Sonnet BioTherapeutics reports Q3 EPS (13c) vs. ($1.82) last year

“Sonnet continues to successfully forge ahead with our pipeline development,” said Pankaj Mohan, Ph.D., Founder and CEO. “The initiation of the clinical trial with SON-1010 and Roche’s atezolizumab is an important event for the company and for our mission to innovate potentially life-saving treatments for cancer patients. Further, our collaboration with Janssen is ongoing and we hope to have information to share with investors in the coming quarters. During the quarter, we were able to present important data from our SON-1010 clinical trials at the American Association for Cancer Research (AACR), as well as deliver two FHAB technology presentations at the Cytokine-Based Drug Development Summit. As part of our financing initiative, we completed a $2.25 million registered direct offering and concurrent private placement in June, which was strategically executed to result in the Company remaining in compliance with the Nasdaq continued listing requirement in shareholder equity. Our plan to extend our cash runway into the 2024 calendar year remains in place and involves receiving R&D tax credits from New Jersey and Australia.”