PRINCETON, NJ / ACCESSWIRE / May 14, 2024 / Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) (“Sonnet” or the “Company”), a biopharmaceutical company developing innovative targeted biologic drugs, announced today its financial results for the three months and six months ended March 31, 2024 and provided a business update.
“We are very excited about the progress we made during the first calendar quarter of this year with the SON-1010 and SON-080 programs, where the foundations for the compounds’ safety profiles were further strengthened. We will look to continue to build on the supporting data for SON-1010 with the forthcoming look at the PDL-1 combination study in platinum-resistant ovarian cancer during the current quarter” said Pankaj Mohan, Ph.D., Sonnet Founder and Chief Executive Officer.
FY 2024 Second Quarter and Recent Corporate Updates
Sonnet provided the following corporate updates:
FY 2024 Second Quarter Ended March 31, 2024 Financial Results
“We ended another quarter with solid pipeline progress and continue to work to manage our operating expense infrastructure accordingly. Furthermore, we are pleased that during the quarter, Sonnet could leverage the New Jersey Technology Business Tax Certificate Transfer Program to generate $4.3 million in net proceeds from the sale of our net operating losses. Consistent with our previous guidance, we project that our existing cash on hand will sustain the Company into July 2024, with the potential for additional expense reductions to take us into August. We recently entered into an equity facility with Chardan to raise additional capital” said Jay Cross, CFO.
About Sonnet BioTherapeutics Holdings, Inc.
Sonnet BioTherapeutics is an oncology-focused biotechnology company with a proprietary platform for innovating biologic drugs of single or bifunctional action. Known as F H AB (Fully Human Albumin Binding), the technology utilizes a fully human single chain antibody fragment (scFv) that binds to and “hitch-hikes” on human serum albumin (HSA) for transport to target tissues. Sonnet’s F H AB was designed to specifically target tumor and lymphatic tissue, with an improved therapeutic window for optimizing the safety and efficacy of immune modulating biologic drugs. F H AB is the foundation of a modular, plug-and-play construct for potentiating a range of large molecule therapeutic classes, including cytokines, peptides, antibodies, and vaccines.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section21E of the Securities Exchange Act of 1934 and Private Securities Litigation Reform Act, as amended, including those relating to the Company’s cash runway, the Company’s product development, clinical and regulatory timelines, market opportunity, competitive position, possible or assumed future results of operations, business strategies, potential growth opportunities and other statements that are predictive in nature. These forward-looking statements are based on current expectations, estimates, forecasts and projections about the industry and markets in which we operate and management’s current beliefs and assumptions.
These statements may be identified by the use of forward-looking expressions, including, but not limited to, “expect,” “anticipate,” “intend,” “plan,” “believe,” “estimate,” “potential, “predict,” “project,” “should,” “would” and similar expressions and the negatives of those terms. These statements relate to future events or our financial performance and involve known and unknown risks, uncertainties, and other factors which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include those set forth in the Company’s filings with the Securities and Exchange Commission. Prospective investors are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
Sonnet BioTherapeutics Investor Contact:
Jack Yauch
Solebury Strategic Communications
862-754-1024
jyauch@soleburystrat.com
Sonnet BioTherapeutics Holdings, Inc.
Consolidated Balance Sheets
(unaudited)
|
March 31, 2024 |
September 30, 2023 |
||||||
Assets
|
||||||||
Current assets:
|
||||||||
Cash
|
$ | 3,786,184 | $ | 2,274,259 | ||||
Prepaid expenses and other current assets
|
1,058,836 | 1,677,396 | ||||||
Incentive tax receivable
|
377,962 | 786,574 | ||||||
Total current assets
|
5,222,982 | 4,738,229 | ||||||
Property and equipment, net
|
26,944 | 33,366 | ||||||
Operating lease right-of-use asset
|
159,641 | 193,689 | ||||||
Deferred offering costs
|
15,000 | 49,988 | ||||||
Other assets
|
484,842 | 414,206 | ||||||
Total assets
|
$ | 5,909,409 | $ | 5,429,478 | ||||
Liabilities and stockholders’ equity (deficit)
|
||||||||
Current liabilities:
|
||||||||
Accounts payable
|
$ | 1,752,444 | $ | 2,201,999 | ||||
Accrued expenses and other current liabilities
|
933,747 | 3,230,922 | ||||||
Current portion of operating lease liability
|
78,493 | 73,048 | ||||||
Deferred income
|
– | 18,626 | ||||||
Total current liabilities
|
2,764,684 | 5,524,595 | ||||||
Operating lease liability, net of current portion
|
90,446 | 130,863 | ||||||
Total liabilities
|
2,855,130 | 5,655,458 | ||||||
Commitments and contingencies (Note 4)
|
||||||||
Stockholders’ equity (deficit):
|
||||||||
Common stock, $0.0001 par value: 125,000,000 shares authorized; 3,112,401 and 1,750,426 issued and outstanding at March 31, 2024 and September 30, 2023, respectively
|
311 | 175 | ||||||
Additional paid-in capital
|
114,100,805 | 110,017,598 | ||||||
Accumulated deficit
|
(111,046,837 | ) | (110,243,753 | ) | ||||
Total stockholders’ equity (deficit)
|
3,054,279 | (225,980 | ) | |||||
Total liabilities and stockholders’ equity (deficit)
|
$ | 5,909,409 | $ | 5,429,478 |
Sonnet BioTherapeutics Holdings, Inc.
Consolidated Statements of Operations
(unaudited)
|
Three Months Ended March 31, | Six Months Ended March 31, | ||||||||||||||
|
2024 | 2023 | 2024 | 2023 | ||||||||||||
Collaboration revenue
|
$ | – | $ | 36,445 | $ | 18,626 | $ | 73,700 | ||||||||
Operating expenses:
|
||||||||||||||||
Research and development
|
2,167,288 | 3,816,644 | 2,811,330 | 7,562,584 | ||||||||||||
General and administrative
|
1,701,273 | 1,884,569 | 2,354,728 | 3,788,278 | ||||||||||||
Total operating expenses
|
3,868,561 | 5,701,213 | 5,166,058 | 11,350,862 | ||||||||||||
Loss from operations
|
(3,868,561 | ) | (5,664,768 | ) | (5,147,432 | ) | (11,277,162 | ) | ||||||||
Other income
|
4,327,946 | – | 4,327,946 | – | ||||||||||||
Foreign exchange (loss) gain
|
(93,960 | ) | (2,303 | ) | 16,402 | 67,949 | ||||||||||
Net income (loss)
|
$ | 365,425 | $ | (5,667,071 | ) | $ | (803,084 | ) | $ | (11,209,213 | ) | |||||
|
||||||||||||||||
Per share information:
|
||||||||||||||||
Net income (loss) per share, basic
|
$ | 0.08 | $ | (7.55 | ) | $ | (0.19 | ) | $ | (21.14 | ) | |||||
Weighted average shares outstanding, basic
|
4,617,665 | 750,582 | 4,205,469 | 530,131 | ||||||||||||
|
||||||||||||||||
Net income (loss) per share, diluted
|
$ | 0.07 | $ | (7.55 | ) | $ | (0.19 | ) | $ | (21.14 | ) | |||||
Weighted average shares outstanding, diluted
|
4,885,845 | 750,582 | 4,205,469 | 530,131 |
SOURCE: Sonnet BioTherapeutics, Inc.
View the original press release on accesswire.com
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