Executive Summary
Sirnaomics’ QQ4 2024 results show a modest top-line uptick on a YoY basis but remain characterized by large R&D and G&A burn, leading to an EBITDA loss of approximately $5.40 million and a net loss of about $5.16 million for the quarter. Revenue of $0.434 million represented a YoY surge of roughly 416% versus Q4 2023, reflecting the company’s small base and ongoing pipeline focus, but QoQ revenue was flat. Gross margin stood at about 33.3%, underscoring that the company has achieved better gross leverage on its limited revenue base, yet fixed-cost absorption keeps EBITDA and net income negative.
Liquidity and balance sheet dynamics warrant close attention. End-of-period cash was $11.77 million, with total debt of $8.06 million and short-term debt of $0.95 million, yielding a net debt position of approximately -$3.71 million. Total assets ($28.33 million) versus total liabilities ($44.33 million) imply negative stockholders’ equity around -$1.68 million, signaling substantial leverage and potential dilution risk if additional financing is required. The current and quick ratios both stand at 0.523, highlighting liquidity fragility even as the company maintains a modest cash buffer.
From a business perspective, Sirnaomics remains an early-stage, R&D-intensive biotechnology player with a diversified STP candidate portfolio targeting oncology, infectious disease, and other indications. The quarter’s numbers emphasize the trajectory of a research-focused biotech: meaningful investment in discovery and platform development depresses near-term profitability but could unlock value only if the pipeline delivers credible clinical milestones or strategic partnerships. The key near-term questions for investors are: (1) whether the company can extend its cash runway through collaborations, licensing deals, or milestone payments; and (2) whether any forthcoming clinical or preclinical readouts can meaningfully de-risk assets and attract partnerships or equity financing. Overall, the QQ4 2024 print supports a high-risk, high-plex investment profile with limited visibility on near-term profitability until meaningful pipeline progress translates into partnerships or regulatory milestones.
Key Performance Indicators
Key Insights
Revenue: $434,000 in Q4 2024, up from $84,000 in Q4 2023 (YoY growth ~416.7%; QoQ 0.0%).
Gross Profit: $144,500; Gross Margin: 33.3%.
Operating Expenses: R&D $3.276 million; G&A $3.500 million; Total operating expenses $6.776 million; Cost of revenue $289,500.
EBITDA: -$5.395 million; EBIT: -$6.6315 million; Operating margin: -15.28%.
Net Income: -$5.159 million; Net margin: -11.89%; EPS: -0.0654.
Cash Flow: Operating cash flow -$2.1815 million for the quarter; Capital expenditure $...
Financial Highlights
Revenue: $434,000 in Q4 2024, up from $84,000 in Q4 2023 (YoY growth ~416.7%; QoQ 0.0%).
Gross Profit: $144,500; Gross Margin: 33.3%.
Operating Expenses: R&D $3.276 million; G&A $3.500 million; Total operating expenses $6.776 million; Cost of revenue $289,500.
EBITDA: -$5.395 million; EBIT: -$6.6315 million; Operating margin: -15.28%.
Net Income: -$5.159 million; Net margin: -11.89%; EPS: -0.0654.
Cash Flow: Operating cash flow -$2.1815 million for the quarter; Capital expenditure $24,500; Free cash flow -$2.157 million.
Liquidity and Balance Sheet: Cash and cash equivalents $11.769 million; Total assets $28.329 million; Total liabilities $44.333 million; Stockholders’ equity -$1.68 million; Debt total $8.058 million; Net debt -$3.711 million.
Liquidity Ratios: Current ratio 0.523, Quick ratio 0.523, Cash ratio 0.316; Asset turnover 0.0153; Net debt position reflects a funded burn predominantly from R&D investments rather than commercial operations.
Income Statement
| Metric |
Value |
YoY Change |
QoQ Change |
| Revenue |
434.00K |
416.67% |
0.00% |
| Gross Profit |
144.50K |
72.02% |
0.00% |
| Operating Income |
-6.63M |
63.01% |
0.00% |
| Net Income |
-5.16M |
74.67% |
0.00% |
| EPS |
-0.07 |
75.78% |
0.00% |
Key Financial Ratios
operatingProfitMargin
-1528%
operatingCashFlowPerShare
$-0.03
freeCashFlowPerShare
$-0.03
Management Commentary
No earnings call transcript is provided in the dataset for QQ4 2024. Consequently, qualitative insights, management tone, and explicit guidance from the QQ4 2024 call are not captured in this report. Where transcripts become available, the highlights should focus on pipeline milestones, partnership discussions, and any color on runway and financing needs.
Forward Guidance
There is no explicit forward guidance disclosed in the provided data. Given the company’s burn trajectory and cash position, near-term visibility depends on external financing or value realization from the pipeline through licensing or milestone-based payments. Scenarios to watch:
- Base case: The current cash (~$11.8m) funds operations for roughly 12–18 months at the reported quarterly operating burn (~$2.2m OCF per quarter, excluding potential capex). In this scenario, management may pursue financing or strategic collaborations to extend runway.
- Upside case: A major partnership or milestone payment accelerates revenue recognition and reduces burn, potentially extending runway and enabling more rapid pipeline advancement.
- Downside case: Additional equity or debt financing is required at unfavorable terms if pipeline progress stalls or clinical risk materializes.
Key monitoring points for investors: pipeline readouts (STP705, STP707, STP355, etc.), any collaboration or licensing announcements, upcoming preclinical/clinical milestones, and changes to the cash burn trajectory or debt levels.