Sonnet Biotherapeutc Hldng Inc Stock Price, News & Analysis

Sonnet BioTherapeutics (NASDAQ: SONN) has announced a transformative $888 million business combination with Rorschach I LLC to create Hyperliquid Strategies Inc (HSI), which will become the largest U.S.-based public company holding HYPE cryptocurrency in its treasury.

The deal includes $583 million in HYPE tokens (12.6 million tokens) and $305 million in gross cash. Notable strategic investors include Paradigm, Galaxy Digital, Pantera Capital, and others. Post-merger, Bob Diamond will serve as Chairman and David Schamis as CEO of HSI.

The transaction includes a $5.5 million private placement and conversion of $2.0 million in convertible notes. Current Rorschach owners and new investors will own approximately 98.8% of HSI, while SONN legacy stockholders will retain 1.2%. The deal is expected to close in H2 2025.

Sonnet BioTherapeutics (NASDAQ:SONN) announced that its Chief Medical Officer, Dr. Richard Kenney, will present at the 6th Annual Cytokine-Based Drug Development Summit in Boston on May 15, 2025. The presentation, titled "Managing Toxicity Caused by The Over Expression of Cytokines to Widen the Therapeutic Window," will focus on strategies for optimizing cytokine potency while reducing toxicity. Dr. Kenney will discuss receptor bias introduction, therapeutic index considerations, and factors affecting the therapeutic window in cytokine-based therapies. The summit provides a platform for discussing advancements in immunotherapeutic drug development targeting the tumor microenvironment (TME).

Sonnet BioTherapeutics (NASDAQ:SONN) has released a Virtual Investor 'What This Means' segment featuring discussions with Interim CEO Raghu Rao and Chief Medical Officer Dr. Richard Kenney. The segment focuses on recently announced positive safety results for SON-1010 (IL12-FHAB) in combination with atezolizumab at its highest dose level.

The clinical trial in question is a Phase 1b/2a study (SB221) evaluating the treatment in adult patients with advanced solid tumors or platinum-resistant ovarian cancer (PROC). The management team provided insights into the program's future steps during the presentation.

Sonnet BioTherapeutics (NASDAQ:SONN) announced positive safety results for its SON-1010 drug in combination with atezolizumab for treating platinum-resistant ovarian cancer (PROC). The Phase 1b/2a clinical trial established a maximum tolerated dose (MTD) of 1200 ng/kg without dose-limiting toxicity or cytokine release syndrome.

Key findings include:

• 5 of 15 evaluable patients (33%) showed stable disease at four months post-treatment
• One PROC patient achieved partial response with 44% tumor size reduction
• Common side effects included fatigue, fevers, and gastrointestinal symptoms
• 8 of 15 evaluable patients (53%) showed stable disease at first follow-up
• 4 patients continued treatment beyond 6 months

The study will now advance to the expansion phase to evaluate the combination's preliminary effect at MTD before proceeding to Phase 2a randomized comparison with standard care in PROC patients.

Sonnet BioTherapeutics (NASDAQ: SONN), a clinical-stage company focused on developing immunotherapeutic drugs for the tumor microenvironment (TME), has announced the release of a corporate update video. The video has been made available on the company's website under the Investors section's Events page at www.sonnetbio.com.

Sonnet BioTherapeutics (NASDAQ:SONN) announced the unexpected passing of its Founder and CEO, Pankaj Mohan, Ph.D. The company's Board of Directors has appointed board member Raghu Rao as Interim CEO and promoted Stephen McAndrew, Ph.D to President and Chief Business Officer.

Dr. Mohan founded Sonnet in 2015 and led the clinical-stage company, which develops immunotherapeutic drugs targeted to the tumor microenvironment (TME), for ten years. The Board intends to launch a CEO search while maintaining the company's momentum in corporate and clinical initiatives.

Sonnet BioTherapeutics (NASDAQ:SONN) announced positive findings from the first safety review of SON-1010 in combination with trabectedin for advanced leiomyosarcoma and liposarcoma treatment. The Safety Review Committee found no unexpected toxicities in the first 7 patients at the maximum tolerated dose (MTD) of 1200 ng/kg.

Key findings include:

• 6 out of 7 patients are tolerating the combination treatment after two months
• 83% of patients in the high-dose monotherapy group showed stable disease at 4 months
• Clinical benefit observed in 54% of patients during SON-1010 dose escalation
• Adverse events were mild to moderate, including fatigue, fever, chills, and myalgia

The expansion cohort aims to enroll up to 18 patients, targeting a potential $2.1B global market opportunity in the trabectedin space. The study evaluates SON-1010, a proprietary version of IL-12, combined with trabectedin for improved treatment outcomes in soft tissue sarcomas.

Sonnet BioTherapeutics (NASDAQ: SONN) has received a Notice of Allowance from the USPTO for a patent covering its modified version of Interleukin-18 (IL-18BPR). The patent specifically covers variant human IL-18 proteins with amino acid substitutions at positions Y1W, Y1K, M51Y, M51S, M60W, S105E, and D110Y.

The company's IL-18BPR demonstrates wild-type binding to the IL-18 receptor while showing undetectable binding to the inhibitory IL-18 Binding Protein, potentially making it more effective. This development strengthens Sonnet's intellectual property position and opens up licensing opportunities independent of their FHAB platform.

Sonnet has developed two drug candidates utilizing this technology: SON-1411, a bifunctional fusion protein combining IL-18BPR with IL-12, and SON-1400, a monofunctional fusion protein. Both are linked to Sonnet's Fully Human Albumin Binding (FHAB) platform, which extends half-life and targets the tumor microenvironment.

Sonnet BioTherapeutics Holdings (NASDAQ: SONN), a clinical-stage company focused on developing targeted immunotherapeutic drugs, has participated in the Virtual Investor 'Top 5 for '25' On-Demand Conference on March 11, 2025.

During the event, Founder and CEO Pankaj Mohan, Ph.D. presented the top five reasons why investors and industry colleagues should focus on Sonnet in 2025. The presentation is now available for viewing on-demand through the conference platform and on the Events page in the Investors section of Sonnet's website.