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.
Sonnet BioTherapeutics Holdings, Inc. (NASDAQ: SONN), a clinical-stage company developing targeted immunotherapeutic drugs, has regained compliance with Nasdaq's bid price requirement for continued listing on the Nasdaq Capital Market. The company received notice from Nasdaq on October 16, 2024, confirming its compliance with Listing Rule 5550(a)(2).
As a result, Sonnet will be subject to a Mandatory Panel Monitor for one year from October 16, 2024. If the company falls out of compliance with the Bid Price Rule during this period, it will face stricter consequences, including potential delisting without the opportunity to provide a compliance plan or receive additional time to regain compliance.
Sonnet BioTherapeutics (NASDAQ: SONN) has entered into a licensing agreement with Alkem Laboratories for the development and commercialization of SON-080 for Diabetic Peripheral Neuropathy (DPN) in India. Sonnet will receive $1.0 million upfront and up to an additional $1.0 million in milestone payments, plus a low double-digit royalty on net sales.
Alkem will fund, develop, and commercialize SON-080 for DPN in India, as well as commercialize it for Chemotherapy Induced Neuropathy (CIPN) and Autonomic Neuropathy. The estimated market size for diabetic neuropathy in India is expected to reach $246.7 million by 2030.
SON-080, Sonnet's proprietary version of recombinant human Interleukin-6 (rhIL-6), has shown promising results in preclinical studies for both DPN and CIPN. The company recently announced encouraging data from the Phase 1b portion of its ongoing Phase 1b/2a clinical trial for CIPN treatment.
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.
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.
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
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
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.
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.
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.
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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