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Other Financial Statement information
 6 Months Ended
Jun. 30, 2026
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Other Financial Statement information Other Financial Statement information
Prepaid Expenses and Other Current Assets
Prepaid expenses and other current assets consisted of the following:
June 30,December 31,
(in thousands)20262025
Prepaid expenses$623 $1,340 
Other 288 — 
Deposits144 315 
Total prepaid expenses and other current assets$1,055 $1,655 
Property and Equipment, Net
Property and equipment, net consisted of the following:
June 30,December 31,
(in thousands)20262025
Leasehold improvements$17,748 $17,748 
Lab equipment7,301 7,565 
Furniture and fixtures331 331 
Computer equipment and software299 299 
Property and equipment at cost25,679 25,943 
Less: accumulated depreciation(14,246)(13,057)
Property and equipment, net$11,433 $12,886 
Accrued Expenses and Other Current Liabilities
Accrued expenses and other current liabilities consisted of the following:
June 30,December 31,
(in thousands)20262025
Accruals related to:
Employee-related expenses$1,272 $2,365 
Clinical trials1,312 2,070 
Professional and other service fees990 846 
Other current liabilities508 73 
Total accrued expenses and other current liabilities$4,082 $5,354 
Other Non-current Liabilities
Other non-current liabilities consisted of the following:
June 30,December 31,
(in thousands)20262025
Liabilities associated with CIRM Grant$8,000 $7,950 
Other — 149 
Total other non-current liabilities$8,000 $8,099 
CIRM Grant
On August 3, 2024, the Company executed an agreement with California Institute for Regenerative Medicine (“CIRM”) for a total grant award of $8.0 million (“CIRM Grant”) in support of the research project related to the ongoing clinical development of SENTI-202. The award is payable to the Company upon achievement of milestones that are primarily based on patient enrollment in the Company’s SENTI-202 clinical trial. Under the terms of the CIRM Grant, the Company is obligated to co-fund up to $4.8 million and is required to provide CIRM timely progress and financial update reports.
Under the terms of the CIRM Grant, the Company is obligated to pay royalties and licensing fees based on 0.1% of net commercial revenue of CIRM-funded product candidates or CIRM-funded technology for every $1.0 million of CIRM funding received. These payments would commence upon the first commercial sale of an applicable product and continue for either 10 years from such first commercial sale or until the total royalties paid equal nine times the original CIRM Grant, whichever occurs first. If no CIRM-funded products are commercialized, no royalty
or licensing fee payments would be due. As an alternative to revenue sharing, the Company has the option to convert the CIRM Grant to a loan. As of June 30, 2026, the Company has not elected to convert the CIRM Grant to a loan. In the event the Company exercises its right to convert the CIRM Grant to a loan, the Company would be obligated to repay the loan within 10 business days of making such election. Repayment amounts vary dependent upon the phase of clinical development of SENTI-202 at the time of the Company’s election, ranging from 80% to 100% plus interest at 10% plus the 90-day Secured Overnight Financing Rate.
As presented in the table above, the Company received an aggregate of $8.0 million from the CIRM Grant as of both June 30, 2026 and December 31, 2025.