Sensei Biotherapeutics announced a merger/acquisition of Faeth Therapeutics that brings Faeth’s phase II PI3K/AKT/mTOR combination asset Piktor into Sensei’s pipeline and was executed alongside a private placement expected to raise about $200 million. The deal reversed recent existential pressures at Sensei, which had earlier cut staff and weighed winding down operations. The all‑stock transaction (reverse merger characteristics) supplies Sensei a clinical‑stage oral oncology program targeting PI3K‑alpha and mTOR in combination, and the accompanying financing aims to fund clinical activities and corporate stability. Market reaction was volatile but positive given the acquisition of an active asset and capital infusion. The transaction is an example of micro‑cap consolidation where distressed or cash‑strapped companies acquire complementary programs to regain clinical relevance, while investors provide rescue capital tied to the newly combined company’s clinical milestones.