Sonnet BioTherapeutics Holdings, Inc. (SONN), a clinical-stage biotechnology company focused on oncology, has gained an increase of 18.43 percentage points in the pre-market trading session. Consequently, the stock was trading at $0.61 when last checked. During Wednesday’s regular trading session, the stock rocketed by 86.73% to close the day at $0.52. The tremendous increase followed the company’s announcement regarding the FDA clearance for its product.
SONN Product Cleared from FDA
On Wednesday, SONN announced that US FDA had cleared the Investigational New Drug (IND) application for SON-1010. SON-1010 is considered to be the proprietary version of Interleukin 12. The clearance would allow the company to commence the First-in-Human Phase 1 trial in the patients suffering from oncology during Q2 2022.
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Presentation of Preclinical Studies Data
On the 9th of February, SONN announced that the data from its preclinical studies of proprietary Fully Human Albumin Binding candidates would be presented in the Annual Meeting of the American Association for Cancer Research, which would be held from 8th to 13th of April 2022 in the New Orleans, Louisiana. The Human Albumin Binding Candidates include SON-1010, SON-1410, and SON-1210.
Q1 2022 Results
On the 8th of February, SONN released the results for the first quarter of the fiscal year 2022. The period came to an end on 31st December 2021. The collaborative revenue generated from the operations during the period was $0.12 million. The total operating expenses bore during the three months’ time were $6.34 million compared to $5.86 million in the same quarter of the preceding year. The net loss suffered was $6.2 million (or $0.10 per share) versus $5.8 million (or $0.34) suffered during Q1 of the preceding year.
What’s Coming Up for SONN?
Looking ahead, analysts are of the view that SONN stock holds several positive technical indicators, but they are not enough for it to be considered a buy candidate. Hence, at the current level, the investors should play wisely by holding the stock while waiting for upcoming developments.