Sionna maintains a conservative capital structure with a 0.03 debt-to-equity ratio, yet the firm's total assets have eroded to $305.0 million in 2026Q1 from $369.7 million in 2025Q1 due to persistent operating deficits.
| Total Current Assets | 220.96M | 241.42M | 150.99M | 39.21M | 83.83M |
| Cash & Short-Term Investments | 216.15M | 235.88M | 147.54M | 38.52M | 82.61M |
| Cash Only | 63.32M | 58.45M | 37.79M | 38.52M | 54.84M |
| Short-Term Investments | 152.83M | 177.43M | 109.75M | 0 | 27.77M |
| Accounts Receivable | 0 | 0 | 0 | 0 | 0 |
| Days Sales Outstanding | - | - | - | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - |
| Other Current Assets | 4.81M | 5.54M | 3.46M | 686K | 1.22M |
| Total Non-Current Assets | 84.08M | 84.53M | 34.76M | 12.74M | 3.54M |
| Property, Plant & Equipment | 8.75M | 9.15M | 10.3M | 11.73M | 2.57M |
| Fixed Asset Turnover | 0.00x | - | - | - | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 |
| Long-Term Investments | 227.71M | 74.42M | 20.5M | 0 | 0 |
| Other Non-Current Assets | 75.33M | 963K | 3.96M | 1.01M | 962K |
| Total Assets | 305.04M | 325.95M | 185.75M | 51.95M | 87.37M |
| Asset Turnover | 0.00x | - | - | - | - |
| Asset Growth % | 129.98% | 75.48% | 257.59% | -40.55% | - |
| Total Current Liabilities | 9.78M | 11.71M | 10.42M | 8.04M | 8.25M |
| Accounts Payable | 2.11M | 769K | 1.19M | 719K | 557K |
| Days Payables Outstanding | 1.06K | 433.83 | 648.04 | - | - |
| Short-Term Debt | 1.32M | 0 | 0 | 0 | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 |
| Other Current Liabilities | 6.34M | 4.75M | 2.97M | 3.11M | 1.95M |
| Current Ratio | 22.60x | 20.61x | 14.49x | 4.88x | 10.16x |
| Quick Ratio | 22.60x | 20.61x | 14.49x | 4.88x | 10.16x |
| Cash Conversion Cycle | - | - | - | - | - |
| Total Non-Current Liabilities | 7.05M | 7.41M | 339.05M | 158.79M | 149.04M |
| Long-Term Debt | 7.05M | 0 | 0 | 0 | 0 |
| Capital Lease Obligations | 23.23M | 7.41M | 8.68M | 9.75M | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 330.37M | 149.04M | 149.04M |
| Total Liabilities | 16.83M | 19.12M | 349.46M | 166.83M | 157.29M |
| Total Debt | 8.38M | 8.68M | 9.75M | 10.48M | 0 |
| Net Debt | -54.95M | -49.77M | -28.04M | -28.04M | -54.84M |
| Debt / Equity | 0.03x | 0.03x | - | - | - |
| Debt / EBITDA | -0.08x | - | - | - | - |
| Net Debt / EBITDA | 0.56x | - | - | - | - |
| Interest Coverage | - | - | - | - | - |
| Total Equity | 288.21M | 306.83M | -163.71M | -114.88M | -69.92M |
| Equity Growth % | 585.89% | 287.42% | -42.51% | -64.29% | - |
| Book Value per Share | 6.42 | 7.68 | -3.71 | -2.60 | -1.58 |
| Total Shareholders' Equity | 288.21M | 306.83M | -163.71M | -114.88M | -69.92M |
| Common Stock | 45K | 45K | 5K | 2K | 2K |
| Retained Earnings | -283.13M | -256.35M | -181.09M | -119.4M | -72.14M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -84K | 540K | 368K | 0 | -16K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 |
Capital market dependency
According to recent financial statements, Sionna’s total assets have declined from $369.7 million in 2025Q1 to $305.0 million in 2026Q1, signaling a steady depletion of resources as the company funds its intensive R&D pipeline without the benefit of offsetting commercial revenue streams.
The downward trend in total assets reflects the ongoing consumption of cash reserves to support clinical trial activities. This trajectory suggests that the company is in a critical phase where asset preservation is secondary to achieving key clinical milestones, leaving little room for operational error.
As reported in the 2026Q1 balance sheet, Sionna holds $63.3 million in cash, which represents a modest recovery from the $37.8 million low in 2024Q4 but remains insufficient to support long-term operations without further dilutive financing, based on current quarterly burn rates.
While the current ratio of 22.60 appears robust, it is largely a function of the company's pre-revenue status and minimal current liabilities rather than operational efficiency. Investors should monitor the cash burn closely, as the current liquidity buffer may only provide a limited window for data readouts before additional capital is required.
Based on the company's reported figures, accumulated deficits have reached $283.1 million as of 2026Q1, indicating that the firm's equity base is being systematically eroded by persistent operating losses inherent in its current drug development model.
The negative trend in retained earnings highlights the significant financial burden of advancing NBD1-focused therapies. This erosion of equity suggests that future valuation will be increasingly sensitive to the success of clinical trials, as the company lacks a self-sustaining capital base.
As indicated by the 0.03% debt-to-equity ratio, Sionna’s reliance on equity markets for survival creates a unique vulnerability, as the company lacks the non-dilutive financing options that more established peers might leverage during periods of market volatility.
While the low debt levels are often viewed as a sign of financial health, in this context, it suggests a total dependence on external equity markets. This structure implies that any delay in clinical progress could lead to significant shareholder dilution, as the company has no meaningful debt capacity to bridge funding gaps.
Quick answers to the most common questions about buying SION stock.
As of 2025, Sionna Therapeutics, Inc. (SION) had total assets of $326.0M including $241.4M in current assets.
Sionna Therapeutics, Inc. (SION) carries total debt of $8.7M, offset by $235.9M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Sionna Therapeutics, Inc. (SION) has total shareholders' equity (book value) of $306.8M ($7.68 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Sionna Therapeutics, Inc. (SION) reported a current ratio of 20.61x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.