Company: SION
Filing Date: 2025-03-20
Form Type: 10-K
Source: 0002036042-25-000005
Chunk: 195

Company: Sionna Therapeutics, Inc.
Filing Date: 2025-03-20
Form: 10-K
Item: Item 7
Chunk 195
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Total operating expenses70,556 50,333 20,223 Loss from operations(70,556)(50,333)(20,223)Other income:Interest income8,170 2,769 5,401 Other income698 301 397 Total other income:8,868 3,070 5,798 Net loss$(61,688)$(47,263)$(14,425)

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Research and Development Expenses

The following table summarizes our research and development expenses (in thousands):

Year Ended December 31,Change20242023Direct research and development expenses by program:NBD1 programs$22,065 $26,357 $(4,292)Complementary modulator programs6,531 2,056 4,475 Unallocated research and development expenses:IPR&D acquisition related costs13,639 — 13,639 Personnel-related (including stock-based compensation)9,128 8,681 447 Facility, lab and depreciation2,591 2,004 587 Other R&D related costs3,334 1,528 1,806 Total research and development expenses$57,288 $40,626 $16,662 

Research and development expenses increased by $16.7 million to $57.3 million for the year ended December 31, 2024, from $40.6 million for the year ended December 31, 2023. The change in research and development expenses was primarily due to the following: 

•direct research and development expenses increased nominally resulting from a $4.5 million increase in complementary modulator program expenses due to the SION-109 Phase 1 clinical trial in 2024 offset by a $4.3 million decrease in NBD1 program expenses due to a decrease in manufacturing costs; and

•unallocated research and development expenses increased by $16.5 million due to IPR&D acquisition costs incurred in connection with the AbbVie License Agreement of $13.6 million and an increase of $2.9 million due to professional services and other unallocated research and development expenses.

General and Administrative Expenses

The following table summarizes our general and administrative expenses (in thousands):

Year Ended December 31,Change20242023Personnel-related (including stock-based compensation)$7,842 $5,924 $1,918 Professional services & fees3,889 2,384 1,505 Fac