New York, May 26, 2026, 04:12 EDT
Senti Biosciences Holdings Inc. shares edged higher in U.S. premarket trading Tuesday, holding near the $1 line as Wall Street came back from the Memorial Day break and investors weighed a recent FDA update against the biotech’s funding needs. The Nasdaq-listed stock was quoted at $0.9961 at 04:08 EDT, after closing Friday at $0.9869, up 0.28%; it slipped about 2.3% last week despite an 11.3% rebound on Wednesday.
The timing matters because Monday was not a normal trading pause. Nasdaq’s U.S. equity and options markets were closed on May 25 for Memorial Day, leaving Tuesday as the first regular session after Friday’s close.
The broader biotech tape was soft going into the holiday. The SPDR S&P Biotech fund, a widely watched basket of biotech stocks, ended Friday at $131.66, down about 0.8%, while the iShares Nasdaq Biotechnology fund slipped to $168.79.
Senti’s main catalyst remains SENTI-202, its experimental logic-gated CAR-NK cell therapy for relapsed or refractory acute myeloid leukemia, an aggressive blood cancer. CAR-NK therapy uses engineered natural killer immune cells; “logic-gated” means the cells are designed to attack cancer-linked signals while sparing healthy cells. Senti said on May 14 it had completed a Type B RMAT meeting with the FDA and planned a single-arm, multicenter pivotal study, meaning all patients in the trial receive the experimental therapy rather than being randomized against a control arm. Chief Executive Timothy Lu called the FDA meeting a “transformational moment,” while Chief Medical Officer Kanya Rajangam said the feedback gave “important clarity around our registrational development strategy.” Senti Biosciences, Inc.
The company also said Phase 1 patients who received SENTI-202 made from a newly identified “Donor X” natural-killer-cell phenotype showed stronger response rates than those who received non-Donor X material. Senti said future SENTI-202 manufacturing, including for pivotal study use, will use Donor X material.
Financing is the other side of the trade. Senti said it entered an April securities purchase agreement with an affiliate of Celadon Partners SPV 24 that could provide up to $40 million through senior secured convertible notes. Convertible notes are debt that can later convert into equity, which may dilute current shareholders if conversion occurs. Lu said the company had focused on “advancing SENTI-202 and extending our operational runway.” Senti Biosciences, Inc.
First-quarter figures showed why the financing matters. Senti reported $8.9 million in cash and cash equivalents at March 31, down from $16.4 million at year-end, and a net loss of $4.2 million, narrower than $14.1 million a year earlier. Operating cash use was $7.5 million, also down from $14.1 million, helped by restructuring and a one-time $6.9 million gain tied to a lease modification.
But the downside case is plain. Senti’s quarterly filing said “substantial doubt” continued over its ability to continue as a going concern — accounting language for whether a company can keep operating — and said current cash was not enough for at least one year from the filing date. The company said it may not be able to maintain current operations as early as the second quarter of 2026; even assuming receipt of the expected $10 million initial note tranche, it expects to maintain operations only into the third quarter and will need more funds. Senti Biosciences, Inc.
Senti’s pitch sits in the off-the-shelf cell-therapy field, where manufacturing speed and access can matter. Off-the-shelf means cells are prepared in advance rather than custom-made for each patient. Nkarta says its pipeline is built around natural killer cell therapy, while Fate Therapeutics says it is developing iPSC-derived NK and T-cell candidates, made from reprogrammed stem cells; the targets and disease focus differ, but investors often compare cash burn, manufacturing claims and response durability across these smaller cell-therapy developers.
The “Holdings” name is also recent. Nasdaq Trader said Senti’s holding-company transaction became effective April 24, with a corporate name and CUSIP change, while the ticker remained SNTI and the marketplace effective date was April 27. NASDAQ Trader
For Tuesday, the trade is less about a single new announcement than about whether SNTI can hold near $1 while investors wait for updates on the note financing and the timing of the pivotal SENTI-202 study. A move above that level would not settle the clinical or cash questions. A slide below it would keep the balance sheet in front.
