Sonnet BioTherapeutics sees cash runway into 3Q24

“As has been our objective since the company’s founding, we are committed to innovating next generation cancer treatments of significant potential utility for patients and caregivers, alike,” commented Pankaj Mohan, Ph.D., Founder and CEO of Sonnet. “I am excited by the progress of our therapeutic pipeline, and we remain acutely focused on our business development initiatives. We continue to believe this represents a compelling value proposition for investors in the company.” In October, Sonnet completed an underwritten public offering led by existing investors for total gross proceeds of approximately $4.55 million. The company anticipates using the net proceeds from the offering for research and development, including clinical trials, working capital and general corporate purposes. After undertaking significant cost reductions designed to fund assets with the highest estimated business development potential, cash runway is projected into the calendar year third quarter of 2024.