Senti Biosciences to raise up to $40M via convertible notes

Senti Biosciences, Inc. entered into a Securities Purchase Agreement to issue and sell up to $40.0 million in aggregate principal amount of Senior Secured Convertible Notes in a private placement. The financing includes an initial $10.0 million tranche and a potential second tranche of up to $30.0 million, subject to Celadon's election and a contingent value right (CVR) transaction. The notes, issued to an investor affiliated with Celadon, the company's largest stockholder, mature in six months and require a 200% payment on outstanding principal. Proceeds will be used for general corporate purposes and to advance CMC and clinical trials for their product candidate, SENTI-202.