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Sonnet BioTherapeutics Holdings Inc. (SONN-1.30%) has filed its Form 10-K for the fiscal year ended September 30, 2024. filing
The filing details Sonnet's focus as a clinical-stage biotechnology company specializing in oncology treatments using its proprietary FHAB platform. This platform aims to enhance drug delivery and efficacy in treating solid tumors.
Sonnet's lead product candidate, SON-1010, targets solid tumors and is in clinical trials in the United States and Australia. The company has reported interim safety data and is collaborating with Roche for further clinical evaluation.
The company is also developing SON-080 for chemotherapy-induced and diabetic peripheral neuropathy. A licensing agreement with Alkem Laboratories Limited has been established for development in India.
Sonnet has reported a net loss of $7.4 million for the fiscal year ended September 30, 2024, compared to a net loss of $18.8 million in the previous year. The decrease is attributed to cost-saving measures and strategic focus on key development projects.
Research and development expenses were reduced to $5.7 million from $11.8 million, reflecting a tighter focus on projects with near-term potential and cost management initiatives.
General and administrative expenses decreased to $6.1 million from $7.1 million, primarily due to the cancellation of previously awarded bonuses and reduced consulting expenses.
Sonnet's liquidity position includes cash of $0.1 million as of September 30, 2024, with additional funding raised through equity offerings and the sale of New Jersey state net operating losses.
The company anticipates continued expenses related to clinical trials and product development and will seek further funding through equity sales, debt financings, and potential strategic collaborations.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Sonnet BioTherapeutics Holdings Inc. annual 10-K report dated December 17, 2024. To report an error, please email earnings@qz.com.