BOSTON — Sensei Biotherapeutics reported a sharply wider first-quarter loss as expenses rose following its acquisition of Faeth Therapeutics, while the company advanced its new lead cancer program, PIKTOR.
The Boston biotechnology company said its net loss was $170.2 million, or $131.45 per share, for the quarter ended March 31, compared with a net loss of $6.9 million, or $5.45 per share, in the same period a year earlier.
Sensei said cash, cash equivalents and marketable securities totaled $202.8 million at the end of the quarter, up from $21.2 million as of Dec. 31. The increase followed the company’s February acquisition of Faeth Therapeutics and a concurrent $200 million private placement backed by life sciences investors.
“The first quarter of 2026 was transformational for the Company, with the acquisition of Faeth Therapeutics and the concurrent $200 million private placement in February, supported by a group of leading life sciences investors,” said Christopher Gerry, President & General Counsel of Sensei Biotherapeutics. “This acquisition and injection of new capital will allow us to advance PIKTOR, a differentiated multi-node pathway inhibitor, through key clinical milestones.”
PIKTOR, acquired through the Faeth deal, is now Sensei’s lead program. The investigational, all-oral combination of serabelisib and sapanisertib is designed to inhibit multiple nodes of the PI3K/AKT/mTOR pathway by targeting PI3K-alpha and mTORC1/2.
Sensei said the first patient was dosed in April in a Phase 1b/2 trial evaluating PIKTOR in HR+/HER2- advanced breast cancer. Interim data from that trial is expected in 2027.
The company also said a Phase 2 trial of PIKTOR in advanced endometrial cancer remains on track to report topline data in the second half of 2026.
“New data across the industry continues to support the significant potential of multi-node inhibition of the PI3K/AKT/mTOR pathway,” said Anand Parikh, Chief Operating Officer of Sensei Biotherapeutics. “We believe PIKTOR is differentiated as an orally administered multi-node therapy specifically targeting PI3K-alpha, mTORC1 and mTORC2, with the potential to treat a variety of solid tumors. With our Phase 2 trial in advanced endometrial cancer expected to read out by the end of the year and the recent initiation of our Phase 1b/2 trial in advanced breast cancer, we are making great strides towards delivering the next generation of solid tumor therapies.”
Research and development expenses rose to $18 million from $3.7 million a year earlier. Sensei said the increase was mainly due to the inclusion of Faeth’s R&D operations and one-time costs tied to the acquisition, partly offset by lower SNS-101 clinical trial costs.
General and administrative expenses rose to $19.7 million from $3.5 million, primarily because of one-time acquisition-related costs. The company also recorded $133 million in acquired in-process research and development expenses tied to assets obtained through the Faeth transaction.
Sensei reported total assets of $205.4 million as of March 31, compared with $22.9 million at the end of 2025. Total liabilities were $14.2 million, and the company reported $328.5 million in Series B redeemable convertible preferred stock.
