Sionna Therapeutics: NBD1-Targeted CFTR Stabilization Strategy Positions Pipeline for Best-in-Class Efficacy and Blockbuster Upside in Cystic FibrosisIniang Coverage: Don't (Mis)Fold of CFTR We are inia ng c overage on Sionna Therapeucs (Nasdaq: SION) under our an OUTPERFORM rang and price t arget of $60/share. Sionna is a clinical-stage pharmaceuc al company focused on unlocking the potenal of NBD1 domain s tabilizaon t o restore protein funcon in pa en ts with cysc fibr osis (CF). ~85% of CF paen ts carry at least one allele of the F508del mutaon, which occur s within the CFTR NBD1 domain, generang a thermally uns table protein, prevenng pr oper folding, trafficking, and funcon a t physiological temperatures, which contributes to CF pathophysiology. In theory, Sionna’s differena ted approach to stabilizing CFTR closer to the source of the destabilizing mutaon has pot enal t o drive best-in- class efficacy.