Sensei Biotherapeutics, Inc. reported its financial results for the third quarter and the nine months ended September 30, 2024, highlighting significant changes in its financial position and operational strategy compared to the previous fiscal period.

As of September 30, 2024, the company had cash and cash equivalents of $19.1 million, an increase from $13.0 million at the end of 2023. However, total current assets decreased to $48.1 million from $67.3 million, and total assets fell to $53.3 million from $74.4 million. The accumulated deficit grew to $254.3 million, up from $231.9 million at the end of 2023, while total stockholders’ equity decreased to $45.8 million from $64.9 million.

For the three months ended September 30, 2024, Sensei Biotherapeutics reported total operating expenses of $7.8 million, slightly up from $7.7 million in the same period of 2023. The net loss for the quarter was $7.3 million, compared to a loss of $7.1 million in the prior year. For the nine months ended September 30, 2024, total operating expenses were $24.3 million, down from $28.9 million in 2023, with a net loss of $22.4 million, an improvement from a loss of $26.7 million in the previous year.

Research and development expenses for the nine months increased to $14.1 million from $13.8 million, while general and administrative expenses decreased significantly to $10.2 million from $15.1 million. The company also reported a net cash increase of $6.1 million for the nine months, contrasting with a decrease of $6.5 million in the same period of 2023.

Strategically, the company announced a plan in November 2024 to reduce operating expenses and workforce by approximately 46%, with an estimated one-time charge of $0.7 million primarily for severance payments. This decision follows the closure of its Rockville, Maryland research site and a pause in the development of preclinical candidates SNS-102, SNS-103, and SNS-201. The company is focusing on its investigational product candidate, SNS-101, which is currently in a Phase 1/2 trial.

Sensei Biotherapeutics has not generated revenue from product sales and does not expect to do so for several years. The company anticipates needing additional financing to support ongoing operations and growth strategies, which may include equity offerings, debt financings, and collaborations. As of September 30, 2024, the company held cash, cash equivalents, and marketable securities totaling $47.0 million, which it expects will fund operations into the second quarter of 2026.