Sirnaomics Ltd (2257.HK) Q1 2025 Earnings Report

Sirnaomics Ltd reported Q1 2025 results with a sharp revenue collapse and continued substantial burn driven by R&D and general and administrative expenses. Revenue totaled USD 40,500, versus USD 434,000 in the prior periods reported in 2024, representing a year-over-year decline of 91.1% and a quarter-over-quarter decline of approximately 90.7%. The company recorded gross profit of USD 40,500, but this was eclipsed by operating expenses totaling USD 2.799 million, resulting in an EBIT loss of USD 2.7585 million and a net loss of USD 1.849 million (EPS -0.0197). EBITDA was negative USD 2.346 million, with an EBITDA margin of -57.93% and a net income margin of -45.65%. R&D expenditure stood at USD 1.5225 million and G&A at USD 1.2765 million, underscoring a heavy investment phase typical of a clinical-stage biotech prioritizing pipeline advancement over near-term revenue generation.

The quarter reflects Sirnaomics’ ongoing transition from early-stage research toward pipeline data-readouts and potential partnering opportunities. However, the absence of disclosed cost of revenue and the lack of cash/working-capital detail constrain assessments of near-term liquidity and operating leverage. Management commentary, if available, would be critical to gauge clinical milestones, data readouts, and potential strategic partnerships that could alter the revenue trajectory and funding needs.

Looking ahead, the key investment considerations center on: (1) pipeline progress across STP705, STP707, and other candidates; (2) readouts that could de-risk certain programs and attract co-development or licensing partners; (3) capital strategy to sustain R&D burn until revenue or collaborations materialize. Until there are tangible data-readouts or signed partnerships, the investment thesis remains high-risk with a significant reliance on external financing to fund ongoing operations.