0001628280-26-021580
SEC filingSenti Biosciences, Inc. reported a net loss of $61.4 million for the fiscal year ended December 31, 2025, compared to a net loss of $52.8 million in the prior year. The company generated minimal collaboration revenue of $22 thousand from a related party. Operating expenses totaled $68.8 million, primarily driven by research and development costs of $37.6 million and general and administrative expenses of $26.2 million. The company's cash position declined significantly, with cash and cash equivalents falling to $16.4 million from $48.3 million at the end of 2024, raising substantial doubt about its ability to continue as a going concern. The company's lead product candidate, SENTI-202, received Orphan Drug and RMAT designations from the FDA in 2025.
Senti Biosciences reported a net loss of $61.4 million for the fiscal year ended December 31, 2025, representing a 16.4% increase from the $52.8 million net loss in the prior year. The company generated minimal collaboration revenue of $22 thousand from a related party option exercise period extension fee. Operating expenses totaled $68.8 million, consisting of research and development costs of $37.6 million (including $12.9 million in related party costs), general and administrative expenses of $26.2 million, and a $5.1 million impairment of long-lived assets. Other income of $7.3 million, primarily from GeneFab sublease income and interest income, partially offset the operating loss. The company reported a basic and diluted net loss per share of $2.73, compared to $12.03 in the prior year, with weighted-average shares outstanding increasing to 22.5 million from 4.6 million.
The company's revenue stream is minimal and consists entirely of collaboration revenue from related parties. For FY2025, the company recognized $22 thousand in collaboration revenue from an option exercise period extension fee under the BlueRock Agreement with Bayer Healthcare LLC. This represents the company's only revenue source, as product candidates remain in clinical development stages. The company's business model relies on future commercialization of its gene circuit platform technologies and cell therapy products, with no current product sales.
As a clinical-stage biotechnology company with minimal revenue, Senti Biosciences operates at significant losses. The company's operating loss was $68.8 million for FY2025, with research and development expenses representing 54.6% of total operating expenses. General and administrative expenses accounted for 38.0% of operating expenses. The company recognized a $5.1 million impairment charge related to long-lived assets associated with the GeneFab sublease. Stock-based compensation expense totaled $5.7 million for the year. The company's accumulated deficit reached $358.6 million as of December 31, 2025, reflecting ongoing investment in research and development activities.
The company's cash position deteriorated significantly during FY2025. Cash and cash equivalents declined to $16.4 million from $48.3 million at the end of 2024. Net cash used in operating activities was $43.4 million, while financing activities provided $11.8 million primarily from CIRM grant proceeds and ATM offerings. Total assets decreased to $51.2 million from $97.8 million, with current assets of $23.3 million. Total liabilities were $45.6 million, including $14.0 million in current liabilities and $23.6 million in operating lease liabilities. Stockholders' equity declined to $5.6 million from $25.6 million. The company's auditors expressed substantial doubt about its ability to continue as a going concern, noting cash may not be sufficient to maintain operations beyond the second quarter of 2026.
The company faces significant challenges regarding its liquidity and ability to continue operations. Management indicated that additional funds will be necessary to maintain current operations and continue research and development activities. The company's lead product candidate, SENTI-202, continues in Phase 1 clinical trials for hematologic malignancies including AML, with clinical data showing a 50% overall response rate in Phase 1 patients. The company received FDA Orphan Drug Designation in June 2025 and RMAT designation in December 2025 for SENTI-202. Strategic priorities include advancing SENTI-202 through clinical development, developing additional solid tumor programs, and leveraging partnerships for non-oncology programs. Key risk factors include dependence on raising additional capital, clinical trial outcomes, and reliance on GeneFab as sole contract manufacturer.