Senti Biosciences Inc.

Company Overview

Business Model: Senti Biosciences, Inc. is a clinical-stage biotechnology company focused on developing next-generation cell and gene therapies. The company utilizes its proprietary gene circuit platform technologies to engineer smarter medicines designed to outsmart complex diseases. These gene circuits, created from novel combinations of DNA sequences, reprogram cells with biological logic to sense inputs, compute decisions, and respond to cellular environments. The product candidates are designed to precisely kill cancer cells, spare healthy cells, increase specificity to target cells, and control drug expression post-administration. The primary application of these technologies is in chimeric antigen receptor ("CAR") white blood cells, specifically off-the-shelf healthy adult donor derived natural killer ("NK") cells, for oncology indications.

Market Position: Senti Biosciences, Inc. aims to build upon its leadership position in the cell and gene therapy landscape through its proprietary gene circuit technology and synthetic biology expertise. The company's lead product candidate, SENTI-202, is a potentially first-in-class Logic Gated off-the-shelf CAR-NK cell therapy. The company faces intense and rapidly evolving competition from large pharmaceutical companies, multinational biopharmaceutical companies, other biopharmaceutical companies, specialized biotechnology companies, and academic research institutions.

Recent Strategic Developments:

• SENTI-202 Clinical Advancement: Initiated a Phase 1 clinical trial for SENTI-202 in the United States and Australia in the second quarter of 2024 for relapsed/refractory hematological malignancies, including Acute Myeloid Leukemia ("AML"). Reported initial clinical data in 2024 and 2025, showing a 50% overall response rate and 42% CR/CRh in Phase 1 patients, with a 7.6 months median duration of composite Complete Remission.
• Regulatory Designations for SENTI-202: Granted Orphan Drug Designation by the FDA on June 18, 2025, for relapsed/refractory hematologic malignancies including AML. Granted Regenerative Medicine Advanced Therapy ("RMAT") designation by the FDA on December 9, 2025, based on Phase 1 clinical trial data.
• Manufacturing Asset Sale and Sublease: In August 2023, Senti Biosciences, Inc. sold its manufacturing assets and subleased its 92,000 square foot manufacturing facility in Alameda, CA to GeneFab, LLC. This transaction entitled Senti Biosciences, Inc. to $37.8 million in total consideration, with $18.9 million netted against a prepayment for manufacturing and research activities and $8 million in manufacturing services credit. The remaining $18.9 million was waived in connection with an investment by Celadon Partners LLC in Senti Biosciences, Inc.'s 2024 PIPE transaction. GeneFab, LLC will conduct clinical manufacturing of Senti Biosciences, Inc.'s CAR-NK pipeline in the United States.
• Collaboration with Celest Therapeutics, (Shanghai) Co. Ltd.: Entered into a Collaboration and Option Agreement in November 2023 for Celest Therapeutics, (Shanghai) Co. Ltd. to conduct an investigator-initiated trial of the SENTI-301A gene circuit in its SN301A product candidate in mainland China. Celest Therapeutics, (Shanghai) Co. Ltd. initiated a Phase 1 clinical trial for SN301A in China in 2024 but ceased enrollment in April 2025 due to dose limiting toxicities. Senti Biosciences, Inc. does not anticipate Celest Therapeutics, (Shanghai) Co. Ltd. will exercise its option for a license.
• Workforce Reduction: Announced a reduction in workforce by approximately 37% in January 2024 to streamline business operations and focus on SENTI-202 and partnership opportunities.
• Alameda Facility Lease Amendment: On March 17, 2026, Senti Biosciences, Inc. reduced its leased premises in Alameda, CA from approximately 92,000 square feet to approximately 46,000 square feet, reducing future base rent obligations. The sublease with GeneFab, LLC was concurrently amended.

Geographic Footprint: Senti Biosciences, Inc. is headquartered in South San Francisco, CA, where it occupies approximately 40,000 square feet of office and R&D space. It also has a manufacturing facility in Alameda, CA, which is subleased to GeneFab, LLC. Clinical trials for SENTI-202 are being conducted in the United States and Australia. The company previously had a collaboration for clinical development in mainland China. All long-lived assets are located in the United States.

Financial Performance

Revenue Analysis

Profitability Metrics:

• Gross Margin: Not applicable (no product sales revenue, collaboration revenue is minimal)
• Operating Margin: (3126.32)% (2025)
• Net Margin: (2792.64)% (2025)

Investment in Growth:

• R&D Expenditure: $37.586 million (2025)
• Capital Expenditures: $0.196 million (2025)
• Strategic Investments: Senti Biosciences, Inc. is responsible for up to $10 million in costs and expenses incurred in connection with the research plan and related activities under the Collaboration and Option Agreement with BlueRock Therapeutics LP.

Business Segment Analysis

Senti Biosciences, Inc. operates as a single operating and reportable segment, focused on the research and development of its gene circuit platform. Therefore, a detailed subsection for each major segment is not applicable.

Capital Allocation Strategy

Shareholder Returns:

• Share Repurchases: Not disclosed.
• Dividend Payments: Senti Biosciences, Inc. has never declared or paid cash dividends on its capital stock and currently intends to retain all future earnings, if any, to finance business growth and development.
• Dividend Yield: 0%
• Future Capital Return Commitments: None disclosed.

Balance Sheet Position:

• Cash and Equivalents: $16.420 million (as of December 31, 2025)
• Total Debt: Not explicitly stated as traditional debt. Operating lease liabilities (current and non-current) total $28.891 million (as of December 31, 2025).
• Net Cash Position: $(12.471) million (Cash and equivalents less total operating lease liabilities as of December 31, 2025)
• Credit Rating: Not disclosed.
• Debt Maturity Profile:
  • 2026: $7.712 million
  • 2027: $5.769 million
  • 2028: $4.855 million
  • 2029: $5.000 million
  • 2030: $5.150 million
  • Thereafter: $9.379 million (Note: These figures are undiscounted lease payments as of December 31, 2025, and are subject to change due to the March 2026 Alameda lease amendment.)

Cash Flow Generation:

• Operating Cash Flow: $(43.444) million (2025)
• Free Cash Flow: $(43.640) million (Operating Cash Flow - Capital Expenditures for 2025)
• Cash Conversion Metrics: Not explicitly disclosed.

Operational Excellence

Production & Service Model: Senti Biosciences, Inc. is a clinical-stage biotechnology company focused on developing next-generation cell and gene therapies. The company does not have its own manufacturing facilities or personnel and relies on contract manufacturing organizations ("CMOs"), primarily GeneFab, LLC, for the manufacture of its product candidates. The manufacturing process for its product candidates is described as complex, difficult, variable, and highly regulated, requiring significant expertise and advanced techniques.

Supply Chain Architecture: Key Suppliers & Partners:

• Manufacturing Partner: GeneFab, LLC - serves as the sole contract manufacturer for the clinical-scale production of Senti Biosciences, Inc.'s product candidates, including SENTI-202. Senti Biosciences, Inc. subleased its Alameda facility to GeneFab, LLC for this purpose.
• Raw Material Suppliers: Senti Biosciences, Inc. depends on a limited number of vendors for certain specialty materials and equipment used in the manufacture of its product candidates, some of which are sole-source vendors.

Facility Network:

• Manufacturing: Senti Biosciences, Inc. subleased its 92,000 square foot cell therapy manufacturing facility in Alameda, CA (built to cGMP standards in June 2023) to GeneFab, LLC. This facility was reduced to approximately 46,000 square feet in March 2026.
• Research & Development: Senti Biosciences, Inc. occupies approximately 40,000 square feet of office and research and development space in South San Francisco, CA.
• Distribution: Not explicitly detailed, but relies on third-party logistics for clinical trial supply.

Operational Metrics: Not explicitly disclosed in a quantitative manner beyond general descriptions of manufacturing complexity and reliance on third parties.

Market Access & Customer Relationships

Go-to-Market Strategy: Senti Biosciences, Inc. plans to develop and, if approved, commercialize cell therapy products for the treatment of cancer. The company currently has no sales, marketing, or distribution capabilities and would need to develop these internally or enter into collaborations with third parties for these functions.

Customer Portfolio:

• Enterprise Customers: Senti Biosciences, Inc. is focused on developing therapies for patients living with incurable diseases, particularly cancer. Its lead product candidate, SENTI-202, targets relapsed/refractory hematological malignancies, including AML.
• Strategic Partnerships:
  • BlueRock Therapeutics LP: Collaboration for the development of cell therapies for regenerative medicines.
  • Celest Therapeutics, (Shanghai) Co. Ltd.: Previous collaboration for clinical development of SENTI-301A gene circuit in China, which has ceased enrollment.
• Customer Concentration: Not applicable at this stage as no products are commercialized.

Geographic Revenue Distribution:

• Senti Biosciences, Inc. has not generated any revenue from product sales. Collaboration revenue for 2025 was $0.022 million, related to an option exercise period extension fee under the BlueRock Agreement.

Competitive Intelligence

Market Structure & Dynamics

Industry Characteristics: The cell and gene therapy landscape is highly competitive, with intense and rapidly evolving competition in the biotechnology and biopharmaceutical fields. A significant number of product candidates are under development for conditions Senti Biosciences, Inc. may target. The market for gene circuit platform technologies is novel and unproven, with no FDA-approved therapeutics utilizing similar technologies.

Competitive Positioning Matrix:

Direct Competitors

Primary Competitors:

• A2 Biotherapeutics, Inc.: Competitor in gene circuit platform technologies.
• Arsenal Biosciences, Inc.: Competitor in gene circuit platform technologies.
• Beam Therapeutics Inc.: Competitor in gene circuit platform technologies.
• CRISPR Therapeutics AG: Competitor in gene circuit platform technologies.
• Encoded Therapeutics, Inc.: Competitor in gene circuit platform technologies.
• ImmPACT Bio USA, Inc.: Competitor in gene circuit platform technologies.
• Intellia Therapeutics, Inc.: Competitor in gene circuit platform technologies.
• MeiraGTx Holdings plc: Competitor in gene circuit platform technologies.
• Obsidian Therapeutics, Inc.: Competitor in gene circuit platform technologies.
• Strand Therapeutics Inc.: Competitor in gene circuit platform technologies.
• Allogene Therapeutics, Inc.: Competitor in engineered CAR-based immune cell therapies (NK cells).
• Artiva Biotherapeutics, Inc.: Competitor in engineered CAR-based immune cell therapies (NK cells).
• Atara Biotherapeutics, Inc.: Competitor in engineered CAR-based immune cell therapies (NK cells).
• Bristol-Myers Squibb Company: Competitor in engineered CAR-based immune cell therapies (NK cells).
• Century Therapeutics, Inc.: Competitor in engineered CAR-based immune cell therapies (NK cells).
• Caribou Biosciences, Inc.: Competitor in engineered CAR-based immune cell therapies (NK cells).
• Cytovia Therapeutics, Inc.: Competitor in engineered CAR-based immune cell therapies (NK cells).
• Fate Therapeutics, Inc.: Competitor in engineered CAR-based immune cell therapies (NK cells).
• Gilead Sciences, Inc.: Competitor in engineered CAR-based immune cell therapies (NK cells).
• Lyell Immunopharma, Inc.: Competitor in engineered CAR-based immune cell therapies (NK cells).
• Nkarta, Inc.: Competitor in engineered CAR-based immune cell therapies (NK cells).
• Sana Biotechnology, Inc.: Competitor in engineered CAR-based immune cell therapies (NK cells).
• Shoreline Biosciences, Inc.: Competitor in engineered CAR-based immune cell therapies (NK cells).
• Takeda Pharmaceutical Company: Competitor in engineered CAR-based immune cell therapies (NK cells).
• Vor Biopharma Inc.: Competitor in engineered CAR-based immune cell therapies (NK cells).

Emerging Competitive Threats: New entrants, disruptive technologies, and alternative solutions are constant threats in the rapidly evolving biotechnology and biopharmaceutical fields. Competitors may develop platforms or product candidates more rapidly, or with superior efficacy, safety, or cost profiles.

Competitive Response Strategy: Senti Biosciences, Inc. aims to maintain and build its leadership position by leveraging its unique gene circuit technology and synthetic biology expertise, rapidly advancing its pipeline of cell therapies for oncology, and establishing strategic collaborations for non-oncology programs and manufacturing.

Risk Assessment Framework

Strategic & Market Risks

• Market Dynamics: The market, physicians, patients, regulators, and potential investors may be skeptical of the viability and benefits of Senti Biosciences, Inc.'s novel gene circuit pipeline technology, potentially delaying or preventing product development and commercialization. The estimated market opportunities for product candidates may be smaller than anticipated, adversely affecting future product revenues.
• Technology Disruption: Senti Biosciences, Inc.'s gene circuit platform technologies are based on novel, unproven technologies, exposing the company to unforeseen risks and making it difficult to predict development time, cost, and regulatory approval. There is no guarantee that observations in animal models and preclinical cell lines will translate to humans, or that relevant animal models will accurately predict safety and efficacy.
• Customer Concentration: Not applicable at this stage as no products are commercialized.

Operational & Execution Risks

• Supply Chain Vulnerabilities: Manufacturing product candidates is complex and relies on third parties, primarily GeneFab, LLC. GeneFab, LLC has no prior experience operating a cGMP facility, posing risks to consistent and reliable manufacturing quality and quantity. Delays or interruptions in the supply of specialty materials and equipment from a limited number of vendors could impede development.
• Supplier Dependency: Senti Biosciences, Inc. relies on GeneFab, LLC as its sole contract manufacturer for clinical-scale production. Failure by GeneFab, LLC to perform its obligations, including rent payments for the subleased facility, could materially impact Senti Biosciences, Inc.'s ability to develop and commercialize product candidates.
• Capacity Constraints: GeneFab, LLC or other third-party manufacturers may be unable to successfully scale manufacturing in sufficient quality and quantity, delaying or preventing development and commercialization.
• Clinical Trial Execution: Clinical trials are expensive, time-consuming, and difficult to design and implement, with uncertain outcomes. Delays in patient enrollment, unforeseen safety issues, or lack of efficacy could prolong or halt clinical development.
• Management Experience: Certain members of the management team have limited experience in managing the day-to-day operations of a public company, potentially leading to additional expenses and operational challenges.

Financial & Regulatory Risks

• Demand Volatility: Not applicable at this stage as no products are commercialized.
• Foreign Exchange: Not explicitly detailed as a primary risk, but international operations and collaborations expose the company to foreign exchange fluctuations.
• Credit & Liquidity: Senti Biosciences, Inc. has a history of recurring losses and negative cash flows, with an accumulated deficit of $358.6 million as of December 31, 2025. Cash and cash equivalents of $16.4 million as of December 31, 2025, are not sufficient to continue as a going concern beyond the second quarter of 2026 without additional funding. The company's ability to raise capital on acceptable terms is uncertain. Adverse developments in the financial services industry could impair access to funding.
• Regulatory & Compliance Risks:
  • Approval Uncertainty: Extensive governmental regulations for biologics mean there is no guarantee of obtaining U.S. or foreign regulatory approval for product candidates.
  • Post-Approval Obligations: Even if approved, products will be subject to ongoing regulatory obligations, potentially costly post-marketing testing, labeling restrictions, and risk of market withdrawal.
  • Data Privacy: Subject to stringent and evolving U.S. and foreign data privacy and security laws (e.g., HIPAA, GDPR, CCPA, PIPL). Non-compliance could lead to investigations, litigation, fines, business disruption, and reputational harm. The use of generative AI technologies by personnel also introduces privacy risks.
  • Healthcare Laws: Failure to comply with healthcare fraud and abuse laws (e.g., federal Anti-Kickback Statute, False Claims Act) could result in enforcement actions, significant penalties, and reputational damage.
  • Regulatory Delays: Disruptions at the FDA and other government agencies (e.g., funding shortages, policy changes) could hinder review and approval processes.

Geopolitical & External Risks

• Geopolitical Exposure: International operations and collaborations (e.g., past collaboration in China) expose the company to business, political, operational, and financial risks associated with doing business outside the United States, including conflicting laws, tariffs, export/import restrictions, and intellectual property enforcement challenges. Geopolitical tensions (e.g., U.S.-China relations, conflicts in Ukraine, Iran) could disrupt supply chains and global markets.
• Trade Relations: Proposed tariffs (e.g., 100% tariff on brand-name or patented drugs unless manufacturing expands in the U.S.) could materially impact the supply chain and business prospects.
• Sanctions & Export Controls: Geopolitical conflicts could lead to sanctions, export controls, or other restrictive actions, damaging international commerce and the global economy.
• Natural Disasters & Public Health Crises: Unplanned events like earthquakes, fires, floods, or pandemics could disrupt manufacturing, computer systems, and overall business operations, leading to increased costs and delays.

Innovation & Technology Leadership

Research & Development Focus: Core Technology Areas:

• Gene Circuit Platform Technologies: Focus on Multi-Arming, Logic Gating, Regulator Dials, and Smart Sensors. These are designed to confer greater clinical and therapeutic activity, precision, and control to cell and gene therapies.
• CAR-NK Cell Therapies: Primary internal pipeline focus is on off-the-shelf CAR-NK cells for oncology indications.
• Targeting Strategies: SENTI-202 incorporates a bivalent CAR (OR GATE) targeting CD33 and/or FLT3, an inhibitory CAR (NOT GATE) recognizing EMCN to spare healthy cells, and a calibrated release interleukin-15 (crIL15) to stimulate immune cells.
• Discovery Platform: Proprietary Tumor-Associated Antigen (TAA) and Protective Antigen (PA) paired discovery platform using RNA transcriptomics data to identify and validate NOT GATE antigen candidates for both liquid and solid tumors.
• Innovation Pipeline: Opportunities include applying NOT GATE to new solid/liquid tumor CAR-NK or CAR-T cell therapies, Multi-Arming to enhance CAR or TCR-based cell therapies, developing stronger and cell-type/cell-state specific promoters, and diverse cell/gene therapy applications outside oncology.

Intellectual Property Portfolio:

• Patent Strategy: Protects proprietary technology and intellectual property rights through wholly-owned patent rights, licensed patent rights in specific fields, trademark rights, trade secrets, know-how, contractual provisions, and confidentiality procedures. Strategy includes domestic and key foreign market protection.
• Patent Holdings: As of March 19, 2026, the in-licensed and owned patent portfolio consists of over 15 issued patents and 237 pending patent applications (215 owned/co-owned, 3 licensed issued, 22 licensed pending). Patents cover gene circuit platform technologies, product candidates (SENTI-202, SENTI-301A), and alternative technologies.
• Licensing Programs:
  • National Cancer Institute (NCI) FLT3 Agreement (July 2020): Exclusive/co-exclusive, royalty-bearing license for FLT3-targeting CAR technology for T-cells or NK cells for FLT3-expressing cancers. Obligated to pay minimum annual royalties, development/regulatory/commercial milestones up to $4.6 million, and tiered low-single digit royalties on net sales.
  • National Cancer Institute (NCI) CD33 Agreement (May 2021): Exclusive, royalty-bearing license for CD33 targeting CAR technology for autologous human T cells or off-the-shelf human NK cells for CD33-expressing cancers. Obligated to pay minimum annual royalties, development/regulatory/commercial milestones up to $3.5 million, and flat low-single digit royalties on net sales.
  • National Cancer Institute (NCI) GPC3 Agreement (February 2021): Exclusive, royalty-bearing license for GPC3 targeting CAR technology for unmodified, off-the-shelf NK cells for GPC3 expressing human cancers.
• IP Litigation: Not currently facing any patent infringement claims.

Technology Partnerships:

• BlueRock Therapeutics LP: Collaboration and Option Agreement (May 2021, amended September 2025) to research and develop gene circuits for regenerative medicines. Senti Biosciences, Inc. is responsible for up to $10 million in research costs. BlueRock Therapeutics LP has an option to obtain exclusive or non-exclusive licenses for cell therapy products incorporating option gene circuits.
• Celest Therapeutics, (Shanghai) Co. Ltd.: Collaboration and Option Agreement (November 2023) for an investigator-initiated trial of SENTI-301A gene circuit in China. Celest Therapeutics, (Shanghai) Co. Ltd. ceased enrollment in April 2025 due to dose limiting toxicities, and Senti Biosciences, Inc. does not anticipate the option will be exercised.
• Spark Therapeutics, Inc.: Previously had a Research Collaboration and License Agreement (April 2021) to design, build, and test synthetic promoters. Spark Therapeutics, Inc. opted not to exercise its option following completion of the research.

Leadership & Governance

Executive Leadership Team

Leadership Continuity: Senti Biosciences, Inc. depends on the continued service of key executive management and specialized personnel. The company has experienced changes in its CFO role, with Yvonne Li serving as Interim CFO until Jay Cross's appointment in March 2025. The company's success is tied to its ability to attract and retain qualified scientific and management personnel.

Board Composition: As of December 31, 2025, the Board of Directors had eight members. New Enterprise Associates, Inc. held one seat, and Celadon Partners LLC held three seats (Donald Tang, Feng Hsiung, Bryan Baum). The Audit Committee is comprised of Fran Schulz (Chair), Feng Hsiung, and Bryan Baum.

Human Capital Strategy

Workforce Composition:

• Total Employees: 39 employees (as of March 19, 2026)
• Geographic Distribution: All employees are full-time and located in the United States (implied by facility locations and lack of international employee distribution data).
• Skill Mix: Consists of clinical, research, operations, regulatory, finance, and business development personnel. 7 employees hold Ph.D. or M.D. degrees.

Talent Management: Acquisition & Retention:

• Hiring Strategy: Objectives include identifying, recruiting, retaining, incentivizing, and integrating employees.
• Retention Metrics: Not explicitly disclosed.
• Employee Value Proposition: Equity incentive plans are used to attract, retain, and motivate employees, consultants, and directors through stock-based compensation awards. Diversity & Development: Not explicitly disclosed. Culture & Engagement: Not explicitly disclosed.

Environmental & Social Impact

No material information explicitly stated in the filing regarding environmental commitments, supply chain sustainability, or social impact initiatives.

Business Cyclicality & Seasonality

No material information explicitly stated in the filing regarding demand patterns, seasonal trends, economic sensitivity, industry cycles, or planning and forecasting.

Regulatory Environment & Compliance

Regulatory Framework:

• Industry-Specific Regulations: Senti Biosciences, Inc. is subject to extensive regulation by the U.S. Food and Drug Administration ("FDA") and other regulatory authorities at federal, state, and local levels, as well as in foreign countries. This includes regulations governing research, development, testing, manufacture, quality control, import, export, safety, effectiveness, labeling, packaging, storage, distribution, record keeping, approval, advertising, promotion, marketing, sampling, post-approval monitoring, and reporting of biologics.
• U.S. Biologics Regulation: Products are regulated under the Federal Food, Drug, and Cosmetic Act and the Public Health Service Act. The process involves preclinical testing (GLP), Investigational New Drug application ("IND") submission, Institutional Review Board ("IRB") approval, human clinical trials (GCP), Biologics License Application ("BLA") submission, FDA Advisory Committee review (if applicable), FDA inspection of manufacturing facilities (cGMP, cGTP), and FDA review and approval.
• Expedited Programs: Product candidates may be eligible for Fast Track, Breakthrough Therapy, Priority Review, Accelerated Approval, and Regenerative Medicine Advanced Therapy ("RMAT") designations. SENTI-202 has received Orphan Drug Designation and RMAT designation.
• Post-Approval Requirements: Approved products are subject to pervasive and continuing regulation, including record-keeping, adverse event reporting, periodic reporting, product sampling and distribution, advertising, and promotion.
• International Compliance: Activities in other countries are subject to similar regulations, with variations in requirements and administrative review periods. The European Union has a centralized marketing authorization procedure and provides for data and market exclusivity (e.g., 8+2 years).
• Data Privacy: Subject to U.S. federal and state data protection laws (e.g., HIPAA, CCPA) and international laws (e.g., EU General Data Protection Regulation, UK General Data Protection Regulation, Brazil’s General Data Protection Law, China’s Personal Information Protection Law). Compliance requires significant effort and is subject to evolving interpretations and potential penalties for non-compliance.

Trade & Export Controls:

• The pharmaceutical industry, including Senti Biosciences, Inc. or its collaborators, may depend on China-based suppliers or service providers. Geopolitical developments between the United States and China, including tariffs or trade restrictions (e.g., proposed BIOSECURE Act), could restrict engagement with these suppliers and impact preclinical research and clinical development programs.

Legal Proceedings: Senti Biosciences, Inc. is subject to claims and assessments in the ordinary course of business but does not believe any such matters will have a material adverse effect on its financial position, results of operations, or cash flows. No material legal proceedings are currently a party to.

Tax Strategy & Considerations

Tax Profile:

• Effective Tax Rate: Senti Biosciences, Inc. did not record any income tax expense or benefit for the years ended December 31, 2025, and 2024, due to a full valuation allowance against net deferred tax assets.
• Net Operating Losses (NOLs): As of December 31, 2025, Senti Biosciences, Inc. had federal NOLs of approximately $263.6 million ($260.1 million with indefinite life, $3.5 million expiring 2036-2037) and state NOLs of approximately $202.7 million (expiring 2036-2045).
• Tax Credits: As of December 31, 2025, Senti Biosciences, Inc. had federal tax credits of approximately $9.575 million (expiring 2036-2045) and state tax credits of approximately $7.127 million (indefinite life).
• Valuation Allowance: A full valuation allowance of $98.721 million (2025) and $81.708 million (2024) is maintained against net deferred tax assets due to uncertainties regarding the realization of these assets.
• Tax Reform Impact: The One Big Beautiful Bill Act ("OBBBA") enacted on July 4, 2025, is not expected to have a material impact on Senti Biosciences, Inc.'s consolidated financial statements based on preliminary assessment. The Inflation Reduction Act of 2022 ("IRA") includes provisions that may impact the business, such as Medicare Part D spending caps, manufacturer financial liability, drug price negotiation, and inflation rebates.

Insurance & Risk Transfer

Risk Management Framework:

• Insurance Coverage: Senti Biosciences, Inc. maintains workers’ compensation insurance and some environmental liability insurance. It also maintains cyber liability insurance, though there is no assurance it will provide adequate coverage. Directors' and officers' insurance is also maintained.
• Risk Transfer Mechanisms: Senti Biosciences, Inc. enters into agreements that may include indemnification provisions, though the maximum potential amount of future payments is not determinable. The company has not incurred material costs related to these provisions.