Senti Biosciences, Inc. (SNTI)·Q2 2025 Earnings Summary

Executive Summary

• Senti Bio reported Q2 2025 net loss of $14.7M ($0.56 per share) as operating expenses rose YoY; management confirmed the RP2D and began dose expansion in SENTI-202, with additional efficacy and durability data expected before year-end, positioning a clear catalyst for the stock .
• EPS materially beat Wall Street consensus by $0.34 (actual -$0.56 vs. -$0.90 estimate); revenue was not disclosed in the press release while consensus expected $0.25M, increasing focus on cash runway and near-term clinical milestones *.
• Cash and cash equivalents fell to $21.6M at quarter-end, down from $33.8M in Q1 and $48.3M at year-end 2024, highlighting funding discipline into the Q4 data readout and an expected runway into 2026 from the December 2024 PIPE .
• Regulatory and grant tailwinds strengthened the narrative (FDA Orphan Drug Designation; cumulative $7.4M received from CIRM), while R&D and G&A expenses increased as the company scaled clinical execution and organizational capabilities .

What Went Well and What Went Wrong

What Went Well

• Confirmed RP2D (Schedule I, Dose Level 2: 1.5 × 10^9 CAR+ NK cells on Days 0, 7, 14) and began dose expansion in R/R AML; management expects additional efficacy/durability data in Q4 2025, a key milestone for the lead program .
• Regulatory validation via FDA Orphan Drug Designation for SENTI-202, which brings potential incentives and signals unmet need recognition in AML .
• External support and visibility: received an additional $1.0M tranche from CIRM (total $7.4M to date) and engaged in multiple investor/science forums to broaden awareness of the Gene Circuit platform .

Management quote: “We have now completed dose finding and have confirmed the recommended Phase 2 dose (RP2D)… and expect to release additional efficacy and durability data… before the end of the year” — Timothy Lu, MD, PhD .

What Went Wrong

• Operating expense growth accelerated: R&D rose to $10.0M (vs. $9.2M YoY), G&A to $6.8M (vs. $4.2M YoY), reflecting higher external services and personnel-related costs, pressuring losses .
• Net loss widened YoY to $14.7M (vs. $11.2M), despite lower fair value-related other items vs. the prior year quarter .
• Cash burn intensified: cash declined to $21.6M from $33.8M in Q1 and $48.3M at year-end, elevating the importance of timely clinical catalysts and potential future financing flexibility .

Financial Results

P&L and Cash (document-based)

Notes:

• Company did not disclose revenue in the Q2 2025 or Q1 2025 press materials provided; in FY 2024, reported total revenue was $— .

Consensus vs Actual (S&P Global)

Values marked with * retrieved from S&P Global.

Clinical KPIs (SENTI-202)

Guidance Changes

Earnings Call Themes & Trends

Note: A formal earnings call transcript for Q2 2025 was not found in the document catalog; company communications highlighted press releases and virtual investor segments .

Management Commentary

• “We have now completed dose finding and have confirmed the recommended Phase 2 dose (RP2D)… enrolling additional patients with relapsed/refractory AML at the RP2D… expect to release additional efficacy and durability data… before the end of the year” — Timothy Lu, MD, PhD, CEO .
• “Establishing the RP2D is a pivotal milestone… reflects the strength of our preliminary data and positions us to advance into the next phase of development with confidence” — Timothy Lu, MD, PhD .
• “We continue to be encouraged by our SENTI-202 data… early deep responses… with 4+ to 8+ months of durability… focused on successful execution of this trial” — Timothy Lu, MD, PhD .

Q&A Highlights

• No formal Q2 2025 earnings call transcript was available; company emphasized communication via press releases and virtual investor events .
• KOL and investor webinar participation provided additional context on SENTI-202’s mechanism and early clinical responses .

Estimates Context

• EPS beat: Q2 2025 actual EPS of $(0.56) vs consensus $(0.90); Q1 2025 actual $(1.41) vs consensus $(0.56); beats/misses underscore quarter-to-quarter variability in a clinical-stage, pre-revenue profile *.
• Revenue: Consensus expected $0.25M in Q2 2025 and $1.30M in Q1 2025*, while the company did not disclose revenue in the press releases reviewed, aligning with FY 2024 total revenue reported as $— *.

Values marked with * retrieved from S&P Global.

Key Takeaways for Investors

• The Q4 2025 efficacy/durability readout for SENTI-202 is the principal near-term catalyst; RP2D confirmation and dose expansion increase the likelihood of a substantive update .
• EPS beat consensus materially in Q2, but operating expenses rose and cash declined; funding flexibility remains an important consideration ahead of the data milestone .
• Regulatory tailwinds (Orphan Drug Designation) and CIRM grant tranches support the program’s risk-adjusted path and signal external validation .
• Clinical signals (cCRs with MRD negativity, durability up to 8+ months, no DLTs/MTD not reached) are encouraging, but require confirmation in the expansion cohort and over longer follow-up .
• Management is actively building visibility via investor/scientific engagements; continued outreach may support sentiment into the Q4 update .
• Near-term trading: sensitivity to incremental clinical disclosures (durability, transplant outcomes, safety) and financing optics; medium-term thesis hinges on robustness of expansion cohort data and the Gene Circuit platform differentiation .
• Monitor operating expense trends and cash runway disclosures in upcoming filings to balance clinical momentum with capital needs .

Additional Press Releases Relevant to Q2 2025

• FDA Orphan Drug Designation for SENTI-202 (AML) .
• Additional $1.0M tranche received from CIRM; $7.4M total to date .
• RP2D confirmation and expansion cohort enrollment .