Sensei Biotherapeutics, Inc. · NASDAQ:SNSE
Sensei Biotherapeutics — Merger or Acquisition (February 2026)
34 slides from Sensei Biotherapeutics's merger presentation, Feb 18, 2026
Slide 1: Transaction & Company Overview
Exhibit 99.2 –– Transaction & Company Overview CONFIDENTIAL 1
Slide 2: Disclaimers
–– Disclaimers The information in this Presentation has been prepared by Sensei Biotherapeutics, Inc. ( Sensei ) and Faeth Holdings Therapeutics, Inc. ( Faeth and, together with Sensei and each of Sensei's subsidiaries, the combined company ) and contains information pertaining to the business and o
Slide 3: Transaction Highlights
–– Transaction Highlights The acquisition of Faeth was structured as a stock-for-stock transaction whereby all of Faeth’s outstanding equity interests were exchanged for a combination of shares of Sensei common stock Structure and a newly created, Series B non-voting convertible preferred stock. Con
Slide 4: Capitalization
–– Capitalization ● Shares of common stock and preferred stock were issued to Faeth security holders in exchange for all of Faeth’s outstanding equity interest. ● Shares of preferred stock were issued to Faeth shareholders and are issuable to investors upon the closing of the $200 million private pl
Slide 5: Faeth Overview
–– Faeth Overview ● Oral multi-node inhibition of PI3K/AKT/mTOR pathway; designed for more complete inhibition, less toxicity ● PIKTOR—investigational combination therapy consisting of two oral small molecules—hitting PI3K-alpha, mTORC1, mTORC2 ● Recent and anticipated readouts: ○ Phase 2 platinum r
Slide 6: Focused pipeline of potentially best-in-class product candidates
–– Focused pipeline of potentially best-in-class product candidates, leveraging Faeth’s unique metabolic insights IND Discovery Phase I Phase II Phase III Target Population enabling Oncology: Endometrial, Breast, PIKTOR: Serabelisib + Sapanisertib Ovarian, Lung NEAAR: Formulated amino acids Oncology
Slide 7: Faeth scientific founders: world leaders in cancer biology
–– Faeth scientific founders: world leaders in cancer biology Lew Cantley, PhD Sid Mukherjee, MD PhD Oliver Maddocks, PhD Karen Vousden, PhD Scott Lowe, PhD Greg Hannon, PhD Dana Farber Cancer Institute, Asst. Prof., Columbia, Pulitzer Prize CSO & Co-Founder Group Leader, Crick Institute, Chair of Ca
Slide 8: PIKTOR: Potent and selective multi-node PI3K/AKT/mTOR pathway inhibition
–– PIKTOR: Potent and selective multi-node PI3K/AKT/mTOR pathway inhibition 1 Targeting the PI3K/AKT/mTOR pathway addresses the highest-frequency genomic driver across solid tumors Optional diet can reduce insulin Insulin / GFs Benefits 1: More complete pathway shut down: Dose Tolerability serabelisi
Slide 9: Multi-node inhibition with PIKTOR achieved robust PI3K-pathway inhibition in cancer cell lines
–– umor GrTowth Multi-node inhibition with PIKTOR achieved robust PI3K-pathway inhibition in cancer cell lines At clinically relevant concentrations PIKTOR reduced PI3K-pathway signalling in cancer cell lines to a 1 greater extent than single node PI3K-pathway inhibitors –PI3Ka– –PI3Ka– -mTORC1- -mT
Slide 10: PIKTOR: Designed to solve the challenges of drugging the PI3K pathway
–– PIKTOR: Designed to solve the challenges of drugging the PI3K pathway SINGLE-NODE MULTI-NODE -PIKTOR- Gedatolisib Mutant-specific FDA-approved Celcuity Relay, Scorpion, OnKure Alpelisib, Everolimus, Faeth (Ph.3, Breast) (Ph.1/2, Breast) Capivasertib, Inavolisib (Ph.2, Endometrial) PI3K-alpha AKT o
Slide 11: Ph1b study: PIKTOR + paclitaxel dose escalation
–– Ph1b study: PIKTOR + paclitaxel dose escalation using multiple-fold lower doses than monotherapy RP2D Sapanisertib / Serabelisib 2 Cohort 1: 2mg / 100mg (Pac 60 mg/m ) 2 Cohort 2: 2mg / 200mg (Pac 60 mg/m ) Advanced Solid Tumors 2 Cohort 3: 2mg / 200mg (Pac 80 mg/m ) All-comers (mutation agnostic
Slide 12: Ph1b: PIKTOR + paclitaxel achieved 47% ORR in R/R patients, including 3 CRs
–– Ph1b: PIKTOR + paclitaxel achieved 47% ORR in R/R patients, including 3 CRs Serabelisib Sapanisertib Paclitaxel ORR: 47% 12 ORR: 71% w/PI3K pathway mutation CBR: 73% Average 4 prior lines of therapy (range 1-12) n=19 enrolled (15 response evaluable, 13 RECIST evaluable). Data cutoff per publicatio
Slide 13: Ph1b: PIKTOR + paclitaxel showed durable responses
–– Ph1b: PIKTOR + paclitaxel showed durable responses in both PI3KCAmt and wt patients Prior Cancer Type LOT Complete Response Endometrial 4 MTOR & AKT1 Partial Response Endometrial 1 PIK3R1, PTEN, MTOR Stable Disease Ovarian 4 TP53 Progressive Disease Breast 3 PIK3R1 PI3K/AKT/mTOR pathway altered w
Slide 14: Ph 1b Safety Highlights: PIKTOR was generally well tolerated
–– Ph 1b Safety Highlights: PIKTOR was generally well tolerated ● Favorable toxicity profile compared to approved agents Single agent Lenvatinib and PIKTOR and chemo in 2L 2 1 Pembrolizumab Paclitaxel 3 endometrial Grade 3 AEs 58% 89% 73% Discontinuation ~5% 33% 8% ● Primarily low grade AEs - Common
Slide 15: Hyperglycemia: PIKTOR comparison to other PI3K pathway compounds
–– Hyperglycemia: PIKTOR comparison to other PI3K pathway compounds Hyperglycemia AEs PIKTOR PIKTOR Ph2 Endo Ph1b n = 20 64 205 130 22 284 103 19 HbA1C criteria ≤ 7% < 7% < 8% ≤ 6.4% ≤ 8% ≤ 6.4% ≤ 8% < 7% ≤ 140 < 140 ≤ 160 ≤ 140 ≤ 130 ≤ 130 NR NR Fasting glucose criteria mg/dL mg/dL mg/dL mg/dL mg/d
Slide 16: Stomatitis: PIKTOR comparison to other PI3K pathway compounds
–– Stomatitis: PIKTOR comparison to other PI3K pathway compounds Stomatitis AEs PIKTOR PIKTOR Ph2 Endo Ph1b The results are presented from different clinical trials at different points in time with differences in trial design. No head-to-head trials have been conducted among the results shown and cross
Slide 17: Oral PIKTOR dosing designed to enable sustained exposure
–– Oral PIKTOR dosing is designed to enable sustained exposure while limiting risk of potential Cmax related toxicity Route Schedule Exposure ≥ IC 90 Cmax: IC90 ratio 1 1 PIKTOR Oral 3 days per week, every week ~150-190 hours per month ~2:1 2 2 Competitor IV Once weekly, 3 weeks a month ~66-72 hours
Slide 18: PIKTOR clinical development
–– PIKTOR clinical development ● We believe this indication has the greatest First Indication: 2L advanced EC potential for first approval Phase 2 enrolling Endometrial ● Large unmet clinical need in 2L 1 Estimated market size of ~$1-1.5B ● >80% PI3K/AKT/mTOR pathway mutated First Indication:1L/ 2L H
Slide 19: PIKTOR + paclitaxel demonstrated clinical activity in endometrial cancer in Ph 1b
–– PIKTOR + paclitaxel demonstrated clinical activity in endometrial cancer patients in Ph 1b Serabelisib Sapanisertib Paclitaxel Prior Cancer Type LoT Mut Complete Response + Endometrial* 4 Partial Response + Endometrial* 1 Stable Disease - Endometrial 6 Progressive Disease + Endometrial 2 Note pat
Slide 20: FTH-PIK-201: PIKTOR + paclitaxel in advanced endometrial cancer
–– FTH-PIK-201: PIKTOR + paclitaxel in advanced endometrial cancer (currently enrolling) Primary endpoint - ORR Phase 2 Eligibility Criteria Single arm (n≅40) Secondary endpoints ● Endometrial- Sapanisertib 3 mg - PFS endometrioid cancer Screening Serabelisib 200 mg - DOR 2 ● 2nd line or later Pacli
Slide 21: PIKTOR clinical development
–– PIKTOR clinical development ● We believe this indication has the greatest First Indication: 2L advanced EC potential for first approval Phase 2 enrolling Endometrial ● Large unmet clinical need in 2L 1 Estimated market size of ~$1-1.5B ● >80% PI3K/AKT/mTOR pathway mutated First Indication:1L/ 2L H
Slide 22: Celcuity Ph3 VIKTORIA-1 data validates PIKTOR's mechanism
–– We believe the Celcuity Ph3 VIKTORIA-1 PI3KCAwt data validates PIKTOR’s mechanism Celcuity: Gedatolisib Faeth: PIKTOR Conclusion We believe positive Celcuity data validates a Target Profile Pan-PI3K + mTORC1/2 PI3K-alpha + mTORC1/2 multi-node PI3K + mTORC1/2 approach, while PIKTOR holds potential
Slide 23: PIKTOR showed superior breast cancer xenograft tumor growth inhibition
–– PIKTOR showed superior breast cancer xenograft tumor growth inhibition vs. monotherapy Serabelisib 75 mg/kg MDA-MB-361 Human Breast Cancer Cell Xenograft Mouse equivalent of 200mg in humans PO QD 3 days on 4 days off Sapanisertib 0.5 mg/kg Mouse equivalent of 3mg in humans PO QD 3 days on, 4 days
Slide 24: Serabelisib and Sapanisertib each showed activity in HR+/HER2- breast cancer
–– Serabelisb and Sapanisertib have each independently shown activity in HR+/HER2- breast cancer Study Drug / Combination ORR DCR mPFS CR 1 Sapa Garcia-Saenz et. al., 2022 Sapanisertib + Fulvestrant (n=47 arm B) 75% PR+CR+SD 21.3% 2/47 7.2 m HR+/HER2- Phase 2 1 Fulvestrant (n=46 arm A) 61% PR+CR+SD
Slide 25: HR+/HER2- Advanced Breast Cancer Landscape - potential future state
–– HR+/HER2- Advanced Breast Cancer Landscape - potential future state HR+ / HER2- Advanced Breast Cancer aBC endocrine aBC endocrine resistant + aBC endocrine sensitive BRCA * * PIK3CA/AKT1/PTEN alterations resistant PIKTOR + Novel Oral Agents CDK 4 inhibitor + aromatase inhibitor (AI) PARP We beli
Slide 26: PIKTOR clinical development
–– PIKTOR clinical development ● We believe this indication has the greatest First Indication: 2L advanced EC potential for first approval Phase 2 enrolling Endometrial ● Large unmet clinical need in 2L 1 Estimated market size of ~$1-1.5B ● >80% PI3K/AKT/mTOR pathway mutated First Indication:1L/ 2L H
Slide 27: Phase 2 DICE Trial: Sapanisertib + Paclitaxel showed benefit in PROC
–– Phase 2 DICE Trial: Sapanisertib + Paclitaxel showed benefit in PROC Late breaking oral pres at ESMO Platinum Resistant Ovarian Cancer Mean PFS Arm A: 4.0 months Arm B: 5.8 months HR=0.66; 90% CI: 0.45–0.96 (P=0.07) Grade 3/4 AEs Arm A: 6.6% Arm B: 7.0% Gastrointestinal AEs (0% vs. 11.4%) and Rash
Slide 28: DICE Trial: Sapanisertib and Paclitaxel showed PFS benefit in PROC
–– Phase 2 DICE Trial: Sapanisertib (aka TAK 228) and Paclitaxel showed PFS benefit in PROC Krell, J. et. al., ESMO 2025 CONFIDENTIAL 28 Abbreviations: PFS - progression free survival, CI - Confidence Interval 28
Slide 29: Regulatory positioning supports accelerated path to registrational trial
–– We believe regulatory positioning supports accelerated path to registrational trial Precedent supports a PI3K/mTOR multi-node strategy Combination Dosing 1✔ ● Recent Gedatolisib Ph3 success reinforces the class and mechanism Precedent Combination acceptable for HV studies Clin Pharm Requirements
Slide 30: CMC infrastructure positioned for registration and scale
–– CMC infrastructure positioned for registration and scale Mature DS/DP Materials Manufacturing Scale-Up Defined Life-Cycle Strategy ● Both DS are highly ● DS and DP process ● Formulation work stable optimisation being underway ● DS/DP Batches with completed 36-60 month stability ● Demo batches data
Slide 31: Key PIKTOR patents
–– Key PIKTOR patents Subject Matter Patent Expiration Date Note Composition of Matter ● Issued COM patents for each API Aug 2037● COM expiry date includes patent term adjustment (PTA) ● Serabelisib API and expected 5 years of patent term extension (PTE) ● Sapanisertib API added to serabelisib COM p
Slide 32: Financing expected to fund PIKTOR program through key anticipated catalysts
–– Financing expected to fund PIKTOR program through key anticipated catalysts 2026 2027 2028 Before EOY: Enrollment PIK-201 Last patient dosed + 6 complete, topline data Ph 2 Endo months data readout Interim safety data from dose escalation PIK-101 1H: Trial initiation, Ph1b Interim efficacy data fro
Slide 33: Faeth team is well rounded with deep experience in drug development
–– Faeth team is well rounded with deep experience in drug development Management Team Key Faeth Employees Board Bob Holmen, JD Christopher Gerry, JD Tom Ricks, MBA Board Chair President & General Counsel Oliver Maddocks, MPharm PhD Chief Scientific Officer Anand Parikh, JD Kristian Humer, MBA Anand Pa
Slide 34: Thank you
Thank you MB faeth — connvenna
Sensei Biotherapeutics — Merger or Acquisition (February 2026) on 6ix