Sonnet BioTherapeutics Announces Fiscal Year 2024 Q2 Results and Business Updates

Sonnet BioTherapeutics Holdings, Inc. reported on its fiscal year 2024 second quarter and recent developments predominantly surrounding their oncological product candidates SON-1010 and SON-080. With a focus on innovative biologic drugs, they highlighted progress in clinical trials and financial maneuvers aimed at sustaining their operations.

The company shared outcomes from the ongoing clinical evaluations, including published Phase 1 data of SON-1010 enhancing profiles for safety and indicating favorable pharmacodynamics. SON-080, aimed at treating chemotherapy-induced peripheral neuropathy (CIPN), showed early safety data permitting further clinical advancement. The acknowledgment from the American Association for Cancer Research (AACR) Annual Meeting also bolstered their position in the scientific community.

Financially, Sonnet recognized that they had reduced research and development expenses by $1.6 million compared to the previous year, thanks to strategic cost-saving initiatives. These included transitioning major projects to cost-effective regions and narrowing their research focus. Additionally, leveraging the New Jersey Technology Business Tax Certificate Transfer Program, they secured $4.3 million, contributing to liquidity for the second quarter ending March 31, 2024.

With $3.8 million in cash reserves and no debt reported, Sonnet anticipates sustaining operations through mid-2024, based on current financial strategies and pending partnerships. These developments reflect the ongoing adjustments and strategic decisions made by Sonnet to maintain a streamlined operation while advancing their clinical programs.