBRL

2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

						Sensei Biotherapeutics, Inc.
Date: August 4, 2026						/s/ Christopher W. Gerry
						Christopher W. Gerry
						General Counsel and Secretary

3

Exhibit 99.1

Faeth Therapeutics Reports Second Quarter 2026 Financial Results and Operational Updates

— Topline results from the Phase 2 PIK-201 trial in endometrial cancer on track for year-end —

— First patient dosed in the Phase 1b/2 PIK-101 trial in HR+ breast cancer —

— Company changed name to Faeth Therapeutics, Inc. on June 15, 2026; common stock began trading under the ticker symbol “FTH” on June 16, 2026 —

AUSTIN, Texas—(BUSINESS WIRE)—August 4, 2026— Faeth Therapeutics (Nasdaq: FTH), a clinical-stage oncology company developing PIKTOR, an investigational all-oral, multi-node inhibitor of the PI3K/AKT/mTOR pathway, today announced financial results for the quarter ended June 30, 2026, and highlighted recent corporate accomplishments and 2026 milestones.

“Our combination with Sensei Biotherapeutics marked an important milestone in the history of Faeth Therapeutics,” said Anand Parikh, Chief Executive Officer. “With the concurrent $200 million PIPE financing, we now have the capital to interrogate the multi-nodal hypothesis in multiple cancers. We look forward to reading out topline data from our Phase 2 PIK-201 trial in endometrial cancer, which is expected by year-end.”

Mr. Parikh continued, “We are also excited to have expanded development of PIKTOR into its second indication with the first patient dosed in our PIK-101 trial in HR+ breast cancer in April. We look forward to reporting initial safety and efficacy data from PIK-101 in 2027.”

Recent Corporate Updates:

• In April, the Company dosed the first patient in its Phase 1b/2 Trial of PIKTOR in HR+/HER2- Advanced Breast Cancer

• In June, stockholders approved the conversion of the Series B preferred stock issued in the February 2026 acquisition of Faeth Therapeutics and concurrent private placement into common stock

• In June, the Company changed its name to Faeth Therapeutics, Inc. and began trading under the ticker symbol “FTH”

• In June, Anand Parikh, Faeth co-founder, was appointed Chairman, President and Chief Executive Officer, and Brian Stephenson, Ph.D., CFA was appointed Chief Financial Officer. Additionally, the board was strengthened with the addition of former FDA Commissioner Stephen M. Hahn, M.D., and Saira Ramasastry.

Second Quarter 2026 Financial Results

• Cash, Cash Equivalents and Marketable Securities: Cash, cash equivalents and marketable securities were $186.4 million as of June 30, 2026, as compared to $21.2 million as of December 31, 2025.

• Research and Development Expenses (R&D): R&D expenses for the quarter ended June 30, 2026 were $9.2 million, compared to $2.5 million for the quarter ended June 30, 2025. The increase in R&D expenses was primarily driven by clinical trial and manufacturing (CMC) costs supporting the development of PIKTOR, together with higher personnel costs, partially offset by lower clinical trial costs for SNS-101.

• General and Administrative Expenses (G&A): G&A expenses for the quarter ended June 30, 2026, were $9.2 million, compared to $2.7 million during the quarter ended June 30, 2025. The increase in G&A expense was primarily attributable to increased personnel costs and increased professional fees related to financing and reporting activities.

• Net Loss: Net loss was $16.0 million, or $2.84 per basic and diluted share, for the quarter ended June 30, 2026, compared with a net loss of $4.9 million, or $3.91 per basic and diluted share, for the quarter ended June 30, 2025.

Weighted-average common shares outstanding, basic and diluted, were 5,643,222 for the quarter ended June 30, 2026, compared with 1,260,867 for the quarter ended June 30, 2025.

Condensed Statements of Operations

(Unaudited, in thousands except share and per share data)

		For the Three Months Ended June 30,
		2026				2025
Operating expenses:
Research and development		$	9,180			$	2,533
General and administrative			9,205				2,673
Total operating expenses			18,385				5,206
Loss from operations			(18,385	)			(5,206	)
Total other income			2,378				270
Net loss			(16,007	)			(4,936	)
Net loss per share, basic and diluted		$	(2.84	)		$	(3.91	)
Weighted-average common shares outstanding, basic and diluted			5,643,222				1,260,867

Selected Condensed Balance Sheet Data

(Unaudited, in thousands)

		June 30, 2026				December 31, 2025
Cash and cash equivalents		$	26,903			$	8,668
Marketable securities			159,538				12,516
Total assets			189,306				22,902
Total liabilities			9,581				4,310
Series B redeemable convertible preferred stock			6,767				—
Total stockholders’ equity			172,958				18,592

About PIKTOR

PIKTOR is an investigational, proprietary, all-oral combination of serabelisib, a selective PI3K-alpha inhibitor, and sapanisertib, an mTORC1/mTORC2 inhibitor, designed to inhibit multiple nodes of the PI3K/AKT/mTOR pathway. According to published literature, this pathway is dysregulated in up to 50% of all solid tumors, making it one of the most prevalent therapeutic targets in oncology. PIKTOR is being evaluated in a Phase 2 trial in second-line advanced endometrial cancer (Study FTH-PIK-201), with topline data anticipated in the second half of 2026. PIKTOR is also being evaluated in a Phase 1b/2 trial in HR+/HER2- advanced breast cancer (Study FTH-PIK-101), in which the first patient was dosed in April 2026 and interim data is anticipated in 2027.

About Faeth Therapeutics

Faeth Therapeutics, Inc. (Nasdaq: FTH) is a clinical-stage biotechnology company focused on improving outcomes for cancer patients through multi-node inhibition of critical oncogenic pathways. The Company’s lead program is PIKTOR, an investigational all-oral combination of serabelisib and sapanisertib in development for endometrial and breast cancer. Faeth was co-founded in 2019 by Anand Parikh and Oliver Maddocks, Ph.D., together with scientific founders Lewis Cantley, Ph.D., the discoverer of the PI3K pathway; Siddhartha Mukherjee, M.D., D.Phil.; Karen Vousden, Ph.D.; Scott Lowe, Ph.D.; and Greg Hannon, Ph.D. For more information, please visit www.faeththerapeutics.com and follow the Company on LinkedIn.

Cautionary Note Regarding Forward-Looking Statements

This press release contains “forward-looking statements” within the meaning of the federal securities laws, including the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include all statements that are not historical facts and may be identified by words such as “anticipate,” “believe,” “expect,” “intend,” “plan,” “may,” “will,” “would,” “could,” “should,” “estimate,” “potential,” “target,” “on track” and similar expressions, although not all forward-looking statements contain these words. These statements include, but are not limited to, statements regarding: the Company’s expectations regarding its pipeline and development plans, including the Phase 2 trial of PIKTOR in advanced endometrial cancer and the anticipated timing of topline data, and the Phase 1b/2 trial of PIKTOR in HR+/HER2- advanced breast cancer and the anticipated timing of data; the potential therapeutic benefits, tolerability profile and differentiation of PIKTOR; and Faeth’s anticipated cash runway.

Forward-looking statements are based on management’s current expectations and assumptions and are subject to a number of risks and uncertainties, many of which are beyond the Company’s control, that could cause actual results to differ materially from those expressed or implied. These risks and uncertainties include, among others, risks related to clinical development and the conduct, timing and results of clinical trials; the Company’s cash position and anticipated cash runway; its limited operating history and history of operating losses; risks related to the integration of Faeth; and the other risks and uncertainties described under the headings “Risk Factors” and “Summary of Risk Factors” in the Company’s Annual Report on Form 10-K filed with the Securities and Exchange Commission (the “SEC”) on March 30, 2026, its Quarterly Report on Form 10-Q filed with the SEC on May 15, 2026, and its definitive proxy statement filed with the SEC on April 27, 2026, as well as in the Company’s subsequent filings. Forward-looking statements speak only as of the date of this press release, and the Company undertakes no obligation to update any forward-looking statement, except as required by law.

View source version on businesswire.com: [Insert Link]

Investor Contact:

Matthew Biegler, SVP, Investor Relations

matt@faeththerapeutics.com

Media Contact:

Patrick Schmidt, Consort Partners

faeththerapeutics@consortpartners.com

Source: Faeth Therapeutics, Inc.

Filing Exhibits & Attachments

4 documents

Press Releases

• EX-99.1 EX-99.1 32.1 KB

Other Documents

• EX-101 XBRL TAXONOMY EXTENSION SCHEMA 3.1 KB
• EX-101 XBRL TAXONOMY EXTENSION LABEL LINKBASE 19.0 KB
• EX-101 XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE 11.9 KB