SION

Sionna is a clinical-stage CF company with zero product revenue, a $75.3M FY2025 net loss (widening 22% YoY), -$66.3M operating cash flow, and a $256.4M accumulated deficit. Its entire value rests on NBD1-stabilizer candidates SION-719 (now in the Phase 2a 'PreciSION CF' add-on trial to Vertex's Trikafta) and SION-451 (Phase 1 dual combinations), with topline readouts the MD&A pegs for mid-2026. June 2025 Phase 1 data showed good tolerability and met target exposure, but that is an early, healthy-volunteer signal — efficacy in CF patients is unproven and the company concedes it has 'not yet demonstrated an ability to conduct later-stage clinical trials' or obtain approval.

The balance sheet is clean in structure — $307M equity against just $19.1M liabilities (0.06x), and current assets of $241M after the 2025 IPO raised $199.6M net. But cash and equivalents are only $58.5M, and against a ~$66M annual burn that continues to grow, this is a company that will need to keep raising capital and dilute holders (45M shares today, after issuing 12.2M in the IPO). Management explicitly guides to substantially increasing expenses and losses 'for the foreseeable future.'