Sonnet BioTherapeutics Holdings Inc. (SONN) stock prices were down by 2.07% as of the market closing on September 28th, 2021. This brought the price per share down to USD$0.61 at the end of the trading day. Subsequent premarket fluctuations have seen the stock rise by 1.95%, bringing it down to USD$0.63.
SONN Stock’s SON-1410
August 30th 2021 saw SONN stock announce having selected a novel development candidate. This development came after the completion of comparative studies in a mouse melanoma model. This will be the company’s second bispecific compound integrating Interleukin 12 with the company’s Fully Human Albumin Binding platform. The target indicators for the SON-1410 treatment will be melanoma and renal cancers. The latest bispecific candidate is scheduled to enter the next stages of its development by the third quarter of fiscal 2021. Bolstered by its recently completed USD$30 million financing, the company is set to file an IND in the second half of 2022.
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Research and Development Costs
Research and development costs came out to USD$3.9 million for the third quarter of fiscal 2021. This is compared to the USD$2.5 million reported for the prior year quarter. The year over year difference was largely driven by increased costs related to the development of the cell line for IL12-FHAB and IL12-FHAB-IL15. The yearly increase was also contributed to by higher costs for research and development activities stemming from the acquisition of Relief. Also facilitating the increase was an increase in payroll and share-based compensation expense as operation continue to expand.
SG&A Expense Breakdown
SONN stock reported general and administrative costs in the amount of USD$2.4 million for the third quarter of fiscal 2021. This is compared to the USD$2.5 million for the fourth quarter of fiscal 2020. The year over year decrease was primarily driven by a USD$0.9 million decrease in professional fees. The yearly difference was also impacted by transaction-related fees associated with the closing of the merger. The difference was offset by an increase in payroll, as well as share based compensation expenses amounting to USD$0.7 million to support expanded operations.
Future Outlook for SONN Stock
The company reported a promising quarter, as evidenced by the strength of its financial reports for the third quarter of fiscal 2021. The quarter’s success was further consolidated by the development of SONN stock’s SON-1410 stock. Current and potential investors are hopeful that management will be able to leverage the resources at its disposal. This is hoped to facilitate consistent and organic growth over the long term.