Sirnaomics (2257) H2 2024 earnings summary

Executive summary

• Achieved significant clinical milestones in RNAi therapeutics, advancing lead candidates STP705, STP707, and STP122G through key clinical phases, with a focus on oncology, coagulation disorders, and medical aesthetics.

• Implemented strategic restructuring and aggressive cost-cutting, prioritizing high-potential programs and extending cash runway amid a challenging macroeconomic environment.

• Strengthened intellectual property portfolio to approximately 90 patents, including advances in Antibody-Oligonucleotide Drug Conjugates (AODC).

• Leadership changes included the retirement of the Chairman and appointment of a new CEO and Chairlady to align with growth objectives.

Financial highlights

• Revenue for 2024 was US$1.8 million, primarily from licensing, up from US$1.4 million in 2023.

• Net loss narrowed to US$50.2 million from US$85.0 million in 2023, mainly due to reduced R&D and administrative expenses.

• Research and development expenses decreased 62% year-over-year to US$20.8 million, reflecting resource reallocation.

• Administrative expenses fell 26% to US$17.2 million, driven by restructuring and lower staff costs.

• Cash and cash equivalents at year-end were US$11.8 million, down from US$23.9 million, with net liabilities of US$16.0 million.

• Significant loss of US$18.2 million recognized on financial asset at FVTPL due to a private debt default in an investment fund.

Outlook and guidance

• Targeting NDA filing for STP705 by 2027, contingent on regulatory approvals and funding.

• Preparing IND submissions for STP125G and STP144G in 2025 and 2026, respectively.

• Plans to expand STP705 into medical aesthetics and advance STP707 into Phase II combination trials.

• Ongoing efforts to secure external funding and strategic partnerships to support pipeline development and commercialization.