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• Moderna for programmable cell therapies.
• Genentech for precisely programmed cell therapies.

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• SENTI-202: An investigational gene circuit-engineered allogeneic natural killer (NK) cell therapy targeting acute myeloid leukemia (AML) and other hematologic malignancies.
• SENTI-301A: An investigational gene circuit-engineered cell therapy being developed for hepatocellular carcinoma (HCC) and other solid tumors.

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Senti Biosciences (SNTI) sells primarily to other companies.

Based on their latest financial disclosures (e.g., their 2023 Annual Report on Form 10-K), Senti Biosciences' major customer is:

• Spark Therapeutics, Inc.: Spark Therapeutics is a biotechnology company focused on gene therapy. It operates as a wholly-owned subsidiary of F. Hoffmann-La Roche AG (symbol: ROG.SW on the SIX Swiss Exchange, also traded as OTCQX: RHHBY). For the years ended December 31, 2023, 2022, and 2021, Spark Therapeutics accounted for a substantial majority (98%, 100%, and 100% respectively) of Senti Biosciences' total revenue.

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Timothy Lu, M.D., Ph.D. Co-Founder and Chief Executive Officer

Dr. Lu co-founded Senti Bio in 2016 and has served as its CEO since then. He is also an MIT faculty member in the departments of Biological Engineering and Electrical Engineering and Computer Science. Dr. Lu has been a co-founder and Scientific Advisory Board member for several biotechnology and biopharmaceutical companies, including BiomX, Corvium, Eligo Bioscience, Engine Biosciences, Synlogic (NASDAQ: SYBX), Tango Therapeutics, and Sample6. He earned his M.D. from Harvard Medical School and his Ph.D. in Electrical and Biomedical Engineering from Massachusetts Institute of Technology.

Jay Cross Chief Financial Officer

Mr. Cross joined Senti Bio in March 2025, where he oversees the company's financial strategy, operations, and investor relations. Prior to Senti Bio, he held financial leadership roles at Sonnet BioTherapeutics, where he led a capital markets campaign that raised over $100 million in investment capital.

Kanya Rajangam, M.D., Ph.D. President, Head of Research and Development and Chief Medical Officer

Dr. Rajangam is responsible for leading the development and regulatory strategy for Senti Bio's CAR-NK cell oncology programs. She has held leadership roles at various biotech companies, including serving as Chief Medical Officer at Nkarta Therapeutics, where she was responsible for clinical development of CAR-NK cell therapies for oncology. She was also Chief Medical Officer at Atara Biotherapeutics, leading the development of T-cell therapies, and at Cleave Biosciences for oncology clinical development programs. Her experience includes contributing to the clinical development and global approval of several marketed oncology products during her time at Onyx and Exelixis.

Faraz Siddiqui Senior Vice President, Technical Operations

Mr. Siddiqui joined Senti Bio in January 2025 and is responsible for overseeing the company's process development, manufacturing, and supply chain.

Mr. Cutler Senior Vice President, Head of Legal Affairs

Mr. Cutler joined Senti Bio as Senior Vice President, Head of Legal Affairs in November 2024. Previously, he served as Chief Legal Officer for Telesis Bio Inc. from 2021 to November 2024, and as General Counsel for Synthetic Genomics, Inc. (now Viridos, Inc.) from 2016 to 2021. From 2012 to 2015, Mr. Cutler was General Counsel for LifeVantage Corporation, a public dietary supplement company.

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The key risks to Senti Biosciences (SNTI) are:

1. Financial Challenges and Need for Additional Financing: Senti Biosciences is experiencing a rapid cash burn and has dwindling liquidity, necessitating substantial future financing. For instance, the company reported $12.2 million in cash and cash equivalents as of September 30, 2025, a significant decrease from $48.3 million at the end of 2024, driven by $10.5 million in R&D expenses in Q3 2025 alone. This rapid burn rate has led to a net loss of $18.1 million for the quarter, highlighting the need for additional capital to sustain operations. While a recent private placement of $47.6 million provided a lifeline, there remains an ongoing risk of dilution for existing shareholders. Analysts estimate the company's financing needs to be approximately $400 million through 2040.
2. Clinical Development Risks, Efficacy and Safety Concerns, and Regulatory Hurdles: The company faces significant risks related to the success of its clinical programs, including potential declines in complete response rates for its lead candidate, SENTI-202, due to the aggressive nature of acute myeloid leukemia (AML). There are also inherent safety concerns and the risk of lower-than-expected efficacy in clinical trials. A notable example of this risk is the suspended trials for its product SN301A, which was halted due to dose-limiting toxicities discovered during clinical trial stages, leading to significant financial and reputational impacts. Such setbacks can impact the company's intrinsic valuation and lead to regulatory challenges.
3. Increased Competition: Senti Biosciences operates in a competitive landscape, and increased competition could pose a risk to its business. Its market capitalization of approximately $47 million is substantially lower than that of competitors in the allogeneic cell therapy sector, suggesting concerns over the viability of its gene circuit platform.

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The rapid advancement and potential market dominance of allogeneic (off-the-shelf) cell therapies by numerous competitors. Many companies are making significant clinical and manufacturing progress in developing allogeneic CAR-T and CAR-NK cell therapies. If these therapies achieve comparable or superior efficacy and safety to autologous therapies (which Senti Biosciences' lead programs currently are), and offer significant advantages in terms of accessibility, scalability, and cost, they could fundamentally shift the cell therapy paradigm. This shift could diminish the market opportunity and competitive positioning for Senti's current autologous gene circuit-enhanced cell therapies, even if Senti aims to eventually apply its technology to allogeneic cells.

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Senti Biosciences (SNTI) is a clinical-stage biotechnology company focused on developing next-generation cell and gene therapies using its proprietary Gene Circuit technology platform. Their main products and services revolve around applying this technology, particularly to off-the-shelf chimeric antigen receptor natural killer (CAR-NK) cells for various oncology indications, including hematologic malignancies and solid tumors. The addressable markets for their core technologies are as follows:

Natural Killer (NK) Cell Therapeutics Market

• The global natural killer (NK) cell therapeutics market size was estimated to be between USD 340.25 million and USD 3.65 billion in 2024.
• Projections for this market vary, with estimates ranging from approximately USD 4.7 billion by 2034 (CAGR of 16.2% from 2025) to USD 9.99 billion by 2034 (CAGR of 40.22% from 2025). Another estimate projects the market to reach USD 11.24 billion by 2034 (CAGR of 11.9% from 2025 to 2034).
• North America is reported to have dominated the global market share in 2024, while Asia Pacific is projected to expand at the fastest CAGR between 2025 and 2034.

Gene Circuit Technology (Synthetic Biology/Gene Synthesis Market)

• Senti Biosciences' Gene Circuit technology falls within the broader fields of synthetic biology and gene synthesis. The global synthetic biology market is estimated to reach USD 19.8 billion by 2025.
• The global gene synthesis market size was valued at USD 3.22 billion in 2024, is projected to grow to USD 4 billion in 2025, and is predicted to surpass approximately USD 27.63 billion by 2034, demonstrating a CAGR of 23.97% between 2024 and 2034.
• The North America gene synthesis market size was calculated at USD 1.26 billion in 2024 and is expected to grow at a CAGR of 24.15% during the forecast year. The U.S. gene synthesis market size was evaluated at USD 0.88 billion in 2024 and is projected to be worth around USD 7.69 billion by 2034.

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1. Advancement and Potential Commercialization of SENTI-202: Senti Biosciences's lead product candidate, SENTI-202, is a logic-gated off-the-shelf CAR-NK cell therapy targeting relapsed/refractory hematologic malignancies, including Acute Myeloid Leukemia (AML). The company has completed the dose-finding phase and confirmed the recommended Phase 2 dose in its ongoing Phase 1 clinical trial. Initial clinical data, expected by the end of 2024, and initial durability data, anticipated in 2025, are crucial milestones. Positive results, such as the reported MRD-negative complete remissions and durability in initial patients, are vital for advancing the program towards potential regulatory approval and commercialization.
2. Clinical Development and Potential Commercialization of SENTI-301A in China through Collaboration: Senti Biosciences is developing SENTI-301A, an off-the-shelf CAR-NK cell therapy for solid tumors, specifically hepatocellular carcinoma (HCC), through a strategic collaboration with Celest Therapeutics (Shanghai) Co. Ltd. Celest plans to initiate trials for SENTI-301A in China in the fourth quarter of 2024. Successful clinical development and subsequent commercialization of SENTI-301A in the Chinese market would represent a significant revenue stream.
3. Expansion of the Gene Circuit Platform and Pipeline: Senti Biosciences is a clinical-stage biotechnology company leveraging its proprietary Gene Circuit platform to develop next-generation cell and gene therapies. Beyond its lead candidates, the company has preclinical programs, including additional solid tumor cell therapies, and partnered programs in gene therapies for tissue-directed targets and cell therapies for regenerative medicines. The successful progression of these earlier-stage programs, potentially leading to new Investigational New Drug (IND) filings and subsequent clinical trials, could provide future revenue opportunities.
4. Strategic Partnerships and Licensing Agreements: The company's strategy includes expanding its gene circuit offerings across multiple diseases and modalities via partnering opportunities. Such collaborations, similar to the existing one with Celest, could generate revenue through upfront payments, milestone achievements, and future royalties from licensed technologies or product candidates, thereby diversifying and accelerating its revenue growth potential.

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Share Issuance

• Senti Biosciences became a public company in June 2022 through a merger with Dynamics Special Purpose Corp.. As part of this transaction, approximately $50.6 million was raised through a Private Investment in Public Equity (PIPE) at $10.00 per share.
• In December 2024, the company announced a PIPE financing that raised gross proceeds of $37.6 million through the issuance of Series A Convertible Preferred Stock, with an additional option for $10.0 million from one investor, bringing the total to $47.6 million.
• A 1-for-10 reverse stock split was completed on July 17, 2024, to maintain compliance with Nasdaq listing requirements.

Inbound Investments

• In December 2024, Senti Bio completed an oversubscribed PIPE financing, securing gross proceeds of $47.6 million, with net proceeds of $45.1 million intended to fund the SENTI-202 program development, manufacturing ramp-up, and general corporate purposes. The financing was led by Celadon Partners, with participation from New Enterprise Associates (NEA), Leaps by Bayer, and others.
• The company received an $8 million grant from the California Institute for Regenerative Medicines (CIRM) to support the clinical development of SENTI-202. As of January 2025, a total of $6.4 million from this grant had been received.
• Upon its SPAC merger in June 2022, Senti Bio received an aggregate of $50.6 million from a PIPE Investment.

Outbound Investments

• In November 2023, Senti Bio entered into a strategic collaboration agreement with Celest Therapeutics, a China-based biotechnology company, for the clinical development of SENTI-301A to treat solid tumors in China.
• Senti Bio established a manufacturing partnership with GeneFab in 2023 to support the manufacturing of its oncology programs. As of December 31, 2023, the company had an $18.9 million receivable from GeneFab.

Capital Expenditures

• Capital expenditures were approximately $41.37 million in 2022, $12.04 million in 2023, and $0.03 million in 2024.
• The net proceeds of $45.1 million from the December 2024 PIPE financing are planned to fund the continued development of the SENTI-202 program and manufacturing ramp-up, along with other research and development activities and general corporate purposes.