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Senti Biosciences, Inc. (SNTI)·Q3 2025 Earnings Summary

Executive Summary

  • Q3 2025 EPS was ($0.69) and net loss was $18.1M; cash and equivalents declined to $12.2M as of September 30, 2025 .
  • EPS missed Wall Street consensus of ($0.57); consensus revenue was ~$0.17M, while the company did not disclose a revenue line item for Q3 2025 in its statements, complicating margin analysis .
  • Management highlighted continued execution in dose expansion at the RP2D for SENTI-202 and confirmed a December ASH data readout, positioning clinical results as the near-term catalyst .
  • Sequentially, net loss widened versus Q2 2025, driven by a swing to other expense (notably GeneFab sublease expense) and higher R&D, partially offset by slightly lower G&A .

What Went Well and What Went Wrong

What Went Well

  • “Our team is laser focused on driving SENTI-202 clinical development forward... we continue to execute on our dose expansion phase and on enrolling additional patients with relapsed/refractory AML at the Recommended Phase 2 Dose” — Timothy Lu, CEO .
  • ASH oral and poster presentations confirmed for December; management expects “exciting clinical data... showcasing continued efficacy, safety, and durability” and the logic-gated selectivity of SENTI-202 .
  • Continued corporate and scientific visibility through investor conferences and webinars to build market awareness .

What Went Wrong

  • Cash fell materially quarter-over-quarter: $33.8M (3/31) → $21.6M (6/30) → $12.2M (9/30), elevating financing/runway risk for clinical execution .
  • Q3 2025 “Total other income (expense), net” swung to ($1.178M) vs Q2’s $2.065M; GeneFab sublease was a ($1.567M) expense in Q3, pressuring EPS versus expectations .
  • R&D increased year-over-year to $10.5M (+$1.8M YoY), driven by external services and personnel costs, sustaining elevated cash burn in dose expansion .

Financial Results

Sequential P&L (units: $USD Thousands except EPS and shares)

MetricQ1 2025Q2 2025Q3 2025
Research & Development$9,281 $10,029 $10,516
General & Administrative$7,116 $6,769 $6,432
Total Operating Expenses$16,397 $16,798 $16,948
Interest Income$394 $270 $166
GeneFab Sublease (Income/Expense) - Related Party$1,713 $1,586 ($1,567)
Other Income (Expense), net$2,285 (Total other income) $2,065 (Total other income) ($1,178)
Net Loss($14,112) ($14,733) ($18,126)
Basic & Diluted EPS ($)($1.41) ($0.56) ($0.69)
Weighted Avg. Shares (Basic & Diluted)10,012,908 26,081,273 26,228,274

Year-over-Year Q3 Comparison (units: $USD Thousands except EPS)

MetricQ3 2024Q3 2025
Research & Development$8,655 $10,516
General & Administrative$6,560 $6,432
Total Operating Expenses$15,215 $16,948
Total Other Income (Expense), net($13,651) ($1,178)
Net Loss($28,866) ($18,126)
Basic & Diluted EPS ($)($6.31) ($0.69)
Weighted Avg. Shares (Basic & Diluted)4,577,122 26,228,274

Balance Sheet Trend (units: $USD Thousands)

MetricDec 31, 2024Jun 30, 2025Sep 30, 2025
Cash & Cash Equivalents$48,277 $21,576 $12,243
Total Assets$97,841 $68,540 $52,685
Total Liabilities$47,086 $43,888 $44,564
Series A Redeemable Convertible Preferred Stock$25,106 — —
Total Stockholders’ Equity$25,649 $24,652 $8,121

Revenue and EPS vs Consensus (Q3 2025)

MetricConsensusActual
EPS ($)($0.57)*($0.69)
Revenue ($USD)$166,670*Not disclosed (no revenue line item presented in Q3 statements)

Values retrieved from S&P Global.*

Segment breakdown: Not applicable; the company does not report operating segments in these releases .

KPIs (Clinical)

KPIQ1 2025Q2 2025Q3 2025
cCR (CR/CRh)4/7 (57.1%) Not disclosed Not disclosed; updated data planned for ASH
ORR (cCR + MLFS)5/7 (71.4%) Not disclosed Not disclosed; updated data planned for ASH
MRD-negative among cCR4/4 (100%) Not disclosed Not disclosed
RP2D statusPreliminary RP2D identified RP2D confirmed; dose expansion ongoing Dose expansion ongoing
Post-treatment transplant3 patients Not disclosed Not disclosed
Next data readout—“before year-end” ASH Dec 6–9, 2025 (oral + poster; webcast)

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
SENTI-202 Phase 1 data readoutQ4 2025“Expect to release additional efficacy and durability data before year-end” ASH oral/poster; live webcast Dec 6–9, 2025 Maintained; timing firmed to ASH
Dose expansion at RP2DOngoingRP2D confirmed; enrolling additional R/R AML patients Continued execution in dose expansion and enrollment at RP2D Maintained
Financial guidance (revenue/margins/OpEx)2025Not provided Not provided No formal financial guidance

Earnings Call Themes & Trends

Note: No Q3 2025 earnings call transcript was found; themes derived from management releases.

TopicPrevious Mentions (Q1 & Q2)Current Period (Q3)Trend
SENTI-202 clinical executionPositive Phase 1 data; preliminary RP2D identified Dose expansion at RP2D; ASH oral/poster slated Advancing; dataset expansion
RegulatoryOrphan Drug Designation granted No new regulatory updates disclosed Stable
Investor/scientific visibilitySEED, BioScience Forum; Webull CC; fireside chats H.C. Wainwright, Chardan, BioJapan, Webull series Sustained outreach
Financial positionCash $33.8M (3/31) Cash $12.2M (9/30) Declining cash; heightened focus on financing
GeneFab-related itemsPositive sublease income Sublease expense recorded in Q3 Volatile other income/expense

Management Commentary

  • “With important milestones achieved in the third quarter, we continue to execute on our dose expansion phase and on enrolling additional patients with relapsed/refractory AML at the Recommended Phase 2 Dose.” — Timothy Lu, MD, PhD, CEO .
  • “At the upcoming ASH Annual Meeting... presenting exciting clinical data... showcasing continued efficacy, safety, and durability. This data will highlight the ability of our Logic Gate technology to achieve selective cancer killing and healthy tissue sparing...” — Timothy Lu .
  • “At ASH, we’re thrilled to present an expanding body of evidence... to transform the relapsed/refractory AML treatment landscape...” — Timothy Lu .

Q&A Highlights

  • No Q3 2025 earnings call transcript identified in our document set; management commentary is sourced from the 8-K and press releases .

Estimates Context

  • Q3 2025 EPS of ($0.69) missed consensus of ($0.57), driven by higher R&D and a swing to other expense (notably GeneFab sublease expense), versus Q2’s positive other income tailwind .
  • Consensus revenue for Q3 was ~$0.17M*, but the company did not disclose a revenue line item in its Q3 statements, limiting margin comparability vs estimates .
  • Number of covering estimates for Q3: EPS (3), Revenue (3).
    Values retrieved from S&P Global.

Key Takeaways for Investors

  • Near-term catalyst: ASH oral and poster presentations with updated SENTI-202 efficacy/safety/durability data in December; management plans a live webcast during the meeting .
  • Clinical execution remains on track with RP2D confirmed and dose expansion ongoing, reinforcing program momentum into year-end .
  • EPS missed consensus; sequential net loss widened, primarily due to a swing in other income to expense and higher R&D, highlighting P&L sensitivity to non-operating items during clinical investment phases .
  • Cash declined to $12.2M at quarter-end, reflecting sustained burn; investors should monitor financing pathways and potential non-dilutive sources (e.g., grants) referenced in prior updates .
  • Year-over-year net loss improved due to lapping Q3 2024 fair-value impacts and higher share count, but absolute cash burn remains elevated as dose expansion progresses .
  • No formal financial guidance; focus remains squarely on clinical milestones and data disclosures, which will likely drive stock narrative and trading into ASH .
  • Logic Gate technology positioning (OR/NOT architecture with EMCN protection and IL-15 enhancement) remains the core differentiator underpinning the AML thesis .