Factoring in recent change of priorities (Sensei Biotherapeutics)

Factoring in recent change of priorities
TARGET CHANGE
CHANGE IN EPS
2022 : $ (1.52) vs (1.78) ns
2023 : $ (1.49) vs (2.33) ns

As Sensei has prioritised development of SNS-101 over the SNS-401-NG programme – possibly to manage cash burn, considering the recent decline in BioTech sector fundraising, some operating expense savings are being expected. While our EPS estimates reset higher, losses are likely to persist on the back of still missing sales / earnings stream – which is also unlikely to change in the foreseeable future.

CHANGE IN NAV
€ 4.93 vs 5.66 -12.9%

The NAV, like the DCF, also rests lower (c.13%) due to the delay in development of Sensei’s SNS-401-NG programme.

CHANGE IN DCF
€ 4.84 vs 5.53 -12.4%

Although prioritisation of the SNS-101 programme would result in operating expense savings, it would result in the delayed development of other programmes and, hence, their contribution to the group’s earnings. Therefore, the DCF metric resets c.12% lower.