It’s tough times to be a public biotech, especially a small one. As the market cratered over the past year and a half, hundreds of companies watched their valuations plummet to the point that, at least by stock market metrics, they’re worth less than the cash they have in the bank.
Now, one biotech investor is proposing a novel solution: Just give that cash back.
Apeiron Investment Group, a firm run by the German billionaire Christian Angermayer, released a public letter on Wednesday directed to the board of Sensei Biotherapeutics, a cancer company that has lost over 94% of its value since it went public in 2021. The letter notes the company is now worth a fraction of its cash on hand — $40 million, compared to around $120 million, as of last filing — and asks that Sensei offer a substantial portion of that cash back to shareholders, either in the form of a dividend or a stock buyback.
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