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Sonnet BioTherapeutics Holdings Inc. (SONN-1.03%) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing collaboration revenue of $1,000,000, compared to $18,626 in the same quarter of the previous year. This increase is attributed to the Alkem Agreement.
Research and development expenses for the quarter were $1,886,076, up from $644,042 in the previous year, primarily due to the cancellation of accrued but unpaid bonuses in the prior period.
General and administrative expenses increased to $1,963,346 from $653,455, largely due to higher legal and consulting fees related to the Alkem Agreement.
The company reported a net loss of $3,160,706 for the quarter, compared to $1,168,509 in the previous year, with the increase attributed to higher operating expenses.
Cash used in operating activities was $2,910,246, while cash provided by financing activities was $7,622,293, resulting in a net increase in cash of $4,712,047.
Sonnet had cash of $4,861,503 as of December 31, 2024. The company anticipates the need for additional financing to fund its operations beyond July 2025.
The filing also details various financial agreements, including a committed equity facility with Chardan Capital Markets, LLC, and a licensing agreement with Alkem Laboratories Limited.
Sonnet does not anticipate immediate revenue from product sales and expects to continue incurring significant expenses related to research and development.
The company continues to focus on advancing its lead clinical programs, including SON-1010 for solid tumors and SON-080 for peripheral neuropathy.
Sonnet's management team has undergone recent changes, with the resignation of its Chief Financial Officer and the appointment of a new Chief Business Officer.
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. quarterly 10-Q report dated February 13, 2025. To report an error, please email earnings@qz.com.