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Sonnet BioTherapeutics Holdings, Inc. - SONN STOCK NEWS

Welcome to our dedicated page for Sonnet BioTherapeutics Holdings news (Ticker: SONN), a resource for investors and traders seeking the latest updates and insights on Sonnet BioTherapeutics Holdings stock.

Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) is a clinical-stage biotechnology company based in Cranbury, New Jersey. The firm is pioneering the development of targeted immunotherapeutic drugs primarily aimed at treating cancers. Sonnet employs its proprietary FHAB (Fully Human Albumin Binding) technology, which utilizes a single-chain antibody fragment that binds to human serum albumin for targeted delivery to tumor and lymphatic tissues. This innovative platform enhances drug efficacy and safety by extending the half-life of therapeutic agents and concentrating them in the tumor microenvironment (TME).

Sonnet’s mission focuses on generating immuno-oncology candidates and advancing them to Phase II clinical assets. The company's current pipeline includes several promising products:

  • SON-080 - A low-dose IL-6 aimed at treating chemotherapy-induced peripheral neuropathy (CIPN).
  • SON-1210 - Combines IL-12 and IL-15 with Sonnet's FHAB for robust immune response targeting tumors.
  • SON-1010 - Consists of a single-chain IL-12 linked with the albumin-binding domain for enhanced targeting and efficacy in cancer treatment.

Recent achievements include the publication of preclinical data demonstrating the efficacy of SON-1210 in reducing tumor growth in melanoma models. Additionally, the company reported positive safety and tolerability results from Phase 1 studies of SON-1010 in healthy volunteers and cancer patients.

Sonnet's collaboration with Genentech for the combination study of SON-1010 and atezolizumab (Tecentriq) in platinum-resistant ovarian cancer is a significant milestone. Financially, the company has successfully leveraged tax credits and managed its cash runway effectively, projecting operations funding into the latter part of 2024.

The company is also actively exploring strategic alternatives to maximize stockholder value, having engaged Chardan Capital Markets to assist in evaluating potential business development, partnerships, acquisitions, or mergers.

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Sonnet BioTherapeutics Holdings, Inc. (NASDAQ: SONN) has received preliminary approval for a tax credit from the New Jersey Technology Business Tax Certificate Transfer Program. The company can sell up to $8,143,144 of its New Jersey State net operating losses (NOLs) and $62,810 of its R&D tax credits for proceeds of up to $0.795 million. Additionally, Sonnet expects a $0.7 million net cash refund from the R&D Tax Incentive Program in Australia.

The New Jersey program allows qualified companies to sell unused NOLs and R&D tax credits to unaffiliated, profit-generating corporate taxpayers in New Jersey. Sonnet anticipates receiving the Australian refund before the end of 2024 and the proceeds from the New Jersey program before the end of Q1 2025, subject to execution of the sale.

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Sonnet BioTherapeutics Holdings, Inc. (NASDAQ: SONN) has launched its CEO Corner platform, featuring Founder and CEO Pankaj Mohan. This new initiative aims to provide in-depth perspectives on press releases, events, corporate updates, and pipeline progress. The platform allows interested parties to ask questions and submit topics for future videos.

Pankaj Mohan emphasized the importance of keeping shareholders well-informed for Sonnet's future success. The CEO Corner is designed to offer a broader perspective on news releases, clinical studies, and other business developments. It serves as an additional channel for direct communication with current and potential stockholders.

The first segment of the CEO Corner is now accessible on the Company's website. Segments will remain available for 90 days after posting. This initiative underscores Sonnet's commitment to transparency and shareholder engagement as they progress with their FHAB platform and focus on growing value for all shareholders.

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Sonnet BioTherapeutics Holdings, Inc. (NASDAQ: SONN) has announced a 1-for-8 reverse stock split of its outstanding common stock, effective for trading on September 30, 2024. This move aims to increase the per share trading price to meet Nasdaq's $1.00 minimum bid price requirement. The company's stock will continue trading under the symbol 'SONN' with a new CUSIP number. The reverse split will reduce the number of shares outstanding from approximately 5.2 million to 650,300.

Key points:

  • Par value remains $0.0001 per share
  • Authorized number of shares unchanged
  • No fractional shares issued; cash payments for fractional entitlements
  • Applies to outstanding warrants and stock options with adjusted exercise prices
  • Stockholders approved the split on September 12, 2024
  • Board of directors approved the 1-for-8 ratio on September 23, 2024
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Sonnet BioTherapeutics (NASDAQ: SONN) has completed enrollment and initiated dosing in its Phase 1 SB101 clinical trial of SON-1010 (IL12-FHAB) for advanced solid tumors. The study enrolled 24 subjects, with topline safety data expected in Q4 2024. SON-1010 is a targeted immune activation cancer therapy designed to turn 'cold' tumors 'hot'. Key points:

  • No dose-limiting toxicities reported to date
  • Majority of adverse events mild and transient
  • One patient with endometrial sarcoma showed stable disease for almost 2 years
  • Controlled induction of interferon gamma observed
  • No indication of potential for cytokine release syndrome
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Sonnet BioTherapeutics Holdings (NASDAQ: SONN), a clinical-stage company developing targeted immunotherapeutic drugs, has announced its participation in the Virtual Investor Closing Bell Series on September 9, 2024, at 4:00 PM ET. The event will feature:

  • A corporate overview and business outlook by CEO Pankaj Mohan
  • A moderated discussion with live Q&A opportunities
  • Pre-submission of questions via email to sonn@jtcir.com

The live video webcast will be available on the company's website, with a replay accessible for 90 days following the event. This presentation offers investors a chance to gain insights into Sonnet's latest developments and future plans in the field of immunotherapy.

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Sonnet BioTherapeutics (NASDAQ: SONN) has entered a clinical collaboration agreement with the Sarcoma Oncology Center to conduct a Phase 1/2a study of SON-1210, their bifunctional IL-12/IL-15 fusion protein, in combination with chemotherapy for pancreatic cancer treatment. The study, led by Dr. Sant Chawla and funded by the Sarcoma Oncology Center, aims to address a significant unmet medical need. Preclinical data has shown SON-1210's potential in solid tumor immunotherapy. The collaboration leverages Sonnet's Fully Human Albumin Binding (FHAB®) platform and targets pancreatic cancer, which has increased expression of FcRn and GP60 receptors, and the SPARC complex. SON-1210 has demonstrated increased immune activity and persistence in preclinical models, with no overt toxicity in IND-enabling studies.

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Sonnet BioTherapeutics (NASDAQ: SONN) reported Q3 FY2024 results and provided a corporate update. Key highlights include:

1. Ongoing progress with SON-1010 clinical trials for solid tumors and Platinum-Resistant Ovarian Cancer (PROC).

2. Efforts to initiate Phase 2 trial of SON-080 in Diabetic Peripheral Neuropathy (DPN).

3. U.S. patent granted for SON-1210 composition of matter.

4. Encouraging data from SON-080 Phase 1b/2a trial in Chemotherapy-Induced Peripheral Neuropathy (CIPN).

5. $3.6 million cash on hand as of June 30, 2024, sufficient to fund operations into November 2024.

6. R&D expenses decreased to $1.7 million, while G&A expenses increased to $1.8 million for Q3.

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Sonnet BioTherapeutics (NASDAQ:SONN) reported encouraging data from its Phase 1b/2a clinical trial of SON-080 for Chemotherapy-Induced Peripheral Neuropathy (CIPN). The study showed that SON-080 was well-tolerated at both 20 µg and 60 µg doses, with no evidence of pro-inflammatory cytokine response. Pain and quality of life survey results suggest potential rapid improvement of peripheral neuropathy symptoms and post-dosing durability compared to placebo. Sonnet intends to seek a partnership to initiate a Phase 2 clinical trial of SON-080 in Diabetic Peripheral Neuropathy (DPN), a larger, high-value indication with unmet medical need. The company believes this data bridges the historical safety database and is foundational for advancing SON-080 to Phase 2, evaluating its neuroprotective and neuro-regenerative effects in DPN.

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Sonnet BioTherapeutics (NASDAQ: SONN), a clinical-stage company, has announced the exercise of certain outstanding warrants resulting in gross proceeds of $3.4 million. The agreement involves the immediate exercise of warrants for 2,828,500 shares at a reduced price of $1.20 per share, effective June 21, 2024. Ladenburg Thalmann & Co. Inc. is the exclusive placement agent. In return for immediate exercise, Sonnet will issue new unregistered warrants for 5,657,000 shares at $1.55 per share, exercisable immediately and valid for five years. Additional adjustments include reduced exercise prices for other outstanding warrants and an extension of their terms. The funds will be used for R&D, clinical trials, working capital, and general corporate purposes.

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Sonnet BioTherapeutics (NASDAQ:SONN) announced the development of two new immunotherapeutic drug candidates, SON-1411 and SON-1400, utilizing a modified IL-18 variant. SON-1411 combines IL-18BPR with IL-12 via Sonnet’s FHAB platform, while SON-1400 solely integrates IL-18BPR with FHAB. These candidates exhibit high bioactivity and target tumor environments more effectively, mitigating the inhibitory effects of IL-18BP. SON-1411 and SON-1400 were produced in CHO cells and E. coli, respectively, and show promising in vitro results for cancer treatment by enhancing immune response against tumors. The new IL-18 variant maintains receptor binding while avoiding IL-18BP inhibition, showcasing potential for broad oncological and cell-based therapies.

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FAQ

What is the current stock price of Sonnet BioTherapeutics Holdings (SONN)?

The current stock price of Sonnet BioTherapeutics Holdings (SONN) is $1.44 as of December 23, 2024.

What is the market cap of Sonnet BioTherapeutics Holdings (SONN)?

The market cap of Sonnet BioTherapeutics Holdings (SONN) is approximately 4.6M.

What is the primary focus of Sonnet BioTherapeutics?

Sonnet BioTherapeutics focuses on developing targeted immunotherapeutic drugs primarily for cancer treatment using its proprietary FHAB technology.

Where is Sonnet BioTherapeutics based?

Sonnet BioTherapeutics is based in Cranbury, New Jersey.

What is FHAB technology?

FHAB (Fully Human Albumin Binding) technology utilizes a single-chain antibody fragment that binds to human serum albumin for targeted drug delivery to tumor and lymphatic tissues.

What are some of Sonnet's leading drug candidates?

Sonnet's leading drug candidates include SON-080 for CIPN, SON-1210 for dual IL-12 and IL-15 targeting, and SON-1010 for targeted IL-12 delivery to tumors.

What recent achievements has Sonnet BioTherapeutics made?

Recent achievements include the publication of preclinical data on SON-1210's efficacy in reducing tumor growth, and positive safety results from Phase 1 studies of SON-1010.

What financial strategies has Sonnet employed?

Sonnet has optimized its operations by leveraging tax credits and managing its cash runway to extend funding into the latter part of 2024.

What collaborations is Sonnet involved in?

Sonnet is collaborating with Genentech to study the combination of SON-1010 and atezolizumab (Tecentriq) in platinum-resistant ovarian cancer.

What strategic alternatives is Sonnet exploring?

Sonnet is exploring a range of strategic alternatives, including business development, partnerships, acquisitions, and mergers, to maximize stockholder value.

Who is advising Sonnet on strategic alternatives?

Sonnet has engaged Chardan Capital Markets as its financial advisor to assess potential strategic alternatives.

What is the mission of Sonnet BioTherapeutics?

Sonnet's mission is to generate immuno-oncology candidates and advance them into Phase II clinical assets, leveraging its unique IP-driven platform.

Sonnet BioTherapeutics Holdings, Inc.

Nasdaq:SONN

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SONN Stock Data

4.63M
2.53M
4.22%
0.61%
4.2%
Biotechnology
Pharmaceutical Preparations
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United States of America
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