On February 13, 2025, Sonnet BioTherapeutics Holdings, Inc. (NASDAQ: SONN), a clinical-stage company focused on developing targeted immunotherapeutic drugs, released a financial report covering the three months ended December 31, 2024. The company highlighted its recent achievements and provided updates on various clinical trials and business development initiatives.
In their recent fiscal quarter, Sonnet reported a net loss of $3.2 million, equivalent to $1.56 per basic and diluted share. This represented a shift from the previous year’s loss of $1.2 million or $2.46 per basic and diluted share in the comparative period ending December 31, 2023. As of December 31, 2024, Sonnet’s cash and cash equivalents stood at $4.9 million.
One of the key highlights mentioned in the report was the completion of the dose escalation phase in the Phase 1 SB101 trial related to SON-1010 (IL12 – F H AB). Encouragingly, stable disease was observed in 48% of patients evaluated during monotherapy, with one patient achieving a partial response at the Maximum Tolerated Dose (MTD). Moreover, progress continues with combination trials involving SON-1010 with Atezolizumab for Platinum-Resistant Ovarian Cancer and in combination with trabectedin for certain advanced soft-tissue sarcomas.
Sonnet also provided updates on SON-1210, a proprietary bifunctional Interleukins 12 and 15 therapy developed on the FHAB platform. A clinical trial is anticipated to begin with the first patient dosed in the first half of the calendar year 2025. Additionally, SON-080, a treatment for chemotherapy-induced peripheral neuropathy and diabetic neuropathy, indicated progress with the initiation of a Phase 2 trial expected in the second half of 2025.
**Leadership Changes**
The company disclosed changes in its leadership team. Dr. Stephen McAndrew was promoted to Chief Business Officer effective February 17, 2025, focusing on business development. In contrast, Mr. Jay Cross resigned as Chief Financial Officer, with Mr. Donald Griffith, CPA, assuming the role effective February 21, 2025.
Sonnet BioTherapeutics aims to leverage its F H AB technology, known for its targeted delivery of biologic drugs, to advance its clinical programs effectively. The company’s endeavors in the oncology space, specifically with SON-1010 and SON-1210, showcase its commitment to developing innovative treatments for various cancers.
The information presented in this report, including future milestones and developments, is considered forward-looking and is based on current expectations and market insights. Investors are advised to exercise caution and should consult the company’s official filings with the Securities and Exchange Commission for comprehensive information.
For further details and inquiries related to Sonnet BioTherapeutics, investors are encouraged to contact the company’s Investor Relations team at [email protected] or through Jenene Thomas at JTC Team, LLC, reachable at 908-824-0775.
This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Sonnet BioTherapeutics’s 8K filing here.
About Sonnet BioTherapeutics
Sonnet BioTherapeutics Holdings, Inc, a biotechnology company, owns a platform for biologic medicines of single or bifunctional action. The company develops fully human albumin binding technology, which utilizes human single chain antibodies fragment that binds to and hitch-hikes on human serum albumin for transport to target tissues.
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