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Investing.com -- Sensei Biotherapeutics Inc (NASDAQ:SNSE) stock climbed 6.8% on Thursday after the clinical-stage biotechnology company announced it would discontinue development of its cancer therapeutic solnerstotug and initiate a comprehensive strategic review to maximize shareholder value.
The company is exploring various options including a sale of assets, licensing arrangements, collaborations, a sale of the company, a business combination, a merger, or an orderly wind-down of operations. As part of this process, Sensei plans to implement a workforce reduction to preserve cash.
"We have seen solnerstotug demonstrate clinical activity in a patient population with significant unmet need," said John Celebi, President and Chief Executive Officer of Sensei. "However, after careful review of future funding needs and the current capital markets environment, we have determined not to initiate a new clinical study."
The company will retain a small team of employees to assist in exploring strategic alternatives, maintaining compliance with regulatory and financial reporting requirements, and managing the orderly cessation of development activities.
Sensei has not established a definitive timeline for the strategic review process and noted it does not intend to provide updates unless a specific transaction is approved or disclosure becomes necessary. The company cautioned that there is no guarantee the exploration will result in any transaction being announced or completed.
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