Sensei Biotherapeutics Halts Lead Drug Development, Explores Sale Or Merger Options

• The company stated that it anticipates reducing its workforce to conserve cash as part of its strategic review.
• The company said that it decided not to initiate a new clinical study of Solnerstotug in cancer patients after reviewing “future funding needs and current capital markets environment.”
   

Sensei Biotherapeutics, Inc. (SNSE) on Thursday said that its Board of Directors has determined to discontinue development of its lead product candidate, Solnerstotug, and initiate a comprehensive review of strategic alternatives.

The Board came to the decision after extensive consideration, it said. The company is exploring a range of strategic alternatives that may include, among other options, a sale of assets, licensing arrangements, collaborations, a sale of the company, a business combination, a merger, or an orderly wind-down of operations, Sensei said. Further, there is no assurance that the review will result in a transaction, the company added.

Workforce Reduction Plans

The company stated that it anticipates reducing its workforce to conserve cash as part of its strategic review. Details of the layoffs will be announced separately, the company said.

Sensei Biotherapeutics, however, plans to retain a small team of employees to assist in the strategic review process and to manage a smooth transition of developmental activities.  

The company said that it decided not to initiate a new clinical study of Solnerstotug in cancer patients after reviewing “future funding needs and current capital markets environment.” The drug had demonstrated clinical activity in previous trials.

How Did Stocktwits Users React?

Shares of the company rallied 5% at the time of writing. On Stocktwits, retail sentiment around SNSE stock stayed within the ‘neutral’ territory over the past 24 hours, while message volume stayed at ‘extremely low’ levels.

SNSE stock is up 5% this year and down by 10% over the past 12 months. 

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