Gobigger and higher: Sionna Therapeutics(SION),a cystic fibrosis-focused biotech, upsized its IPO at pricing to 10.59 million shares – up from 8.82 million shares – and priced its IPO at $18.00 – the high end of its $16.00-to-$18.00 range – to raise $190.59 million on Thursday night, Feb. 6, 2025. At pricing, the Waltham, Massachusetts-based biotech had a market cap of about $765.44 million.
Sionna Therapeutics (SION) shares jumped $7.00 to open at $25.00 – up 38.9 percent from their IPO price – at 1:01 p.m. EST today – Friday, Feb. 7, 2025 – on NASDAQ volume of 266,043 shares.
Goldman Sachs, TD Cowen, Stifel and Guggenheim Securities were the joint book-runners.
Sionna Therapeuticshas two drug candidates – SION-719 and SION-451 – in Phase 1 trials, with plans to start a Phase 2a clinical trial in the second half of 2025, according to the prospectus. The biotech has other drugs in development as well.
AbbVie Pharma has a licensing agreement that requires Sionna Therapeutics to pay a total of up to $360.0 million if certain milestones are met.
Principal shareholders include RA Capital, with a 22.9 percent stake after the IPO, and TPG Growth, with a 13.6 percent stake after the IPO, according to the prospectus.
Like most biotechs when they go public, Sionna Therapeutics is not profitable. For the 12 months that ended Sept. 30, 2024, Sionna Therapeutics had a net loss of $57.7 million on no product revenue.
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