Is this studio for audio, video or both? Does it need to be isolated from environmental noise (internal or external to the building)?
Regardless, there are two parts to preparing a room: sound isolation and acoustical treatment.
Isolation is achieved by putting mass between the outside world and the studio. Isolation is not accomplished by placing Sonex on the walls. In your case you might build a room within your room. IOW, literally place a new wall filled with insulation (so there’s no resonance inside the wall) and covered with a couple layers of 5/8″ sheetrock around the interior. Also, since parallel surfaces in a studio are anathema ,as they create standing waves, you can angle the new walls (and don’t forget the ceiling).
Acoustical treatment depends a lot on the use of the room. Do you want live areas, dead areas, something in the middle? There are three main types of acoustic devices you can use to shape your room’s acoustics: base traps, absorptive materials (for mid frequencies) and diffusion panels. There’s a lot of good info about this here.