Sonnet BioTherapeutics Holdings, Inc. (SONN) experienced an increase of 5.75% in the aftermarket because the company announced the fiscal year 2022 first-quarter business updates. However, the last trading session closed at $0.30 with a decrease of 4.57%.
The fiscal Year 2022 First Quarter Business Updates – What’s up?
SONN announced the fiscal year 2022 first-quarter business and earnings update on 8th February 2022. The company announced that it had $19.4 million cash. Moreover, research and development costs came out to be $4.3 million. Not only this but the general and administrative expenses were $2.1 million. Last but not the least, in 1Q22, the company will generate additional clinical product stability data for the FDA
Successful Completion of the Discovery Phase by SONN
On 30th August 2021, SONN reported that after finishing comprehensive studies in a mouse melanoma model, the company has chosen a novel growth candidate. Sonnet’s second bispecific drug combines Interleukin 12 (IL-12) with the company’s Fully Human Albumin Binding (FHAB) platform in this contender. Melanoma and kidney malignancies are the target indications for SON-1410.
The company is excited to have discovered this newest bispecific candidate, which will enter the next phase of evolution in the fourth quarter of 2021, with the goal of filing an IND in the second half of 2022. This has been possible because of the recently concluded $30 million funding. As SONN keeps building out the immuno-oncology pipeline, the Scientific Advisory Board is very excited by these new findings, as well as the chance to broaden research with IL-18 and IL-12.
The fiscal Year 2021 Third Quarter Business and Earnings Update by SONN
SONN reported the Fiscal Year 2021 Third Quarter Business and Earnings Update on 16th August 2021. With the patented Fully Human Albumin Binding pipeline assets and the associated product, the company has kept making many signs of progress towards the clinic all through the quarter. IND submissions for both SON-1010 and SON-080 are on track to be filed with the FDA. SONN feels hopeful that the ability to execute a medicinal payload in a more focused manner than conventional, wild-type cytokines will lead to enhanced potency.