0000950170-23-019754 | 10-Q | XBRL Viewer | Sensei Biotherapeutics INC

Restructuring and Related Charges (Tables)

3 Months Ended

Mar. 31, 2023

Restructuring and Related Activities [Abstract]

Schedule of Accrued Liabilities Activity Related to Restructuring Activities

The following table summarizes the accrued liabilities activity recorded in connection with the Restructuring, including the reduction in workforce in December 2022 and related activities as of March 31, 2023 (in thousands):


	Personnel			Other			Total
Balance at January 1, 2022	$	—		$	—		$	—
Restructuring and other costs, net		973			95			1,068
Cash payments		(103	)		—			(103	)
Balance at December 31, 2022	$	870		$	95		$	965
Restructuring and other costs, net		202			2			204
Cash payments		(1,054	)		(71	)		(1,125	)
Balance at March 31, 2023	$	18		$	26		$	44

CONDENSED CONSOLIDATED STATEMENTS OF COMMON STOCK AND STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-in Capital	Accumulated Deficit	Accumulated Other Comprehensive Loss
Beginning balance at Dec. 31, 2021	$ 146,513	$ 3	$ 296,049	$ (149,206)	$ (333)
Beginning balance, shares at Dec. 31, 2021		30,609,029
Stock-based compensation expense	1,515		1,515
Exercise of options into common stock	237		237
Exercise of options into common stock, shares		73,784
Employee stock purchase plan expense	14		14
Unrealized loss on marketable securities	(566)				(566)
Net loss	(12,405)			(12,405)
Ending balance at Mar. 31, 2022	135,308	$ 3	297,815	(161,611)	(899)
Ending balance, shares at Mar. 31, 2022		30,682,813
Beginning balance at Dec. 31, 2022	103,407	$ 3	302,202	(197,794)	(1,004)
Beginning balance, shares at Dec. 31, 2022		30,764,160
Stock-based compensation expense	1,213		1,213
Issuance of equity in exchange for compensation	302		302
Issuance of equity in exchange for compensation, Shares		208,510
Surrender of shares for tax withholding	(76)		(76)
Surrender of shares for tax withholding, Shares		(50,343)
Vesting of restricted stock shares, shares		49,014
Unrealized loss on marketable securities	181				181
Net loss	(10,177)			(10,177)
Ending balance at Mar. 31, 2023	$ 94,850	$ 3	$ 303,641	$ (207,971)	$ (823)
Ending balance, shares at Mar. 31, 2023		30,971,341

Equity - Summary of Common Stock Warrant activity (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Class Of Stock [Line Items]
Number of Common Stock Warrants Outstanding, Beginning Balance	57,004
Number of Common Stock Warrants, Expired	(312)
Number of Common Stock Warrants Outstanding, Ending Balance		57,004
Weighted-Average Exercise Price Outstanding, Beginning Balance	$ 6.94
Weighted Average Exercise Price, Expired	$ 144
Weighted-Average Exercise Price Outstanding, Ending Balance		$ 6.94
Weighted-Average Remaining Contractual Term, Outstanding	1 year 10 months 28 days
Warrant \| Equity and Debt Fundraising Events
Class Of Stock [Line Items]
Number of Common Stock Warrants Outstanding, Beginning Balance	412,262
Number of Common Stock Warrants Outstanding, Ending Balance	412,262	412,262
Weighted-Average Exercise Price Outstanding, Beginning Balance	$ 9.81
Weighted-Average Exercise Price Outstanding, Ending Balance	$ 9.81	$ 9.81
Weighted-Average Remaining Contractual Term, Outstanding	4 years 5 months 19 days	4 years 8 months 15 days

Marketable Securities (Tables)

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Summary of Marketable Securities

Marketable securities consist of the following as of March 31, 2023 (in thousands):


	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Commercial paper	$	30,393	$	-	$	(31	)	$	30,362
Corporate bonds		49,225		-		(474	)		48,751
U.S. Government agencies		8,601		6		(324	)		8,283
Total	$	88,219	$	6	$	(829	)	$	87,396

Property and Equipment, Net (Tables)

3 Months Ended

Mar. 31, 2023

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment, Net

Property and equipment, net consist of the following (in thousands):


	March 31, 2023			December 31, 2022
Research equipment	$	2,607		$	2,707
Office equipment and furniture		532			532
Leasehold improvement		253			253
Total property and equipment		3,392			3,492
Less accumulated depreciation and amortization		(1,578	)		(1,442	)
Property and equipment, net	$	1,814		$	2,049

Summary of Significant Accounting Policies - Summary of Estimated Useful Lives of Property and Equipment (Details)	3 Months Ended
	Mar. 31, 2023
Office Equipment and Furniture \| Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated useful life (in years)	3 years
Office Equipment and Furniture \| Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated useful life (in years)	7 years
Research Equipment \| Minimum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated useful life (in years)	1 year
Research Equipment \| Maximum
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Estimated useful life (in years)	7 years

Property and Equipment, Net - Summary of Property and Equipment, Net (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Property Plant And Equipment [Line Items]
Total property and equipment	$ 3,392	$ 3,492
Less accumulated depreciation and amortization	(1,578)	(1,442)
Property and equipment, net	1,814	2,049
Research Equipment
Property Plant And Equipment [Line Items]
Total property and equipment	2,607	2,707
Office Equipment and Furniture
Property Plant And Equipment [Line Items]
Total property and equipment	532	532
Leasehold Improvement
Property Plant And Equipment [Line Items]
Total property and equipment	$ 253	$ 253

Marketable Securities - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Marketable Securities [Line Items]
Marketable securities, fair value	$ 87,396	$ 89,321
Impairment of investments	0
Corporate Bonds and U.S. Government Agencies
Marketable Securities [Line Items]
Marketable securities, fair value	31,700
Corporate Bonds
Marketable Securities [Line Items]
Marketable securities, unrealized loss position, fair value	300
Commercial Paper and U.S. Government Agencies
Marketable Securities [Line Items]
Marketable securities, unrealized loss position, fair value	$ 500
Minimum \| Commercial Paper and U.S. Government Agencies
Marketable Securities [Line Items]
Marketable securities unrealized loss position, maturity term	1 year
Maximum \| Commercial Paper
Marketable Securities [Line Items]
Marketable securities remaining maturity term	1 year
Maximum \| Corporate Bonds and U.S. Government Agencies
Marketable Securities [Line Items]
Marketable securities remaining maturity term	3 years
Maximum \| Corporate Bonds
Marketable Securities [Line Items]
Marketable securities unrealized loss position, maturity term	1 year

Equity (Tables)

3 Months Ended

Mar. 31, 2023

Summary of Common Stock Warrant Activity

The following is a summary of the employee-issued common stock warrant activity during the three months ended March 31, 2023:


	Number of Common Stock Warrants			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding and exercisable at December 31, 2022		57,004		$	6.94		1.91	$	—
Granted		—			—		—		—
Exercised		—			—		—		—
Expired		(312	)		144
Outstanding and exercisable at March 31, 2023		56,692		$	6.19		1.91	$	—

Warrant | Equity and Debt Fundraising Events

Summary of Common Stock Warrant Activity

The following is a summary of the common stock warrant activity for the three months ended March 31, 2023 related to common stock warrants issued in conjunction with equity and debt fundraising events:


	Number of Common Stock Warrants		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2022		412,262	$	9.81		4.71	$	—
Granted		—		—
Exercised		—		—
Expired		—
Outstanding at March 31, 2023		412,262	$	9.81		4.47	$	—

Stock-Based Compensation - Summary of Stock Option Award Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Number of Stock Options, Outstanding balance	3,333,434
Number of Stock Options, Granted	503,971
Number of Stock Options, Forfeited	(29,723)
Number of Stock Options, Expired	(64,980)
Number of Stock Options, Outstanding balance	3,742,702	3,333,434
Number of Stock Options, Options expected to vest	1,944,833
Number of Stock Options, Exercisable	1,797,869
Weighted-Average Exercise Price, Outstanding balance	$ 8.80
Weighted-Average Exercise Price, Granted	1.43
Weighted-Average Exercise Price, Forfeited	8.74
Weighted-Average Exercise Price, Expired	9.84
Weighted-Average Exercise Price,Outstanding balance	7.79	$ 8.80
Weighted-Average Exercise Price, Options expected to vest	4.79
Weighted-Average Exercise Price, Exercisable	$ 11.03
Weighted-Average Remaining Contractual Term, Outstanding balance	8 years 2 months 19 days	8 years 1 month 2 days
Weighted-Average Remaining Contractual Term, Options expected to vest	8 years 9 months 10 days
Weighted-Average Remaining Contractual Term, Exercisable	7 years 7 months 9 days
Aggregate Intrinsic Value, Outstanding	$ 39	$ 1
Aggregate Intrinsic Value, Options expected to vest	$ 39

Organization and Operations - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Net loss	$ (10,177)	$ (12,405)
Accumulated deficit	(207,971)		$ (197,794)
Cash, cash equivalents and marketable securities	$ 95,500

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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+ Details

Commitments and Contingencies - Supplemental Balance Sheet Information Related to Operating and Financing Leases (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Operating leases
Right-of-use assets, net	$ 5,297	$ 5,355
Right-of-use lease liabilities, current	1,406	1,251
Right-of-use lease liabilities, noncurrent	4,119	4,323
Total operating lease liabilities	5,525
Financing leases
Right-of-use assets, net	2,133	2,319
Right-of-use lease liabilities, current	879	880
Right-of-use lease liabilities, noncurrent	1,347	$ 1,579
Total financing lease liabilities	$ 2,226

Fair Value Measurements - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Fair Value Assets Measured On Recurring Basis Unobservable Input Reconciliation [Line Items]
Fair value, transfer of liabilities, from level 1 to level 2	$ 0	$ 0
Fair value, transfer of liabilities from level 2 to level 1	0	0
Fair value, transfer of assets into level 3	0	0
Fair value, transfer of assets out of level 3	0	0
Fair value, transfer of liabilities into level 3	0	0
Fair value, transfer of liabilities out of level 3	$ 0	$ 0

Restructuring and Related Charges

3 Months Ended

Mar. 31, 2023

Restructuring and Related Activities [Abstract]

RESTRUCTURING AND RELATED CHARGES

13. RESTRUCTURING AND RELATED CHARGES

In December 2022, the Company began implementing a restructuring plan to reduce operating costs primarily associated with a reduction in the Company's workforce (the “Restructuring”).

In connection with the Restructuring, the Company incurred expenses within research and development and general and administrative expenses of $0.2 million during the three months ended March 31, 2023. These costs primarily related to one-time termination benefits and ongoing benefit arrangements, both of which included severance payments and extended benefits coverage support and were contingent upon the impacted employees’ execution and non-revocation of separation agreements. Aggregate costs in connection with the Restructuring also included certain contract termination costs.

The following table summarizes the accrued liabilities activity recorded in connection with the Restructuring, including the reduction in workforce in December 2022 and related activities as of March 31, 2023 (in thousands):


	Personnel			Other			Total
Balance at January 1, 2022	$	—		$	—		$	—
Restructuring and other costs, net		973			95			1,068
Cash payments		(103	)		—			(103	)
Balance at December 31, 2022	$	870		$	95		$	965
Restructuring and other costs, net		202			2			204
Cash payments		(1,054	)		(71	)		(1,125	)
Balance at March 31, 2023	$	18		$	26		$	44

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Current assets:
Cash and cash equivalents	$ 8,109	$ 17,795
Marketable securities	87,396	89,321
Prepaid expenses	2,649	1,129
Other current assets	454	344
Total current assets	98,608	108,589
Right of use assets - operating leases, net	5,297	5,355
Right of use assets - financing leases, net	2,133	2,319
Property and equipment, net	1,814	2,049
Other non-current assets	81	63
Total assets	107,933	118,375
Current liabilities:
Accounts payable and accrued liabilities	4,715	4,473
Compensation and employee benefits liabilities	583	2,462
Operating lease liabilities, current	1,406	1,251
Financing lease liabilities, current	879	880
Total current liabilities	7,583	9,066
Operating lease liabilities, non-current	4,119	4,323
Financing lease liabilities, non-current	1,347	1,579
Other non-current liabilities	34	0
Total liabilities	13,083	14,968
Commitments and contingencies (Note 6)
Stockholders' equity:
Preferred stock, $0.0001 par value and 10,000,000 shares authorized as of March 31, 2023 and December 31, 2022; zero shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively
Common stock, $0.0001 par value and 250,000,000 shares authorized as of March 31, 2023 and December 31, 2022; 30,971,341 and 30,764,160 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	3	3
Additional paid-in capital	303,641	302,202
Accumulated deficit	(207,971)	(197,794)
Accumulated other comprehensive loss	(823)	(1,004)
Total stockholders' equity	94,850	103,407
Total liabilities and stockholders' equity	$ 107,933	$ 118,375

Net Loss Per Share (Tables)

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

Schedule of Basic and Diluted Net Loss Per Share

Basic and diluted net loss per share attributable to common stockholders is calculated as follows (in thousands, except share and per share amounts):


	Three Months Ended March 31,
	2023			2022
Net loss	$	(10,177	)	$	(12,405	)
Net loss attributable to common stockholders	$	(10,177	)	$	(12,405	)
Net loss per share—basic and diluted	$	(0.33	)	$	(0.40	)
Weighted-average number of shares used in computing net loss per share—basic and diluted		30,866,087			30,647,679

Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss Per Share

The following outstanding potentially dilutive securities have been excluded from the calculation of diluted net loss per share, as their effect is anti-dilutive:


	For the Three Months Ended March 31,
	2023		2022
Stock options to purchase common stock		3,742,702		3,427,584
Unvested restricted stock units		270,162		205,201
Warrants issued to employees and contractor to purchase common stock		56,692		57,212
Warrants issued related to convertible notes and other equity agreements		412,262		412,262

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating activities
Net loss	$ (10,177)	$ (12,405)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	1,213	1,515
Depreciation and amortization	161	157
Accretion on marketable securities	(348)	197
Non-cash lease expense	316	291
Amortization of financing lease right-of-use assets	197	177
Realized gain on marketable securities		(15)
Loss on fixed asset disposition	105
Gain on fixed asset disposition	(9)
Changes in operating assets and liabilities:
Prepaid expenses	(1,580)	(2,007)
Other assets	(8)	175
Accounts payable and accrued liabilities	242	2,644
Compensation and employee benefits	(1,577)	(1,193)
Operating lease liabilities	(307)	(271)
Other liabilities	36	(15)
Net cash used in operating activities	(11,736)	(10,750)
Investing activities
Purchases of property and equipment	(151)	(19)
Purchases of short-term investments	(9,846)	(8,017)
Sales of short-term investments		12,365
Maturities of short-term investments	12,300	7,864
Proceeds from sale of property and equipment	9
Net cash provided by investing activities	2,312	12,193
Financing activities
Principle payments for financing leases	(186)	(133)
Proceeds from the exercise of common stock options		238
Payment of employee restricted stock tax withholdings	(76)
Employee stock purchase plan proceeds		14
Net cash (used in) provided by financing activities	(262)	119
Net (decrease) increase in cash and cash equivalents	(9,686)	1,562
Cash and cash equivalents at beginning of period	17,795	7,159
Cash and cash equivalents at end of period	8,109	8,721
Supplemental disclosure of noncash financing information:
Property and equipment additions included in accounts payable and accrued liabilities		11
Property and equipment disposals included in other assets	(120)
Issuance of equity in exchange for compensation included in compensation and employee benefits	302
Initial measurement of operating lease right-of-use assets	258	6,558
Initial measurement of operating lease liabilities	$ 258	5,580
Initial measurement of finance lease right-of-use assets		$ 411

Property and Equipment, Net

3 Months Ended

Mar. 31, 2023

Property, Plant and Equipment [Abstract]

PROPERTY AND EQUIPMENT, NET

4. PROPERTY AND EQUIPMENT, NET

Property and equipment, net consist of the following (in thousands):


	March 31, 2023			December 31, 2022
Research equipment	$	2,607		$	2,707
Office equipment and furniture		532			532
Leasehold improvement		253			253
Total property and equipment		3,392			3,492
Less accumulated depreciation and amortization		(1,578	)		(1,442	)
Property and equipment, net	$	1,814		$	2,049

Depreciation and amortization expense for the three months ended March 31, 2023 and 2022 was $161 thousand and $157 thousand, respectively.

Effective January 1, 2022, the Company adopted ASC 842 and reclassed capital leases that were previously classified as property and equipment, net were presented separately under right of use assets - financing leases, net on the Company's condensed consolidated balance sheet. $2.2 million relates to items previously classified under research equipment and $70 thousand relates to items previously classified under office equipment and furniture on the table above. These leases are further described in Note 6.

Restructuring and Related Charges - Schedule of Accrued Liabilities Activity Related to Restructuring Activities (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Restructuring Cost and Reserve [Line Items]
Restructuring and other costs, net	$ 204	$ 1,068
Cash payments	(1,125)	(103)
Ending balance	44	965
Personnel
Restructuring Cost and Reserve [Line Items]
Restructuring and other costs, net	202	973
Cash payments	(1,054)	(103)
Ending balance	18	870
Other
Restructuring Cost and Reserve [Line Items]
Restructuring and other costs, net	2	95
Cash payments	(71)
Ending balance	$ 26	$ 95

Net Loss Per Share - Potentially Dilutive Securities Excluded from Calculation of Diluted Net Loss Per Share (Details) - shares	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Stock Options to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted net loss per share	3,742,702	3,427,584
Unvested Restricted Stock Units
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted net loss per share	270,162	205,201
Warrants Issued to Employees and Contractor to Purchase Common Stock
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted net loss per share	56,692	57,212
Warrants Issued Related to Convertible Notes and Other Equity Agreements
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Potentially dilutive securities excluded from calculation of diluted net loss per share	412,262	412,262

Commitments and Contingencies - Additional Information (Details)	3 Months Ended	12 Months Ended
	Mar. 31, 2023 USD ($)	Dec. 31, 2017 USD ($) Officer
Sale Leaseback Transaction [Line Items]
Lease expiration year	2027
Sublease income	$ 55,000
Letters of credit outstanding amount	$ 678,000
Number of former officers \| Officer		2
Loss contingency allegations claims		$ 0
Loss contingency, allegations	The Company believes that there is no merit to the claims alleged against the Company and its former officers, including no alleged breach of contract by the Company, and intends to vigorously defend against the claims pertaining to the Company and its former officers.
Office Space
Sale Leaseback Transaction [Line Items]
Sublease income	$ 55,000

Document and Entity Information - shares	3 Months Ended
Document and Entity Information - shares	Mar. 31, 2023	May 04, 2023
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	Q1
Entity Registrant Name	Sensei Biotherapeutics, Inc.
Entity Central Index Key	0001829802
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		30,980,841
Entity Shell Company	false
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
Entity File Number	001-39980
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	83-1863385
Entity Address, Address Line One	1405 Research Blvd
Entity Address, Address Line Two	Suite 125
Entity Address, City or Town	Rockville
Entity Address, State or Province	MD
Entity Address, Postal Zip Code	20850
City Area Code	240
Local Phone Number	243-8000
Document Quarterly Report	true
Document Transition Report	false
Common Stock
Document Information [Line Items]
Title of 12(b) Security	Common Stock, $0.0001 par value per share
Trading Symbol	SNSE
Security Exchange Name	NASDAQ
Series A Preferred Stock Purchase Rights
Document Information [Line Items]
Title of 12(b) Security	Series A Preferred Stock Purchase Rights
No Trading Symbol Flag	true
Security Exchange Name	NASDAQ

Stock-Based Compensation - Summary of Employee-issued Common Stock Warrant Activity (Details) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2023	Dec. 31, 2022
Share-Based Payment Arrangement [Abstract]
Number of Common Stock Warrants Outstanding, Beginning Balance	57,004
Number of Common Stock Warrants, Expired	(312)
Number of Common Stock Warrants Outstanding and Exercisable, Ending Balance	56,692
Weighted-Average Exercise Price Outstanding, Beginning Balance	$ 6.94
Weighted Average Exercise Price, Expired	144
Weighted-Average Exercise Price Outstanding and Exercisable, Ending Balance	$ 6.19
Weighted-Average Remaining Contractual Term Outstanding	1 year 10 months 28 days
Weighted-Average Remaining Contractual Term Outstanding and Exercisable		1 year 10 months 28 days

Related-Party Transactions

3 Months Ended

Mar. 31, 2023

RELATED-PARTY TRANSACTIONS

10. RELATED-PARTY TRANSACTIONS

Service Agreement - Hope Farms

During 2020, the Company entered into a service agreement with Hope Farms at Disco Bay LLC (“Hope Farms”) to provide animal vaccination testing and provide samples to the Company (the “Hope Farms Service Agreement”). The Company’s Chief Research and Development Officer is a co-founder and partial owner of Hope Farms. Further, the CEO of Hope Farms is the spouse of the Company’s Chief Research and Development Officer. In October 2022, the Company and Hope Farms agreed to terminate the Hope Farms Services Agreement, effective as of September 30, 2022.

The Company recognized no expense and $28 thousand for the three months ended March 31, 2023 and 2022, respectively, relating to the Hope Farms Service Agreement.

Service Agreement - Binney Street Partners

During 2022, the Company entered into a service agreement with Binney Street Partners LLC (“Binney Street Partners”) to provide business development services (the “BSP Service Agreement”). The Company subsequently hired a managing partner of Binney Street Partners to serve as the Company's Chief Business Officer, effective June 1, 2022. In September 2022, the Company and Binney Street Partners agreed to terminate the BSP Service Agreement, effective as of August 11, 2022.

The Company recognized no expense and $57 thousand for the three months ended March 31, 2023 and 2022, respectively, relating to the BSP Service Agreement.

Income Taxes

3 Months Ended

Mar. 31, 2023

Income Tax Disclosure [Abstract]

INCOME TAXES

11. INCOME TAXES

The Company recorded no provision for income taxes for the three months ended March 31, 2023 and 2022.

Deferred tax assets and deferred tax liabilities are recognized based on temporary differences between the financial reporting and tax bases of assets and liabilities using statutory rates. Management of the Company has evaluated the positive and negative evidence bearing upon the realizability of its deferred tax assets, which are comprised principally of net operating loss carryforwards, equity-based compensation, research and development tax credit carryforwards, and capitalized research and development expenditures. Under the applicable accounting standards, management has considered the Company’s history of losses and concluded that it is more likely than not that the Company will not recognize the benefits of federal and state deferred tax assets. Accordingly, a full valuation allowance has been established against the Company’s otherwise recognizable net deferred tax assets.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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+ Details

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - $ / shares	Mar. 31, 2023	Dec. 31, 2022
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.0001	$ 0.0001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.0001	$ 0.0001
Common stock, shares authorized	250,000,000	250,000,000
Common stock, shares issued	30,971,341	30,764,160
Common stock, shares outstanding	30,971,341	30,764,160

Commitments and Contingencies

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

. COMMITMENTS AND CONTINGENCIES

Operating Leases

As of March 31, 2023, the Company leases office and laboratory facilities under operating leases, which expire at various dates through 2027. The Company has $678 thousand in letters of credit outstanding as security on certain of these leases. As part of its adoption of ASC 842, the Company recorded operating right-of-use assets and operating lease liabilities for these leases as of January 1, 2022.

The Company entered into an operating sublease agreement on January 18, 2023 (the "Sublease") with respect to part of its existing Boston office and laboratory facilities (the "Head Lease"). The Company accounted for the Head Lease and the Sublease as separate contracts and there was no effect on the right-of-use asset or lease liability associated with the Head Lease. The Sublease is long-term and has an effective end date of more than one year from March 31, 2023. The Head Lease rent expense is presented separately from income related to the Sublease and both are reported as components of operating expenses on the condensed consolidated statements of operations and comprehensive loss. The Company recorded $55 thousand of income related to the Sublease for the three months ended March 31, 2023.

Finance Leases

The Company leases research equipment and furniture under finance leases. The following table contains a summary of the lease costs recognized under ASC 842 pertaining to the Company’s finance and operating leases for the three months ended March 31, 2023 (in thousands):


	Three Months Ended March 31,
	2023
Lease Cost:
Amortization of finance right-of-use assets	$	197
Interest on finance lease liabilities		42
Operating lease cost		420
Variable lease cost		158
Total lease costs	$	817
Operating Sublease income		(55	)
Total lease costs, net	$	762

The following table contains a summary of other information pertaining to the Company’s finance and operating leases for the three months ended March 31, 2023 (in thousands, except lease term and discount rate):


	Three Months Ended March 31,
	2023
Other Operating Lease Information:
Operating cash flows for operating leases	$	410
Operating cash flows for operating subleases	$	(22	)
Operating cash flows for finance leases	$	42
Financing cash flows from finance leases	$	186

Weighted average remaining lease term
Operating leases	3.4 years
Financing leases	2.8 years

Weighted average discount rate
Operating leases	7.7%
Financing leases	8.2%

The following table presents supplemental balance sheet information related to operating and financing leases as of March 31, 2023 (in thousands):


	March 31, 2023
Operating leases
Right-of-use assets, net	$	5,297

Right-of-use lease liabilities, current	$	1,406
Right-of-use lease liabilities, noncurrent		4,119
Total operating lease liabilities	$	5,525

Financing leases
Right-of-use assets, net	$	2,133

Right-of-use lease liabilities, current	$	879
Right-of-use lease liabilities, noncurrent		1,347
Total financing lease liabilities	$	2,226

The following table presents the maturity of the Company’s operating and finance lease liabilities as of March 31, 2023 (in thousands):


	Operating		Financing
2023	$	1,323	$	681
2024		1,780		908
2025		1,724		758
2026		1,413		107
2027		59		—
Total future minimum lease payments	$	6,299	$	2,454
Less amount representing interest		774		228
Total lease liabilities	$	5,525	$	2,226

License Agreements

In the normal course of business, the Company enters into licensing agreements with various parties to obtain the right to make, use, and sell licensed products currently in development.

Litigation

The Company records estimated losses from loss contingencies, such as a loss arising from a litigation, when it determines that it is probable a liability has been incurred and the amount of loss can be reasonably estimated. Litigation is subject to many factors that are difficult to predict so that there can be no assurance, in the event of a material unfavorable result in one or more claims, the Company will not incur material costs.

During 2017, the Company became actively involved in a matter pending in the Ontario (Canada) Superior Court of Justice which names, among multiple other defendants, the Company and two former officers of the Company. The claims pending in this matter allege breach of contract by the Company and seek declaratory and other relief, including monetary damages from the Company, and the individual defendants, including the Company’s former officers. The claims by such plaintiffs were originally made in a lawsuit filed in Ontario during October 2011, but was not pursued by such plaintiffs in any material manner until 2017. The Company believes that there is no merit to the claims alleged against the Company and its former officers, including no alleged breach of contract by the Company, and intends to vigorously defend against the claims pertaining to the Company and its former officers. At the present stage of the suit, management believes the outcome in this matter is not likely to have any material impact on the Company’s results, cash flows, or financial position.

Employee Retirement Plan

3 Months Ended

Mar. 31, 2023

Retirement Benefits [Abstract]

EMPLOYEE RETIREMENT PLAN

9. EMPLOYEE RETIREMENT PLAN

The Company maintains a defined contribution 401(k) profit-sharing plan (the “Plan”) for all employees. Under the Plan, participants may make voluntary contributions up to the maximum amount allowable by law. The Plan is based on employees’ salary deferral, and the Company matches employees’ contributions up to 4% of the employees’ base salary. Employees are 100% vested in the Company’s match contributions. During the three months ended March 31, 2023 and 2022, the Company's matching contributions were $89 thousand and $106 thousand, respectively.

- Definition

The entire disclosure for retirement benefits.

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+ Details

Stock-Based Compensation - Additional Information (Details) - USD ($)	1 Months Ended	3 Months Ended
	Dec. 31, 2022	Mar. 31, 2023	Mar. 31, 2022	Jan. 01, 2023	Jan. 01, 2022	Jan. 27, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Recognized share-based compensation expense		$ 1,213,000	$ 1,515,000
Weighted average fair value per share of options granted		$ 1.10
Grant date fair value of options vested		$ 1,400,000	$ 4,100,000
Unrecognized stock-based compensation expense		$ 7,600,000
Weighted-average period		2 years 25 days
Common Stock Warrants
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized stock-based compensation expense		$ 0
Restricted Stock Units
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Weighted-average period		3 years
Unrecognized stock-based compensation expense		$ 600,000
2021 Equity Incentive Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares reserved for issuance		2,169,496		2,900,096	5,000,000
Number of capital stock outstanding percentage		4.00%
2021 Equity Incentive Plan \| Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of increase of available shares	4.00%
2021 Equity Incentive Plan \| Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of increase of available shares	1.00%
2021 Equity Incentive Plan \| Restricted Stock Units \| Vesting Period One
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period		1 year
2021 Equity Incentive Plan \| Restricted Stock Units \| Vesting Period Two
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period		2 years
2021 Equity Incentive Plan \| Restricted Stock Units \| Vesting Period Three
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period		3 years
2021 Equity Incentive Plan \| Restricted Stock Units \| Vesting Period Four
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Vesting period		4 years
2021 Employee Stock Purchase Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Shares reserved for issuance		854,017				333,333
Percentage of number of shares of capital stock outstanding on last day of preceding year		1.00%
Recognized share-based compensation expense		$ 0
Purchase price of fair value common stock, percent		85.00%
Stock issued under plan		93,047

Employee Retirement Plan - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Defined Benefit Plan Disclosure [Line Items]
Company's matching contributions vesting percentage	100.00%
Accrued expense	$ 89	$ 106
Maximum
Defined Benefit Plan Disclosure [Line Items]
Percentage of company matching contributions of employee's base salary	4.00%

Fair Value Measurements - Schedule of Financial Assets And Liabilities Measured at Fair Value on Recurring Basis (Details) - Fair Value Measurements Recurring Basis $ in Thousands	Mar. 31, 2023 USD ($)
Assets:
Total	$ 93,246
Level 1
Assets:
Total	5,850
Level 2
Assets:
Total	87,396
Money Market Funds
Assets:
Cash equivalents fair value disclosure	5,850
Money Market Funds \| Level 1
Assets:
Cash equivalents fair value disclosure	5,850
Commercial Paper
Assets:
Investments fair value disclosure	30,362
Commercial Paper \| Level 2
Assets:
Investments fair value disclosure	30,362
Corporate Bonds
Assets:
Investments fair value disclosure	48,751
Corporate Bonds \| Level 2
Assets:
Investments fair value disclosure	48,751
U.S. Government Agencies
Assets:
Investments fair value disclosure	8,283
U.S. Government Agencies \| Level 2
Assets:
Investments fair value disclosure	$ 8,283

Restructuring and Related Charges - Additional Information (Details) $ in Millions	3 Months Ended
	Mar. 31, 2023 USD ($)
Restructuring Cost and Reserve [Line Items]
Restructuring and related charges, Description	In December 2022, the Company began implementing a restructuring plan to reduce operating costs primarily associated with a reduction in the Company's workforce (the “Restructuring”).
Implementing restructuring plan	Dec. 30, 2022
Research and Development and General and Administrative Expenses
Restructuring Cost and Reserve [Line Items]
Restructuring expenses	$ 0.2

Organization and Operations

3 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

ORGANIZATION AND OPERATIONS

1. ORGANIZATION AND OPERATIONS

Business

Sensei Biotherapeutics, Inc. (the “Company” or “Sensei”) is an immuno-oncology company that was incorporated in 1999 as a Maryland corporation until incorporated in Delaware on December 1, 2017. The Company is focused on the discovery and development of next-generation therapeutics for cancer patients.

Liquidity and capital resources

Since its inception, the Company has devoted substantially all of its resources to advancing development of its portfolio of programs, establishing and protecting its intellectual property, conducting research and development activities, organizing and staffing the Company, business planning, raising capital and providing general and administrative support for these operations. The Company is subject to risks and uncertainties common to early-stage companies in the biotechnology industry including, but not limited to, technical risks associated with the successful research, development and manufacturing of product candidates, development by competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, compliance with government regulations and the ability to secure additional capital to fund operations. Current and future programs will require significant research and development efforts, including extensive preclinical and clinical testing and regulatory approval prior to commercialization. These efforts require significant amounts of additional capital, adequate personnel and infrastructure. Even if the Company’s drug development efforts are successful, it is uncertain when, if ever, the Company will realize significant revenue from product sales.

Since its inception, the Company has incurred substantial losses and had a net loss of $10.2 million for the three months ended March 31, 2023. As of March 31, 2023, the Company had an accumulated deficit of $208.0 million. The Company expects to generate operating losses and negative operating cash flows for the foreseeable future.

The Company expects that its cash, cash equivalents and marketable securities as of March 31, 2023 of $95.5 million will be sufficient to fund its operations for at least the next twelve months from the date of issuance of these financial statements. The Company will need additional financing to support its continuing operations and pursue its growth strategy. Until such time as the Company can generate significant revenue from product sales, if ever, it expects to finance its operations through a combination of equity offerings, debt financings, collaborations, strategic alliances and licensing arrangements. The Company may be unable to raise additional funds or enter into such other agreements when needed on favorable terms or at all. The inability to raise capital as and when needed would have a negative impact on the Company’s financial condition and its ability to pursue its business strategy. The Company will need to generate significant revenue to achieve profitability, and it may never do so.

Commitments and Contingencies - Summary of Other Information Pertaining to Finance and Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Other Operating Lease Information:
Operating cash flows for operating leases	$ 410
Operating cash flows for operating subleases	(22)
Operating cash flows for finance leases	42
Financing cash flows from finance leases	$ 186	$ 133
Weighted average remaining lease term
Operating leases	3 years 4 months 24 days
Financing leases	2 years 9 months 18 days
Weighted average discount rate
Operating leases	7.70%
Financing leases	8.20%

Stock-Based Compensation

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

STOCK-BASED COMPENSATION

. STOCK-BASED COMPENSATION

2018 Equity Incentive Plan

The Company’s 2018 Stock Incentive Plan (the “2018 Plan”) provided for the Company to grant qualified incentive options, nonqualified options, stock grants and other stock-based awards to employees and non-employees to purchase the Company’s common stock. Upon the effectiveness of the 2021 Plan (as defined below), the Company ceased issuing new awards under the 2018 Plan.

2021 Equity Incentive Plan

The 2021 Equity Incentive Plan (the “2021 Plan”) was approved by the board of directors on January 27, 2021 and the Company’s stockholders on January 28, 2021, and became effective on the execution of the underwriting agreement related to the Company's initial public offering. The 2021 Plan provides for the grant of incentive stock options to employees, including employees of any parent or subsidiary corporations, and for the grant of nonstatutory stock options, stock appreciation rights, restricted stock awards, restricted stock unit awards, performance awards and other forms of stock awards to employees, directors, and consultants, including employees and consultants of the Company’s affiliates. The number of shares initially reserved for issuance under the 2021 Plan was 5,000,000, which began automatically increasing on January 1 of each calendar year, starting on January 1, 2022 through January 1, 2031, in an amount equal to 4.0% of the total number of shares of the Company’s capital stock outstanding on the last day of the calendar month before the date of each automatic increase, or a lesser number of shares determined by the board of directors. In December 2022, the Company's board of directors determined that the automatic increase of available shares for calendar year 2023

would be reduced from 4.0% to 1.0% of the Company's capital stock. As a result, on January 1, 2023 the number of shares available for issuance pursuant to the 2021 Plan increased to 2,900,096 shares. As of March 31, 2023, 2,169,496 shares remained available for issuance pursuant to the 2021 Plan.

2021 Employee Stock Purchase Plan

The 2021 Employee Stock Purchase Plan (the “2021 ESPP”) was approved by the Company’s board of directors on January 27, 2021 and became effective on the execution of the underwriting agreement related to the initial public offering. A total of 333,333 shares of common stock were initially reserved for issuance under the 2021 ESPP, which will automatically increase on January 1 of each calendar year, beginning on January 1, 2022 through January 1, 2031, by an amount equal to 1.0% of the total shares of common stock outstanding on December 31st of the preceding calendar year. The purchase price of the shares under the 2021 ESPP are at 85% of the lower of the fair market value of the Company’s common stock on the first trading day of the offering period or on the purchase date. As of March 31, 2023, the Company had issued 93,047 shares under the 2021 ESPP. As of March 31, 2023, 854,017 shares were available to be issued under the 2021 ESPP. The Company recognized no share-based compensation expense related to the ESPP for the three months ended March 31, 2023.

Stock Options

During 2023, the Company has granted options to purchase shares of common stock to employees and non-employee directors pursuant to the 2021 Plan at a weighted average fair value of $1.10 per share. The Company uses the Black-Scholes option-pricing model to estimate the fair value of the stock options on the applicable grant dates.

The following is a summary of the stock option award activity during the three months ended March 31, 2023:


	Number of Stock Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2022		3,333,434		$	8.80		8.09	$	1
Granted		503,971		$	1.43
Forfeited		(29,723	)	$	8.74
Expired		(64,980	)	$	9.84
Outstanding at March 31, 2023		3,742,702		$	7.79		8.22	$	39
Options expected to vest as of March 31, 2023		1,944,833		$	4.79		8.78	$	39
Exercisable at March 31, 2023		1,797,869		$	11.03		7.61	$	—

The aggregate intrinsic value of the outstanding stock option awards is calculated as the difference between the exercise price and the market price of the Company’s common stock at March 31, 2023. There were no stock options exercised in the three months ended March 31, 2023.

The grant date fair value of options vested during the three months ended March 31, 2023 and 2022 was $1.4 million and $4.1 million, respectively.

At March 31, 2023, there was $7.6 million of unrecognized stock-based compensation expense associated with the stock options, which is expected to be recognized over a weighted-average period of 2.07 years.

Restricted Stock Units

The Company has granted restricted stock units with service-based vesting conditions.

The following is a summary of the restricted stock unit activity during the three months ended March 31, 2023:


	Restricted Stock Units			Weighted- Average Grant Date Fair Value
Unvested at December 31, 2022		215,854		$	3.69
Granted		325,369		$	1.47
Vested		(267,024	)	$	1.99
Forfeited		(4,037	)	$	3.04
Unvested at March 31, 2023		270,162		$	2.71

Pursuant to the 2021 Plan, the Company granted restricted stock units which vest annually over a period of one, two, three or four years.

At March 31, 2023, there was approximately $0.6 million of unrecognized stock-based compensation expense associated with the restricted stock units which is expected to be recognized over a weighted-average period of 3 years.

Common Stock Warrants

The following is a summary of the employee-issued common stock warrant activity during the three months ended March 31, 2023:


	Number of Common Stock Warrants			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding and exercisable at December 31, 2022		57,004		$	6.94		1.91	$	—
Granted		—			—		—		—
Exercised		—			—		—		—
Expired		(312	)		144
Outstanding and exercisable at March 31, 2023		56,692		$	6.19		1.91	$	—

As of March 31, 2023 there was no unrecognized stock-based compensation expense associated with the common stock warrants.

For the three months ended March 31, 2023, the Company utilized the Black-Scholes option-pricing model for estimating the fair value of the stock options granted. The following table presents the assumptions and the Company’s methodology for developing each of the assumptions used:


	Three Months Ended March 31,
	2023	2022
Volatility	93%	94%-96%
Expected term (years)	6.0-7.0	5.8-7
Risk-free interest rate	3.6%–4.0%	1.7%-2.4%
Dividend rate	—%	—%

•

Volatility—The Company estimates the expected volatility of its common stock at the date of grant based on the historical volatility of comparable public companies over the expected term.

•

Expected life—The expected life is estimated as the contractual term.

•

Risk-free interest rate—The risk-free rate for periods within the estimated life of the stock award is based on the U.S. Treasury yield curve in effect at the time of grant.

•

Dividend rate—The assumed dividend yield is based upon the Company’s expectation of not paying dividends in the foreseeable future.

Stock-based compensation expense was recorded in the following line items in the condensed consolidated statements of operations for the three months ended March 31, 2023 and 2022 (in thousands):


	Three Months Ended March 31,
	2023		2022
Research and development	$	292	$	555
General and administrative		921		960
Total stock-based compensation expense	$	1,213	$	1,515

Related-Party Transactions - Additional Information (Details) - Service Agreement - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Hope Farms
Related Party Transaction [Line Items]
Expenses recognized with related party transactions	$ 0	$ 28
Binney Street Partners LLC
Related Party Transaction [Line Items]
Expenses recognized with related party transactions	$ 0	$ 57

Stock-Based Compensation (Tables)

3 Months Ended

Mar. 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Stock Option Award Activity

The following is a summary of the stock option award activity during the three months ended March 31, 2023:


	Number of Stock Options			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2022		3,333,434		$	8.80		8.09	$	1
Granted		503,971		$	1.43
Forfeited		(29,723	)	$	8.74
Expired		(64,980	)	$	9.84
Outstanding at March 31, 2023		3,742,702		$	7.79		8.22	$	39
Options expected to vest as of March 31, 2023		1,944,833		$	4.79		8.78	$	39
Exercisable at March 31, 2023		1,797,869		$	11.03		7.61	$	—

Summary of Restricted Stock Unit Activity

The following is a summary of the restricted stock unit activity during the three months ended March 31, 2023:


	Restricted Stock Units			Weighted- Average Grant Date Fair Value
Unvested at December 31, 2022		215,854		$	3.69
Granted		325,369		$	1.47
Vested		(267,024	)	$	1.99
Forfeited		(4,037	)	$	3.04
Unvested at March 31, 2023		270,162		$	2.71

Summary of Common Stock Warrant Activity

The following is a summary of the employee-issued common stock warrant activity during the three months ended March 31, 2023:


	Number of Common Stock Warrants			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding and exercisable at December 31, 2022		57,004		$	6.94		1.91	$	—
Granted		—			—		—		—
Exercised		—			—		—		—
Expired		(312	)		144
Outstanding and exercisable at March 31, 2023		56,692		$	6.19		1.91	$	—

Summary of Fair Value Assumptions and Methodology

The following table presents the assumptions and the Company’s methodology for developing each of the assumptions used:


	Three Months Ended March 31,
	2023	2022
Volatility	93%	94%-96%
Expected term (years)	6.0-7.0	5.8-7
Risk-free interest rate	3.6%–4.0%	1.7%-2.4%
Dividend rate	—%	—%

Summary of Stock-Based Compensation Expense

Stock-based compensation expense was recorded in the following line items in the condensed consolidated statements of operations for the three months ended March 31, 2023 and 2022 (in thousands):


	Three Months Ended March 31,
	2023		2022
Research and development	$	292	$	555
General and administrative		921		960
Total stock-based compensation expense	$	1,213	$	1,515

Stock-Based Compensation - Summary of Fair Value Assumptions and Methodology (Details)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Volatility, Minimum		94.00%
Volatility	93.00%
Volatility, Maximum		96.00%
Risk-free interest rate, Minimum	3.60%	1.70%
Risk-free interest rate, Maximum	4.00%	2.40%
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (years)	6 years	5 years 9 months 18 days
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (years)	7 years	7 years

Commitments and Contingencies - Summary of Lease Costs Recognized under ASC 842 Pertaining to Finance and Operating Leases (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Lease Cost:
Amortization of finance right-of-use assets	$ 197	$ 177
Interest on finance lease liabilities	42
Operating lease cost	420
Variable lease cost	158
Total lease costs	817
Operating Sublease income	55
Total lease costs, net	$ 762

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Operating expenses:
Research and development	$ 5,204	$ 7,455
General and administrative	5,804	5,032
Total operating expenses	11,008	12,487
Loss from operations	(11,008)	(12,487)
Other income (expense):
Interest income	969	310
Interest expense	(42)	(243)
Loss on asset disposal	(105)
Other income, net	9	15
Net loss	$ (10,177)	$ (12,405)
Net loss per common share, basic	$ (0.33)	$ (0.40)
Net loss per common share, diluted	$ (0.33)	$ (0.40)
Weighted-average number of shares used in computing net loss per common share, basic	30,866,087	30,647,679
Weighted-average number of shares used in computing net loss per common share, diluted	30,866,087	30,647,679
Comprehensive loss:
Net loss	$ (10,177)	$ (12,405)
Other comprehensive items:
Unrealized gain (loss) on marketable securities	181	(566)
Total other comprehensive income (loss)	181	(566)
Total comprehensive loss	$ (9,996)	$ (12,971)

Net Loss Per Share - Schedule of Basic and Diluted Net Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Earnings Per Share [Abstract]
Net loss	$ (10,177)	$ (12,405)
Net loss attributable to common stockholders	$ (10,177)	$ (12,405)
Net loss per share-basic	$ (0.33)	$ (0.40)
Net loss per share-diluted	$ (0.33)	$ (0.40)
Weighted-average number of shares used in computing net loss per common share, basic	30,866,087	30,647,679
Weighted-average number of shares used in computing net loss per common share, diluted	30,866,087	30,647,679

- Definition

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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+ Details

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

+ Details

- Definition

Amount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.

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+ Details

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Financial Assets And Liabilities Measured at Fair Value on Recurring Basis

The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy used to determine such fair values (in thousands):


	Fair value measurements at March 31, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market funds	$	5,850	$	-	$	-	$	5,850
Investments:
Commercial paper		-		30,362		-		30,362
Corporate bonds		-		48,751		-		48,751
U.S. Government agencies		-		8,283		-		8,283
Total	$	5,850	$	87,396	$	-	$	93,246

Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 1,213	$ 1,515
Research and Development
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	292	555
General and Administrative
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 921	$ 960

Fair Value Measurements

3 Months Ended

Mar. 31, 2023

Fair Value Disclosures [Abstract]

FAIR VALUE MEASUREMENTS

5. FAIR VALUE MEASUREMENTS


	Fair value measurements at March 31, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market funds	$	5,850	$	-	$	-	$	5,850
Investments:
Commercial paper		-		30,362		-		30,362
Corporate bonds		-		48,751		-		48,751
U.S. Government agencies		-		8,283		-		8,283
Total	$	5,850	$	87,396	$	-	$	93,246

When developing fair value estimates, the Company maximizes the use of observable inputs and minimizes the use of unobservable inputs. When available, the Company uses quoted market prices to measure fair value. The valuation technique used to measure fair value for the Company's Level 1 and Level 2 assets is a market approach, using prices and other relevant information generated by market transactions involving identical or comparable assets. If market prices are not available, the fair value measurement is based on models that use primarily market-based parameters including yield curves, volatilities, credit ratings and currency rates. In certain cases where market rate assumptions are not available, the Company is required to make judgments about assumptions market participants would use to estimate the fair value of a financial instrument.

There were no transfers among Level 1, Level 2 or Level 3 categories in the three months ended March 31, 2023 and 2022.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Summary of Significant Accounting Policies (Policies)

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

Basis of Presentation and Principles of Consolidation

The Company has prepared the accompanying condensed consolidated financial statements in conformity with generally accepted accounting principles in the United States (“US GAAP”). The condensed consolidated financial statements include those accounts of the Company and its subsidiaries after elimination of all intercompany accounts and transactions.

Unaudited interim financial information

The condensed consolidated financial statements of the Company included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and note disclosures normally included in financial statements prepared in accordance with US GAAP have been condensed or omitted from these condensed consolidated financial statements, as is permitted by such rules and regulations. Accordingly, these condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K. The results for any interim period are not necessarily indicative of results for any future period.

Use of Estimates

The preparation of condensed consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of expenses during the reporting periods presented. Estimates are used for, but are not limited to, depreciation of equipment, the Company’s enterprise value, fair value of financial instruments, the Company’s ability to continue as a going concern and contingencies. Actual results may differ from those estimates.

Cash and Cash Equivalents

Cash and cash equivalents

Cash equivalents are highly liquid investments with an original maturity of 90 days or less at the date of purchase and consist of time deposits and investments in money market funds with commercial banks and financial institutions. At March 31, 2023, cash and cash equivalents included cash on deposit at commercial banks and a money market fund that invests in U.S. Government securities.

Marketable Securities

Marketable securities

Investments consist of marketable securities with original maturities greater than 90 days. The Company has classified its investments with maturities beyond one year as short-term, based on their highly liquid nature and because such marketable securities represent the investment of cash that is available for current operations. The Company considers its investment portfolio of marketable securities to be available-for-sale. Accordingly, these investments are recorded at fair value (Level 2). Unrealized gains and losses are reported as the accumulated other comprehensive items in stockholders’ equity. Amortization and accretion of premiums and discounts are recorded in other income (expense). Realized gains or losses on debt securities are included in interest income or interest expense, respectively. If any adjustment to fair value reflects a decline in value of the investment, the Company considers all available evidence to evaluate the extent to which the decline is other than temporary and, if so, marks the investment to market on the Company’s statement of operations and comprehensive loss.

Property and Equipment

Property and equipment are recorded at cost and depreciated or amortized over the estimated useful lives of the assets. Repairs or maintenance costs are expensed as incurred. Depreciation is computed using the straight-line method over the following estimated useful lives:


Office equipment and furniture	3—7 years
Research equipment	1—7 years

Leases

Effective January 1, 2022, the Company adopted Financial Accounting Standards Board (“FASB”) Accounting Standards Update No. 2016-02, Leases (Topic 842) (“ASC 842”) using the modified retrospective method. At lease inception, the Company determines if an arrangement is or contains a lease, and if so, assesses the lease for classification as either an operating or finance lease. A lease is classified as a finance lease if any one of the following criteria are met: (i) the lease transfers ownership of the asset by the end of the lease term, (ii) the lease contains an option to purchase the asset that is reasonably certain to be exercised, (iii) the lease term is for a major part of the remaining useful life of the asset, (iv) the present value of the lease payments equals or exceeds substantially all of the fair value of the asset, or (v) the leased asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease. A lease is classified as an operating lease if it does not meet any of these criteria.

Leases with a term greater than one year are recognized on the balance sheet as right-of-use assets and current and non-current lease liabilities, as applicable. The Company elected not to separate lease and non-lease components for all underlying assets. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date in determining the present value of lease payments. The incremental borrowing rate is determined by using the rate of interest that the Company would pay to borrow on a collateralized basis an amount equal to the lease payments for a similar term and in a similar economic environment. Lease terms include options to extend or terminate the lease when it is reasonably certain that the Company will exercise the options. For leases that existed prior to the adoption of ASC 842, the Company used the remaining lease term to determine the appropriate incremental borrowing rate.

Recently Issued Accounting Standards Updates

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. ASU 2016-13 provides guidance for estimating credit losses on certain types of financial instruments, including trade receivables, by introducing an approach based on expected losses. ASU 2016-13 also amends the

accounting for credit losses on available-for-sale debt securities and purchased financial assets with credit deterioration. The guidance requires a modified retrospective transition method and early adoption is permitted. In November 2019, FASB issued ASU No. 2019-10, Financial Instruments – Credit Losses, Derivatives and Hedging, and Leases (“ASU 2019-10”), which defers the adoption of ASU 2016-13 for smaller reporting companies until periods beginning after December 15, 2022. The Company has adopted the new guidance as of January 1, 2023, and it did not have a material impact on its financial statements and related disclosures.

Equity

3 Months Ended

Mar. 31, 2023

Equity [Abstract]

EQUITY

7. Equity

Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company’s stockholders. Common stockholders are not entitled to receive dividends, unless declared by the board of directors.

Common Stock Warrants


	Number of Common Stock Warrants		Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Term (in years)		Aggregate Intrinsic Value (in thousands)
Outstanding at December 31, 2022		412,262	$	9.81		4.71	$	—
Granted		—		—
Exercised		—		—
Expired		—
Outstanding at March 31, 2023		412,262	$	9.81		4.47	$	—

- Definition

The entire disclosure for shareholders' equity comprised of portions attributable to the parent entity and noncontrolling interest, including other comprehensive income. Includes, but is not limited to, balances of common stock, preferred stock, additional paid-in capital, other capital and retained earnings, accumulated balance for each classification of other comprehensive income and amount of comprehensive income.

+ References

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+ Details

Marketable Securities - Summary of Marketable Securities (Details) - USD ($) $ in Thousands	Mar. 31, 2023	Dec. 31, 2022
Marketable Securities [Line Items]
Fair Value	$ 87,396	$ 89,321
Marketable Securities
Marketable Securities [Line Items]
Amortized Cost	88,219
Unrealized Gains	6
Unrealized Losses	(829)
Fair Value	87,396
Marketable Securities \| Commercial Paper
Marketable Securities [Line Items]
Amortized Cost	30,393
Unrealized Losses	(31)
Fair Value	30,362
Marketable Securities \| Corporate Bonds
Marketable Securities [Line Items]
Amortized Cost	49,225
Unrealized Losses	(474)
Fair Value	48,751
Marketable Securities \| U.S. Government Agencies
Marketable Securities [Line Items]
Amortized Cost	8,601
Unrealized Gains	6
Unrealized Losses	(324)
Fair Value	$ 8,283

Summary of Significant Accounting Policies

3 Months Ended

Mar. 31, 2023

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of Presentation and Principles of Consolidation

Unaudited interim financial information

Use of Estimates

Cash and cash equivalents

Marketable securities

Property and Equipment


Office equipment and furniture	3—7 years
Research equipment	1—7 years

Leases

Recently Issued Accounting Standards Updates

Summary of Significant Accounting Policies - Additional Information (Details)	Mar. 31, 2023
ASU 2016-02
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Change in accounting principle, accounting standards update, adopted	true
Change in accounting principle, accounting standards update, adoption date	Jan. 01, 2022
ASU 2016-13
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Change in accounting principle, accounting standards update, adopted	true
Change in accounting principle, accounting standards update, adoption date	Jan. 01, 2023
Change in accounting principle, accounting standards update, immaterial effect	true

- Definition

Indicates (true false) whether accounting standards update was adopted.

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+ Details

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Date accounting standards update was adopted, in YYYY-MM-DD format.

+ References

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+ Details

Summary of Significant Accounting Policies (Tables)

3 Months Ended

Mar. 31, 2023

Property, Plant and Equipment [Abstract]

Summary of Estimated Useful Lives of Property and Equipment

Depreciation is computed using the straight-line method over the following estimated useful lives:


Office equipment and furniture	3—7 years
Research equipment	1—7 years

Marketable Securities

3 Months Ended

Mar. 31, 2023

Investments, Debt and Equity Securities [Abstract]

MARKETABLE SECURITIES

3. MARKETABLE SECURITIES

Marketable securities consist of the following as of March 31, 2023 (in thousands):


	Amortized Cost		Unrealized Gains		Unrealized Losses			Fair Value
Commercial paper	$	30,393	$	-	$	(31	)	$	30,362
Corporate bonds		49,225		-		(474	)		48,751
U.S. Government agencies		8,601		6		(324	)		8,283
Total	$	88,219	$	6	$	(829	)	$	87,396

As of March 31, 2023, all marketable securities held by the Company had remaining contractual maturities of one year or less, except for corporate bonds and U.S. government agencies securities with a fair value of $31.7 million that had maturities of one to three years.

As of March 31, 2023, $0.3 million and $0.5 million of unrealized losses were associated with marketable securities with contractual maturities of one year or less and more than one year, respectively.

There were no impairments of the Company’s assets measured and carried at fair value during the three months ended March 31, 2023.

Income Taxes - Additional Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022
Income Tax Disclosure [Abstract]
Provision for income taxes	$ 0	$ 0

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Stock-Based Compensation - Summary of Restricted Stock Unit Activity (Details) - Restricted Stock Units	3 Months Ended
	Mar. 31, 2023 $ / shares shares
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restricted Stock Units, Unvested balance \| shares	215,854
Restricted Stock Units, Granted \| shares	325,369
Restricted Stock Units, Vested \| shares	267,024
Restricted Stock Units, Forfeited \| shares	(4,037)
Restricted Stock Units, Unvested balance \| shares	270,162
Weighted-Average Grant Date Fair Value, Unvested balance \| $ / shares	$ 3.69
Weighted-Average Grant Date Fair Value, Granted \| $ / shares	1.47
Weighted-Average Grant Date Fair Value, Vested \| $ / shares	1.99
Weighted-Average Grant Date Fair Value, Forfeited \| $ / shares	3.04
Weighted-Average Grant Date Fair Value, Unvested balance \| $ / shares	$ 2.71

Net Loss Per Share

3 Months Ended

Mar. 31, 2023

Earnings Per Share [Abstract]

NET LOSS PER SHARE

12. NET LOSS PER SHARE

Basic and diluted net loss per share attributable to common stockholders is calculated as follows (in thousands, except share and per share amounts):


	Three Months Ended March 31,
	2023			2022
Net loss	$	(10,177	)	$	(12,405	)
Net loss attributable to common stockholders	$	(10,177	)	$	(12,405	)
Net loss per share—basic and diluted	$	(0.33	)	$	(0.40	)
Weighted-average number of shares used in computing net loss per share—basic and diluted		30,866,087			30,647,679

The following outstanding potentially dilutive securities have been excluded from the calculation of diluted net loss per share, as their effect is anti-dilutive:


	For the Three Months Ended March 31,
	2023		2022
Stock options to purchase common stock		3,742,702		3,427,584
Unvested restricted stock units		270,162		205,201
Warrants issued to employees and contractor to purchase common stock		56,692		57,212
Warrants issued related to convertible notes and other equity agreements		412,262		412,262

Property and Equipment, Net - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2023	Mar. 31, 2022	Dec. 31, 2022	Jan. 01, 2022
Property, Plant and Equipment [Line Items]
Depreciation and amortization expense	$ 161	$ 157
Right of use assets - financing leases, net	$ 2,133		$ 2,319
Research Equipment
Property, Plant and Equipment [Line Items]
Right of use assets - financing leases, net				$ 2,200
Office Equipment and Furniture
Property, Plant and Equipment [Line Items]
Right of use assets - financing leases, net				$ 70

Commitments and Contingencies (Tables)

3 Months Ended

Mar. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Summary of Lease Costs Recognized under ASC 842 Pertaining to Finance and Operating Leases

The following table contains a summary of the lease costs recognized under ASC 842 pertaining to the Company’s finance and operating leases for the three months ended March 31, 2023 (in thousands):


	Three Months Ended March 31,
	2023
Lease Cost:
Amortization of finance right-of-use assets	$	197
Interest on finance lease liabilities		42
Operating lease cost		420
Variable lease cost		158
Total lease costs	$	817
Operating Sublease income		(55	)
Total lease costs, net	$	762

Summary of Other Information Pertaining to Finance and Operating Leases


	Three Months Ended March 31,
	2023
Other Operating Lease Information:
Operating cash flows for operating leases	$	410
Operating cash flows for operating subleases	$	(22	)
Operating cash flows for finance leases	$	42
Financing cash flows from finance leases	$	186

Weighted average remaining lease term
Operating leases	3.4 years
Financing leases	2.8 years

Weighted average discount rate
Operating leases	7.7%
Financing leases	8.2%

Supplemental Balance Sheet Information Related to Operating and Financing Leases

The following table presents supplemental balance sheet information related to operating and financing leases as of March 31, 2023 (in thousands):


	March 31, 2023
Operating leases
Right-of-use assets, net	$	5,297

Right-of-use lease liabilities, current	$	1,406
Right-of-use lease liabilities, noncurrent		4,119
Total operating lease liabilities	$	5,525

Financing leases
Right-of-use assets, net	$	2,133

Right-of-use lease liabilities, current	$	879
Right-of-use lease liabilities, noncurrent		1,347
Total financing lease liabilities	$	2,226

Summary of Maturity of Operating and Finance Lease Liabilities

The following table presents the maturity of the Company’s operating and finance lease liabilities as of March 31, 2023 (in thousands):


	Operating		Financing
2023	$	1,323	$	681
2024		1,780		908
2025		1,724		758
2026		1,413		107
2027		59		—
Total future minimum lease payments	$	6,299	$	2,454
Less amount representing interest		774		228
Total lease liabilities	$	5,525	$	2,226

Commitments and Contingencies - Summary of Maturity of Operating and Finance Lease Liabilities (Details) $ in Thousands	Mar. 31, 2023 USD ($)
Operating
Remainder of 2023	$ 1,323
2024	1,780
2025	1,724
2026	1,413
2027	59
Total future minimum lease payments	6,299
Less amount representing interest	774
Total lease liabilities	5,525
Financing
Remainder of 2023	681
2024	908
2025	758
2026	107
Total future minimum lease payments	2,454
Less amount representing interest	228
Total lease liabilities	$ 2,226