On November 7, 2023, Sensei Biotherapeutics Inc (SNSE, Financial), a clinical-stage immuno-oncology company, released its financial results for the third quarter ended September 30, 2023. The company reported significant progress in Q3, particularly with its lead investigational candidate SNS-101, which demonstrated a potentially transformative treatment in the oncology space with a best-in-class safety and pharmacokinetic profile.
Financial Highlights
The company's cash, cash equivalents, and marketable securities were $72.0 million as of September 30, 2023, compared to $107.1 million as of December 31, 2022. The decrease is primarily due to cash used to fund operations and $9.8 million relating to shares repurchased during the nine months ended September 30, 2023.
Research and Development (R&D) expenses were $3.8 million for the quarter ended September 30, 2023, compared to $9.2 million for the quarter ended September 30, 2022. The decrease in R&D expenses was primarily attributable to lower manufacturing-related expenses, lower personnel costs due to the company's December 2022 restructuring, and lower expense relating to lab supply purchases, partially offset by higher expense associated with clinical trials.
General and Administrative (G&A) expenses were $3.9 million for the quarter ended September 30, 2023, compared to $4.8 million for the quarter ended September 30, 2022. The decrease in G&A expense was primarily attributable to decreased personnel costs due to the company's December 2022 restructuring and lower expense related to directors and officers insurance.
Net loss was $7.1 million for the quarter ended September 30, 2023, compared to $13.4 million for the quarter ended September 30, 2022.
Business Updates
The company's lead investigational candidate SNS-101 continues to enroll ahead of schedule, with new clinical data milestones anticipated throughout 2024. SNS-101 is a conditionally active antibody targeting the immune checkpoint VISTA, which is implicated in numerous cancer indications and whose expression correlates with low survival rates.
Through its Tumor Microenvironment Activated biologics (TMAb) platform, Sensei is advancing several conditionally active antibody programs, including SNS-102 targeting VSIG4, SNS-103 targeting ENTPDase1, and SNS-201, a VISTAxCD28 bispecific antibody.
John Celebi, President and Chief Executive Officer of Sensei Biotherapeutics, expressed confidence in the company's ability to execute on the promise and development of conditionally active antibodies, and believes they are well-capitalized to advance SNS-101 clinically toward their near-term business and scientific milestones.
Explore the complete 8-K earnings release (here) from Sensei Biotherapeutics Inc for further details.
