Executive Summary

Q1 2025 was execution-heavy and data-driven: Senti reiterated positive SENTI-202 Phase 1 results (4/7 cCR, all MRD−, longest 8+ months) and identified a preliminary RP2D with no DLTs, while continuing enrollment toward expansion cohorts .
EPS missed the (single-analyst) S&P Global consensus: $(1.41) vs $(0.56), a MISS by $0.85; revenue was not disclosed in Q1 materials vs a $1.3M consensus, limiting comparison clarity (S&P Global data*) .
Operating discipline remained broadly stable YoY: R&D rose modestly ($9.3M vs $8.8M), G&A declined ($7.1M vs $7.5M); net loss was $(14.1)M; cash ended at $33.8M, with CIRM grant inflows continuing post-quarter ($1.0M on 5/22) .
Near-term stock catalysts: further SENTI-202 Phase 1 readouts as enrollment confirms RP2D and moves to expansion; durability updates; manufacturing/scale progress; watch SENTI-301A next steps after Celest paused its investigator trial due to DLTs .

What Went Well and What Went Wrong

What Went Well

SENTI-202 efficacy and durability strengthened: 4/7 cCR (3 CR, 1 CRh), all MRD−; durability 4+ to 8+ months ongoing; 3 patients bridged to transplant .
Safety profile remained favorable: no dose-limiting toxicities; preliminary RP2D set at 1.5×10^9 cells on Days 0/7/14 with LD chemo .
Execution and visibility: continued enrollment to confirm RP2D then expansion cohorts; increased investor outreach (Webull CCS; KOL sessions) .

Management quote: “We continue to be encouraged by our SENTI-202 data… early deep responses… with 4+ to 8+ months of durability noted and growing.” — CEO Timothy Lu, MD, PhD .

What Went Wrong

EPS miss vs consensus and continued losses: $(1.41) actual vs $(0.56) consensus; net loss $(14.1)M, reflecting R&D ramp (external services/supplies) despite lower personnel costs .
Cash draw sequentially (Dec 31 to Mar 31): $48.3M → $33.8M as operations progressed; dependent on external grant/financing support (CIRM + PIPE) .
SENTI-301A setback in China: Celest’s investigator-sponsored study paused enrollment due to DLTs; company reassessing next steps (separate platform/manufacturing from Senti’s) .

Financial Results

Quarterly trend (oldest → newest)

Metric	Q3 2024	Q4 2024	Q1 2025
Revenue ($USD)	$0	$0	N/A (not disclosed)
R&D Expense ($MM)	$8.655	$7.772	$9.281
G&A Expense ($MM)	$6.247	$8.395	$7.116
Net Loss ($MM)	$(28.866)	$(0.610)	$(14.112)
Diluted EPS ($)	$(6.31)	$(0.67)	$(1.41)
Cash & Cash Equivalents ($MM)	$10.479	$48.277	$33.802

YoY comparison

Metric	Q1 2024	Q1 2025
R&D Expense ($MM)	$8.779	$9.281
G&A Expense ($MM)	$7.522	$7.116
Net Loss ($MM)	$(12.111)	$(14.112)
Diluted EPS ($)	$(2.65)	$(1.41)

Estimates vs Actuals (S&P Global*)

Metric	Consensus	Actual	Beat/Miss
EPS (Q1 2025)	$(0.56)*	$(1.41)	MISS by $0.85*
Revenue (Q1 2025)	$1.30M*	N/A (not disclosed)	N/A

Note: Only one estimate for both EPS and revenue (S&P Global*).

Clinical KPIs (Phase 1 SENTI-202)

KPI	Q1 2025 Detail
Patients treated (data cut)	9 treated; 7 evaluable for ORR
ORR (best overall response)	5/7 (cCR + MLFS)
cCR	4/7 (3 CR, 1 CRh), all MRD−
Durability	All cCRs ongoing; longest 8+ months
RP2D	1.5×10^9 CAR NK cells Days 0/7/14 with LD chemo
Safety	Well tolerated; no DLTs; no Grade 5 AEs

Guidance Changes

Metric	Period	Previous Guidance	Current Guidance	Change
Cash runway	Multi-year	“Runway into 2026” following Dec-2024 PIPE/Jan-2025 add-on	Not restated in Q1 release; received additional $1.0M CIRM on May 22	Maintained (implied) / incremental funding
SENTI-202 Phase 1	2025	Initial data by YE-2024; additional durability in 2025	Continue enrollment to confirm RP2D; then expansion cohorts	Advanced (RP2D defined; moving to confirm)
SENTI-301A (China, Celest)	2024-2025	Pilot trial initiation by 4Q24 (Celest)	Enrollment stopped in Investigator Sponsored Trial due to DLTs; evaluating next steps	Lowered/paused (ex-China, external study)
Revenue/OpEx/Other	2025	None provided	None provided	No change

Earnings Call Themes & Trends

Note: No dedicated Q1 2025 earnings call transcript was available; themes reflect prior two quarters’ releases and current-quarter releases/presentations.

Topic	Previous Mentions (Q-2: Q3’24, Q-1: Q4’24)	Current Period (Q1’25)	Trend
R&D execution (SENTI-202)	Q-2: Trial dosing commenced; initial data by YE’24 . Q-1: 2/3 MRD− CRs at lowest dose; durability ongoing .	4/7 cCR; all MRD−; RP2D set; enrollment continues to confirm RP2D then expand	Improving
Safety profile	Q-2: Not yet disclosed . Q-1: Generally well tolerated .	No DLTs; no MT dose reached; clean profile vs LD expectations	Improving
Financing & runway	Q-2: Cash $10.5M; CIRM tranches . Q-1: PIPE raised $47.6M; runway into 2026 .	Cash $33.8M at 3/31; +$1.0M CIRM on 5/22	Stable (sequential burn)
Manufacturing readiness	Q-1: Hires to scale technical ops .	Continued emphasis on scale-up readiness for later-stage development	Stable
Pipeline breadth (solid tumors)	Q-2/Q-1: Preclinical logic-gating breadth .	Highlighted logic-gating strategy in solid tumors; early platform data showcased	Building
SENTI-301A status (China)	Q-2: Plan to dose 4Q24 .	Enrollment paused due to DLTs in external trial; reassessing	Negative

Management Commentary

“We continue to be encouraged by our SENTI-202 data… early deep responses… with 4+ to 8+ months of durability… We are… focused on the successful execution of this trial and further SENTI-202 development.” — Timothy Lu, CEO .
“SENTI-202… 4 out of 7… MRD negative complete responses with longest durability, eight months and counting… quite clean… no major DLTs detected… declared our preliminary RP2D.” — CEO remarks at Citizens JMP Life Sciences Conference .
“Positive preliminary results… well-tolerated with no dose limiting toxicities… RP2D… 1.5×10^9 CAR NK cells Days 0/7/14… 2 of 3 at preliminary RP2D achieved cCR; 4/4 cCR patients MRD−… longest cCR duration 8+ months.” — Q1/AACR update .
“We are grateful for the continued support of the CIRM… rapidly enroll into our SENTI-202 clinical trial.” — CEO on $1.0M CIRM tranche (May 22) .

Q&A Highlights

Note: No Q1 2025 earnings call transcript was available; commentary below reflects public conference presentation.

Trial design and dosing: Management reiterated two dose levels and two schedules, with RP2D at 1.5×10^9 cells Days 0/7/14; multiple cycles allowed; outpatient feasibility highlighted .
Mechanism validation: Correlative bone marrow analyses indicate decreased AML blasts/LSCs and maintenance/increase of HSPCs in responders, consistent with logic-gated “kill/protect” design .
Expansion path: Interest in expanding to MDS, pediatrics, and earlier AML lines as data matures; continued enrollment to confirm RP2D precedes expansion .
Solid tumor optionality: Demonstrated logic-gating concept in solid tumor models (e.g., CEA NOT VSIG2) to widen therapeutic window; potential future programs/partnerships .

Estimates Context

Coverage is thin (single analyst). Q1 2025 EPS consensus $(0.56) vs actual $(1.41) — MISS by $0.85 (S&P Global*). Revenue consensus $1.30M vs “not disclosed” in Q1 materials, preventing a clean beat/miss determination (S&P Global*; company statement of ops omitted revenue line) .
Given the stage (pre-commercial) and reliance on other income and grants, estimate models likely need to recalibrate for clinical cadence and grant timing rather than revenue lines.

Key Takeaways for Investors

SENTI-202 continues to de-risk: clean safety, defined RP2D, and deep, MRD− cCRs with multi-month durability support clinical value creation into 2H’25 as enrollment proceeds to expansion .
EPS miss reflects ongoing R&D investment; watch the mix shift toward external services/supplies as the trial scales and manufacturing prepares for later stages .
Balance sheet adequate for near-term milestones (cash $33.8M at 3/31 plus continued CIRM support), with prior guidance to runway into 2026; monitor burn and incremental non-dilutive sources .
SENTI-301A ex-China risk surfaced at Celest’s investigator trial (DLTs); while distinct from Senti’s platform/process, it’s a reminder of program-specific risks in new indications/modalities .
Trading catalysts: additional SENTI-202 Phase 1 data (response depth/durability, enrollment pace), expansion cohort initiation, and manufacturing scale updates; platform read-through to solid tumors is an upside swing factor .
Estimate dispersion likely to remain high given pre-revenue status and thin coverage; focus on clinical milestone execution more than quarterly P&L optics (S&P Global*; company disclosures) .

Disclosures on sources:

Q1 2025 8-K (Item 2.02, Exhibit 99.1) and press release: financials, pipeline updates, balance sheet, P&L .
Prior quarters: Q4/FY 2024 and Q3 2024 press releases .
AACR (Apr 28, 2025) SENTI-202 clinical update and Q1 prelims .
Financing and grants: PIPE/financing runway (Dec 2024/Jan 2025); CIRM $1.0M (May 22, 2025) .
Management commentary: Citizens JMP Life Sciences Conference transcript .

S&P Global disclaimer: *Values retrieved from S&P Global.

Senti Biosciences, Inc. (SNTI)·Q1 2025 Earnings Summary