A Boston Biotech's Big Changes: Jobs Cut, Future Unclear

A Boston-based biotech company, Sensei Biotherapeutics, is going through some major changes. They have let go of most of their workers. This is not the first time they have done this. They did something similar last year. Now, they are thinking about selling the company. Sensei Biotherapeutics is focused on finding new ways to treat cancer. They have a main product they have been working on called solnerstotug. This is a special kind of medicine called a monoclonal antibody. It is designed to help people who have cancer and do not have many other treatment options. The company has not made any money yet. They have spent a lot on research and other costs. This has led to big losses. They had about $25 million in cash at the end of last year. But they are not sure if they will be able to keep going without more money. The company was started in 1999. It was originally called Panacea Pharmaceuticals. It was based in Maryland. In 2017, they moved to Delaware and changed their name to Sensei Biotherapeutics. Now, they have offices in the Seaport area of Boston. They have a lease for their office and lab space until September 2026. But with most of their workers gone, it is unclear what will happen next. The CEO, John Celebi, said they have seen some good results with their main product. But they have decided not to start a new study. Instead, they will focus on winding down their current work and trying to make the best of the situation for their investors.