Company: SION
Filing Date: 2025-01-17
Form Type: S-1
Source: 0001193125-25-008474
Chunk: 350

Company: Sionna Therapeutics, Inc.
Filing Date: 2025-01-17
Form: S-1
Chunk 350
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 include only normal recurring adjustments necessary for the
fair presentation of the Company’s financial position as of September 30, 2024 and the results of its operations and its cash flows for the nine months ended September 30, 2024 and 2023. The financial data and other information
disclosed in these notes related to the nine months ended September 30, 2024 and 2023 are also unaudited. The results for the nine months ended September 30, 2024 are not necessarily indicative of results to be expected for the
year ending December 31, 2024, or for any other subsequent period.

Deferred Offering Costs

The Company capitalizes certain legal, professional accounting and other third-party fees that are direct and incremental costs associated with the
planned IPO and other in-process equity financing as deferred offering costs until such financing is consummated. After consummation of the IPO or equity financing, these costs are recorded as a reduction of
the proceeds generated as a result of the offering within additional paid-in capital. Should the planned IPO or equity financing be abandoned, the deferred offering costs will be expensed immediately as a
charge to operating expenses in the condensed consolidated statements of operations. The Company did not record any deferred offering costs as of December 31, 2023, and recorded deferred offering costs of $1.9 million within other assets
as of September 30, 2024.

Recently Issued Accounting Pronouncements Not Yet Adopted

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280: Improvements to Reportable Segment Disclosures) (“ASU 2023-07”). The amendments in this update improve reportable segment disclosure requirements through enhanced disclosures about significant segment expenses. All
disclosure requirements of the update are required for entities with a single reportable segment. The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after
December 15, 2024, and should be applied on a retrospective basis to all periods presented. For purposes of its annual reporting requirements, the Company has adopted this standard as of January 1, 2024, but has not yet adopted the
standard in these interim financial statements and disclosures. As of September 30, 2024, the Company only has one reportable segment. The Company is currently in the process of evaluating the effects of this pronouncement on the related
disc