View:
10-Q
false--12-31trueQ20001829802P1Ytwo yearsthree yearsDecember 30, 20220001829802us-gaap:FairValueInputsLevel2Memberus-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-06-300001829802us-gaap:WarrantMembersnse:EquityAndDebtFundraisingEventsMember2023-01-012023-06-3000018298022022-04-012022-06-300001829802us-gaap:GeneralAndAdministrativeExpenseMember2023-04-012023-06-300001829802snse:CommercialPaperAndUSGovernmentAgenciesMember2023-06-300001829802snse:PersonnelRestructuringMember2022-01-012022-12-310001829802snse:WarrantsIssuedRelatedToConvertibleNotesAndOtherEquityAgreementsMember2023-01-012023-06-300001829802us-gaap:FairValueInputsLevel2Memberus-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-06-300001829802us-gaap:RetainedEarningsMember2023-06-300001829802us-gaap:OtherRestructuringMember2023-04-012023-06-300001829802us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-04-012023-06-300001829802snse:ServiceAgreementMembersnse:BinneyStreetPartnersLlcMember2022-01-012022-06-300001829802us-gaap:LeaseholdImprovementsMember2023-06-300001829802us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-300001829802us-gaap:RetainedEarningsMember2023-01-012023-03-310001829802us-gaap:SeriesAPreferredStockMember2023-01-012023-06-300001829802us-gaap:AdditionalPaidInCapitalMember2023-01-012023-03-310001829802snse:ResearchEquipmentMember2022-12-310001829802us-gaap:RetainedEarningsMember2022-12-310001829802us-gaap:CommonStockMember2023-03-310001829802us-gaap:ResearchAndDevelopmentExpenseMember2023-04-012023-06-300001829802snse:TwoThousandTwentyOneEquityIncentivePlanMember2023-06-300001829802snse:ServiceAgreementMembersnse:BinneyStreetPartnersLlcMember2023-01-012023-06-300001829802snse:CommonStockWarrantsMember2023-06-300001829802us-gaap:AdditionalPaidInCapitalMember2021-12-310001829802us-gaap:RetainedEarningsMember2022-06-300001829802us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310001829802us-gaap:CommonStockMember2021-12-310001829802snse:TwoThousandTwentyOneEquityIncentivePlanMember2022-01-010001829802snse:TwoThousandTwentyOneEmployeeStockPurchasePlanMember2023-05-152023-05-150001829802us-gaap:OtherRestructuringMember2022-12-310001829802snse:TwoThousandTwentyOneEquityIncentivePlanMember2023-01-010001829802snse:MarketableSecurityMemberus-gaap:USGovernmentAgenciesDebtSecuritiesMember2023-06-300001829802snse:WarrantsIssuedToEmployeesAndContractorToPurchaseCommonStockMember2022-01-012022-06-300001829802us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310001829802snse:PurchaseAgreementMembersnse:ApeironInvestmentGroupMember2023-05-230001829802srt:MaximumMembersnse:CorporateBondsAndUSGovernmentAgenciesSecuritiesMember2023-01-012023-06-300001829802us-gaap:CommonStockMember2022-01-012022-03-310001829802us-gaap:CommonStockMember2022-04-012022-06-300001829802snse:UnvestedRestrictedStockUnitsMember2023-01-012023-06-300001829802srt:MinimumMembersnse:OfficeEquipmentAndFurnitureMember2023-06-300001829802us-gaap:CorporateBondSecuritiesMembersnse:MarketableSecurityMember2023-06-300001829802us-gaap:CommonStockMember2022-06-300001829802snse:ShareBasedCompensationAwardTrancheFourMemberus-gaap:RestrictedStockUnitsRSUMembersnse:TwoThousandTwentyOneEquityIncentivePlanMember2023-01-012023-06-300001829802us-gaap:CommonStockMember2023-01-012023-03-310001829802snse:ServiceAgreementMembersnse:HopeFarmsAtDiscoBayLlcMember2022-01-012022-06-300001829802us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-3100018298022022-01-012022-06-300001829802us-gaap:WarrantMembersnse:EquityAndDebtFundraisingEventsMember2022-01-012022-12-310001829802us-gaap:RestrictedStockUnitsRSUMember2023-01-012023-06-300001829802us-gaap:EmployeeStockOptionMember2023-01-012023-06-3000018298022023-01-0100018298022022-01-012022-12-310001829802srt:MaximumMember2023-01-012023-06-300001829802us-gaap:GeneralAndAdministrativeExpenseMember2022-04-012022-06-300001829802us-gaap:CommonStockMember2023-06-300001829802us-gaap:FairValueInputsLevel1Memberus-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2023-06-300001829802snse:CambrianPurchaseAgreementMemberus-gaap:SubsequentEventMember2023-07-310001829802us-gaap:CommercialPaperMembersrt:MaximumMember2023-01-012023-06-300001829802us-gaap:MoneyMarketFundsMemberus-gaap:FairValueMeasurementsRecurringMember2023-06-300001829802us-gaap:AdditionalPaidInCapitalMember2022-06-300001829802us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-310001829802snse:PurchaseAgreementMembersnse:ApeironInvestmentGroupMember2023-05-310001829802us-gaap:WarrantMembersnse:EquityAndDebtFundraisingEventsMember2022-12-310001829802us-gaap:AdditionalPaidInCapitalMember2023-04-012023-06-300001829802srt:MinimumMembersnse:TwoThousandTwentyOneEquityIncentivePlanMember2022-12-012022-12-310001829802us-gaap:EmployeeStockOptionMember2022-01-012022-06-300001829802us-gaap:ResearchAndDevelopmentExpenseMember2022-01-012022-06-300001829802us-gaap:RetainedEarningsMember2022-01-012022-03-310001829802us-gaap:USGovernmentAgenciesDebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-06-300001829802us-gaap:GeneralAndAdministrativeExpenseMember2022-01-012022-06-300001829802snse:ServiceAgreementMembersnse:HopeFarmsAtDiscoBayLlcMember2023-01-012023-06-300001829802us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310001829802snse:PersonnelRestructuringMember2023-04-012023-06-300001829802us-gaap:FairValueInputsLevel1Memberus-gaap:FairValueMeasurementsRecurringMember2023-06-300001829802us-gaap:FairValueMeasurementsRecurringMember2023-06-300001829802us-gaap:RetainedEarningsMember2021-12-310001829802us-gaap:ShareBasedCompensationAwardTrancheTwoMemberus-gaap:RestrictedStockUnitsRSUMembersnse:TwoThousandTwentyOneEquityIncentivePlanMember2023-01-012023-06-3000018298022023-01-012023-06-300001829802us-gaap:AdditionalPaidInCapitalMember2022-04-012022-06-300001829802snse:PersonnelRestructuringMember2023-03-310001829802us-gaap:AdditionalPaidInCapitalMember2023-06-300001829802snse:ResearchEquipmentMember2023-06-300001829802snse:CorporateBondsAndUSGovernmentAgenciesSecuritiesMember2023-06-300001829802us-gaap:RetainedEarningsMember2022-04-012022-06-300001829802us-gaap:RetainedEarningsMember2022-03-310001829802snse:ResearchEquipmentMember2022-01-010001829802snse:WarrantsIssuedRelatedToConvertibleNotesAndOtherEquityAgreementsMember2022-01-012022-06-300001829802us-gaap:RestrictedStockUnitsRSUMember2023-06-300001829802us-gaap:ResearchAndDevelopmentExpenseMember2022-04-012022-06-300001829802snse:OfficeSpaceMember2023-01-012023-06-300001829802us-gaap:CorporateBondSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-06-300001829802snse:TwoThousandTwentyOneEmployeeStockPurchasePlanMember2023-06-300001829802srt:MaximumMembersnse:OfficeEquipmentAndFurnitureMember2023-06-300001829802us-gaap:FairValueInputsLevel2Memberus-gaap:FairValueMeasurementsRecurringMember2023-06-300001829802snse:PurchaseAgreementMembersnse:ApeironInvestmentGroupMember2023-06-010001829802us-gaap:RetainedEarningsMember2023-03-3100018298022023-08-010001829802snse:TwoThousandTwentyOneEmployeeStockPurchasePlanMember2021-01-2700018298022023-06-300001829802snse:TwoThousandTwentyOneEmployeeStockPurchasePlanMember2023-01-012023-06-300001829802us-gaap:GeneralAndAdministrativeExpenseMember2023-01-012023-06-300001829802us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310001829802snse:CommercialPaperAndUSGovernmentAgenciesMembersrt:MinimumMember2023-01-012023-06-300001829802us-gaap:RestrictedStockUnitsRSUMember2022-12-310001829802us-gaap:WarrantMembersnse:EquityAndDebtFundraisingEventsMember2023-06-300001829802us-gaap:RetainedEarningsMember2023-04-012023-06-300001829802us-gaap:AdditionalPaidInCapitalMember2022-01-012022-03-310001829802us-gaap:OtherRestructuringMember2023-01-012023-03-310001829802snse:PersonnelRestructuringMember2023-01-012023-03-310001829802us-gaap:CommercialPaperMemberus-gaap:FairValueMeasurementsRecurringMember2023-06-300001829802us-gaap:FairValueInputsLevel2Memberus-gaap:CommercialPaperMemberus-gaap:FairValueMeasurementsRecurringMember2023-06-3000018298022022-12-310001829802us-gaap:CommercialPaperMembersnse:MarketableSecurityMember2023-06-300001829802srt:MaximumMember2022-01-012022-06-3000018298022022-01-012022-03-310001829802snse:TwoThousandTwentyOneEquityIncentivePlanMember2023-01-012023-06-300001829802srt:MinimumMembersnse:ResearchEquipmentMember2023-06-3000018298022023-03-310001829802snse:PurchaseAgreementMembersnse:ApeironInvestmentGroupMember2023-06-012023-06-010001829802us-gaap:AccountingStandardsUpdate201613Member2023-06-3000018298022017-01-012017-12-310001829802snse:WarrantsIssuedToEmployeesAndContractorToPurchaseCommonStockMember2023-01-012023-06-3000018298022021-12-310001829802srt:MinimumMember2023-01-012023-06-300001829802us-gaap:AdditionalPaidInCapitalMember2022-12-310001829802us-gaap:RestrictedStockUnitsRSUMembersnse:TwoThousandTwentyOneEquityIncentivePlanMemberus-gaap:ShareBasedCompensationAwardTrancheOneMember2023-01-012023-06-300001829802snse:OfficeEquipmentAndFurnitureMember2023-06-3000018298022023-01-012023-03-310001829802us-gaap:ResearchAndDevelopmentExpenseMember2023-01-012023-06-300001829802us-gaap:CommonStockMember2023-04-012023-06-300001829802us-gaap:CommonStockMember2022-03-310001829802us-gaap:LeaseholdImprovementsMember2022-12-310001829802us-gaap:OperatingExpenseMember2023-01-012023-06-300001829802snse:OfficeEquipmentAndFurnitureMember2022-01-010001829802snse:PersonnelRestructuringMember2022-12-310001829802snse:CambrianPurchaseAgreementMemberus-gaap:SubsequentEventMember2023-08-142023-08-140001829802snse:MarketableSecurityMember2023-06-300001829802us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-300001829802us-gaap:CommonStockMember2022-12-310001829802us-gaap:OtherRestructuringMember2022-01-012022-12-310001829802us-gaap:AdditionalPaidInCapitalMember2022-03-3100018298022023-04-012023-06-300001829802us-gaap:AccountingStandardsUpdate201602Member2023-06-300001829802srt:MinimumMember2022-01-012022-06-300001829802us-gaap:RestrictedStockUnitsRSUMemberus-gaap:ShareBasedCompensationAwardTrancheThreeMembersnse:TwoThousandTwentyOneEquityIncentivePlanMember2023-01-012023-06-3000018298022022-03-310001829802snse:CambrianPurchaseAgreementMemberus-gaap:SubsequentEventMember2023-07-312023-07-310001829802srt:MaximumMemberus-gaap:CorporateBondSecuritiesMember2023-01-012023-06-300001829802us-gaap:AdditionalPaidInCapitalMember2023-03-3100018298022022-06-300001829802snse:UnvestedRestrictedStockUnitsMember2022-01-012022-06-300001829802srt:MaximumMembersnse:TwoThousandTwentyOneEquityIncentivePlanMember2022-12-012022-12-310001829802snse:OfficeEquipmentAndFurnitureMember2022-12-310001829802us-gaap:CorporateBondSecuritiesMember2023-06-300001829802us-gaap:CommonStockMember2023-01-012023-06-300001829802us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-06-300001829802srt:MaximumMembersnse:ResearchEquipmentMember2023-06-300001829802us-gaap:OtherRestructuringMember2023-03-31xbrli:purexbrli:sharessnse:Officeriso4217:USDxbrli:sharesiso4217:USD

 

 

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, 2023

OR

 

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

Commission File Number: 001-39980

 

Sensei Biotherapeutics, Inc.

(Exact name of Registrant as specified in its Charter)

 

Delaware

83-1863385

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer

Identification No.)

 

 

1405 Research Blvd, Suite 125

Rockville, MD

20850

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (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

Series A Preferred Stock Purchase Rights

 

 

 

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 1, 2023 was 26,583,819.

 

 

 


 

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 Common Stock and Stockholders’ Equity

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

25

Item 4.

Controls and Procedures

25

 

 

 

PART II

OTHER INFORMATION

 

Item 1.

Legal Proceedings

26

Item 1A.

Risk Factors

26

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

64

Item 3.

Defaults Upon Senior Securities

64

Item 4.

Mine Safety Disclosures

64

Item 5.

Other Information

64

Item 6.

Exhibits

65

Signatures

66

 

 

 

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,
2023

 

 

December 31,
2022

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

10,226

 

 

$

17,795

 

Marketable securities

 

 

68,614

 

 

 

89,321

 

Prepaid expenses

 

 

1,977

 

 

 

1,129

 

Other current assets

 

 

252

 

 

 

344

 

Total current assets

 

 

81,069

 

 

 

108,589

 

Right of use assets - operating leases, net

 

 

5,018

 

 

 

5,355

 

Right of use assets - financing leases, net

 

 

1,939

 

 

 

2,319

 

Property and equipment, net

 

 

1,468

 

 

 

2,049

 

Other non-current assets

 

 

86

 

 

 

63

 

Total assets

 

$

89,580

 

 

$

118,375

 

Liabilities and stockholders’ equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable and accrued liabilities

 

$

2,329

 

 

$

4,473

 

Compensation and employee benefits liabilities

 

 

715

 

 

 

2,462

 

Operating lease liabilities, current

 

 

1,434

 

 

 

1,251

 

Financing lease liabilities, current

 

 

879

 

 

 

880

 

Total current liabilities

 

 

5,357

 

 

 

9,066

 

Operating lease liabilities, non-current

 

 

3,792

 

 

 

4,323

 

Financing lease liabilities, non-current

 

 

1,158

 

 

 

1,579

 

Other non-current liabilities

 

 

72

 

 

 

0

 

Total liabilities

 

 

10,379

 

 

 

14,968

 

Commitments and contingencies (Note 6)

 

 

 

 

 

 

Stockholders’ equity:

 

 

 

 

 

 

Preferred stock, $0.0001 par value and 10,000,000 shares authorized as of June 30, 2023 and December 31, 2022; zero shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively

 

 

 

 

 

 

Common stock, $0.0001 par value and 250,000,000 shares authorized as of June 30, 2023 and December 31, 2022; 26,583,819 and 30,764,160 shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively

 

 

3

 

 

 

3

 

Additional paid-in capital

 

 

297,104

 

 

 

302,202

 

Accumulated deficit

 

 

(217,357

)

 

 

(197,794

)

Accumulated other comprehensive loss

 

 

(549

)

 

 

(1,004

)

Total stockholders’ equity

 

 

79,201

 

 

 

103,407

 

Total liabilities and stockholders’ equity

 

$

89,580

 

 

$

118,375

 

 

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,

 

 

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

$

4,784

 

 

$

6,393

 

 

$

9,988

 

 

$

13,848

 

General and administrative

 

 

5,393

 

 

 

4,319

 

 

 

11,197

 

 

 

9,351

 

Total operating expenses

 

 

10,177

 

 

 

10,712

 

 

 

21,185

 

 

 

23,199

 

Loss from operations

 

 

(10,177

)

 

 

(10,712

)

 

 

(21,185

)

 

 

(23,199

)

Other income (expense):

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

952

 

 

 

349

 

 

 

1,921

 

 

 

659

 

Interest expense

 

 

(38

)

 

 

(172

)

 

 

(80

)

 

 

(415

)

Loss on asset disposal

 

 

(191

)

 

 

 

 

 

(296

)

 

 

 

Other income, net

 

 

68

 

 

 

 

 

 

77

 

 

 

15

 

Net loss

 

 

(9,386

)

 

 

(10,535

)

 

 

(19,563

)

 

 

(22,940

)

Net loss per common share, basic and diluted

 

$

(0.31

)

 

$

(0.34

)

 

$

(0.64

)

 

$

(0.75

)

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

 

 

30,507,018

 

 

 

30,701,758

 

 

 

30,685,561

 

 

 

30,674,868

 

Comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

Net loss

 

$

(9,386

)

 

$

(10,535

)

 

$

(19,563

)

 

$

(22,940

)

Other comprehensive items:

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized gain (loss) on marketable securities

 

 

274

 

 

 

(313

)

 

 

455

 

 

 

(879

)

Total other comprehensive income (loss)

 

 

274

 

 

 

(313

)

 

 

455

 

 

 

(879

)

Total comprehensive loss

 

$

(9,112

)

 

$

(10,848

)

 

$

(19,108

)

 

$

(23,819

)

 

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

2


 

SENSEI BIOTHERAPEUTICS, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMMON STOCK AND STOCKHOLDERS’ EQUITY

(Unaudited)

(In thousands, except share data)

 

 

 

Common Stock

 

 

Additional Paid-In

 

 

Accumulated

 

 

Accumulated Other

 

 

Total Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Deficit

 

 

Comprehensive Loss

 

 

Equity

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance at December 31, 2022

 

 

30,764,160

 

 

$

3

 

 

$

302,202

 

 

$

(197,794

)

 

$

(1,004

)

 

$

103,407

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

1,213

 

 

 

 

 

 

 

 

 

1,213

 

Issuance of equity in exchange for compensation

 

 

208,510

 

 

 

 

 

 

302

 

 

 

 

 

 

 

 

 

302

 

Surrender of shares for tax withholding

 

 

(50,343

)

 

 

 

 

 

(76

)

 

 

 

 

 

 

 

 

(76

)

Vesting of restricted stock shares

 

 

49,014

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized loss on marketable securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

181

 

 

 

181

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(10,177

)

 

 

 

 

 

(10,177

)

Balance at March 31, 2023

 

 

30,971,341

 

 

 

3

 

 

 

303,641

 

 

 

(207,971

)

 

 

(823

)

 

 

94,850

 

Stock-based compensation expense

 

 

 

 

 

 

 

 

1,095

 

 

 

 

 

 

 

 

 

1,095

 

Employee stock purchase plan expense

 

 

25,964

 

 

 

 

 

 

31

 

 

 

 

 

 

 

 

 

31

 

Purchase agreement, net of issuance costs and excise tax

 

 

(4,454,248

)

 

 

 

 

 

(7,663

)

 

 

 

 

 

 

 

 

(7,663

)

Vesting of restricted stock shares

 

 

40,762

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized loss on marketable securities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

274

 

 

 

274

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

(9,386

)

 

 

 

 

 

(9,386

)

Balance at June 30, 2023

 

 

26,583,819

 

 

$

3

 

 

$

297,104

 

 

$

(217,357

)

 

$

(549

)

 

$

79,201

 

 

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,

 

 

 

2023

 

 

2022

 

Operating activities

 

 

 

 

 

 

Net loss

 

$

(19,563

)

 

$

(22,940

)

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

 

 

 

 

 

 

Stock-based compensation expense

 

 

2,308

 

 

 

2,934

 

Depreciation and amortization

 

 

299

 

 

 

301

 

Accretion/amortization on marketable securities

 

 

(690

)

 

 

323

 

Non-cash lease expense

 

 

669

 

 

 

587

 

Amortization of financing lease right-of-use assets

 

 

391

 

 

 

353

 

Realized gain on marketable securities

 

 

 

 

 

(15

)

Loss on fixed asset disposition

 

 

296

 

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Prepaid expenses

 

 

(909

)

 

 

(2,936

)

Other assets

 

 

71

 

 

 

74

 

Accounts payable and accrued liabilities

 

 

(2,021

)

 

 

(33

)

Compensation and employee benefits

 

 

(1,445

)

 

 

(735

)

Operating lease liabilities

 

 

(679

)

 

 

(546

)

Other liabilities

 

 

74

 

 

 

(16

)

Net cash used in operating activities

 

 

(21,199

)

 

 

(22,649

)

Investing activities

 

 

 

 

 

 

Purchases of property and equipment

 

 

(180

)

 

 

(71

)

Purchases of short-term investments

 

 

(9,848

)

 

 

(43,269

)

Sales of short-term investments

 

 

 

 

 

7,864

 

Maturities of short-term investments

 

 

31,700

 

 

 

60,865

 

Proceeds from sale of property and equipment

 

 

166

 

 

 

 

Net cash provided by investing activities

 

 

21,838

 

 

 

25,389

 

Financing activities

 

 

 

 

 

 

Principal payments for financing leases

 

 

(375

)

 

 

(289

)

Proceeds from the exercise of common stock options

 

 

 

 

 

238

 

Payment of employee restricted stock tax withholdings

 

 

(76

)

 

 

 

Employee stock purchase plan proceeds

 

 

31

 

 

 

51

 

Payments for repurchase of common stock

 

 

(7,788

)

 

 

 

Net cash used in financing activities

 

 

(8,208

)

 

 

 

Net (decrease) increase in cash and cash equivalents

 

 

(7,569

)

 

 

2,740

 

Cash and cash equivalents at beginning of period

 

 

17,795

 

 

 

7,159

 

Cash and cash equivalents at end of period

 

$

10,226

 

 

$

9,899

 

Supplemental disclosure of noncash financing information:

 

 

 

 

 

 

Share repurchase issuance costs

 

$

(410

)