Sensei Biotherapeutics Inc. (SNSE) shares declined 8.13% in after-hours on Monday, June 28, 2021, and closed the day at $9.95 per share. Earlier in the morning session, SNSE’s stock lost 1.10% to close Monday’s session at $10.83. SNSE shares have moved down 2.70% in the past week. Over the past three months, the stock has lost 10.05%. The company has a current market of $339.41 million and its outstanding shares stood at 18.91 million.

Reprioritization of pipeline programs

On June 28, 2021, Sensei Biotherapeutics reprioritized its pipeline programs to focus on its product candidates, including its multi-antigenic next-generation ImmunoPhage candidate, now referred to as SNS-401-NG, and its monoclonal antibody SNS-VISTA (V-set Immunoglobulin Domain Suppressor of T cell Activation) candidate.

New Clinical Data from the Combination Trial of SNS-301

OnMay 19, 2021, Sensei Biotherapeutics reported new data from the ongoing Phase 1/2 clinical trial of SNS-301. The data was priested by Alain Algazi, M.D., from the University of California San Francisco to the medical community at the 2021 American Society of Clinical Oncology (ASCO) Annual Meeting which took place virtually from June 4 – 8, 2021.

SNS-301 is the company’s investigational medicine in patients with advanced squamous cell carcinoma of the head and neck (SCCHN), in combination with pembrolizumab.

Total 21 patients with locally advanced unresectable or metastatic SCCHN had been enrolled and treated in the study. Twenty of the patients enrolled did not achieve an objective response to prior treatment with PD-1 blockade (Cohort A) and one patient was PD-1 blockade naïve (Cohort B). The safety profile of SNS-301 in combination with pembrolizumab observed from 20 evaluable patients was favourable and consistent with previously reported data.

Recent financial results announcement

On May 12, 2021, Sensei Biotherapeutics, Inc announced its financial results for the first quarter ended March 31, 2021.

Q1 2021 financial highlights

• Research and development expenses were $3.4 million for Q1 2021 compared to $2.2 million for Q1 2020.
• The company spent $4.6 million in general and administrative expenses in Q1 2021 compared to $1.9 million in Q1 2020.
• Sensei Biotherapeutics suffered a net loss of $8.0 million for Q1 2021 compared to $4.7 million for the quarter ended March 31, 2020.
• Net loss per share, basic and diluted was $0.42 per share in Q1 2021 compared to $4.00 in Q1 2020.
• As of March 31, 2021, the company had cash and cash equivalents of $169.4 million compared to 16.6 million as of December 31, 2020.

Conclusion

The company announced its reprioritization of pipeline programs which resulted in a loss on Monday and SNSE price can further go down in the coming days.