Sirnaomics (2257) H1 2024 earnings summary

Executive summary

• Advancing RNAi therapeutics with proprietary PNP and GalAhead platforms, targeting oncology, fibrosis, anticoagulation, cardiometabolic, complement-mediated diseases, aesthetics, and viral infections, with lead candidates STP705 and STP707 showing positive clinical results.

• Prioritized resources on STP705 and STP122G, restructured operations, and optimized management to extend cash runway amid macroeconomic uncertainty.

• No revenue generated from product sales in H1 2024; net loss increased to US$43.5 million from US$41.1 million year-over-year, mainly due to a US$18.1 million loss on fair value of a financial asset at FVTPL.

• Continued investment in R&D and pipeline prioritization despite cost-saving measures.

Financial highlights

• Net loss for H1 2024 was US$43.5 million, up from US$41.1 million in H1 2023, driven by a US$18.1 million loss on fair value of a financial asset at FVTPL.

• R&D expenses dropped 54% year-over-year to US$14.3 million due to resource allocation and restructuring.

• Administrative expenses decreased 6% to US$10.2 million, mainly due to lower staff and office costs.

• Cash and cash equivalents fell to US$7.7 million from US$23.9 million at year-end 2023.

• Current ratio declined to 48.5% from 134.5% at year-end 2023; net liabilities of US$17.8 million as of June 30, 2024.

Outlook and guidance

• Focused on advancing STP705, STP707, and STP122G through clinical trials toward market approvals in the U.S. and Asia.

• Ongoing restructuring, cost-saving initiatives, and pursuit of external funding and partnerships to extend cash runway and support pipeline advancement.

• NDA filing for STP705 targeted as soon as 2027, subject to regulatory and funding factors.

• Ongoing pursuit of global and local partnerships to accelerate development and commercialization.