Sionna Therapeutics Inc(SION) - 2025 Q1 - Quarterly Results

Sionna Therapeutics Q1 2025 Financial Results and Business Update Business and Pipeline Update Sionna Therapeutics completed Phase 1 dosing for NBD1 stabilizers, anticipating Q2 2025 topline data and initiating Phase 2a and dual combination trials in H2 2025, bolstered by a $219 million IPO - Phase 1 dosing for NBD1 stabilizers SION-719 & SION-451 is complete, with both compounds being generally well-tolerated. Topline data is anticipated in the current quarter (Q2 2025)[2][4] - The company is on track to initiate a Phase 2a proof-of-concept trial and at least one dual combination MAD trial in the second half of 2025, with topline data for both anticipated in mid-2026[2][4] - In February 2025, Sionna completed an upsized IPO, raising approximately $219 million in gross proceeds[5] - The company will present preclinical data on its NBD1 stabilizers in combination with other modulators at the European Cystic Fibrosis Conference in June 2025[6] Q1 2025 Financial Results Sionna reported a Q1 2025 net loss of $16.5 million, an increase from the prior year, with cash and equivalents rising to $354.7 million post-IPO, expected to fund operations into 2028 Q1 2025 vs Q1 2024 Operating Results (in millions) | Metric | Q1 2025 | Q1 2024 | Change | | :--- | :--- | :--- | :--- | | Research and Development Expenses | $13.7 | $10.2 | +$3.5 | | General and Administrative Expenses | $6.0 | $2.9 | +$3.1 | | Net Loss | $16.5 | $11.8 | +$4.7 | Key Balance Sheet Data (in millions) | Metric | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash, cash equivalents, and marketable securities | $354.7 | $168.0 | | Total stockholders' equity (deficit) | $351.8 | $(163.7) | - The current cash position of $354.7 million is expected to fund operations into 2028[2][9] Consolidated Statements of Operations Sionna's Q1 2025 net loss increased to $16.5 million ($0.62 per share) from $11.8 million in Q1 2024, primarily due to higher operating expenses Consolidated Statements of Operations (Unaudited, in thousands) | | Three Months Ended March 31, | | :--- | :--- | :--- | | | 2025 | 2024 | | Operating expenses: | | | | Research and development | $13,668 | $10,220 | | General and administrative | $5,991 | $2,927 | | Total operating expenses | $19,659 | $13,147 | | Loss from operations | $(19,659) | $(13,147) | | Other income: | | | | Interest income | $3,000 | $1,132 | | Net loss | $(16,482) | $(11,847) | | Net loss per share, basic and diluted | $(0.62) | $(3.84) | | Weighted-average common shares outstanding | 26,596,059 | 3,082,635 | Selected Consolidated Balance Sheet Data Post-IPO, Sionna's balance sheet as of March 31, 2025, shows cash and equivalents at $354.7 million and total stockholders' equity at $351.8 million, a significant improvement Selected Consolidated Balance Sheet Data (Unaudited, in thousands) | | March 31, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash, cash equivalents, and marketable securities | $354,688 | $168,043 | | Working capital | $264,153 | $140,573 | | Total assets | $369,674 | $185,752 | | Total stockholders' equity (deficit) | $351,769 | $(163,713) |