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Here are 1-3 brief analogies for Sensei Biotherapeutics (SNSE):

• Like an early-stage Moderna, but creating new cancer immunotherapies with a unique delivery system.
• A small biotech hoping to be the next Genentech or Amgen, but by developing completely new types of cancer immunotherapies.
• Think of it as a specialized, early-stage Merck or Bristol Myers Squibb, but solely focused on inventing entirely new forms of cancer immunotherapy.

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• SNS-101: A conditionally active, pH-sensitive monoclonal antibody designed to block the immune checkpoint VISTA specifically within the acidic tumor microenvironment for the treatment of various cancers.

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Sensei Biotherapeutics (SNSE) is a clinical-stage biotechnology company focused on the development of precision immuno-oncology therapies. As a company in the clinical development phase, it does not currently have any commercial products or services that generate revenue from sales to customers.

Therefore, Sensei Biotherapeutics does not have major customers, either other companies or individuals, as it is not presently selling products or services on the market. Its primary activities are research and development, funded through equity financing and other strategic financial means rather than commercial sales.

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John K. Celebi, MBA
President & Chief Executive Officer

Mr. Celebi has over 23 years of experience building innovative entrepreneurial biotechnology companies. He previously served as the Chief Operating Officer of X4 Pharmaceuticals, where he established and oversaw the company's oncology business strategy. Mr. Celebi also held the position of Chief Business Officer at Igenica Biotherapeutics, Inc., an immunotherapy company formed by The Column Group, 5AM Ventures, Orbimed, and Third Rock Ventures. In this role, he established key academic and industry relationships, including with MedImmune. He possesses extensive transactional and alliance management experience and was an early employee at Tularik, Inc., where he conducted drug discovery and basic research.

Josiah Craver, CPA
Senior Vice President of Finance, Principal Financial Officer and Principal Accounting Officer

Mr. Craver was appointed as Sensei Biotherapeutics' principal financial officer and principal accounting officer on September 17, 2024. He has served as the company's SVP, Finance since July 2024. Prior to joining Sensei, Mr. Craver was the SVP of finance and corporate controller at KALA BIO from November 2020 to July 2024. From 2017 to 2020, he held various senior finance positions at Solid Biosciences, including VP of finance and corporate controller. Mr. Craver began his career in public accounting at PricewaterhouseCoopers LLP, where he primarily served life science and biotech companies in the health industries audit practice.

Christopher Gerry, J.D.
Senior Vice President, General Counsel

Edward van der Horst, Ph.D.
Chief Scientific Officer

Stephanie Krebs, M.S., MBA
Chief Business Officer

Ms. Krebs has held business and corporate development leadership roles in several biotech companies. Before joining Sensei Bio, she was the Chief Business Officer at SNIPR Biome, where she was responsible for defining the company's growth and partnering activities, including collaborations with large pharmaceutical companies. Her previous experience includes business and corporate development leadership roles at Valo Health Inc., Bluebird Bio, Sobi, and HotSpot Therapeutics.

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The key risks to Sensei Biotherapeutics (SNSE) are primarily centered around the recent discontinuation of its lead product candidate and the inherent uncertainties of a strategic review process, followed by broader financial and developmental challenges typical of biotechnology companies.

1. Uncertainty of Strategic Review and Discontinuation of Lead Product Candidate

   The most significant and immediate risk for Sensei Biotherapeutics stems from its October 30, 2025, announcement to discontinue the development of its lead product candidate, solnerstotug, and initiate a comprehensive review of strategic alternatives to maximize shareholder value. This action introduces substantial uncertainty regarding the company's future direction, as there is no assurance that a suitable strategic alternative will be identified, pursued, or completed on attractive terms, or at all. This process also carries risks associated with workforce reductions and potential operational wind-down activities.

2. Inherent Risks of Clinical Development and Commercialization

   As a clinical-stage biotechnology company, Sensei Biotherapeutics faces inherent uncertainties in the development of any therapeutic product candidates. These risks include the possibility that future product candidates (if any emerge from the strategic review) will not be successfully developed or commercialized, potential delays or cessation of planned clinical trials, and the risk that promising preclinical or early clinical results may not be replicated or sustained in later-stage studies. The recent discontinuation of solnerstotug underscores the high-risk nature of drug development.

3. Financial Viability and Need for Additional Capital

   Sensei Biotherapeutics has consistently reported net losses, including a net loss of $30.2 million for the year ended December 31, 2024, and $4.6 million for the third quarter of 2025. The company faces ongoing risks related to its ability to accurately estimate expenses and capital requirements, as well as its need for additional financing to fund operations and potential future development activities. While the company previously estimated its existing cash and cash equivalents would be sufficient to fund operations into the second quarter of 2026, the discontinuation of its lead program and the ongoing strategic review could significantly impact its financial outlook, access to capital, and overall market position.

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Sensei Biotherapeutics (SNSE) is an immuno-oncology company focused on developing next-generation therapeutics for cancer patients. Their pipeline includes several investigational product candidates, such as solnerstotug (formerly SNS-101), SNS-102, SNS-103, and SNS-201.

For solnerstotug (SNS-101), which targets the VISTA immune checkpoint, Sensei Biotherapeutics views its opportunities as positioning it for multiple indications within the high-value immunotherapy segments of the approximately $50 billion PD-(L)1 market. This market size is considered to be global.

No specific addressable market sizes for Sensei Biotherapeutics' other main products or services, such as SNS-102, SNS-103, SNS-201, or their ImmunoPhage platform, were identified in the provided information.

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Sensei Biotherapeutics (SNSE) is a clinical-stage biotechnology company, meaning its future revenue growth over the next 2-3 years will primarily be driven by the advancement and eventual commercialization of its pipeline assets. The company is currently unprofitable and generates negligible revenue. The most significant drivers of future revenue growth are centered on its lead program, SNS-101 (also referred to as Solnerstotug), a conditionally active antibody targeting the immune checkpoint VISTA for cancer treatment.

1. Successful Clinical Development and Regulatory Approval of SNS-101 (Solnerstotug): The primary driver of future revenue will be the successful progression of SNS-101 through clinical trials and subsequent regulatory approval. The company is currently conducting Phase 1/2 studies, with clinical data from the dose expansion study anticipated in the first half of 2025 and full dose expansion data expected by year-end 2025. Successful outcomes in these trials and subsequent larger studies are essential for eventually bringing the drug to market and generating product revenue.
2. Expansion of SNS-101 into Multiple High-Value Oncology Indications: Sensei Biotherapeutics plans to pursue "multiple Phase 2 studies across PD-(L)1 resistant tumor types," aiming to position Solnerstotug for "multiple indications in high-value immunotherapy segments of the ~$50 billion PD-(L)1 market." Each successful indication would broaden the addressable patient population and unlock significant revenue streams.
3. Demonstration of a Differentiated Safety and Efficacy Profile for SNS-101: The company has reported a "favorable safety profile" for Solnerstotug, particularly in combination with cemiplimab, suggesting it may offer advantages over existing treatments. A strong, differentiated safety and efficacy profile could lead to better patient adherence, physician preference, and payor interest, which are critical factors for market adoption and sustained revenue growth upon commercialization.

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Share Issuance

• Sensei Biotherapeutics completed its Initial Public Offering (IPO) on February 4, 2021, with an IPO price of $19.00 per share.
• On June 13, 2025, the company announced a 1-for-20 reverse stock split, which became effective on June 16, 2025. This action reduced the number of issued and outstanding shares from approximately 25.2 million to approximately 1.3 million shares and was intended to ensure compliance with Nasdaq's minimum bid price requirement.
• As of November 2025, Sensei Biotherapeutics has 1.26 million shares outstanding, which reflects a 0.14% increase in the number of shares over the past year.

Capital Expenditures

• Sensei Biotherapeutics reported capital expenditures of -$16,000 in the last 12 months as of early November 2025.
• Annual capital expenditures were -$1.21 million in 2024, -$1.71 million in 2023, and -$306,000 in 2022.
• The company anticipates that its capital expenditures will continue to increase in the foreseeable future, primarily driven by ongoing development activities for its product candidates.