SNTI

Senti is a pre-commercial, pre-revenue synthetic-biology cell-therapy company (CAR-NK gene circuits) that generated just $22.0K of revenue in FY2025 while losing $61.4M — a net margin of -279,264%. There is no business to value on the numbers; the P/S of 1,514.8x is a mathematical artifact of near-zero sales, not a valuation. Everything here rests on unapproved, clinical-stage pipeline candidates, and the filing itself concedes management 'expect[s] to continue to incur significant losses for the foreseeable future' and that expenses 'will increase substantially.'

The balance sheet is the disqualifier. Cash fell 66% to $16.4M while operating cash burn ran $43.4M for the year — roughly four months of runway at the current pace. Stockholders' equity collapsed 78% to $5.59M against $45.6M of liabilities (8.16x leverage), and the accumulated deficit has reached -$359M. Total assets dropped 47.6% and current assets 60.5%. This is a company being visibly wound down toward its cash wall: it amended its Alameda lease on March 17, 2026 to shrink leased space from ~92,000 to ~46,000 sq ft, subleased its cGMP manufacturing facility to GeneFab, and subleased chunks of its headquarters — asset-light retrenchment consistent with severe capital constraint, not a company scaling toward the clinic.