Sensei Biotherapeutics Q2 2024 Financial Results and Business Highlights

Promising Clinical Data and Financial Stability at 

Sensei Biotherapeutics (Nasdaq: SNSE), an immuno-oncology company in clinical stages, has announced its financial results for the second quarter ending June 30, 2024, alongside significant updates on its corporate and clinical advancements. The company focuses on next-generation cancer therapeutics and has been making substantial strides, particularly with its lead candidate, SNS-101.

SNS-101 Clinical Trial Progress

SNS-101 is a conditionally active antibody that targets the immune checkpoint VISTA (V-domain Ig suppressor of T cell activation) in the acidic tumor microenvironment. VISTA is linked to various cancer types and generally correlates with lower survival rates. The goal of SNS-101 is to inhibit VISTA selectively, thereby improving the efficacy of cancer therapies.

The company is carrying out a multicenter Phase 1/2 clinical trial to assess the safety, tolerability, pharmacokinetics, pharmacodynamics, and efficacy of SNS-101, both as a monotherapy and in combination with Regeneron’s PD-1 inhibitor, Libtayo® (cemiplimab), in patients with advanced solid tumors.

In May 2024, Sensei presented promising data from the dose escalation phase of its ongoing Phase 1/2 trial at the 2024 American Society of Oncology (ASCO) Annual Meeting. As of April 30, 2024, SNS-101 exhibited preliminary signs of clinical activity in various tumor types with an excellent pharmacokinetic profile. The treatment was well-tolerated as a standalone therapy and in combination with cemiplimab, with no dose-limiting toxicities reported.

Patient enrollment is advancing in the dose expansion phase of the study, and initial data from these cohorts are expected to be available by the end of 2024. Sensei plans to hold an end-of-Phase 1 meeting with the FDA by then to discuss the progression to Phase 2 trials. Additionally, in April 2024, a peer-reviewed paper detailing the mechanism of action for SNS-101 was published in *Nature Communications*.

Corporate Updates

Sensei has appointed Josiah Craver as the Senior Vice President of Finance, effective July 22, 2024. Mr. Craver brings extensive experience in finance and accounting, having previously served as SVP of finance and corporate controller at KALA BIO. His background includes senior finance roles at Solid Biosciences and a stint at PricewaterhouseCoopers.

Financial Overview

For the second quarter of 2024, Sensei reported a cash position that includes cash, cash equivalents, and marketable securities totaling $52.3 million as of June 30, 2024. This strong financial position is expected to support the company’s operations into the fourth quarter of 2025.

Research and Development (R&D) expenses for the quarter stood at $4.6 million, slightly lower than the $4.8 million reported for the same period in 2023. This decrease was primarily due to reduced costs in preclinical research and outside research fees, partially offset by higher clinical trial expenses.

General and Administrative (G&A) expenses came in at $3.2 million, a significant decrease from $5.4 million in the second quarter of 2023. This reduction was mainly due to lower costs for external professional services.

The net loss for the quarter was $7.1 million, compared to $9.4 million for the same period in the previous year. 

About Sensei Biotherapeutics

Sensei Biotherapeutics is dedicated to the discovery and development of next-generation cancer therapeutics. Utilizing its TMAb™ (Tumor Microenvironment Activated biologics) platform, the company is developing conditionally active therapies designed to selectively disable immunosuppressive signals or activate immunostimulatory signals within the tumor microenvironment, thus enhancing the effectiveness of T cells against tumors.

The lead product candidate, SNS-101, targets the VISTA checkpoint in the low pH environment of tumors. Sensei is also working on other conditionally active monoclonal antibodies, including SNS-102 targeting VSIG-4, SNS-103 targeting CD39, and SNS-201, a bispecific antibody combining a CD28 agonist arm with a pH-sensitive anti-VISTA arm.

With these advancements and a strong financial foundation, Sensei Biotherapeutics is well-positioned to continue its mission to develop innovative cancer therapies and create value for its stakeholders.

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