Sionna Cuts 46% of Staff, Pivots to CF Combo After Lead Drug Fails
SION sits 98% above its 52-week low of $4.01.
Summary
Sionna is cutting 46% of its workforce and discontinuing another drug candidate to focus on a combination of SION-451 and SION-2222 for cystic fibrosis. The move follows the August failure of lead drug SION-719 in Phase 2a, which ended that program. The restructuring will cost about $6.4 million and extends cash runway into the second half of 2029. The Phase 2a trial for the combination is expected to launch in Q1 2027. Shares fell 4% after-hours to $7.93.
At the time of this announcement, SION was trading at $7.93 on NASDAQ in the Life Sciences sector, with a market capitalization of approximately $373.5M. The 52-week trading range was $4.01 to $54.97. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: Dow Jones Newswires.