VASRO GmbH has initiated coverage of Sirnaomics Ltd. (HKEX: 2257) with a BUY recommendation and a target price of HK$7.07 per share.
Sirnaomics develops siRNA medicines, drugs that silence a disease-causing gene before it is turned into protein. The hard part is delivery, and beyond the liver very few groups can do it. The company owns two platforms: PNP, which it places among the world’s few extra-hepatic siRNA delivery systems with clinically proven safety, and GalAhead, which it describes as the only programmable RNAi platform for dosing intervals in global clinical development. Four programmes are in human trials, a fifth is IND-ready, and the company holds global rights across them.
The five years since listing were costly. Accumulated losses reached US$536.8m, spending was cut from US$91.8m in 2022 to US$15.3m in 2025, and headcount fell from 225 to 37. The audit opinion is qualified and going concern is flagged.
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Sirnaomics Ltd: Every Approved SiRNA Drug Works in the Liver. This One Was Injected Into Skin Cancer