10-Q · May 14, 2026
Senti Biosciences recorded a significant decline in revenue to $22,000 for Q4 of 2025, down from $500,000 estimated revenue, and reported a diluted EPS of -0.53, missing consensus expectations. The company's operating…
Earnings analysis · 10-Q
SNTI earnings analysis
Filed August 14, 2026 · Our reading of the company's report
The latest report
Senti Biosciences reduced its Q2 net loss to $12.8 million from $14.7 million year over year, but revenue was only $17,000 and the company remains a pre-commercial, single-segment biotechnology business. Liquidity is…
Read full summary
Senti Biosciences reduced its Q2 net loss to $12.8 million from $14.7 million year over year, but revenue was only $17,000 and the company remains a pre-commercial, single-segment biotechnology business. Liquidity is the central concern: cash fell to $6.5 million, six-month operating cash usage was $21.7 million, and management warned that existing resources may not support operations beyond the fourth quarter of 2026. New secured convertible debt, a proposed Celadon-affiliated merger with up to $60.0 million of contingent CVR payments, and Nasdaq deficiencies add substantial financing, dilution, transaction, and listing risks.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Segment
- Single operating segment: research and development of the gene circuit platform; collaboration revenue was $17,000 for the three months ended June 30, 2026.
What stood out
-
Collaboration Revenue Initiated
Collaboration revenue was $17,000 in Q2 2026 versus $0 in Q2 2025. The company has no products approved for sale and generated no product-sales revenue.
-
Quarterly Loss Narrowed
Net loss improved to $12.8 million from $14.7 million year over year, a $2.0 million improvement. Research and development expense declined to $7.8 million from $10.0 million, primarily due to a $1.4 million reduction in Senti-202 external services and supplies.
-
Six-Month Expense Reduction
Six-month net loss improved to $17.0 million from $28.8 million, helped by a $6.9 million one-time gain from the Alameda Lease Amendment. Six-month operating expenses were $19.1 million versus $33.2 million in the prior year.
-
Additional Financing Secured
The company received $10.0 million of gross proceeds from Initial Notes issued May 20, 2026, and $3.9 million of net proceeds from $4.0 million of Additional Notes on August 14, 2026. An additional $2.0 million of Notes remains obligated under the Merger Agreement.
-
Lease Obligations Restructured
The Alameda lease was reduced from approximately 92,000 rentable square feet to approximately 46,000 square feet. The required letter of credit was reduced to approximately $0.8 million after the landlord drew $2.0 million in May 2026.
What to watch
-
Going-Concern Liquidity Shortfall
Cash and cash equivalents declined to $6.5 million at June 30, 2026 from $16.4 million at December 31, 2025. Management stated that substantial doubt exists about going-concern status and that current operations may not be maintainable as early as the fourth quarter of 2026.
-
Near-Term Debt Repayment Risk
The senior secured Notes mature on November 23, 2026 and require cash repayment equal to 200% of outstanding principal if not converted or exchanged. The Initial Notes had $10.0 million of principal, implying a contractual cash payment of $20.0 million at maturity, excluding additional interest or default amounts.
-
Merger and CVR Uncertainty
The proposed Merger would provide stockholders only CVRs tied to milestones, with a maximum aggregate payment of $60.0 million, including $10.0 million for BLA filing acceptance, $20.0 million for FDA approval, and $30.0 million after cumulative worldwide net sales exceed $200.0 million. There is no assurance any milestone will be achieved.
-
Nasdaq Listing Compliance Risk
The company reported that stockholders' equity had fallen below $2.5 million and that the market value of listed securities had been below $35 million for 30 consecutive business days. The closing bid price had also been below $1.00 since July 13, 2026, creating material Nasdaq compliance and delisting risk.
Management's outlook
No quantitative revenue or EPS guidance was provided. Management expects research and development expenses and manufacturing costs to increase in the near term and expects to continue incurring significant losses; the company stated that existing cash may support current operations only as early as the fourth quarter of 2026.
Earlier filings 4
10-K · April 29, 2026
Senti Biosciences faced a challenging fiscal year, reporting a significant drop in revenues to $22,000 in Q4 2025, a stark decline from prior projections. The company has undergone a reorganization, converting shares…
10-K · March 27, 2026
Senti Biosciences is a clinical-stage synthetic biology company focused on CAR-NK cell therapies engineered with proprietary gene circuits, with SENTI-202 as its lead program. SENTI-202 achieved regulatory progress…
10-Q · August 7, 2025
Senti reported a quarterly GAAP net loss of $(14,733) and basic/diluted loss per share of $(0.56) for the three months ended June 30, 2025; revenue remains effectively zero. Operating expenses rose to $16,798 (from…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.