Overview

• US cystic fibrosis drug developer's Q1 net loss widened, missing analyst expectations

• Higher R&D and administrative expenses drove increased net loss in the quarter

• Company completed enrollment in Phase 2a trial and expects cash to fund operations into 2028

Outlook

• Company expects topline data from Phase 2a and Phase 1 trials in summer 2026

• Sionna expects current cash position to fund operations into 2028

Result Drivers

• PIPELINE ADVANCEMENT - Higher R&D expenses were mainly driven by development costs to support advancement of clinical pipeline and personnel-related costs, including stock-based compensation

• COMPANY GROWTH - Higher general and administrative expenses were primarily due to personnel-related costs, including stock-based compensation, to support continued growth and operational activities

Company press release: ID:nGNX8zp9Cw

Key Details

Metric	Beat/Miss	Actual	Consensus Estimate
Q1 Net Income	Miss	-$26.78 mln	-$23.14 mln (8 Analysts)
Q1 Basic EPS		-$0.60
Q1 Income from Operations		-$29.60 mln
Q1 Operating Expenses		$29.60 mln

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 10 "strong buy" or "buy", no "hold" and 1 "sell" or "strong sell"

• The average consensus recommendation for the biotechnology & medical research peer group is "buy"

• Wall Street's median 12-month price target for Sionna Therapeutics Inc is $53.00, about 15.3% above its May 11 closing price of $45.95

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