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Sensei Biotherapeutics, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a net loss of $7.3 million, compared to a net loss of $7.1 million in the same quarter the previous year. The increase in net loss is attributed to higher research and development expenses.
Research and development expenses increased to $4.6 million from $3.8 million due to higher clinical trial costs, personnel expenses, and manufacturing expenses.
General and administrative expenses decreased to $3.2 million from $3.9 million, primarily due to reduced expenses for insurance, outside services, and personnel costs.
Cash and cash equivalents were reported at $19.1 million as of September 30, 2024, with marketable securities totaling $27.9 million.
Sensei announced a plan to reduce operating expenses and streamline operations by closing its Rockville, Maryland research site and reducing its workforce by approximately 46%.
The company expects its existing cash resources to fund operations into the second quarter of 2026.
Sensei Biotherapeutics continues to focus on advancing the clinical development of its lead product candidate, SNS-101, which is currently in a Phase 1/2 clinical trial.
The filing also details various financial agreements and stock purchase agreements, including repurchases of common stock from the Apeiron Parties and Cambrian BioPharma, Inc.
Sensei Biotherapeutics does not anticipate cash dividend payments to common stockholders in the near future.
The company identified no material weaknesses in its internal controls over financial reporting for the quarter.
Sensei Biotherapeutics remains focused on developing its TMAb platform and advancing its pipeline of product candidates.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Sensei Biotherapeutics Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.