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 BioTherapuetics(SONN) - 2024 Q4 - Annual Results