Key Highlights

  • Net loss per share of USD 0.79 was one cent wider than the consensus estimate of a USD 0.78 loss.
  • Net loss of USD 20.4 million compared with USD 4.6 million last year as expenses rose to USD 22.1 million.
  • Cash and marketable securities totaled USD 174.8 million, enough to fund operations through readouts from both PIKTOR trials.
  • The FDA granted Fast Track Designation to PIKTOR with paclitaxel in advanced or recurrent endometrial cancer in August 2026.

Faeth Therapeutics, Inc. (NASDAQ:FTH) reported a third quarter 2026 net loss of USD 20.4 million, or USD 0.79 per basic and diluted share, against a net loss of USD 4.6 million, or USD 3.62 per share, a year earlier. The loss per share was one cent wider than a consensus estimate of a USD 0.78 loss. The clinical-stage biotechnology company has no product revenue. It completed the Acquisition of Faeth Holdings Therapeutics on February 17, 2026, and changed its name from Sensei Biotherapeutics effective June 15, 2026. The weighted share count differs sharply from a year earlier because of that transaction and the related private placement.

Spending Rises After the Acquisition

Total operating expenses reached USD 22.1 million against USD 4.9 million. Research and Development expense rose USD 9.2 million to USD 11.7 million, driven by USD 5.5 million of external program costs for PIKTOR and other programs and USD 5.2 million of higher personnel costs, partly offset by a USD 1.5 million decline in legacy Sensei program costs. General and administrative expense rose USD 8.0 million to USD 10.4 million on higher personnel costs, legal fees and consulting. Other income climbed to USD 1.7 million from USD 0.3 million on interest from securities. Nine month net loss was USD 206.6 million, or USD 18.76 per share, including USD 133.0 million of acquired in-process research and development recorded for the acquisition. Stock-based compensation reached USD 8.5 million in the quarter against USD 0.3 million.

Clinical Programs and Funding

PIKTOR, an oral combination of serabelisib and sapanisertib that inhibits multiple nodes of the PI3K/AKT/mTOR pathway, is in a Phase 2 trial in second-line advanced endometrial cancer, with topline data anticipated by year end 2026. A Phase 1b/2 trial in HR+/HER2- advanced breast cancer dosed its first patient in April 2026, with interim data targeted for 2027. The company is completing the remaining portion of its solnerstotug Phase 1/2 trial. It has raised net proceeds of USD 183.1 million from the 2026 private placement, and a June 2026 at-the-market program covering up to USD 150.0 million has had no shares sold. Management said existing cash and securities are sufficient to fund operations through both topline readouts, and cash needs are rising as PIKTOR advances.

Cash, Cash Burn and Trial Dates Against Prior Figures

Cash, cash equivalents and marketable securities of USD 174.8 million compare with about USD 21.2 million at year end 2025, made up of USD 8.7 million of cash and USD 12.5 million of marketable securities. Net cash used in Operating Activities was USD 39.4 million over nine months against USD 16.6 million a year earlier, and the accumulated Deficit stands at USD 489.8 million. The Phase 2 endometrial cancer readout is dated for year end 2026, while breast cancer interim data is dated for 2027. Quarterly research and development expense of USD 11.7 million compares with USD 2.5 million, and general and administrative expense of USD 10.4 million with USD 2.3 million.