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Sio Gene Therapies Inc. (symbol: SIOX) was a pioneering clinical-stage company dedicated to developing transformative gene therapies for patients suffering from life-altering neurological conditions. The company's mission was to identify, develop, and bring to market high-impact therapies designed to significantly improve the lives of individuals with neurological disorders. Sio Gene Therapies assembled a team of leading scientific experts deeply committed to alleviating the burden of these challenging conditions for both patients and caregivers.
Despite its groundbreaking mission, Sio Gene Therapies ceased its development programs in mid-2022. This decision culminated in a vote by its stockholders to dissolve the company and its remaining three foreign subsidiaries in April 2023. The dissolution of the foreign subsidiaries was completed in January 2024. As part of the dissolution process, Sio announced that it would close its stock transfer books and discontinue recording transfers of its common stock, par value $0.00001, effective as of the Effective Time. Consequently, holders of the Common Stock could no longer transfer ownership, except by will, intestate succession, or operation of law.
Sio's Board of Directors declared an initial cash liquidating distribution of $32,511,587, or $0.435 per share of Common Stock, to be paid on or about February 8, 2024, to stockholders of record as of the Effective Time. Under the Delaware General Corporation Law (DGCL), Sio has up to three years to finalize the dissolution process. The company plans to retain approximately $7,200,000 to cover dissolution-related operating expenses and any unknown contingent liabilities during this period. Sio anticipates distributing remaining cash to stockholders in one or more subsequent liquidating distributions, although the amounts and timing of these distributions remain uncertain.
Sio Gene Therapies was recognized for its innovative approach to neurotherapeutic treatments, driven by a leadership team with a proven track record in bringing novel drugs to market. The company focused on more efficient and effective methods for conducting scientific and clinical evaluations, aiming to rapidly deliver impactful medicines to patients in need. Though Sio has ceased operations, its legacy in the realm of gene therapy for neurodegenerative diseases remains significant.
Sio Gene Therapies Inc. (NASDAQ: SIOX) reported its fiscal third-quarter results for the period ending December 31, 2022. The net loss declined by 84.2% to $4.0 million, or $0.05 per share, compared to a loss of $25.5 million, or $0.35 per share, in the prior year. Research and development expenses fell 91.1% to $1.9 million, primarily due to the winding down of clinical-stage programs and workforce reductions initiated in April 2022. Cash and cash equivalents stood at $46.1 million with no debt. The company is focused on liquidation and dissolution, pending stockholder approval expected in April.
Sio Gene Therapies Inc. (Nasdaq:SIOX) has announced its decision to dissolve and liquidate its assets after extensive evaluation. The Board of Directors deemed that liquidation serves the best interests of shareholders, as potential strategic alternatives did not promise greater value. A special shareholder meeting is planned for Q1 2023 to approve this dissolution plan, which includes ceasing trading on Nasdaq, satisfying liabilities, and distributing remaining cash to shareholders. The actual distribution amounts may vary, and a reserve will be established for expenses and liabilities.
Sio Gene Therapies Inc. (NASDAQ: SIOX) reported a significant reduction in losses for the fiscal second quarter ended September 30, 2022, with a net loss of $3.1 million, down 85.5% from the previous year. Operating cash outflows decreased by 37%, amounting to $8.1 million less than the prior year. The company's cash position remains strong, with $49.86 million available, providing a cash runway beyond December 2023. Research and development expenses dropped to $0.3 million from $11.4 million, reflecting the winding down of clinical-stage programs and a workforce reduction initiated in April 2022.
Sio Gene Therapies Inc. (NASDAQ: SIOX) reported financial results for the fiscal first quarter ending June 30, 2022, highlighting a significant cash position of $54.8 million. The company's net loss decreased to $8.4 million or $0.11 per share, improved from $11.9 million or $0.16 per share a year prior. R&D expenses fell to $5.5 million, down $2.5 million year-over-year, due to reduced operational costs following the termination of three clinical-stage programs. General and administrative expenses also saw a decrease to $3.0 million.
Sio Gene Therapies Inc. (SIOX) reported its financial results for the fiscal year ending March 31, 2022. The fourth quarter net loss was $13.3 million ($0.18 per share), up from $3.3 million ($0.05 per share) a year earlier. For the fiscal year, the net loss escalated to $71.9 million ($0.98 per share) from $32.4 million ($0.62 per share) in the previous year. R&D expenses rose to $53.4 million, largely driven by AXO-AAV-GM1 and AXO-AAV-GM2 program costs. Cash reserves stood at $63.7 million, with no debt reported.
Sio Gene Therapies Inc. (NASDAQ: SIOX) has announced the termination of its licensing agreement with the University of Massachusetts for GM1 and GM2 gene therapies aimed at treating GM1 gangliosidosis and GM2 gangliosidosis. The decision follows a thorough review of ongoing programs and the current public financing environment. As of March 31, 2022, the company had approximately $64 million in cash and cash equivalents, which will be utilized to explore strategic alternatives, including potential sales or mergers, while implementing significant headcount reductions to conserve capital.
Sio Gene Therapies Inc. (NASDAQ: SIOX) reported strong clinical developments for its gene therapy programs targeting GM1 gangliosidosis and Tay-Sachs/Sandhoff diseases. As of December 31, 2021, the company had $81.9 million in cash, projected to sustain operations into H2 2023. In Q3 2021, R&D expenses surged to $21.3 million due to increased clinical trial costs, pushing the net loss to $25.5 million ($0.35 per share). Despite rising costs, Sio emphasizes the potential market value and life-changing benefits of its therapies, showcasing a favorable risk-benefit profile in ongoing trials.
Sio Gene Therapies Inc. (NASDAQ: SIOX) will present vital data at the 18th Annual WORLD Symposium™ from February 7-11, 2022. The focus will be on the Phase 1/2 trial of AXO-AAV-GM1, a gene therapy for GM1 gangliosidosis. An oral presentation by Cynthia Tifft, MD, PhD, is scheduled for February 9 at 1:00 PM PST, alongside two posters showcasing crucial findings. AXO-AAV-GM1 aims to restore β-galactosidase enzyme activity, with FDA designations signaling its potential as a transformative treatment for this rare pediatric condition.
Sio Gene Therapies (NASDAQ: SIOX) announced a strategic focus on its clinical-stage gene therapy programs, AXO-AAV-GM1 and AXO-AAV-GM2, set to address GM1 gangliosidosis and Tay-Sachs/Sandhoff diseases. The termination of the AXO-Lenti-PD license agreement with Oxford Biomedica highlights resource prioritization. Following the resignation of CEO Dr. Pavan Cheruvu, David Nassif has been appointed interim CEO. As of December 31, 2021, Sio reported approximately $82 million in cash, ensuring operational funding into the second half of 2023.
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