The company remains in a pre-revenue phase with operating losses widening to $29.6 million in 2026Q1, driven by an aggressive R&D strategy that has seen quarterly costs climb from $9.9 million in 2023Q4.
| Sales/Revenue | 0 | 0 | 0 | 0 | 0 |
| Revenue Growth % | - | - | - | - | - |
| Cost of Goods Sold | 453K | 647K | 668K | 0 | 0 |
| COGS % of Revenue | - | - | - | - | - |
| Gross Profit | -453K | -647K | -668K | 0 | 0 |
| Gross Margin % | - | - | - | - | - |
| Gross Profit Growth % | - | 3.14% | - | - | - |
| Operating Expenses | 98.47M | 88.33M | 69.89M | 50.33M | 41.37M |
| OpEx % of Revenue | - | - | - | - | - |
| Selling, General & Admin | 34.12M | 28.72M | 13.27M | 9.71M | 6.77M |
| SG&A % of Revenue | - | - | - | - | - |
| Research & Development | 65.56M | 60.26M | 57.29M | 40.63M | 34.6M |
| R&D % of Revenue | - | - | - | - | - |
| Other Operating Expenses | -627K | -647K | -668K | 0 | 0 |
| Operating Income | -98.92M | -88.98M | -70.56M | -50.33M | -41.37M |
| Operating Margin % | - | - | - | - | - |
| Operating Income Growth % | - | -26.12% | -40.18% | -21.66% | - |
| EBITDA | -98.78M | -88.33M | -69.89M | -49.75M | -41.25M |
| EBITDA Margin % | - | - | - | - | - |
| EBITDA Growth % | -27.55% | -26.4% | -40.48% | -20.61% | - |
| D&A (Non-Cash Add-back) | 143K | 647K | 668K | 583K | 122K |
| EBIT | -88.73M | -88.98M | -70.56M | -50.33M | -41.37M |
| Net Interest Income | 13.12M | 13.29M | 8.17M | 2.77M | 1.13M |
| Interest Income | 13.12M | 13.29M | 8.17M | 2.77M | 1.13M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 13.36M | 13.71M | 8.87M | 3.07M | 1.13M |
| Pretax Income | -85.56M | -75.27M | -61.69M | -47.26M | -40.24M |
| Pretax Margin % | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 0% |
| Net Income | -85.56M | -75.27M | -61.69M | -47.26M | -40.24M |
| Net Margin % | - | - | - | - | - |
| Net Income Growth % | -22.86% | -22.01% | -30.52% | -17.45% | - |
| Net Income (Continuing) | -85.56M | -75.27M | -61.69M | -47.26M | -40.24M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.90 | -1.88 | -1.40 | -1.07 | -0.91 |
| EPS Growth % | -21.98% | -34.29% | -30.71% | -17.45% | - |
| EPS (Basic) | - | -1.88 | -1.40 | -1.07 | -0.91 |
| Diluted Shares Outstanding | 44.92M | 39.96M | 44.12M | 44.12M | 44.12M |
| Basic Shares Outstanding | 44.92M | 39.96M | 44.12M | 44.12M | 44.12M |
| Dividend Payout Ratio | - | - | - | - | - |
Clinical trial execution failure
As reported in recent financial filings, Sionna’s quarterly R&D expenditures have climbed to $19.0 million in 2026Q1, reflecting an aggressive clinical development strategy that continues to outpace the company's limited cash reserves and necessitates careful monitoring of the firm's overall capital allocation efficiency.
The consistent upward trend in R&D spending suggests management is prioritizing the rapid advancement of its NBD1-targeting pipeline over near-term expense containment. Investors should note that this cost structure is inherently fixed and non-discretionary, leaving little room for operational flexibility should clinical milestones face delays.
Based on the provided income statement data, Sionna’s operating loss widened to $29.6 million in 2026Q1, illustrating that the company currently lacks the scale to offset its rising SG&A and R&D costs, which have grown significantly since the 2023Q4 period of $12.6 million.
The lack of revenue generation means that every dollar of operating expense directly erodes the company's equity base. The expansion of SG&A costs suggests a scaling of administrative and commercial-readiness infrastructure that may be premature given the current stage of clinical development.
According to the company's historical income statements, stock-based compensation has reached $3.8 million in 2025Q4, indicating that management is increasingly utilizing equity-based incentives to preserve cash, which may lead to significant shareholder dilution as the company continues its pre-revenue clinical development phase.
While utilizing equity for compensation preserves the $58.5 million cash balance, it creates a persistent drag on future EPS for existing shareholders. Analysts should evaluate whether these compensation levels are aligned with tangible clinical progress or if they represent an unsustainable method of managing liquidity constraints.
As indicated by the 0.03% debt-to-equity ratio and the absence of commercial revenue, Sionna’s survival is entirely contingent upon the capital markets, a vulnerability that warrants caution given the current $29.6 million quarterly operating loss and the finite nature of the reported $58.5 million cash position.
The reliance on equity markets exposes the company to significant valuation volatility, particularly if clinical data readouts fail to meet the high efficacy benchmarks established by incumbent therapies. Investors should consider the high probability of a dilutive capital raise within the next four to six quarters.
Quick answers to the most common questions about buying SION stock.
For fiscal year 2025, Sionna Therapeutics, Inc. (SION) reported total revenue of $0.0M.
Sionna Therapeutics, Inc. (SION) reported a net loss of $75.3M for the fiscal year ending 2025.