CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 50,831	$ 37,788
Marketable securities, current	197,498	109,750
Prepaid expenses and other current assets	3,999	3,455
Total current assets	252,328	150,993
Property and equipment, net	2,144	2,466
Marketable securities, noncurrent	76,671	20,505
Restricted cash	962	962
Operating lease right-of-use asset	7,165	7,832
Other assets	0	2,994
Total assets	339,270	185,752
Current liabilities:
Accounts payable	1,481	1,186
Accrued expenses	6,929	8,162
Operating lease liability, current	1,217	1,072
Other current liabilities	224	0
Total current liabilities	9,851	10,420
Operating lease liability, noncurrent	7,751	8,677
Total liabilities	17,602	19,097
Commitments and contingencies (Note 7)
Convertible preferred stock, value	0	330,368
Stockholders’ equity (deficit):
Preferred stock, $0.001 par value, 10,000,000 and no shares authorized as of September 30, 2025 and December 31, 2024, respectively; no shares issued or outstanding as of September 30, 2025 and December 31, 2024	0	0
Common stock, $0.001 par value, 500,000,000 and 55,200,000 shares authorized as of September 30, 2025 and December 31, 2024, respectively; 44,463,527 and 4,798,721 shares issued, 44,463,527 and 4,722,763 shares outstanding as of September 30, 2025 and December 31, 2024, respectively	44	5
Additional paid-in capital	557,118	17,000
Accumulated other comprehensive income	420	368
Accumulated deficit	(235,914)	(181,086)
Total stockholders’ equity (deficit)	321,668	(163,713)
Total liabilities, convertible preferred stock and stockholders’ equity (deficit)	339,270	185,752
Series Seed convertible preferred stock
Current liabilities:
Convertible preferred stock, value	0	13,014
Series A convertible preferred stock
Current liabilities:
Convertible preferred stock, value	0	25,235
Series B convertible preferred stock
Current liabilities:
Convertible preferred stock, value	0	110,791
Series C convertible preferred stock
Current liabilities:
Convertible preferred stock, value	$ 0	$ 181,328

Sionna Therapeutics, Inc. 10-Q