Executive Summary
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.
Key Performance Indicators
QoQ: -90.67% | YoY:-91.10%
QoQ: -71.97% | YoY:-91.10%
Key Insights
Revenue: USD 40,500 in Q1 2025, YoY -91.10%, QoQ -90.67%.
Gross Profit: USD 40,500; Gross Profit Margin reported as 100.0% (cost of revenue not disclosed).
R&D Expenses: USD 1,522,500; % of revenue not determinable due to scale disparity, but implies heavy R&D burn.
General and Administrative Expenses: USD 1,276,500.
Operating Expenses: USD 2,799,000; Cost and expenses in total: USD 2,799,000.
Depreciation & Amortization: USD 412,500.
EBITDA: USD -2,346,000; EBITDA Margin: -57.93%.
O...
Financial Highlights
Revenue: USD 40,500 in Q1 2025, YoY -91.10%, QoQ -90.67%.
Gross Profit: USD 40,500; Gross Profit Margin reported as 100.0% (cost of revenue not disclosed).
R&D Expenses: USD 1,522,500; % of revenue not determinable due to scale disparity, but implies heavy R&D burn.
General and Administrative Expenses: USD 1,276,500.
Operating Expenses: USD 2,799,000; Cost and expenses in total: USD 2,799,000.
Depreciation & Amortization: USD 412,500.
EBITDA: USD -2,346,000; EBITDA Margin: -57.93%.
Operating Income: USD -2,758,500; Operating margin: -68.11%.
Total Other Income/Expenses, Net: USD 1,064,500.
Income Before Tax: USD -1,694,000; Income before tax margin: -41.83%.
Net Income: USD -1,849,000; Net margin: -45.65%.
EPS (Basic and Diluted): USD -0.0197; Weighted Average Shares Outstanding: 93,696,158 (approx. 93.7 million).
YoY and QoQ metric context: YoY revenue and gross profit show material declines; however, operating income shows a positive YoY delta in the metric but remains deeply negative in absolute terms due to high expense base. EPS improved YoY by roughly 92.7% and QoQ by ~69.9%, yet remains negative due to the magnitude of the loss base.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
40.50K |
-91.10% |
-90.67% |
| Gross Profit |
40.50K |
-91.10% |
-71.97% |
| Operating Income |
-2.76M |
76.52% |
58.40% |
| Net Income |
-1.85M |
90.99% |
64.16% |
| EPS |
-0.02 |
92.70% |
69.88% |
Management Commentary
Note: No earnings-call transcript data has been provided in the input. Consequently, there are no management quotes or theme annotations to extract for this quarters' QQ1 2025 analysis. If a transcript becomes available, I can extract quotes by themes (strategy, operations, market conditions) and attach them to the report with appropriate context.
Forward Guidance
There is no formal forward guidance disclosed in the QQ1 2025 data. Given the early-stage nature of Sirnaomics’ pipeline and the current quarterly profitability, forward-looking projections are contingent on pipeline data-readouts, regulatory milestones, and potential strategic partnerships or licensing deals. Key considerations for forward-looking assessment:
- Data-readout milestones for lead candidates (e.g., STP705, STP707) and any emerging translational data.
- Potential partnerships or licensing deals that could provide upfront cash, milestones, and royalties to fund ongoing R&D burn.
- Capital strategy and dilution risk if external financing is required to sustain operations.
- Regulatory/regulatory-readiness timelines in the United States and China, and potential accelerated pathways if compelling data emerges.
Assessment: If Sirnaomics can demonstrate meaningful Phase I/II readouts or secure favorable collaboration terms within the next 12–24 months, the risk-reward could shift more positively. In the near term, investors should monitor milestones and financing announcements as the primary drivers of any material re-rating.