** Shares of Sensei Biotherapeutics SNSE.O rise 1.6% to $9.38 after market open

** Co says it will stop developing its experimental cancer drug solnerstotug and begin a review of strategic options

** Options could include selling the company, its assets, or winding down operations, co says

** Attributes board's decision on costs of future studies and tough market conditions

** SNSE will cut its workforce, keeping only a small team to help with the review and manage the shutdown of its ongoing clinical trial

** Co had $28.6 million in cash, cash equivalents and marketable securities as of June 30

** Up to last close, stock down ~4% YTD

(Reporting by Sahil Pandey in Bengaluru)

((Sahil.Pandey@thomsonreuters.com))