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10-Q
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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 June 30, 2022

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.)

 

 

451 D Street, Suite 710

Boston, MA

02210

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (240) 243-8000

 

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. YesNo

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). YesNo

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). YesNo

The number of shares of Registrant’s Common Stock outstanding as of August 5, 2022 was 30,720,291.

 

 

 


 

Table of Contents

 

 

 

Page

PART I

FINANCIAL INFORMATION

 

Item 1.

Condensed Consolidated 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

16

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

26

Item 4.

Controls and Procedures

26

 

 

 

PART II

OTHER INFORMATION

 

Item 1.

Legal Proceedings

27

Item 1A.

Risk Factors

27

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

27

Item 3.

Defaults Upon Senior Securities

27

Item 4.

Mine Safety Disclosures

27

Item 5.

Other Information

27

Item 6.

Exhibits

28

Signatures

 

29

 

 

 

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)

 

 

 

June 30,
2022

 

 

December 31,
2021

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

9,899

 

 

$

7,159

 

Marketable securities

 

 

113,815

 

 

 

140,462

 

Prepaid expenses

 

 

3,484

 

 

 

547

 

Other current assets

 

 

293

 

 

 

374

 

Total current assets

 

 

127,491

 

 

 

148,542

 

Right of use assets - operating leases, net

 

 

5,971

 

 

 

 

Right of use assets - financing leases, net

 

 

2,417

 

 

 

 

Property and equipment, net

 

 

2,112

 

 

 

4,644

 

Other non-current assets

 

 

45

 

 

 

39

 

Total assets

 

$

138,036

 

 

$

153,225

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

$

2,423

 

 

$

2,456

 

Compensation and employee benefits liabilities

 

 

1,019

 

 

 

1,753

 

Operating lease liabilities, current

 

 

1,194

 

 

 

 

Financing lease liabilities, current

 

 

798

 

 

 

680

 

Total current liabilities

 

 

5,434

 

 

 

4,889

 

Operating lease liabilities, non-current

 

 

4,967

 

 

 

 

Financing lease liabilities, non-current

 

 

1,719

 

 

 

1,674

 

Other non-current liabilities

 

 

 

 

 

149

 

Total liabilities

 

 

12,120

 

 

 

6,712

 

Commitments and contingencies (Note 7)

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

Common stock, $0.0001 par value and 250,000,000 shares authorized as of June 30, 2022 and December 31, 2021; 30,720,921 and 30,609,029 shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively

 

 

3

 

 

 

3

 

Additional paid-in capital

 

 

299,271

 

 

 

296,049

 

Accumulated deficit

 

 

(172,146

)

 

 

(149,206

)

Accumulated other comprehensive loss

 

 

(1,212

)

 

 

(333

)

Total stockholders’ equity

 

 

125,916

 

 

 

146,513

 

Total liabilities and stockholders’ equity

 

$

138,036

 

 

$

153,225

 

 

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 June 30,

 

 

For the Six Months Ended June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

$

6,393

 

 

$

5,898

 

 

$

13,848

 

 

$

9,263

 

General and administrative

 

 

4,319

 

 

 

3,886

 

 

 

9,351

 

 

 

8,490

 

Total operating expenses

 

 

10,712

 

 

 

9,784

 

 

 

23,199

 

 

 

17,753

 

Loss from operations

 

 

(10,712

)

 

 

(9,784

)

 

 

(23,199

)

 

 

(17,753

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Realized gain on marketable securities

 

 

 

 

 

 

 

 

15

 

 

 

 

Interest income

 

 

349

 

 

 

188

 

 

 

659

 

 

 

188

 

Interest expense

 

 

(172

)

 

 

(147

)

 

 

(415

)

 

 

(150

)

Loss on fixed asset disposition

 

 

 

 

 

(28

)

 

 

 

 

 

(28

)

Net loss

 

 

(10,535

)

 

 

(9,771

)

 

 

(22,940

)

 

 

(17,743

)

Net loss per common share, basic and diluted

 

$

(0.34

)

 

$

(0.32

)

 

$

(0.75

)

 

$

(0.72

)

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

 

 

30,701,758

 

 

 

30,588,495

 

 

 

30,674,868

 

 

 

24,778,949

 

Comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(10,535

)

 

$

(9,771

)

 

$

(22,940

)

 

$

(17,743

)

Other comprehensive items:

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized loss on marketable securities

 

 

(313

)

 

 

(101

)

 

 

(879

)

 

 

(101

)

Total other comprehensive loss

 

 

(313

)

 

 

(101

)

 

 

(879

)

 

 

(101

)

Total comprehensive loss

 

$

(10,848

)

 

$

(9,872

)

 

$

(23,819

)

 

$

(17,844

)

 

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 AA)

 

 

Convertible
Preferred Stock
(Series BB)

 

 

 

Common Stock

 

 

Additional
Paid-In

 

 

Accumulated

 

 

Accumulated Other
Comprehensive

 

 

Total
Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Loss

 

 

Equity (Deficit)

 

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 upon closing of the
 initial public offering, net of issuance costs

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

8,030,295

 

 

 

1

 

 

 

138,488

 

 

 

 

 

 

 

 

 

138,489

 

Exercise of common stock warrants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,648,709

 

 

 

 

 

 

1

 

 

 

 

 

 

 

 

 

1

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(7,972

)

 

 

 

 

 

(7,972

)

Balance at March 31, 2021

 

 

 

 

$

 

 

 

 

 

$

 

 

 

 

30,588,495

 

 

$

3

 

 

$

291,633

 

 

$

(120,384

)

 

$

 

 

$

171,252

 

Stock-based compensation
   expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,745

 

 

 

 

 

 

 

 

 

1,745

 

Unrealized gains (loss) on marketable securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(101

)

 

 

(101

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(9,771

)

 

 

 

 

 

(9,771

)

Balance at June 30, 2021

 

 

 

 

$

 

 

 

 

 

$

 

 

 

 

30,588,495

 

 

$

3

 

 

$

293,378

 

 

$

(130,155

)

 

$

(101

)

 

$

163,125

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2021

 

 

 

 

$

 

 

 

 

 

$

 

 

 

 

30,609,029

 

 

$

3

 

 

$

296,049

 

 

$

(149,206

)

 

$

(333

)

 

$

146,513

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,515

 

 

 

 

 

 

 

 

 

1,515

 

Exercise of options into common stock

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

73,784

 

 

 

 

 

 

237

 

 

 

 

 

 

 

 

 

237

 

Employee stock purchase plan expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

14

 

 

 

 

 

 

 

 

 

14

 

Unrealized loss on marketable securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(566

)

 

 

(566

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(12,405

)

 

 

 

 

 

(12,405

)

Balance at March 31, 2022

 

 

 

 

$

 

 

 

 

 

$

 

 

 

 

30,682,813

 

 

$

3

 

 

$

297,815

 

 

$

(161,611

)

 

$

(899

)

 

$

135,308

 

Stock-based compensation
   expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

1,396

 

 

 

 

 

 

 

 

 

1,396

 

Employee stock purchase plan expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

37,478

 

 

 

 

 

 

60

 

 

 

 

 

 

 

 

 

60

 

Unrealized loss on marketable securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(313

)

 

 

(313

)

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(10,535

)

 

 

 

 

 

(10,535

)

Balance at June 30, 2022

 

 

 

 

$

 

 

 

 

 

$

 

 

 

 

30,720,291

 

 

$

3

 

 

$

299,271

 

 

$

(172,146

)

 

$

(1,212

)

 

$

125,916

 

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

3


 

SENSEI BIOTHERAPEUTICS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(In thousands)

 

 

Six Months Ended June 30,

 

 

 

2022

 

 

2021

 

Operating activities

 

 

 

 

 

 

Net loss

 

$

(22,940

)

 

$

(17,743

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

Stock-based compensation expense

 

 

2,934

 

 

 

3,095

 

Depreciation and amortization

 

 

301

 

 

 

220

 

Accretion on marketable securities

 

 

323

 

 

 

145

 

Interest on finance lease

 

 

 

 

 

5

 

Non-cash lease expense

 

 

587

 

 

 

 

Amortization of financing lease right-of-use assets

 

 

353

 

 

 

 

Realized gain on marketable securities

 

 

(15

)

 

 

 

Loss on fixed asset disposition

 

 

 

 

 

28

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Prepaid expenses

 

 

(2,936