SNSE · Faeth Therapeutics, Inc.

Sensei Biotherapeutics' Q1 2026 results reflect the transformative impact of acquiring Faeth Therapeutics and a concurrent $200 million private placement in February 2026, dramatically boosting cash to $202.8 million from $21.2 million at year-end 2025, providing runway through key clinical milestones. The $170.2 million net loss, or $131.45 per share on 1.3 million shares, was driven primarily by $133.0 million in Acquired IPR&D expenses from the Faeth transaction, where the assets had no alternative future use. R&D expenses rose to $18.0 million from $3.7 million year-over-year due to integrating Faeth operations and acquisition-related costs, offset partially by lower SNS-101 trial spending. G&A surged to $19.7 million from $3.5 million, also tied to one-time acquisition expenses. Management highlights the strategic shift to PIKTOR, an oral multi-node PI3K/AKT/mTOR inhibitor targeting PI3K-alpha, mTORC1, and mTORC2 for solid tumors. Key progress includes dosing the first patient in April 2026 for the Phase 1b/2 trial (FTH-PIK-101) in HR+/HER2- advanced breast cancer, with interim data expected in 2027, and Phase 2 topline data (FTH-PIK-201) in advanced endometrial cancer on track for H2 2026. President Christopher Gerry emphasized the capital injection's role in advancing PIKTOR, while COO Anand Parikh noted industry data supporting multi-node inhibition's potential.