Cystic fibrosis-focused biotech Sionna Therapeutics (SION Proposed) unveiled its IPO terms early today on the first business day in February 2025. Sionna Therapeutics intends to offer 8.82 million shares – at a price range of $16.00 to $18.00 – to raise $150.0 million, according to an S-1/A filing early today – Monday, Feb. 3, 2025. Sionna Therapeutics would have a market cap of about $692.9 million, if priced at the $17.00 mid-point of the terms in the prospectus. The clinical biotech has two drug candidates – SION-719 and SION-451 – in ongoing Phase 1 trials, according to the prospectus.
Goldman Sachs, TD Cowen, Stifel and Guggenheim Securities are the joint book-runners.
Sionna Therapeutics’ disclosure of its IPO’s terms came as U.S. stock futures pointed toward a sharp drop at the market’s opening today amid fear of the impact of tariffs on the U.S. economy.
In the prospectus, Sionna Therapeutics said its two leading drug candidates are “highly potent NBD1 stabilizers,” noting that “NBD1” stands for nucleotide-binding domain 1.
“We are a clinical-stage biopharmaceutical company on a mission to revolutionize the current treatment paradigm for cystic fibrosis (“CF”) patients by developing novel medicines that normalize the function of the cystic fibrosis transmembrane conductance regulator (“CFTR”) protein to deliver clinically meaningful benefit to CF patients. Our goal is to deliver differentiated medicines for people living with CF that can restore their CFTR function to as close to normal as possible by directly stabilizing CFTR’s nucleotide-binding domain 1 (“NBD1”). We believe stabilizing NBD1 is central to unlocking dramatic improvements in clinical outcomes and quality of life for CF patients,” Sionna Therapeutics said in the prospectus.
Sionna Therapeutics, based in Waltham, Massachusetts, is not profitable. The biotech was founded in 2019.
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