Sonnet Q2 cash $3.8M; runway into July/August 2024; pipeline shifts to DPN

Sonnet BioTherapeutics Holdings, Inc.

2024-Q2 EPS reported -$0.19 revenue$18,626

Cash $3.8M as of Mar 31, 2024; no debt; expects runway into July 2024, potentially August with cost cuts.
Q2 R&D expenses $2.2M (down from $3.8M), G&A $1.7M (down from $1.9M) from cost-saving initiatives.
Received $4.3M net proceeds from NJ NOL sale; entered equity facility with Chardan for capital raise.
SON-1010 Phase 1 data published showing safety up to 300 ng/kg; SON-080 cleared by DSMB.
CIPN program placed on hold; targeting diabetic peripheral neuropathy; seeking partnerships for SON-080.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Sonnet BioTherapeutics Holdings, Inc. reported financial results for three months ended March 31, 2024.

Period: three months ended March 31, 2024
Result: reported results

Exact text from the filing

On May 14, 2024, Sonnet BioTherapeutics Holdings, Inc. (the “Registrant”) issued a press release regarding its financial results for the three months ended March 31, 2024.

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

Sonnet BioTherapeutics Holdings, Inc. reported financial results for three months and six months ended March 31, 2024.

Period: three months and six months ended March 31, 2024
Result: reported results

Exact text from the filing

Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) (“Sonnet” or the “Company”), a biopharmaceutical company developing innovative targeted biologic drugs, announced today its financial results for the three months and six months ended March 31, 2024 and provided a business update.

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Source: SEC EDGAR

accession 0001493152-24-019314

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