Core Insights - Sonnet BioTherapeutics has made significant progress in its clinical trials, particularly with SON-1010, showing a 45% reduction in tumor size in some patients and a 48% stable disease rate at four months post-treatment [2][6][18] - The company is expanding its clinical programs, including a new cohort for SON-1010 in combination with trabectedin and ongoing trials with Atezolizumab for platinum-resistant ovarian cancer [4][7][9] - Financial results indicate a net loss of 4.9 million as of December 31, 2024 [18] Clinical Trials Update - SON-1010 has completed monotherapy dose escalation in the Phase 1 SB101 trial, establishing a maximum tolerated dose (MTD) of 1200 ng/kg [4][5] - The trial reported that 71% of patients had stable disease at the first follow-up, with one patient achieving a partial response [6][7] - A new cohort is being added to evaluate SON-1010 in combination with trabectedin, with topline safety data expected in H2 2025 [7][14] Upcoming Milestones - SON-1210, a bifunctional interleukin therapy, is expected to initiate clinical trials in H1 2025, with the first patient dosed [12][15] - The company anticipates additional safety data from the Phase 1b/2a trial with Atezolizumab in Q1 2025 and topline efficacy data in H2 2025 [14] Licensing and Partnerships - A licensing agreement with Alkem Laboratories was established for SON-080 in India, focusing on the treatment of diabetic peripheral neuropathy and chemotherapy-induced peripheral neuropathy [16][22] - The company is enhancing its leadership team to focus on business development opportunities, with a recent reorganization [19] Financial Overview - For the fiscal first quarter ended December 31, 2024, Sonnet reported a net loss of 1.2 million in the same quarter of the previous year [18] - The company closed a registered direct offering and private placement for gross proceeds of $3.9 million in December 2024 [5]
Sonnet BioTherapeutics Provides Fiscal Year 2025 First Quarter Business and Earnings Update