Sonnet Biotherapeutc Hldng Inc Stock Price, News & Analysis

Sonnet BioTherapeutics Holdings (NASDAQ:SONN) reported its fiscal year 2022 results, highlighting significant development milestones. The company initiated two Phase 1 trials for SON-1010, showing promising safety data, and commenced a Phase 1b/2a trial for SON-080, with results anticipated in H1 2023. Sonnet plans a 30% operational expense reduction starting Q2 2023, focusing on enhancing pipeline efficiency and leveraging cost-effective R&D locations. After raising $6.5 million in common stock sales, Sonnet's cash on hand was $3.1 million as of September 30, 2022. Research and development expenses rose to $21.4 million, mainly due to advancing clinical trials.

Sonnet BioTherapeutics announced encouraging interim results from Phase 1 trials of SON-1010, a novel immunotherapeutic targeting advanced solid tumors. A total of 36 subjects have been dosed, with an ongoing dose escalation approved by safety review committees. Key findings include controlled induction of IFNγ and no instances of cytokine release syndrome. Notably, all but one patient remain in the study, and one has displayed tumor improvement after 6 months. The safety profile is favorable, with mild to moderate adverse events, suggesting SON-1010's potential in enhancing immunotherapy.

Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) announced a webcast on November 2, 2022, at 8:30 am ET to share initial clinical data from two studies involving SON-1010. The SB101 trial assesses the safety of SON-1010 in cancer patients, focusing on establishing the maximum tolerated dose (MTD) and recommended Phase 2 dose (RP2D). Concurrently, the SB102 trial evaluates SON-1010 doses in healthy volunteers. Both studies aim to understand safety, pharmacokinetics, and immunogenicity, setting the stage for future immunotherapy combinations.

Sonnet BioTherapeutics (NASDAQ:SONN) announced a collaboration with Janssen Biotech to evaluate its products SON-1010, SON-1210, and SON-1410. The evaluation will focus on in vitro and in vivo efficacy in preclinical models, leveraging Janssen's proprietary cell therapy assets. If successful, Sonnet may pursue an expanded collaboration. This represents Sonnet's first head-to-head evaluation, which could inform oncology indications and potentially lead to a license agreement, as stated by CEO Pankaj Mohan.

Sonnet BioTherapeutics Holdings announced it has regained compliance with Nasdaq's minimum bid price requirement, meeting the $1.00 bid price for 10 consecutive trading days by September 30, 2022. However, the company is still not compliant with the stockholders' equity requirement of $2.5 million, having received a notice from Nasdaq on August 22, 2022. Sonnet has until October 6, 2022, to submit a plan to regain compliance, which, if accepted, could grant an extension of up to 180 days.

Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) has appointed Lori McNeill to its Board of Directors, also making her the Chairperson of the newly established Business Advisory Committee (BAC). With over 20 years in healthcare and a background at Pfizer, McNeill is expected to enhance Sonnet's strategic collaborations and communication efforts, particularly regarding government initiatives like the Cancer Moonshot. The BAC will guide the company on external partnerships and elevate its profile in immune oncology, coinciding with upcoming clinical trial data releases.

On September 21, 2022, Sonnet BioTherapeutics Holdings announced progress in their Phase 1 clinical trials for SON-1010 (IL-12-FHAB), having dosed 19 subjects so far. The initial safety review has cleared the way for continued dose escalation. SB101 focuses on advanced solid tumors, while SB102 involves healthy volunteers. No dose-limiting toxicities have been reported. Upcoming data on safety and cytokine-specific responses is expected in Q4 2022. This development marks a significant milestone in immunotherapy, with SON-1010 aiming to enhance safety and efficacy in cancer treatment.

Sonnet BioTherapeutics Holdings (NASDAQ:SONN) announced a 1-for-14 reverse stock split effective September 19, 2022. The split aims to elevate the share price above the $1.00 minimum for continued Nasdaq listing. Post-split, shares will decrease from approximately 69.6 million to 5.0 million. The initiative was approved by stockholders on September 15, 2022, and will also impact outstanding warrants and options. No fractional shares will be issued; cash payments will be provided instead for fractional interests. The par value remains at $0.0001 per share.

Sonnet BioTherapeutics (NASDAQ:SONN) announced the initiation of clinical trials for SON-1010 and SON-080, targeting advanced solid tumors and chemotherapy-induced peripheral neuropathy, respectively. Positive preclinical data supports SON-1010’s combination with anti-PD1 therapy.

Financially, Sonnet reported $5.2 million cash on hand, with R&D expenses rising to $5.6 million. Additionally, the company launched a $6.1 million at-the-market offering and completed a private placement raising $2.25 million.