Sonnet BioTherapeutics Holdings Inc. (SONN) shares surged 40.25% in after-hours on Monday, August 30, 2021, and closed the daily trading at $0.784. In the regular trading session of Monday, SONN’s stock lost 3.19%. SONN shares have fallen 79.37% over the last 12 months, and they have moved down 8.01% in the past week. Over the past three months, the stock has lost 63.46%, while over the past six months, it has declined 75.70%.
Let’s have a look at its recent news and developments.
Update about SONN Pipeline Candidate SON-1410
On August 30, 2021, Sonnet BioTherapeutics Holdings, Inc (SONN) selected a novel development candidate after completing comparative studies in a mouse melanoma model. The candidate represents Sonnet’s second bispecific compound integrating Interleukin 12 (IL-12) with the company’s Fully Human Albumin Binding (FHAB) platform. The target indications for SON-1410 will be melanoma and renal cancers.
Pricing of SONN common stock
On August 19, 2021, Sonnet BioTherapeutics Holdings, Inc. (SONN) announced the pricing of an underwritten public offering of 35,294,117 shares of common stock or common stock equivalents and investor warrants to purchase up to an aggregate of 35,294,117 shares of common stock. The offering is expected to close on or about August 24, 2021.
The net proceeds from the offering will be used for research and development, including clinical trials, working capital and general corporate purposes.
SONNN recent financial results announcement
On August 16, 2021, Sonnet BioTherapeutics Holdings, Inc (SONN) announced its financial results for the three months ended June 30th, 2021.
Q3 2021 financial highlights
- Research and development expenses were $3.9 million for Q3 2021 compared to $2.5 million for Q3 2020.
- General and administrative expenses were $2.4 million for Q3 2021 compared to $2.5 million for Q3 2020.
- It suffered an operating loss of $6.12 million in Q3 2021 compared to $ net loss of $11.8 million in Q3 2020.
- Net loss per basic and diluted share was $0.27 in Q3 2021 compared to a net loss of $1.05 per basic and diluted share in Q3 2020.
- The company had $6.0 million cash on hand, as of June 30, 2021.
SONN received a U.S patent
On June 8, 2021, Sonnet BioTherapeutics Holdings, Inc (SONN) announced that the United States Patent and Trademark Office (USPTO) has issued U.S. Patent No. 11,028,166 entitled, “Albumin Domain Fusion Proteins”. The patent covers Sonnet’s Fully Human Albumin Binding (FHAB™) technology and includes therapeutic fusion proteins that utilize FHAB for tumour targeting and retention and provide extended pharmacokinetics (PK), and the patent carries a term effective until March 2039.
Conclusion
The recent update about Pipeline Candidate SON-1410 was the reason behind its exceptional gains on Monday after-hours and we hope that it will continue its rally in the next trading session as well.
