Sonnet BioTherapuetics(SONN)

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Sonnet BioTherapuetics(SONN) - 2024 Q4 - Annual Results
2024-12-17 13:50
Financial Performance - Total annual operating expenses reduced by approximately 37% compared to fiscal year 2023[2] - Total operating expenses decreased to $11,868,097 from $18,940,422 year-over-year[22] - Net loss for the period was $7,437,232, a reduction from the previous year's loss of $18,832,694[22] - Net loss per share, basic and diluted, improved to $(11.35) from $(145.13) year-over-year[22] - Loss from operations was $(11,849,471), an improvement from $(18,792,617) year-over-year[22] Research and Development - Research and development expenses were $5.7 million for the year ended September 30, 2024, down from $11.8 million for the year ended September 30, 2023[14] - Research and development expenses were $5,737,252, down from $11,814,690[22] - The company completed enrollment and dose escalation in the Phase 1 SB101 clinical trial of SON-1010, with 24 subjects enrolled to date[6] - Upcoming milestones include topline efficacy data for SON-1010 in H1 calendar year 2025 and additional safety data for SON-1210 in Q1 calendar year 2025[10] Funding and Financial Support - Approximately 43% of total annual operating expenses in fiscal year 2024 were covered by non-dilutive funding from the New Jersey Tax Certificate Transfer and Australia R&D Tax Incentive Programs[2] - The company received preliminary approval for the sale of tax credits from the New Jersey Technology Business Tax Certificate Transfer Program[5] - As of September 30, 2024, cash on hand was $0.1 million, with additional funding expected to extend operations into July 2025[13] Assets and Revenue - Total assets decreased to $2.77 million as of September 30, 2024, from $5.43 million as of September 30, 2023[20] - Collaboration revenue for the year ended September 30, 2024, was $18,626, compared to $147,805 in the previous year[22] Expenses Breakdown - General and administrative expenses decreased to $6.1 million for the year ended September 30, 2024, from $7.1 million for the year ended September 30, 2023[14] - General and administrative expenses decreased to $6,130,845 from $7,125,732[22] Shareholder Information - Weighted average shares outstanding, basic and diluted, increased to 655,240 from 129,760[22] Other Income and Gains - Foreign exchange gain was $84,293, compared to a loss of $(40,077) in the previous year[22] - Other income amounted to $4,327,946, with no comparable figure from the previous year[22] Licensing and Collaboration - A licensing agreement was executed with Alkem Laboratories for the development and commercialization of SON-080 for DPN in India[12]
Sonnet BioTherapeutics Reports Fiscal Year 2024 Financial Results and Provides Corporate Update
Newsfilter· 2024-12-17 13:50
Continued progress with both clinical trials of lead program, SON-1010, for solid tumors and Platinum-Resistant Ovarian Cancer (PROC) Executed licensing agreement to support initiation of a Phase 2 clinical trial of SON-080 in Diabetic Peripheral Neuropathy (DPN) Multiple value-driving milestones expected throughout calendar year 2025 as well as pipeline expansion opportunities across the solid tumor market Total annual operating expenses reduced by an approximate 37% as compared to fiscal year 2023 Appr ...
Sonnet BioTherapeutics Announces Issuance of U.S. Patent Covering a Variant IL-18 Incorporated into Two Novel Immunotherapeutic Drug Candidates
GlobeNewswire News Room· 2024-11-06 13:30
Both novel bifunctional (SON-1411) and monofunctional (SON-1400) fusion proteins exhibit wild-type binding to the IL-18 receptor (IL-18Rc), coupled with undetectable binding to the inhibitory IL-18 binding protein (IL-18BP) IL-18 has significant importance for cancer immune-oncology and combination with IL-12 on Sonnet’s FHAB platform which Sonnet believes could present an important oncology possibility The lock-and-load flexibility of the FHAB platform offers the bifunctional payload capability of adding a ...
Sonnet BioTherapeutics to Receive Non-Dilutive Funding Through New Jersey Tax Certificate Transfer and Australia R&D Tax Incentive Programs
GlobeNewswire News Room· 2024-10-04 12:30
PRINCETON, NJ, Oct. 04, 2024 (GLOBE NEWSWIRE) -- Sonnet BioTherapeutics Holdings, Inc. (the "Company" or "Sonnet") (NASDAQ: SONN), a clinical-stage company developing targeted immunotherapeutic drugs, today announced it has received preliminary approval for a tax credit from the New Jersey Technology Business Tax Certificate Transfer Program administered by the New Jersey Economic Development Authority (NJEDA). Sonnet received approval of its application to sell up to $8,143,144 of its New Jersey State net ...
Sonnet BioTherapeutics Announces Launch of CEO Corner Platform
GlobeNewswire News Room· 2024-09-30 13:00
CEO Corner segments to include additional discussion related to press releases, events, corporate updates and pipeline progress Provides interested parties the ability to ask questions and submit topics for future videos Access the Sonnet CEO Corner here PRINCETON, NJ, Sept. 30, 2024 (GLOBE NEWSWIRE) -- Sonnet BioTherapeutics Holdings, Inc. (the "Company" or "Sonnet") (NASDAQ: SONN), a clinical-stage company developing targeted immunotherapeutic drugs, today announced the launch of its CEO Corner platform f ...
Sonnet BioTherapeutics Announces 1-for-8 Reverse Stock Split
GlobeNewswire News Room· 2024-09-25 12:30
PRINCETON, N.J., Sept. 25, 2024 (GLOBE NEWSWIRE) -- Sonnet BioTherapeutics Holdings, Inc. ("Sonnet" or the "Company") (NASDAQ: SONN), a biopharmaceutical company developing innovative targeted biologic drugs, announced today that it will effect a 1-for-8 reverse stock split of its outstanding common stock. This will be effective for trading purposes as of the commencement of trading on Monday, September 30, 2024. The reverse stock split is intended to increase the per share trading price of Sonnet's common ...
Sonnet BioTherapeutics to Participate in the Virtual Investor Closing Bell Series
GlobeNewswire News Room· 2024-09-04 13:15
PRINCETON, N.J., Sept. 04, 2024 (GLOBE NEWSWIRE) -- Sonnet BioTherapeutics Holdings, Inc. (the "Company" or "Sonnet") (NASDAQ: SONN), a clinical-stage company developing targeted immunotherapeutic drugs, today announced that it will participate in the Virtual Investor Closing Bell Series on Monday, September 9, 2024, at 4:00 PM ET. As part of the event, Pankaj Mohan, Founder and Chief Executive Officer of Sonnet BioTherapeutics, will provide a corporate overview and business outlook. In addition to the mode ...
Sonnet BioTherapeutics Reports Third Quarter Fiscal Year 2024 Financial Results and Provides Corporate Update
GlobeNewswire News Room· 2024-08-14 12:35
Ongoing progress with both clinical trials of lead program, SON-1010, for solid tumors and Platinum-Resistant Ovarian Cancer (PROC) Partnership efforts to support initiation of a Phase 2 clinical trial of SON-080 in Diabetic Peripheral Neuropathy (DPN) underway Granted composition of matter patent in key territory – the United States – covering SON-1210 and its application in high-value solid tumor indications with significant unmet need, including pancreatic cancer Multiple value-driving milestones expecte ...
Sonnet BioTherapeutics Reports Encouraging Data from Phase 1b/2a Clinical Trial of SON-080 in Chemotherapy-Induced Peripheral Neuropathy (CIPN) That Support Advancement into Phase 2 Study
Newsfilter· 2024-07-24 12:30
Data indicates that SON-080 was well-tolerated at both doses, with no evidence of a pro-inflammatory cytokine response Pain and quality of life survey results suggest the potential for rapid improvement of peripheral neuropathy symptoms and post-dosing durability with both doses, compared to placebo controls Sonnet intends to seek a partnership to support initiation of a Phase 2 clinical trial of SON-080 in Diabetic Peripheral Neuropathy (DPN), a mechanistically synergistic and larger, high-value indication ...
Sonnet BioTherapeutics Announces Exercise of Warrants for $3.4 Million in Gross Proceeds
Newsfilter· 2024-06-20 12:30
In consideration for the immediate exercise of the Existing Warrants for cash, Sonnet will issue new unregistered warrants to purchase up to 5,657,000 shares of common stock (the "New Warrants"). The New Warrants will have an exercise price of $1.55 per share (priced at-the-market under the rules of the Nasdaq Stock Market), will be exercisable upon issuance, and have a term equal to five years from the date of issuance. In connection with the transaction, Sonnet also (i) reduced the exercise price of the E ...