aibioFaeth Therapeutics reports $186.4 million in cash and securities after Sensei combination
Tickers FTH
Faeth reported a net loss of $16.0 million for the quarter ended June 30, 2026, and said topline data from its Phase 2 PIK-201 trial in endometrial cancer are expected by year-end.
Key facts
- Company
- Faeth Therapeutics, Inc. (NASDAQ: FTH)
- News type
- Company Updates
- Primary source
- Faeth Therapeutics, Inc. 8-K (2026-08-04)
Faeth Therapeutics, Inc. (Nasdaq: FTH), a clinical-stage oncology company, reported results for the quarter ended June 30, 2026 on August 4, 2026. The release, furnished in an 8-K, says cash, cash equivalents and marketable securities totaled $186.4 million at June 30, 2026, compared with $21.2 million at December 31, 2025.
The company changed its name to Faeth Therapeutics, Inc. on June 15, 2026, and its common stock began trading under the symbol FTH on June 16, 2026. Chief Executive Officer Anand Parikh said the combination with Sensei Biotherapeutics was an important milestone for the company, and that the concurrent $200 million PIPE financing gives it the capital to test its multi-nodal hypothesis in several cancers.
The PIKTOR program
PIKTOR is an investigational, all-oral combination of serabelisib, a selective PI3K-alpha inhibitor, and sapanisertib, an mTORC1/mTORC2 inhibitor. The company designs it to inhibit multiple nodes of the PI3K/AKT/mTOR pathway. According to published literature cited in the release, that pathway is dysregulated in up to 50% of all solid tumors.
The Phase 2 trial, Study FTH-PIK-201, evaluates PIKTOR in second-line advanced endometrial cancer, with topline data anticipated in the second half of 2026. The company expects those results by year-end. The Phase 1b/2 trial, Study FTH-PIK-101, evaluates PIKTOR in HR+/HER2- advanced breast cancer. The first patient was dosed in April 2026, and the company expects to report initial safety and efficacy data in 2027.
Second-quarter results
Research and development expenses were $9.2 million for the quarter, compared with $2.5 million for the quarter ended June 30, 2025. The company attributes the increase mainly to clinical trial and manufacturing costs supporting PIKTOR and to higher personnel costs, partly offset by lower clinical trial costs for SNS-101.
General and administrative expenses were $9.2 million, compared with $2.7 million a year earlier. The company says the increase was mainly due to higher personnel costs and professional fees related to financing and reporting activities. The net loss was $16.0 million, or $2.84 per basic and diluted share, compared with $4.9 million, or $3.91 per share, a year earlier. Weighted-average common shares outstanding were 5,643,222, compared with 1,260,867.
Balance sheet
In thousands, cash and cash equivalents were $26,903 at June 30, 2026, against $8,668 at December 31, 2025. Marketable securities were $159,538, against $12,516. Total assets were $189,306, against $22,902, and total liabilities were $9,581, against $4,310. Series B redeemable convertible preferred stock was $6,767, and total stockholders' equity was $172,958, against $18,592.
Board and management
In June 2026, stockholders approved the conversion of the Series B preferred stock issued in the February 2026 acquisition of Faeth Therapeutics, and the concurrent private placement, into common stock. Also in June, Brian Stephenson, Ph.D., CFA, was appointed Chief Financial Officer, and Anand Parikh was appointed Chairman, President and Chief Executive Officer. The board added former FDA Commissioner Stephen M. Hahn, M.D., and Saira Ramasastry.
Financing and advisors
The release names no underwriter or placement agent for the $200 million PIPE financing. It names no lender or financial advisor for it either.
What the release does not show
The multi-node idea is still a hypothesis, as the CEO's own wording says, and the release reports no efficacy or safety results for PIKTOR. The Phase 2 endometrial readout is expected by year-end and the breast cancer data not until 2027, so the large cash balance rests on trials that have yet to report. The company's 10-K data show a net loss of $21.1 million and $20.5 million of cash used in operations for 2025, and the second-quarter net loss of $16.0 million, with general and administrative expenses at $9.2 million, matching research and development.
The jump to $186.4 million follows the combination and the $200 million PIPE, and the Series B preferred stock has been converted into common stock, which adds to the share count; the release gives no PIPE pricing or share terms. It refers to the company's anticipated cash runway but gives no runway figure. Clinical costs for SNS-101 fell, and the release gives no update on that program.