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Senti Biosciences, 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 $28.9 million, compared to a net loss of $14.9 million in the same quarter of the previous year. The increase in net loss is attributed to a change in the fair value of the GeneFab Note Receivable - related party and other income (expense) items.
Total revenue for the quarter was zero, compared to $0.3 million in the same quarter of the previous year, primarily due to the completion of services under the Spark collaboration agreement in 2023.
Research and development expenses decreased to $8.7 million from $9.1 million in the previous year, primarily due to a decrease in personnel-related expenses and office and facilities costs.
General and administrative expenses decreased to $6.2 million from $9.4 million in the previous year, primarily due to a decrease in personnel-related expenses and professional services costs.
The company reported an impairment of long-lived assets of $0.3 million for the quarter, compared to $25.7 million in the previous year, related to the impairment of lease right-of-use assets.
Interest income, net decreased to $0.2 million from $0.6 million in the previous year, attributed to lower average cash balances.
The change in fair value of the GeneFab Note Receivable - related party resulted in a loss of $17.4 million, due to the probability that a suitable license agreement would not be signed.
GeneFab sublease income increased to $1.7 million from $0.9 million in the previous year, related to the sublease of the Alameda facility and a portion of the corporate headquarters.
Senti Biosciences continues to focus on advancing its gene circuit platform technologies and clinical development of its product candidates, including SENTI-202 and SENTI-301A.
The company acknowledges its dependence on raising additional capital to fund operations and continue research and development activities.
Senti Biosciences is actively pursuing additional financing and strategic partnerships to support its business operations and development strategy.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Senti Biosciences Inc. quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.