Research Reports

Summary

Sensei Biotherapeutics completed the acquisition of Faeth Therapeutics via a reverse triangular merger, issuing 10,602.3880 shares of Series B Non-Voting Convertible Preferred Stock (each convertible into 1,000 common shares) to Faeth equityholders. Concurrently, Sensei entered a $200M PIPE financing for 14,440.395 Series B Preferred shares at ~$13,850/share, expected to close February 20, 2026.

Key takeaways

Acquisition closed February 17, 2026; Faeth entities now wholly-owned subsidiaries of Sensei
10,602.3880 Series B Preferred shares issued to HoldCo stockholders (convertible to 10.6M common shares)
$200M PIPE: 14,440.395 Series B Preferred shares sold to Investors, closing expected February 20, 2026
Post-Merger, pre-PIPE: Legacy Sensei equityholders ~10.7%, Faeth ~89.3% of fully-diluted common stock
Post-PIPE/as-converted: Legacy Sensei ~4.9%, Faeth ~40.8%, PIPE Investors ~54.3%
Anand Parikh appointed COO and Class I Director; granted option for 1,239,305 common shares