Senti Biosciences, Inc. (SNTI): Business Model Canvas [Dec-2025 Updated]

You're looking at a company right on the knife's edge, and honestly, understanding the Senti Biosciences, Inc. (SNTI) business model is key to seeing where the next dollar comes from. This is a synthetic biology play, built around their Logic Gate platform, with everything hinging on the upcoming SENTI-202 data for relapsed/refractory AML patients. Here's the quick math on their structure: they ended Q3 2025 with only about $12.2 million in the bank while burning $10.5 million just on R&D that quarter, meaning the next partnership milestone or financing round is absolutely critical. Dive into the full canvas below to see exactly how they plan to fund this high-stakes development through partnerships with giants like Roche and Bayer, and what their revenue streams actually look like right now.

Senti Biosciences, Inc. (SNTI) - Canvas Business Model: Key Partnerships

You're looking at Senti Biosciences, Inc.'s (SNTI) web of external relationships as of late 2025. These alliances are crucial for extending reach, sharing development costs, and accessing specialized manufacturing, especially given the company's cash position as of Q3 2025, which stood at approximately $12.2 million.

Partnerships for Clinical Development and Commercialization

Senti Biosciences has structured several key collaborations to advance its pipeline programs into different markets and therapeutic areas. These deals often involve milestone payments and royalties, which are vital non-dilutive funding sources.

• Celest Therapeutics for SENTI-301A clinical development in China.
• Roche/Spark Therapeutics to advance Gene Circuit capabilities in CNS, eye, or liver-directed gene therapies.
• Bayer/BlueRock Therapeutics for platform technology application in regenerative medicine cell therapies.

Here's a breakdown of the financial and operational scope for the major external development agreements:

Partner	Program/Technology Focus	Financial Upside (Max Milestones)	Senti Biosciences Responsibility	Partner Responsibility
Celest Therapeutics	SENTI-301A (GPC3-expressing HCC) in China	Up to $156 million in milestone payments, plus tiered royalties.	Technical support.	Lead clinical development, operations, and manufacturing in China (with option to expand to Hong Kong, Macau, and Taiwan).
Roche/Spark Therapeutics	Gene Circuit technology (Smart Sensors) for CNS, ocular, or liver-directed gene therapies.	Aggregate potential value may exceed $645 million.	Designing, building, and testing cell type- and disease-specific synthetic promoters.	Option to exclusively license synthetic promoters; responsible for preclinical, clinical, and commercialization upon option exercise.
Bayer/BlueRock Therapeutics	Gene Circuit technology (Smart Sensors and Regulator Dials) for regenerative medicine cell therapies (e.g., neurology, cardiology, immunology).	Terms not fully disclosed, but Senti Biosciences is responsible for up to $10 million in research activity costs.	Designing, building, and testing cell state- and disease-specific Smart Sensors and Regulator Dials.	Option to license gene circuits for cell therapy products; responsible for preclinical, clinical, and commercialization upon option exercise.

It's important to note that the SENTI-301A trial with Celest Therapeutics in China was stopped due to dose-limiting toxicities as of the Q2 2025 report.

Partnerships for Manufacturing and Financial Support

The relationship with GeneFab, LLC, was a significant strategic move to streamline operations and secure near-term capital by offloading manufacturing infrastructure.

The transaction with GeneFab, LLC, involved several components:

• GeneFab subleased Senti Biosciences' current good manufacturing practice (cGMP) facility in Alameda, CA.
• Senti Biosciences is eligible to receive total consideration of $37.8 million from GeneFab before the end of 2025.
• Approximately 35% of Senti Biosciences' employees transitioned to GeneFab.
• GeneFab will support the clinical manufacturing of Senti Biosciences' CAR-NK programs, including SENTI-202, via a service contract.

The financial structure of the GeneFab deal included an initial payment of approximately $18.9 million at closing, netted against an existing $18.9 million advanced payment owed by Senti Biosciences to GeneFab for future services. The remaining $18.9 million was payable in installments through 2024 and 2025, subject to conditions.

For grant funding, the California Institute for Regenerative Medicine (CIRM) awarded Senti Biosciences an $8 million grant to support the clinical development of SENTI-202. As of May 22, 2025, the company had received a total of $7.4 million under this grant. Furthermore, Senti Biosciences received an additional $1.0 million tranche from the CIRM grant upon achievement of enrollment milestones, as reported by August 7, 2025.

The facility subleased to GeneFab is a state-of-the-art cGMP manufacturing site in Alameda, CA, featuring 92,000 square feet total, with 42,000 square feet dedicated to producing Phase 1 and Phase 2 clinical trial materials.

Senti Biosciences, Inc. (SNTI) - Canvas Business Model: Key Activities

You're looking at the core engine driving Senti Biosciences, Inc. (SNTI) right now-the essential, high-stakes activities that consume capital and create potential value. For a clinical-stage biotech in late 2025, this is all about execution on the clinic and managing the burn rate. Here's the quick math on what's keeping the lights on and moving the needle.

Clinical development of lead candidate SENTI-202 (Phase 1 dose expansion)

The primary activity centers on advancing SENTI-202, the logic-gated, selective CD33/FLT3-targeting CAR-NK cell therapy for relapsed/refractory (R/R) Acute Myeloid Leukemia (AML). The company achieved a pivotal milestone by confirming the Recommended Phase 2 Dose (RP2D) in August 2025. This RP2D is set at 1.5 x 10⁹ CAR-positive NK cells administered on days 0, 7, and 14 of a single 28-day treatment cycle. Senti Biosciences is currently focused on enrolling additional patients into the dose-expansion cohort at this RP2D. Earlier data from the dose-finding portion showed that 2 out of 3 patients achieved a MRD negative CR (complete remission) at the initial dose level of 1.0 billion CAR+ NK cells, with both maintaining remission for over 3+ months as of September 2024. The next major event for this activity is the presentation of updated clinical and correlative data at the American Society of Hematology (ASH) Annual Meeting on December 6-9, 2025.

Research and development of proprietary Gene Circuit platform technology

This activity fuels the pipeline beyond the lead candidate. The financial commitment to this foundational work is reflected in the operating expenses. Research and development expenses for the three months ended September 30, 2025, totaled $10.5 million, an increase from $8.7 million in the same period of 2024. For the first quarter of 2025 (three months ended March 31, 2025), R&D expenses were $9.3 million. These expenditures cover the engineering and design of optimized therapeutic gene circuits, which are modality-agnostic and applicable across NK cells, T cells, and in vivo gene therapy applications. The platform's success is intrinsically linked to the clinical performance of SENTI-202, which utilizes calibrated-release IL-15 to enhance cell persistence and expansion.

Managing and overseeing outsourced cGMP manufacturing operations

As a cell and gene therapy developer, Senti Biosciences relies heavily on external partners for its complex manufacturing needs. This activity involves rigorous oversight of these third parties to ensure product quality and supply chain readiness for the expanding clinical trial. The financing secured in early 2025 was explicitly earmarked to support the manufacturing ramp-up for SENTI-202. The company's risk factors explicitly note dependence on third parties in connection with GMP manufacturing activities, meaning this oversight is a critical, non-delegable key activity. The NK cells used for SENTI-202 are sourced from selected healthy adult donors and then cryopreserved prior to use in manufacturing to minimize variability.

Securing non-dilutive and dilutive financing to extend cash runway

Cash management is paramount, given the high burn rate associated with clinical trials. The company executed a significant financing event in early 2025. In January 2025, Senti Biosciences secured an additional $11.5 million in funding, which included a $10.0 million investment from Celadon Partners via private placement equity and $1.5 million received from its California Institute for Regenerative Medicine (CIRM) grant. This brought the total raised in that round to $47.6 million and was guided to extend the cash runway into 2026. However, the cash position has tightened considerably. As of September 30, 2025, cash and cash equivalents stood at approximately $12.2 million, down from $48.3 million at December 31, 2024. The Q3 2025 net loss was $18.1 million, or $0.69 per share. The total funding raised by Senti Biosciences to date is $158M over 7 rounds.

Protecting and expanding core intellectual property portfolio

Protecting the Gene Circuit technology is fundamental to maintaining a competitive edge against larger, better-funded competitors. The company views its gene circuit platform, its associated intellectual property portfolio, and its scientific know-how as its competitive advantage. While specific patent counts aren't readily available in the latest reports, the company's strategy involves securing and defending the IP around its core technology, which is designed to be applied in a modality-agnostic manner. The ongoing R&D spending of $10.5 million in Q3 2025 directly supports the creation of new IP assets.

Key Financial/Statistical Metric	Value (as of Late 2025 Data)	Reporting Period/Date
Cash and Cash Equivalents	$12.2 million	September 30, 2025
R&D Expenses	$10.5 million	Three months ended September 30, 2025
Q3 2025 Net Loss	$18.1 million	Three months ended September 30, 2025
SENTI-202 RP2D Cell Dose	1.5 x 109 CAR-positive NK cells	Confirmed August 2025
Financing Secured (Jan 2025)	$11.5 million	January 2025
Total Funding Raised to Date	$158M	Over 7 rounds

The successful execution of the dose-expansion cohort and the data readout at ASH are the immediate focus areas that will dictate the need for the next round of financing to maintain the runway extending into 2026. Finance: draft 13-week cash view by Friday.

Senti Biosciences, Inc. (SNTI) - Canvas Business Model: Key Resources

You're looking at the core assets Senti Biosciences, Inc. (SNTI) is relying on to drive its platform and pipeline forward. These aren't just ideas; they are tangible, quantifiable resources as of late 2025.

Proprietary Gene Circuit synthetic biology platform

The platform is the engine. It lets Senti Biosciences engineer Gene Circuits into cell and gene therapies for enhanced precision and control. Preclinically, these Gene Circuits have shown they work in both NK and T cells, and the company has demonstrated potential breadth in modalities outside of oncology. The platform is designed to be applied in a modality-agnostic manner, covering CAR-NK cells, T cells, tumor-infiltrating lymphocytes (TILs), stem cells, in vivo gene therapy, and messenger ribonucleic acid (mRNA).

• Platform application demonstrated in NK cells and T cells preclinically.
• Potential breadth shown in modalities outside of oncology.

Lead clinical asset, SENTI-202 (Logic-Gated CAR-NK cell therapy)

This is the company's current flagship asset, an off-the-shelf CAR-NK cell therapy targeting relapsed/refractory hematologic malignancies, specifically Acute Myeloid Leukemia (AML) and Myelodysplastic Syndrome (MDS). The therapy is designed to selectively eliminate cancer cells expressing CD33 and/or FLT3 while sparing healthy cells displaying the EMCN healthy target. The Phase 1 trial (NCT06325748) confirmed the Recommended Phase 2 Dose (RP2D) and moved into dose expansion. Data was presented at the American Society of Hematology (ASH) Annual Meeting on December 6-9, 2025.

Metric	Detail/Value
Target Antigens	CD33 and/or FLT3
Healthy Target Spared	EMCN
RP2D Dosage	1.5 x 109 CAR-positive NK cells
Dosing Schedule (RP2D)	Days 0, 7, and 14 of a single 28-day cycle
Dose-Finding Cohort Size (n)	9 patients
Efficacy-Evaluable Population Size (n)	7 patients
Overall Response Rate (Efficacy Evaluable)	5 patients achieved an overall response
Orphan Drug Designation	Granted by U.S. FDA for AML

Extensive intellectual property protecting the Logic Gate technology

The core value here is the protection around the Gene Circuits, which enable the logic-gated decision-making in the cell therapies. While the exact number of patents isn't stated, the company believes its platform and associated intellectual property give it a competitive advantage in a highly competitive space.

Scientific founders and experienced leadership team

The team's expertise in synthetic biology is a critical resource. The company was founded in 2016 by Tim Lu, Jim Collins, Wilson Wong, and Philip Lee. Timothy Lu, MD, PhD, serves as Co-Founder and CEO. Dr. Kanya Rajangam, MD, PhD, is the President and Chief Medical Officer. The employee base is relatively lean for a clinical-stage company.

• Founding Year: 2016
• Employee Count: 51 - 200 (as of July 01, 2024)
• Total Funding Raised to Date: $158 million over 7 rounds

Cash and equivalents of approximately $12.2 million (Q3 2025)

The current balance sheet position dictates the operational runway. You need to watch the burn rate against this figure closely. This cash position is down significantly from the end of the prior year, showing active clinical execution is consuming capital.

Financial Metric (as of September 30, 2025)	Amount (in millions USD)
Cash and Cash Equivalents	$12.2
Cash and Cash Equivalents (Dec 31, 2024)	$48.3
Q3 2025 Net Loss	$18.1
Q3 2025 Research & Development Expenses	$10.5
Q3 2025 General & Administrative Expenses	$6.4
Total Assets (TTM, as of Oct 31, 2025)	$52.685
Total Debt (TTM, as of Oct 31, 2025)	$30.121

The latest funding injection was a Post IPO round of $10 million on December 02, 2024. Finance: draft 13-week cash view by Friday.

Senti Biosciences, Inc. (SNTI) - Canvas Business Model: Value Propositions

Enhanced precision in cell therapy via Logic Gates (kill cancer, spare healthy cells)

Senti Biosciences, Inc. leverages its Gene Circuit platform to engineer enhanced precision and control into cell therapies. The Logic Gate technology is designed to make complex, autonomous decisions in vivo. Preclinically, Senti Biosciences has shown its Gene Circuits can function in both NK cells and T cells. The company is advancing these capabilities through partnerships for potential breadth outside of oncology indications. The company's wholly-owned pipeline comprises cell therapies engineered with Gene Circuits to target challenging liquid and solid tumor indications.

The core value proposition of this precision is demonstrated in the lead candidate, SENTI-202, which is designed to selectively target and eliminate hematologic malignancies. The Logic Gate is engineered to kill AML cells displaying CD33 OR FLT3 cancer targets while sparing normal cells displaying the EMCN healthy target.

Potential first-in-class, off-the-shelf allogeneic CAR-NK cell therapy (SENTI-202)

SENTI-202 is a potential first-in-class Logic Gated off-the-shelf CAR-NK cell therapy product candidate. The NK cells used for its construction are sourced from selected healthy adult donors, manufactured, and cryopreserved to be available off-the-shelf for use as needed.

Key operational and clinical metrics for SENTI-202 as of late 2025 include:

Parameter	Value/Detail
Target Indication	Relapsed/Refractory (R/R) CD33 and/or FLT3 expressing hematologic malignancies, including AML
FDA Designation	Orphan Drug Designation
Recommended Phase 2 Dose (RP2D)	1.5 x 109 CAR-positive NK cells/dose
Dosing Schedule at RP2D	Days 0, 7, and 14 of a single 28-day treatment cycle
Prior Dose-Finding Cohort Size (n)	9 patients
Overall Response Rate (Efficacy Evaluable, n=7)	5 patients achieved an overall response
Initial CR Data (as of Sep 19, 2024)	2 of 3 patients achieved MRD negative complete response (CR)

The company confirmed the RP2D in August 2025 and is actively enrolling patients into an expansion cohort at this dose level. Updated clinical data from this expansion cohort are expected to read out before the end of 2025, with presentations scheduled for the American Society of Hematology (ASH) Annual Meeting on December 6-9, 2025.

Controllable and specific expression of therapeutic payloads

The Gene Circuits are designed to control the expression of therapeutic payloads, which includes the calibrated-release IL-15 component in SENTI-202, designed to increase cell persistence, expansion, and activity of both the CAR-NK cells and host immune cells.

Addressing high unmet need in relapsed/refractory Acute Myeloid Leukemia (AML)

Relapsed/refractory AML is a disease with a poor prognosis, representing a tremendous unmet need for effective medicines. SENTI-202 is being developed specifically for this patient population.

Platform breadth for application across oncology and other diseases

Senti Biosciences, Inc. is a clinical-stage biotechnology company developing next-generation cell and gene therapies using its proprietary Gene Circuit platform. The platform's potential breadth extends beyond oncology, as Senti Biosciences has preclinically demonstrated its Gene Circuits can function in other modalities and diseases outside of oncology.

The company's financial structure as of the third quarter of 2025 reflects active development:

• Cash and Cash Equivalents as of September 30, 2025: $12.2 million.
• Research and Development Expenses for Q3 2025: $10.5 million.
• Net Loss for Q3 2025: $18.1 million, or $0.69 per share.
• Trailing 12-month Revenue as of 30-Sep-2025: null.

As of October 31, 2025, the stock price was $2.03, with a market capitalization of $53.1M.

Senti Biosciences, Inc. (SNTI) - Canvas Business Model: Customer Relationships

You're hiring before product-market fit, so your relationships are all about de-risking the science and securing the next capital raise. For Senti Biosciences, Inc. (SNTI), customer relationships center on key external stakeholders who validate the Gene Circuit platform and fund the clinical path forward.

High-touch engagement with strategic pharmaceutical partners for licensing

Senti Biosciences, Inc. maintains relationships with established players to explore the breadth of its Gene Circuit platform beyond the wholly-owned pipeline. This engagement is crucial for future non-dilutive capital or commercialization pathways.

• Strategic partnerships are advancing capabilities with entities including Roche/Spark Therapeutics and Bayer/BlueRock Therapeutics.

Direct relationship with clinical trial sites and investigators

The relationship with clinical sites is paramount, as they are the direct interface for enrolling and treating patients in the lead program. Success here directly impacts the data quality and timeline for the next value inflection point.

The company confirmed the Recommended Phase 2 Dose (RP2D) for SENTI-202 in its Phase 1 clinical trial (NCT06325748) during Q3 2025, signaling a shift in focus to dose expansion and direct engagement with investigators on enrollment protocols.

Clinical/Operational Metric	Value/Status (as of late 2025)
Lead Program	SENTI-202 (Phase 1 Trial)
Trial Identifier	NCT06325748
Dose Status	Recommended Phase 2 Dose (RP2D) Confirmed
Trial Phase Focus (Q3 2025)	Dose Expansion at RP2D

Investor relations focused on clinical milestones and cash runway

Investor engagement is intensely focused on demonstrating clinical momentum while transparently addressing the capital position, which is tight following recent operational spending. The narrative pivots on the data readout from the ongoing trial.

Here's the quick math on the cash situation as of September 30, 2025:

Financial Metric (Q3 2025)	Amount
Cash and Cash Equivalents (Sept 30, 2025)	$12.2 million
Cash and Cash Equivalents (Dec 31, 2024)	$48.3 million
Net Loss (Q3 2025)	$18.1 million
Research & Development Expenses (Q3 2025)	$10.5 million
General & Administrative Expenses (Q3 2025)	$6.4 million
Total Assets (Latest Report)	$52.7M
Total Liabilities (Latest Report)	$44.6M

What this estimate hides is that the cash burn rate, which saw a sequential decline of $36.1 million in cash since year-end 2024, puts the near-term runway under pressure absent new financing or partnership capital.

• Financing secured in January 2025 totaled $11.5 million, extending runway into 2026.
• Total shareholder equity was reported at $8.1M.

Regulatory engagement with the FDA (e.g., Orphan Drug Designation for SENTI-202)

Regulatory engagement is validated by key designations that recognize the potential of SENTI-202 for diseases with significant unmet need, such as relapsed/refractory Acute Myeloid Leukemia (AML). This designation offers tangible financial incentives.

The U.S. Food and Drug Administration (FDA) granted Orphan Drug Designation (ODD) to SENTI-202 in June 2025 for relapsed/refractory hematologic malignancies, including AML.

• ODD benefits include tax credits and fee exemptions for clinical trials.
• ODD offers potential market exclusivity for seven years post-approval.
• AML patients targeted have a dismal median survival rate of 5.3 months.

Scientific community outreach via conference presentations (e.g., ASH 2025)

Outreach to the scientific community is a critical form of relationship building, as peer review and presentation of data drive credibility and future partnership interest. The primary focus in late 2025 was the American Society of Hematology (ASH) Annual Meeting.

Senti Biosciences, Inc. confirmed hosting a conference call and webcast on December 9, 2025, at 8:00 AM ET to discuss updated clinical results from SENTI-202 being presented at ASH (December 6-9, 2025).

• Abstracts accepted for both oral and poster presentations at ASH 2025.
• Other late 2025 outreach included presentations at Chardan's 9th Annual Genetic Medicines Conference and BioJapan.
• The company also participated in the Wainwright 27th Annual Global Investment Conference.

Finance: review cash burn against Q4 projections by next Tuesday.

Senti Biosciences, Inc. (SNTI) - Canvas Business Model: Channels

You're looking at how Senti Biosciences, Inc. gets its science and its financial story out to the world, which is critical for a clinical-stage biotech. The channels here are less about selling a product today and more about validating the platform and securing future funding.

Clinical trial sites in the United States and Australia for patient enrollment

Senti Biosciences, Inc. channels patient enrollment through its ongoing Phase 1 clinical trial for SENTI-202, which targets relapsed/refractory hematologic malignancies, including Acute Myeloid Leukemia (AML). The trial, identified as NCT06325748, is actively enrolling adult patients expressing CD33 and/or FLT3. The company confirmed the Recommended Phase 2 Dose (RP2D) and is currently in the dose expansion phase, which requires active site engagement for patient recruitment. While the specific count of sites in the United States and Australia isn't publicly itemized by location, the channel is defined by the active clinical execution of this study.

Direct licensing and collaboration agreements with biotech/pharma companies

The primary external financial channel identified is non-dilutive funding through grants, which signals external validation of the science. Senti Biosciences, Inc. received an additional $1.0 Million tranche from the California Institute for Regenerative Medicines (CIRM) grant for advancing clinical development of SENTI-202. This brought the cumulative grant funding received from CIRM to $7.4 Million as of the second quarter of 2025. True direct licensing deals with pharma/biotech partners, which would involve upfront payments or milestone commitments, are not explicitly detailed with 2025 financial figures in the latest reports, so we focus on the grant success.

Channel Metric	Value/Status (As of Late 2025)
Additional CIRM Grant Tranche Received (Q2 2025)	$1.0 Million
Cumulative CIRM Grant Funding Received to Date	$7.4 Million
Phase 1 SENTI-202 Trial Enrollment Status	Dose Expansion Phase at RP2D

Scientific publications and major medical conferences (ASH, AACR)

Scientific dissemination is a core channel for establishing credibility. Senti Biosciences, Inc. actively uses major medical meetings to present data supporting its Gene Circuit platform. The company presented data at the American Association for Cancer Research (AACR) Annual Meeting in 2025. Furthermore, Senti Biosciences, Inc. confirmed that abstracts detailing clinical and correlative results for SENTI-202 were accepted for both oral and poster presentations at the American Society of Hematology (ASH) Annual Meeting held December 6-9, 2025. The company also presented at the H.C. Wainwright 27th Annual Global Investment Conference on September 8th at 2:00 PM ET.

The key communication events for the scientific channel include:

• AACR Annual Meeting 2025 presentation.
• ASH Annual Meeting 2025 data readout (oral and poster).
• H.C. Wainwright Conference presentation on September 8, 2025.

Investor presentations and corporate webcasts for financial stakeholders

Communicating financial health and clinical progress to investors is managed through formal earnings releases and webcasts. Senti Biosciences, Inc. reported its third quarter 2025 financial results on November 13, 2025. The company also planned to host a live conference call and webcast to discuss the SENTI-202 results from the ASH meeting on December 9, 2025 at 8:00 AM ET. These events are the primary conduits for sharing key financial metrics, which you need to see to assess runway.

Here's the quick math on the Q3 2025 financial snapshot shared through this channel:

Financial Metric (Q3 2025)	Amount
Net Loss	$18.1 Million
Earnings Per Share (EPS)	-$0.69
Research and Development (R&D) Expenses	$10.5 Million
Cash and Cash Equivalents (as of September 30, 2025)	$12.2 Million
Cash and Cash Equivalents (as of December 31, 2024)	$48.3 Million

What this estimate hides is the burn rate; cash fell by $36.1 Million from year-end 2024 to September 30, 2025, which definitely signals a need for future financing discussions.

Regulatory filings (INDs, ODDs) with the FDA and other agencies

Regulatory milestones serve as crucial, official channels validating the path to market. A significant event was the U.S. Food and Drug Administration (FDA) granting Orphan Drug Designation to SENTI-202 for treating relapsed/refractory hematologic malignancies, including AML. This designation was announced on June 18, 2025. While the search results confirm this ODD event, specific details on the number of Investigational New Drug (IND) applications or other agency filings in 2025 are not quantified here.

The key regulatory channel event:

• FDA Orphan Drug Designation granted for SENTI-202 on June 18, 2025.

Finance: draft 13-week cash view by Friday.

Senti Biosciences, Inc. (SNTI) - Canvas Business Model: Customer Segments

You're looking at the core groups Senti Biosciences, Inc. (Senti Bio) is targeting with its Gene Circuit platform. For a clinical-stage company like Senti Bio, these segments are critical for both clinical validation and financial runway.

Pharmaceutical and large biotech companies seeking next-generation cell therapy platforms

This segment represents potential partners who can help fund late-stage development or provide commercialization muscle. Senti Bio has already demonstrated the platform's broad potential through existing collaborations. You can see they are advancing capabilities through strategic partnerships with entities like Roche/Spark Therapeutics and Bayer/BlueRock Therapeutics. These deals validate the Gene Circuit technology outside of their wholly-owned pipeline, which focuses on liquid and solid tumors. The need for these partnerships is clear when you look at the burn rate; for instance, Research and development expenses for the third quarter of 2025 were $10.5 million.

Institutional and accredited investors focused on high-risk, high-reward biotech

These are the folks who provide the capital to keep the lights on and the trials moving. Senti Bio has a history of attracting significant backing, having raised a total of $158 million across 7 funding rounds. The latest capital infusion was a Post IPO round on December 02, 2024, which brought in $10 million gross proceeds. As of September 30, 2025, the company held cash and cash equivalents of approximately $12.2 million, down from $48.3 million at the end of 2024. This cash position, coupled with a Q3 2025 net loss of $18.1 million (or $0.69 per share), underscores the need for continued investor confidence or future financing. Still, the analyst community shows conviction, with a consensus rating of Strong Buy based on 4 analysts, where 75% recommend a Strong Buy.

Here's a quick look at the investor base and recent financial context:

Metric	Value/Count	Date/Context
Total Funding Raised	$158M	As of late 2025
Latest Funding Round Size	$10M	Post IPO, December 02, 2024
Institutional Investors	32	Total count
Cash & Equivalents	$12.2 million	September 30, 2025
Q3 2025 R&D Expense	$10.5 million	Three months ended September 30, 2025

Patients with incurable hematologic malignancies, specifically R/R AML/MDS

This is the ultimate customer, the patient population Senti Bio is trying to serve with its lead program, SENTI-202. This therapy is designed as a potential first-in-class allogeneic treatment for relapsed/refractory (R/R) Acute Myeloid Leukemia (AML) and Myelodysplastic Syndrome (MDS). The need is dire; for R/R AML patients, median overall survival is typically only about five months. The market size is substantial; it's estimated there will be 22,010 new cases of AML in the United States in 2025. The initial clinical signal is what drives this segment's interest: in the Phase 1 trial at the lowest dose level, 2 out of 3 AML patients achieved complete remission as of the September 19, 2024, cutoff.

Academic research institutions and government grant agencies (e.g., CIRM)

These entities provide non-dilutive funding and validation, which is crucial for extending the cash runway. Senti Bio has successfully secured grant money, including an $8 million grant from the California Institute for Regenerative Medicine (CIRM). In January 2025, the company received an additional $1.5 million from that CIRM grant, bringing the total CIRM amount received to $6.4 million. This funding helps offset operational costs, such as the Q3 2025 General and administrative expenses, which totaled $6.4 million. It's defintely a key source of non-dilutive capital.

The focus on these segments dictates Senti Bio's near-term actions: secure more partnership milestones and keep the clinical data flowing ahead of the next financing event.

Senti Biosciences, Inc. (SNTI) - Canvas Business Model: Cost Structure

You're looking at the cost side of Senti Biosciences, Inc. (SNTI) as they push their lead candidate through trials. For a clinical-stage biotech, the burn rate is almost entirely driven by science and compliance. Here's the quick math on the major outflows from the third quarter of 2025.

The primary cost centers reflect the heavy investment required to advance a cell and gene therapy platform. The total operating expenses are dominated by the R&D engine, which is where the Gene Circuit technology is being tested in patients.

Cost Category	Q3 2025 Amount (Three Months Ended Sept 30, 2025)	Contextual Data Point
Research and Development (R&D) Expenses	$10.5 million	Year-over-year increase of $1.8 million
General and Administrative (G&A) Costs	$6.4 million	Year-over-year decrease of $0.2 million
Net Loss	$18.1 million	Reported EPS of ($0.69) per share
Cash and Cash Equivalents (Period End)	$12.2 million	Down from $48.3 million as of December 31, 2024

Dominant Research and Development (R&D) expenses hit $10.5 million for the three months ended September 30, 2025. This spending level is consistent with active clinical execution, specifically the dose expansion phase for the SENTI-202 study in Acute Myeloid Leukemia (AML).

General and Administrative (G&A) costs were $6.4 million for the same period. While G&A saw a slight sequential decrease year-over-year, it still represents a significant fixed cost base for running a public company focused on advanced therapies.

The cost structure is heavily weighted toward external execution and the specialized people needed to manage it. The increase in R&D expenses year-over-year was primarily driven by specific operational needs:

• External services and supplies cost increased by $1.4 million.
• Personnel-related expenses increased by $0.7 million.
• Facilities and other costs decreased by $0.3 million.

Clinical trial execution and patient enrollment costs fall directly into that R&D spend, particularly under external services. The focus on driving SENTI-202 clinical development forward means these costs are front-loaded as the company executes on its dose expansion at the Recommended Phase 2 Dose (RP2D).

Personnel and compensation costs for specialized synthetic biology talent are captured within the personnel-related expenses line item in both R&D and G&A. The increase in personnel-related expenses in R&D by $0.7 million year-over-year shows the ongoing investment in the scientific team required to manage the Gene Circuit platform.

Intellectual property maintenance and legal expenses are typically allocated within G&A, though patent prosecution for core technology can sometimes be capitalized or fall under R&D depending on the stage. While a specific dollar amount for IP/legal isn't broken out separately from the $6.4 million G&A total, maintaining the proprietary Gene Circuit platform requires continuous legal and filing expenditures.

Finance: draft 13-week cash view by Friday.

Senti Biosciences, Inc. (SNTI) - Canvas Business Model: Revenue Streams

You're looking at the revenue side of Senti Biosciences, Inc. (Senti Bio) as of late 2025, and honestly, it's what you'd expect for a clinical-stage company heavily focused on its lead candidate, SENTI-202. The model is clearly weighted toward non-dilutive funding and equity raises to keep the lights on while clinical data matures.

The primary revenue drivers right now are non-operational funding sources, not product sales. For the third quarter of 2025, Senti Biosciences reported product sales revenue of exactly $0.0, which missed analyst consensus estimates of approximately $170,000 for that period. Analysts are projecting full-year 2025 sales to be around $680,000, which is minimal for a company at this stage.

Here's a breakdown of the key revenue components as of late 2025:

• Collaboration and licensing revenue from strategic partners (milestone payments)
• Grant funding, such as the $7.4 million cumulative from CIRM
• Proceeds from equity financing, including at-the-market (ATM) offerings
• Potential future royalties or sales revenue from commercialized products
• Minimal or no product sales revenue in 2025 (Q3 2025 revenue was $0.0)

Let's look closer at the non-sales income streams that are keeping the R&D engine running. You have to account for the cash infusions from partners and investors.

Collaboration and licensing revenue, while not generating significant recurring sales yet, is important for validation and non-dilutive cash. For example, the April 2021 research collaboration and license agreement with Spark Therapeutics, Inc. included an upfront payment of $3.0 million. We don't have specific 2025 milestone payment figures readily available, but these are the expected components of that revenue line item when they hit targets.

Grant funding remains a critical, albeit finite, resource. The California Institute for Regenerative Medicine (CIRM) has been a key supporter for the SENTI-202 program. Senti Biosciences has received a cumulative total of $7.4 million out of the total $8.0 million grant awarded by CIRM. That $7.4 million received is a concrete number supporting clinical development as of May 2025.

Equity financing provides the necessary runway extension. In January 2025, Senti Bio announced securing approximately $10.0 million in gross proceeds from a subsequent closing of a PIPE financing round led by Celadon Partners, bringing the total raised in that round to $47.6 million. This is the most recent, concrete financing number we have for 2025 proceeds.

The table below summarizes the key financial figures related to Senti Biosciences, Inc.'s revenue components as of late 2025, based on the latest reported data:

Revenue Stream Component	Specific Amount / Data Point	Date / Context
Q3 2025 Product Sales Revenue	$0.0	Reported for the three months ended September 30, 2025
Analyst Estimated Full Year 2025 Sales	Approximately $680,000	Consensus estimate for the full 2025 fiscal year
Cumulative CIRM Grant Received	$7.4 million	Of the total $8.0 million grant awarded
Total PIPE Financing Raised (Jan 2025)	$47.6 million	Total raised in the round including the January 6, 2025 closing
January 2025 Equity Proceeds (PIPE)	Approximately $10.0 million	Gross proceeds from the subsequent closing on January 6, 2025
Example Upfront Collaboration Payment	$3.0 million	Received from Spark Therapeutics, Inc. in April 2021

Future revenue hinges on commercialization, which is still several steps away. If a CIRM-funded product candidate reaches the market, Senti Bio has an obligation to pay royalties starting at 0.1% of net commercial revenue for every $1.0 million of CIRM funding received. This royalty stream continues for 10 years post-first commercial sale or until the total royalties paid equal nine times the original CIRM Grant amount.

The company also retains the option to convert the CIRM Grant to a loan, with repayment ranging from 80% to 100% of the principal plus interest at 10% plus the 90-day SOFR, depending on the clinical development phase at the time of election. That's a key financial lever to watch if cash runway becomes a major concern.

Finance: draft 13-week cash view by Friday.