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snse-10q_20210930.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2021

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM                      TO                     

Commission File Number: 001-39980

 

Sensei Biotherapeutics, Inc.

(Exact name of Registrant as specified in its Charter)

 

 

Delaware

83-1863385

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

 

 

1405 Research Blvd, Suite 125

Rockville, MD

20850

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (240243-8000

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol(s)

 

Name of each exchange on which registered

Common Stock, $0.0001 par value per share

 

SNSE

 

The Nasdaq Stock Market LLC

 

Indicate by check mark whether the Registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.  Yes  No 

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).  Yes  No 

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

  

Accelerated filer

 

 

 

 

 

 

 

 

Non-accelerated filer

 

  

Smaller reporting company

 

 

 

 

 

 

 

 

 

 

 

 

Emerging growth company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes  No 

The number of shares of Registrant’s Common Stock outstanding as of November 5, 2021 was 30,596,828.

 

 

 


 

Table of Contents

 

 

 

Page

PART I

FINANCIAL INFORMATION

 

Item 1.

Condensed Financial Statements (Unaudited)

1

 

Condensed Consolidated Balance Sheets

1

 

Condensed Consolidated Statements of Operations and Comprehensive Loss

2

 

Condensed Consolidated Statements of Convertible Preferred Stock, Common Stock and Stockholders’ Equity (Deficit)

3

 

Condensed Consolidated Statements of Cash Flows

4

 

Notes to Condensed Consolidated Financial Statements

5

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

15

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

25

Item 4.

Controls and Procedures

25

 

 

 

PART II

OTHER INFORMATION

 

Item 1.

Legal Proceedings

26

Item 1A.

Risk Factors

26

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

26

Item 3.

Defaults Upon Senior Securities

26

Item 4.

Mine Safety Disclosures

26

Item 5.

Other Information

26

Item 6.

Exhibits

27

Signatures

 

28

 

 

 

i


 

PART I—FINANCIAL INFORMATION

Item 1. Financial Statements (Unaudited)

SENSEI BIOTHERAPEUTICS, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(In thousands, except share and per share data)

 

 

 

September 30,

2021

 

 

December 31,

2020

 

Assets

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

9,533

 

 

$

16,596

 

Marketable securities

 

 

147,129

 

 

 

 

Deferred offering costs

 

 

 

 

 

2,105

 

Prepaid expenses

 

 

1,199

 

 

 

1,375

 

Other current assets

 

 

301

 

 

 

 

Total current assets

 

 

158,162

 

 

 

20,076

 

Property and equipment, net

 

 

3,060

 

 

 

1,266

 

Deposits

 

 

27

 

 

 

86

 

Total assets

 

$

161,249

 

 

$

21,428

 

Liabilities, convertible preferred stock and stockholders’ equity (deficit)

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

$

3,614

 

 

$

3,882

 

Other liabilities

 

 

1,650

 

 

 

948

 

Total current liabilities

 

 

5,264

 

 

 

4,830

 

Debt

 

 

 

 

 

567

 

Other non-current liabilities

 

 

777

 

 

 

138

 

Total liabilities

 

$

6,041

 

 

$

5,535

 

Commitments and contingencies (Note 8)

 

 

 

 

 

 

 

 

Convertible preferred stock (Series AA) (Note 9)

 

 

 

 

 

61,411

 

Convertible preferred stock (Series BB) (Note 9)

 

 

 

 

 

10,925

 

Stockholders’ equity (deficit):

 

 

 

 

 

 

 

 

Common stock, $0.0001 par value; 1,230,000,000 shares authorized as of

   September 30, 2021, 30,588,495 shares and 1,875,422 shares issued and

   outstanding at September 30, 2021 and December 31, 2020, respectively

 

 

3

 

 

 

 

Additional paid-in capital

 

 

295,114

 

 

 

55,969

 

Accumulated deficit

 

 

(139,840

)

 

 

(112,412

)

Accumulated other comprehensive loss

 

 

(69

)

 

 

 

Total stockholders’ equity (deficit)

 

 

155,208

 

 

 

(56,443

)

Total liabilities, convertible preferred stock and stockholders’ equity (deficit)

 

$

161,249

 

 

$

21,428

 

 

 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

1


SENSEI BIOTHERAPEUTICS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Unaudited)

(In thousands, except share and per share data)

 

 

 

For the Three Months Ended September 30,

 

 

For the Nine Months Ended September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

$

6,443

 

 

$

3,576

 

 

$

15,706

 

 

$

8,629

 

General and administrative

 

 

3,873

 

 

 

1,788

 

 

 

12,363

 

 

 

5,007

 

Alvaxa IPR&D

 

 

 

 

 

 

 

 

 

 

 

738

 

Total operating expenses

 

 

10,316

 

 

 

5,364

 

 

 

28,069

 

 

 

14,374

 

Loss from operations

 

 

(10,316

)

 

 

(5,364

)

 

 

(28,069

)

 

 

(14,374

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

278

 

 

 

 

 

 

466

 

 

 

 

Interest expense, including $0 and $645 with related parties in the three months and nine months ended September 30, 2021 and 2020, respectively

 

 

(214

)

 

 

(3

)

 

 

(364

)

 

 

(1,635

)

Fair value adjustments on embedded debt derivatives, including $0 and $575 with related parties in the three months and nine months ended September 30, 2021 and 2020, respectively

 

 

 

 

 

 

 

 

 

 

 

995

 

Loss on fixed asset disposition

 

 

 

 

 

 

 

 

(28

)

 

 

 

Gain on debt extinguishment

 

 

567

 

 

 

 

 

 

567

 

 

 

45

 

Net loss

 

 

(9,685

)

 

 

(5,367

)

 

 

(27,428

)

 

 

(14,969

)

Cumulative dividends on convertible preferred stock

 

 

 

 

 

 

 

 

 

 

 

(104

)

Net loss attributable to common stockholders

 

$

(9,685

)

 

$

(5,367

)

 

$

(27,428

)

 

$

(15,073

)

Net loss per common share, basic and diluted

 

$

(0.32

)

 

$

(3.00

)

 

$

(1.03

)

 

$

(9.82

)

Weighted-average number of shares used in computing net loss per common share, basic and diluted

 

 

30,588,495

 

 

 

1,787,124

 

 

 

26,736,745

 

 

 

1,535,033

 

Comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(9,685

)

 

$

(5,367

)

 

$

(27,428

)

 

$

(14,969

)

Other comprehensive items:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain (loss) on marketable securities

 

 

32

 

 

 

 

 

 

(69

)

 

 

 

Total other comprehensive gain (loss)

 

 

32

 

 

 

 

 

 

(69

)

 

 

 

Total comprehensive loss

 

$

(9,653

)

 

$

(5,367

)

 

$

(27,497

)

 

$

(14,969

)

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.

 

 

2


 

SENSEI BIOTHERAPEUTICS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CONVERTIBLE PREFERRED STOCK, COMMON STOCK AND STOCKHOLDERS’ EQUITY (DEFICIT)

(Unaudited)

(In thousands, except share data)

 

 

Convertible

Preferred Stock

(Series A-F)

 

 

Convertible

Preferred Stock

(Series AA)

 

 

Convertible

Preferred Stock

(Series BB)

 

 

 

Common Stock

 

 

Additional

Paid-In

 

 

Accumulated

 

 

Accumulated Other Comprehensive Income (Loss)

 

 

Total

Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Amount

 

 

Equity (Deficit)

 

Balance at December 31, 2019

 

 

15,257,663

 

 

$

47,545

 

 

 

 

 

$

 

 

 

 

 

$

 

 

 

 

369,491

 

 

$

 

 

$

23,650

 

 

$

(92,312

)

 

$

 

 

$

(68,662

)

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

194

 

 

 

 

 

 

 

 

 

194

 

Conversion of series A,B,C,D,E,F preferred stock into common stock

 

 

(15,257,663

)

 

 

(47,545

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

627,871

 

 

 

 

 

 

47,545

 

 

 

 

 

 

 

 

 

47,545

 

Conversion of common stock into series AA preferred stock

 

 

 

 

 

 

 

 

210,310,025

 

 

 

17,274

 

 

 

 

 

 

 

 

 

 

(148,732

)

 

 

 

 

 

(17,274

)

 

 

 

 

 

 

 

 

(17,274

)

Preferred stock issued in exchange for note redemption

 

 

 

 

 

 

 

 

188,173,050

 

 

 

15,456

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of series AA preferred stock

 

 

 

 

 

 

 

 

128,655,262

 

 

 

10,567

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Issuance of common stock warrants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

634,118

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,692

)

 

 

 

 

 

(4,692

)

Balance at March 31, 2020

 

 

 

 

$

 

 

 

527,138,337

 

 

$

43,297

 

 

 

 

 

$

 

 

 

 

1,482,748

 

 

$

 

 

$

54,115

 

 

$

(97,004

)

 

$

 

 

$

(42,889

)

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

163

 

 

 

 

 

 

 

 

 

163

 

Issuance of common stock related to Alvaxa acquisition

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

304,376

 

 

 

 

 

 

541

 

 

 

 

 

 

 

 

 

541

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(4,910

)

 

 

 

 

 

(4,910

)

Balance at June 30, 2020

 

 

 

 

$

 

 

 

527,138,337

 

 

$

43,297

 

 

 

 

 

$

 

 

 

 

1,787,124

 

 

$

 

 

$

54,819

 

 

$

(101,914

)

 

$

 

 

$

(47,095

)

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

781

 

 

 

 

 

 

 

 

 

781

 

Issuance of series AA preferred stock

 

 

 

 

 

 

 

 

103,453,774

 

 

 

8,491

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(5,367

)

 

 

 

 

 

(5,367

)

Balance at September 30, 2020

 

 

 

 

$

 

 

 

630,592,111

 

 

$

51,788

 

 

 

 

 

$

 

 

 

 

1,787,124

 

 

$

 

 

$

55,600

 

 

$

(107,281

)

 

$

 

 

$

(51,681

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2020

 

 

 

 

$

 

 

 

747,683,172

 

 

$

61,411

 

 

 

52,680,306

 

 

$

10,925

 

 

 

 

1,875,422

 

 

$

 

 

$

55,969

 

 

$

(112,412

)

 

$

 

 

$

(56,443

)

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,349

 

 

 

 

 

 

 

 

 

1,349

 

Issuance of series BB preferred stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

113,275,902

 

 

 

23,491

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Conversion of preferred stock to common stock upon closing of the initial public offering

 

 

 

 

 

 

 

 

(747,683,172

)

 

 

(61,411

)

 

 

(165,956,208

)

 

 

(34,416

)

 

 

 

19,034,069

 

 

 

2

 

 

 

95,826

 

 

 

 

 

 

 

 

 

95,828

 

Issuance of common stock, net of issuance costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,030,295

 

 

 

1

 

 

 

138,488

 

 

 

 

 

 

 

 

 

138,489

 

Issuance of common stock warrants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,648,709

 

 

 

 

 

 

1

 

 

 

 

 

 

 

 

 

1

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,972

)

 

 

 

 

 

(7,972

)

Balance at March 31, 2021

 

 

 

 

$

 

 

 

 

 

$