Sensei Biotherapeutics is a clinical-stage oncology biotech with no approved products or revenue. Its lead asset is PIKTOR, an investigational oral combination therapy targeting the PI3K/AKT/mTOR pathway — a signaling pathway implicated in a large share of solid tumors. PIKTOR combines two agents, serabelisib and sapanisertib, dosed together on an intermittent oral schedule. The company's core thesis is that simultaneously blocking two nodes of the PI3K/AKT/mTOR pathway — rather than just one, as approved drugs do — creates more complete pathway suppression, potentially reducing adaptive resistance while allowing lower individual drug doses and a more tolerable side effect profile. Sensei is developing PIKTOR primarily for advanced endometrial cancer and HR+/HER2- advanced breast cancer. A Phase 2 trial in endometrial cancer is ongoing, with topline data expected by year-end 2026, and a Phase 1b breast cancer trial is planned to start in the first half of 2026. Sensei also has earlier-stage pipeline programs and legacy antibody assets, including an anti-VISTA checkpoint antibody in Phase 1/2. The company funds operations entirely through equity raises, most recently a $200M private placement in early 2026. If PIKTOR is approved, Sensei would build a commercial organization to sell it directly to oncologists and cancer centers, with royalties and milestones owed to Takeda on the underlying drug licenses.