Sonnet BioTherapeutics Holdings, Inc. (SONN) is engaged in the development of novel drugs for cancer therapeutics. Its Fully Human Albumin Binding technology utilizes a human single-chain antibody fragment that attributes to human serum albumin for its conveyance to target cells.
SONN stock price in the regular trading session of March 15, 2022, is down by 1.15% to be $0.27. Its price rocketed at the time of writing in the premarket session on March 16, 2022, by 106.6%.
SONN: Events and Happenings
On March 16, 2022, SONN updated on the clearance of its Investigational New Drug application by FDA for SON-1010, an exclusive Interleukin 12 version. This breakthrough will permit the company to commence its Phase 1 (first-in-human) studies in cancer patients in Q2 2022. On February 9, 2022, SONN informed the press regarding the presentation of the data at the 2022 Annual Meeting of the American Association for Cancer Research. The core topics discussed in the presentation include the developments regarding its pipeline candidates SON-1010, SON-1210, and SON-1410.
SONN: Key Financials
On February 8, 2022, SONN reported its first-quarter 2022 unaudited financial results for the quarter ended December 31, 2021. Some notable features are discussed here.
Collaboration revenue in Q1 2022 was $0.12 million compared to nil revenue in the comparable period in 2021. The company’s revenue reported a 100% increase over the year. The company posted a revenue surprise in the quarter by $0.12 million
Net loss per basic and diluted share in Q1 2022 was $6.2 million or $0.10 in comparison to $5.87 million or $0.34 in the comparable quarter of 2021. The company showed a declining trajectory in its earnings over the year. The company’s EPS surpassed the estimations by $0.13.
The stock position of SONN in the year-to-date period has declined by 37% as a result of the COVID-19 restrictions imposed on the businesses. Its stock is skyrocketing in the current premarket trading as the company reported the receipt of clearance of its IND application by the FDA. This is a groundbreaking moment for the company as the potential investors will place their trust in its policies.