Promising Potential of SENTI-202 in Treating Acute Myeloid Leukemia: A Buy Recommendation Despite Financial RisksWe believe that SENTI-202’s Ph 1 update in r/r AML was encouraging and de-risks more substantive investment in the program, including the company’s planned pivotal trial set for initiation in 2H26, pending funding. Though we have some lingering uncertainty in SENTI-202’s efficacy signal simply because of the small sample size of the dataset (n=18 evaluable, n=12 at RP2D), SENTI-202’s dose expansion update validated the therapy’s potential and contribution of the company’s unique logic- gate-CARs. First, SENTI-202 maintained a promising emerging efficacy signal that compares favorably to available r/r AML treatment options, including a robust depth-of-response with high rates of MRD-negativity, competitive duration-of-response, and a capacity to successfully transition patients transplant—all leading indicators of strong overall survival (OS).