[SCHEDULE 13G] Sensei Biotherapeutics, Inc. Passive Investment Disclosure (>5%)
Trails Edge reports 9.9% stake in Sensei Biotherapeutics
Sensei Biotherapeutics ownership disclosure: Trails Edge entities and Ortav Yehudai report beneficial ownership of 126,010 shares, representing 9.9% of common stock as of February 18, 2026.
Sensei Biotherapeutics ownership disclosure: Trails Edge entities and Ortav Yehudai report beneficial ownership of 126,010 shares, representing 9.9% of common stock as of February 18, 2026.
The reported 126,010 shares comprise 125,000 shares held directly by Trails Edge Biotechnology and 1,010 shares underlying Series B Convertible Stock. The filing states 360,000 shares underlying additional Series B Preferred Shares are excluded from this count due to an issuance limitation that prevents conversion above 9.99%. The ownership percentage is calculated using 1,261,290 shares outstanding as of November 10, 2025 per the issuer's Form 10-Q.
Positive
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Insights
Trails Edge reports a 9.9% stake via direct shares and convertible preferred exposure.
The filing shows Trails Edge Biotechnology directly holds 125,000 shares and beneficially counts 1,010 shares from convertible Series B stock, totaling 126,010 shares as of 02/18/2026. Ownership is stated as 9.9% using an outstanding share base of 1,261,290 as of 11/10/2025.
This position includes conversion-limited Series B Preferred Shares: the filing excludes 360,000 shares of additional convertibles because of a conversion cap tied to a 9.99% ownership limit. Subsequent disclosures may clarify whether holders can convert additional preferred shares if outstanding share counts change.
Filing attributes beneficial ownership to the manager and CIO through voting and investment discretion.
The report explains Trails Edge Capital, as investment manager, and Ortav Yehudai, as CIO, may be deemed to beneficially own the same 126,010 shares due to voting and investment discretion. Voting and dispositive power is reported as sole for the full 126,010 share count.
This joint filing and the included issuance limitation language are factual governance signals about potential conversion constraints; the exact cash‑flow treatment or future conversion decisions are not stated in the excerpt.
FAQ
AI-generated questions and answers. How Rhea-AI works. Not financial advice.
What stake does Trails Edge report in Sensei Biotherapeutics (SNSE)?
Trails Edge reports beneficial ownership of 126,010 shares, equal to 9.9% of common stock. This total includes 125,000 shares held directly and 1,010 shares underlying Series B convertible stock as of 02/18/2026.
How is the 9.9% ownership calculated for SNSE?
The 9.9% figure is based on 1,261,290 shares outstanding as of 11/10/2025. The filing uses that outstanding share count reported in Sensei Biotherapeutics' Form 10-Q to compute percent ownership.
Are there additional convertible shares excluded from the reported SNSE stake?
Yes, the report excludes 360,000 shares underlying Series B Preferred Shares because an issuance limitation prevents conversion that would exceed 9.99% ownership. Those excluded shares are not counted in the 126,010 total.
Who among the Filers may be deemed to beneficially own the reported SNSE shares?
Trails Edge Biotechnology directly holds the shares; Trails Edge Capital (as manager) and Ortav Yehudai (as CIO) may be deemed beneficial owners due to voting and investment discretion over the 126,010 shares.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13G
UNDER THE SECURITIES EXCHANGE ACT OF 1934
Sensei Biotherapeutics, Inc.
(Name of Issuer)
Common Shares, no par value per share
(Title of Class of Securities)
81728A207
(CUSIP Number)
02/18/2026
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
Rule 13d-1(b)
Rule 13d-1(c)
Rule 13d-1(d)
SCHEDULE 13G
CUSIP No.
81728A207
1
Names of Reporting Persons
Trails Edge Capital Partners, LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
DELAWARE
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
126,010.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
126,010.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
126,010.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.9 %
12
Type of Reporting Person (See Instructions)
IA, PN
Comment for Type of Reporting Person: See Item 4 for additional information.
SCHEDULE 13G
CUSIP No.
81728A207
1
Names of Reporting Persons
Trails Edge Biotechnology Master Fund, LP
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
CAYMAN ISLANDS
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
126,010.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
126,010.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
126,010.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.9 %
12
Type of Reporting Person (See Instructions)
PN
Comment for Type of Reporting Person: See Item 4 for additional information.
SCHEDULE 13G
CUSIP No.
81728A207
1
Names of Reporting Persons
Ortav Yehudai
2
Check the appropriate box if a member of a Group (see instructions)
(a)
(b)
3
Sec Use Only
4
Citizenship or Place of Organization
UNITED STATES
Number of Shares Beneficially Owned by Each Reporting Person With:
5
Sole Voting Power
126,010.00
6
Shared Voting Power
0.00
7
Sole Dispositive Power
126,010.00
8
Shared Dispositive Power
0.00
9
Aggregate Amount Beneficially Owned by Each Reporting Person
126,010.00
10
Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)
11
Percent of class represented by amount in row (9)
9.9 %
12
Type of Reporting Person (See Instructions)
IN
Comment for Type of Reporting Person: See Item 4 for additional information.
SCHEDULE 13G
Item 1.
(a)
Name of issuer:
Sensei Biotherapeutics, Inc.
(b)
Address of issuer's principal executive offices:
1405 Research Blvd, Suite 125,Rockville, MD 20850
Item 2.
(a)
Name of person filing:
This report on Schedule 13G is being filed by Trails Edge Capital Partners, LP, a Delaware limited partnership ("Trails Edge Capital"), Trails Edge Biotechnology Master Fund, LP, a Cayman Islands limited partnership ("Trails Edge Biotechnology"), and Ortav Yehudai ("Mr. Yehudai"). Trails Edge Capital is the investment manager to Trails Edge Biotechnology, and Mr. Yehudai is the Chief Investment Officer of Trails Edge Capital. Each of Trails Edge Capital, Trails Edge Biotechnology and Mr. Yehudai are referred to individually as a "Filer" and collectively as the "Filers".
(b)
Address or principal business office or, if none, residence:
The address for each Filer is 3455 Peachtree Road NE, 5th Floor, Atlanta, GA 30326.
(c)
Citizenship:
See Item 4 of the cover page of each Filer.
(d)
Title of class of securities:
Common Shares, no par value per share
(e)
CUSIP No.:
81728A207
Item 3.
If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)
Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)
Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)
Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)
Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)
An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)
An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)
A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)
A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)
A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)
A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J),
please specify the type of institution:
(k)
Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.
Ownership
(a)
Amount beneficially owned:
As of February 18, 2026 (the "Event Date"), each Filer may be deemed to beneficially own an aggregate of 126,010 shares (the "Shares") of Common Stock, no par value per share (the "Common Stock"), of Sensei Biotherapeutics, Inc. (the "Issuer"). The 126,010 Shares reported as beneficially owned on this Schedule 13G by each Filer consists of (i) 125,000 Shares held directly by Trails Edge Biotechnology, and (ii) 1,010 Shares underlying 1.01 share of Series B Convertible Stock (the "Series B Preferred Shares") held directly by Trails Edge Biotechnology. The securities beneficially owned by each Filer excludes 360,000 Shares underlying 360 Series B Preferred Shares which contain an issuance limitation that prohibits the holder from converting the Series B Preferred Shares to the extent that after giving effect to such issuance after the conversion, the holder (together with the holder's affiliates and any other persons acting as a group together with the holder or any of the holder's affiliates, including the other Filers) would beneficially own in excess of 9.99% of the Shares outstanding immediately after giving effect to the issuance of the Shares issuable upon conversion of the Series B Preferred Shares. As a result, Trails Edge Biotechnology beneficially owns 9.9% of the outstanding Shares of the Issuer as of the Event Date. Trails Edge Capital, as the investment manager to Trails Edge Biotechnology, may be deemed to beneficially own these securities. Mr. Yehudai, as the Chief Investment Officer of Trails Edge Capital, exercises voting and investment discretion with respect to these securities and as such may be deemed to beneficially own 9.9% of the outstanding Shares of the Issuer as of the Event Date.
Ownership percentages are based on 1,261,290 shares of Common Stock issued and outstanding as of November 10, 2025, as reported by the Issuer in its Quarterly Report on Form 10-Q for the quarterly period ended September 30, 2025, filed with the Securities and Exchange Commission on November 14, 2025.
(b)
Percent of class:
9.9%
(c)
Number of shares as to which the person has:
(i) Sole power to vote or to direct the vote:
126,010.00
(ii) Shared power to vote or to direct the vote:
0.00
(iii) Sole power to dispose or to direct the disposition of:
126,010.00
(iv) Shared power to dispose or to direct the disposition of:
0.00
Item 5.
Ownership of 5 Percent or Less of a Class.
Not Applicable
Item 6.
Ownership of more than 5 Percent on Behalf of Another Person.
Not Applicable
Item 7.
Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
Not Applicable
Item 8.
Identification and Classification of Members of the Group.
Not Applicable
Item 9.
Notice of Dissolution of Group.
Not Applicable
Item 10.
Certifications:
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Trails Edge Capital Partners, LP
Signature:
/s/ Trails Edge Capital Partners, LLC, GP of Trails Edge Capital Partners, LP /s/ Ortav Yehudai
Name/Title:
Ortav Yehudai / Chief Investment Officer of Trails Edge Capital Partners, LLC
Date:
02/25/2026
Trails Edge Biotechnology Master Fund, LP
Signature:
/s/ Trails Edge GP, LLC, GP of Trails Edge Biotechnology Fund GP, LP, GP of Trails Edge Biotechnology Master Fund, LP /s/ Ortav Yehudai
