Financial Performance - For the fiscal first quarter ended December 31, 2024, Sonnet reported a net loss of 1.56 per basic and diluted share, compared to a net loss of 2.46 per basic and diluted share for the same period in 2023[16]. - As of December 31, 2024, Sonnet had cash and cash equivalents of 3.9 million in December 2024[7]. Clinical Trials and Developments - In the Phase 1 SB101 trial, 71% of the 24 patients dosed had stable disease at the first follow-up CT, with 48% remaining stable at four months, indicating clinical benefit from SON-1010[5]. - The maximum tolerated dose (MTD) for SON-1010 was established at 1200 ng/kg, with a cohort size increased to 6 patients for enhanced assessment of pharmacokinetics and pharmacodynamics[4]. - Enrollment for the new cohort evaluating SON-1010 in combination with trabectedin is underway and expected to be completed in H1 calendar year 2025[6]. - SON-1210, a bifunctional interleukin therapy, is expected to initiate clinical trials with the first patient dosed in H1 calendar year 2025[1]. - The company plans to submit the IND for SON-1210 in Q1 calendar year 2025[20]. Business Development - The company has initiated a licensing partnership in India for SON-080 in October 2024, focusing on advancing business development opportunities[3]. Leadership Changes - A leadership reorganization has been announced, promoting Dr. Stephen McAndrew to Chief Business Officer and appointing Mr. Donald Griffith as the new Chief Financial Officer[18].
Sonnet BioTherapuetics(SONN) - 2025 Q1 - Quarterly Results