Senti Biosciences, Inc. (SNTI)·Q4 2024 Earnings Summary

Executive Summary

• Q4 delivered a sharp EPS beat versus S&P Global consensus as net loss per share from continuing operations improved to $(0.67) versus a $(3.13)* estimate, driven by $15.6M of other income offsetting operating losses; revenue was $0 versus a $2.8M* estimate (EPS beat; revenue miss).
• Operating discipline continued: R&D fell to $7.8M and G&A to $8.4M in Q4 (both down y/y), helped by headcount reductions as the company prioritized SENTI-202.
• Balance sheet strengthened: $47.6M gross ($45.1M net) PIPE in Dec-2024 and $48.3M cash at 12/31/24 extend runway into 2026, positioning Senti to execute on clinical and manufacturing plans.
• Clinical momentum: initial SENTI-202 data show 2/3 MRD-negative CRs at the lowest dose, with ongoing remissions; additional safety/efficacy (including durability) data expected in 2025—key stock catalysts.

What Went Well and What Went Wrong

• What Went Well

  • Early efficacy signal in AML: 2 of 3 patients achieved MRD-negative CRs at the first dose level with remissions maintained, and a favorable tolerability profile at this stage. “We anticipate sharing additional data from this exciting trial.” — CEO Timothy Lu.
  • Runway extended into 2026 via $47.6M gross PIPE (net $45.1M), earmarked for SENTI-202 clinical development, manufacturing ramp, and corporate purposes.
  • Operating discipline: Q4 R&D of $7.8M and G&A of $8.4M declined y/y due to headcount reductions; operating expenses controlled while prioritizing core programs.

• What Went Wrong

  • No revenue in Q4 (and recent quarters), underscoring reliance on financing and partnerships while programs advance clinically.
  • Operating loss persisted (Q4 loss from operations of $(16.2)M), with reliance on other income ($15.6M) to narrow net loss; details of other income composition not specified in the release.
  • Limited quantitative guidance in the quarter; investors must anchor near-term expectations to cash runway and clinical milestones rather than P&L targets.

Financial Results

Income Statement and Cash Metrics (USD, in thousands except per share)

Notes: Q4 cash reflects December PIPE proceeds; company indicated runway into 2026.

Q4 2024 Actuals vs S&P Global Consensus

*Values retrieved from S&P Global.

Segment breakdown: Not applicable (pre-revenue biotech operating model).

KPIs: Focus metrics include R&D and G&A spend trajectory, operating loss, other income, and cash runway.

Guidance Changes

Earnings Call Themes & Trends

Management Commentary

• “With initial data from the clinical trial of SENTI-202, we are getting a glimpse into the potential profile of our gene circuit-enabled CAR-NK therapy for patients with AML. As we look toward 2025, we anticipate sharing additional data from this exciting trial.” — Timothy Lu, MD, PhD, CEO & Co-Founder.
• “In the trial, early and deep responses at the first dose level were observed along with a generally well-tolerated preliminary safety profile, which is very encouraging. We look forward to reporting on additional response and durability data in 2025 as we continue dose finding.” — Kanya Rajangam, MD, PhD, President, Head of R&D and CMO.
• “Today’s announcement is a significant demonstration of the progress in our strategic partnership with Celest to advance the clinical development of SENTI-301A … We are excited by the recent positive initial clinical data from our first Gene Circuit enabled cell therapy SENTI-202 in blood cancer…” — Timothy Lu, MD, PhD.

Q&A Highlights

• A Q4 2024 earnings call was scheduled on March 20, 2025, but no public transcript was available at the time of this analysis; therefore, Q&A details and any intra-quarter guidance nuances were not accessible.

Estimates Context

• EPS beat: Actual $(0.67) vs $(3.13)* consensus; magnitude of beat reflects sizable other income ($15.6M) offsetting operating losses in Q4.
• Revenue miss: Actual $0 vs $2.8M* consensus; company remains pre-revenue with no Q4 top-line.
• Coverage depth was minimal (one estimate for EPS and revenue)*; estimate dispersion risk is high in micro-cap/pre-revenue biotech.
  *Values retrieved from S&P Global.

Key Takeaways for Investors

• Clinical proof-of-concept emerging: MRD-negative CRs in 2/3 AML patients at the lowest SENTI-202 dose level is a meaningful early signal; durability updates in 2025 are key catalysts.
• Financing de-risked the runway: $47.6M gross PIPE and $48.3M year-end cash extend runway into 2026, enabling continued dose escalation, data generation, and manufacturing scale-up.
• Operating discipline: R&D and G&A y/y declines reflect resource focus on core programs; expect spend to align with trial enrollment and manufacturing activity.
• P&L optics volatile: Near-breakeven Q4 net loss was driven by $15.6M in other income; investors should focus on cash runway and clinical milestones rather than quarter-to-quarter EPS.
• China program progress broadens optionality: First patient dosed in SN301A (China) supports platform breadth beyond hematologic malignancies.
• Near-term setup: Watch for additional SENTI-202 safety/efficacy and initial durability data in 2025; positive updates could be a stock driver given the early response profile and extended runway.
• Risk frame: Pre-revenue status and limited estimate coverage heighten volatility; absence of explicit financial guidance concentrates the thesis on clinical readouts and funding trajectory.

Sources: Q4 2024 earnings press release and 8-K (Item 2.02) ; prior-quarter press releases ; Q4-related press releases (initial clinical data and financing) .