Company: SION
Filing Date: 2025-01-17
Form Type: S-1
Source: 0001193125-25-008474
Chunk: 19

Company: Sionna Therapeutics, Inc.
Filing Date: 2025-01-17
Form: S-1
Chunk 19
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 each of our cash, cash                          
 equivalents and investments in marketable securities, working capital, total assets and total stockholders’ (deficit) equity by approximately $   , assuming no change in the assumed initial public offering price per share, and after                  
 deducting the estimated underwriting discounts and commissions and estimated offering expenses payable by us.                                                                                                                                             |

| (3) | We define working capital as current assets less current liabilities. See our consolidated financial statements and the       
 related notes included elsewhere in this prospectus for further details regarding our current assets and current liabilities. |

15

RISK FACTORS

Investing in our common stock involves a high degree of risk. You should consider and read carefully all of the risks and uncertainties described below, as well as the other information in this prospectus, including our audited consolidated financial statements and the related notes appearing elsewhere in this prospectus and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” before deciding whether to invest in our common stock. The risks described below are not the only ones facing us. The following risks or additional risks and uncertainties not presently known to us or that we currently believe to be immaterial could materially and adversely affect our business, financial condition, results of operations and growth prospects. In such an event, the trading price of our common stock could decline, and you may lose all or part of your investment.

This prospectus also contains forward-looking statements and estimates that involve risks and uncertainties not presently known to us or that we currently deem immaterial also may impair our business operations. Our actual results could differ materially from those anticipated in our forward-looking statements as a result of specific factors, including the risks and uncertainties described below.

Risks Related to Our Limited Operating History, Financial Condition and Need for Additional Capital

We are a clinical-stage biopharmaceutical company and have incurred significant operating losses since inception and anticipate that we will continue to incur significant operating losses for the foreseeable future. Our net losses were $47.3 million and $40.2 million for the years ended December 31, 2023 and 2022, respectively. We had an accumulated deficit of $165.2 million and $119.4 million as of September 30, 2024 and December 31, 2023, respectively. We may never achieve or maintain profitability.

We are a clinical-stage
biopharmaceutical company with a limited operating history. We have incurred operating losses in each year since our inception. Our net losses were $47.