Sensei Biotherapeutics is abandoning its sole clinical-stage drug and warning of imminent layoffs as the company mulls its options.
Two weeks ago, the biotech reported phase 1/2 data for its anti-VISTA monoclonal antibody, solnerstotug, saying the results support moving into phase 2. Sensei cited six-month progression-free survival of 50% in the 15-mg/kg cohort of patients with so-called “hot” tumor types.
But a lot can change in a fortnight, and, this morning, Sensei announced it will be winding down the trial.
“We have seen solnerstotug demonstrate clinical activity in a patient population with significant unmet need,” Sensei CEO John Celebi said in an Oct. 30 release.
“However, after careful review of future funding needs and the current capital markets environment, we have determined not to initiate a new clinical study,” he added. “Our role now is to steward the company and its assets with care, including an orderly wind-down of the ongoing phase 1/2 clinical trial and preservation of shareholder value.”
It’s bad news for Sensei’s employees, who need to brace for “a workforce reduction to preserve cash,” according to the release.
“The company plans to retain a small team of employees to assist in exploring strategic alternatives, maintaining compliance with regulatory and financial reporting requirements, and managing the orderly cessation of development activities,” Sensei said.
The latest layoffs come less than a year after Sensei trimmed its workforce by 46% and closed its research site in Rockville, Maryland. That decision was explained at the time as being necessary to keep the money pumping to the solnerstotug program.
Money has remained tight at Sensei, with $28.6 million left in the bank by the end of June. Still, the biotech had previously estimated it could eke out these funds into the second quarter of 2026.
Now, the company is “exploring a range of strategic alternatives” that span a sale of its preclinical solid tumor candidates, a merger or even “an orderly wind-down of operations.”
Sensei went public in 2021 in a $133 million IPO. At the time, the biotech’s pipeline was headed up by a clinical-stage vaccine that targeted the tumor antigen aspartate beta hydroxylase to treat head and neck cancer. However, within months, the company had discontinued development of that asset after viewing trial data.