Business
Senti Bio Announces Second Quarter 2023 Results and Pipeline Updates
– GeneFab transaction provides access to clinical manufacturing and extends cash runway into Q4 2024 – – IND for SENTI-202, potentially the first Logic Gated
About this update from Senti Biosciences Holdings, Inc.
[{"type":"text","content":"– GeneFab transaction provides access to clinical manufacturing and extends cash runway into Q4 2024 – – IND for SENTI-202, potentially the first Logic Gated CAR-NK treatment for AML, on track for 2H 2023 – – Cash, cash equivalents, and short-term investments of $59.6 million as of June 30, 2023 – SOUTH SAN FRANCISCO, Calif., Aug. 11, 2023 (GLOBE NEWSWIRE) -- Senti Biosciences, Inc. (Nasdaq: SNTI) (“Senti Bio”), a biotechnology company developing a new generation of cell and gene therapies for patients living with incurable diseases using its proprietary Gene Circuit platform, today reported financial results for the second quarter of 2023. “With this month’s transaction establishing our new clinical manufacturing partner, GeneFab, Senti has a sharpened focus on advancing our internal oncology pipeline and partnered programs,” said Timothy Lu, MD, PhD, Chief Executive Officer and Co-Founder of Senti Bio. “By doing so, we have extended our cash runway into the fourth quarter of 2024 while maintaining access to the right people, technology, and facilities necessary to advance our Gene-Circuit enhanced oncology cell therapies towards the clinic. Additionally, our strong presence at ASGCT showcased the breadth of Senti’s platform in a variety of therapeutic modalities, further demonstrating the modularity of our Gene Circuit technology.” CORPORATE & PIPELINE HIGHLIGHTS Senti Bio and Celadon Partners Establish GeneFab Yesterday, the Company announced the establishment of GeneFab, LLC (“GeneFab”), a newly formed, independent contract manufacturing and synthetic biology biofoundry focused on next-generation cell and gene therapies. The transaction provided Senti Bio with additional capital and reduced longer-term operating expenses, extending the Company’s cash runway into the fourth quarter of 2024. In connection with the transaction, Senti Bio will receive approximately $38 million in cash before the end of 2025 from GeneFab. Approximately $18.9 million was due at closing, which was netted against an $18.9 million advanced payment owed by Senti Bio to GeneFab for future manufacturing and support services. The remaining $18.9 million will be paid to Senti Bio in installments in 2024 and 2025, subject to satisfaction of certain conditions.As part of the transaction, Senti Bio subleased its current good manufacturing practice (cGMP) fac...