Seaport biotech lays off most of its employees amid sale talks

"Sensei Biotherapeutics, a cancer-focused biotech with offices in the Seaport, announced this week it will shed about 65% of its staff while evaluating a potential sale. As of March 14, 2025, the company had 14 full-time employees and one part-time employee. After the layoffs, about five employees will remain to explore strategic alternatives, handle regulatory and financial reporting requirements, and wind down development activities."

"According to its annual report, the latest layoffs follow a restructuring last November, when the company cut 46% of its staff to streamline operations and concentrate resources on advancing its lead product, the monoclonal antibody solnerstotug. As part of the restructuring, the company closed its research site in Rockville, Maryland, focusing on its offices in the Seaport. The company has a lease for office and laboratory space until September 2026."

""We have seen solnerstotug demonstrate clinical activity in a patient population with significant unmet need," said John Celebi, President and CEO of Sensei, in a statement. "However, after careful review of future funding needs and the current capital markets environment, we have determined not to initiate a new clinical study," he continued. Celebi says the company will now "wind down" the clinical trial and try to preserve shareholder value."

Sensei Biotherapeutics will reduce its workforce by about 65%, leaving roughly five employees to pursue strategic alternatives, fulfill regulatory and financial reporting obligations, and wind down development activities. As of March 14, 2025, the company employed 14 full-time and one part-time staff member. A November restructuring previously cut 46% of headcount and closed the Rockville research site, consolidating operations in the Seaport. The lead candidate, monoclonal antibody solnerstotug, demonstrated clinical activity but the company decided not to initiate a new clinical study because of future funding needs and weak capital markets. Sensei has no revenue, reported a Q3 net loss of $4.6 million, and held about $25 million in cash.

Read at Boston.com