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UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
8-K
CURRENT
REPORT
PURSUANT
TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
Date
of Report (Date of earliest event reported): May 14, 2024
SONNET
BIOTHERAPEUTICS HOLDINGS, INC.
(Exact
name of registrant as specified in its charter)
Delaware |
|
001-35570 |
|
20-2932652 |
(State
or other jurisdiction
of incorporation) |
|
(Commission
File Number) |
|
(IRS
Employer
Identification No.) |
100
Overlook Center, Suite 102
Princeton, New Jersey |
|
08540 |
(Address
of principal executive offices) |
|
(Zip
Code) |
Registrant’s
telephone number, including area code: (609) 375-2227
N/A
(Former
name or former address, if changed since last report.)
Check
the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under
any of the following provisions:
☐ |
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|
|
☐ |
Soliciting
material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
|
|
☐ |
Pre-commencement
communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities
registered pursuant to Section 12(b) of the Act:
Title
of each class |
|
Trading
Symbol(s) |
|
Name
of each exchange on which registered |
Common
Stock, $0.0001 Par Value |
|
SONN |
|
The
Nasdaq Stock Market LLC |
Indicate
by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405
of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging
growth company ☐
If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item
2.02. Results of Operations and Financial Condition.
On
May 14, 2024, Sonnet BioTherapeutics Holdings, Inc. (the “Registrant”) issued a press release regarding its financial results
for the three months ended March 31, 2024. A copy of the press release is furnished as Exhibit 99.1 hereto and is incorporated by reference
herein.
Forward-Looking
Statements
This
report, including Exhibit 99.1 furnished herewith, contains forward-looking statements within the meaning of the federal securities laws.
Forward-looking statements typically are identified by use of terms such as “may,” “will,” “should,”
“plan,” “expect,” “anticipate,” “estimate” and similar words, and the opposites of such
words, although some forward-looking statements are expressed differently. Forward-looking statements involve known and unknown risks
and uncertainties that exist in the Registrant’s operations and business environment, which may be beyond the Registrant’s
control, and which may cause actual results, performance or achievements to be materially different from future results, performance
or achievements expressed or implied by such forward-looking statements. All statements other than statements of historical fact are
statements that could be forward-looking statements. For example, forward-looking statements include, without limitation: statements
regarding prospects for additional customers; market forecasts; projections of earnings, revenues, synergies, accretion or other financial
information; and plans, strategies and objectives of management for future operations. The risks and uncertainties referred to above
include, but are not limited to, risks detailed from time to time in the Registrant’s filings with the Securities and Exchange
Commission, including its Annual Report on Form 10-K for the year ended September 30, 2023. These risks could cause actual results to
differ materially from those expressed in any forward-looking statements made by, or on behalf of, the Registrant. Forward-looking statements
represent the judgment of management of the Registrant regarding future events. Although the Registrant believes that the expectations
reflected in such forward-looking statements are reasonable at the time that they are made, the Registrant can give no assurance that
such expectations will prove to be correct. Unless otherwise required by applicable law, the Registrant assumes no obligation to update
any forward-looking statements, and expressly disclaims any obligation to do so, whether as a result of new information, future events
or otherwise.
Item
9.01. Financial Statements and Exhibits.
(d)
Exhibits.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned hereunto duly authorized.
|
Sonnet
BioTherapeutics Holdings, Inc. |
|
a
Delaware corporation |
|
(Registrant) |
|
|
Date:
May 14, 2024 |
By: |
/s/
Pankaj Mohan, Ph.D. |
|
Name: |
Pankaj
Mohan, Ph.D. |
|
Title: |
Chief
Executive Officer |
Exhibit
99.1
Sonnet
BioTherapeutics Provides Fiscal Year 2024 Second Quarter and Year-to-Date Business and Earnings Update
| ● | Published
Phase 1 data of SON-1010 in Frontiers in Immunology demonstrating the safety and tolerability
of the FHAB-derived Interleukin 12 in healthy volunteers |
| ● | Announced
early safety data from the company’s Phase 1b/2a clinical trial of SON-080 in patients
with chemotherapy-induced peripheral neuropathy (CIPN) |
| ● | Received
$4.3 million in net proceeds from the sale of net operating losses through the New Jersey
Technology Business Tax Certificate Transfer Program |
| ● | Presented
preclinical data and information on the clinical trial design from the study of SON-080 in
CIPN in a poster session at the American Association for Cancer Research (AACR) Annual Meeting |
PRINCETON,
NJ / ACCESSWIRE / May 14, 2024 / Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) (“Sonnet” or the “Company”),
a biopharmaceutical company developing innovative targeted biologic drugs, announced today its financial results for the three months
and six months ended March 31, 2024 and provided a business update.
“We
are very excited about the progress we made during the first calendar quarter of this year with the SON-1010 and SON-080 programs, where
the foundations for the compounds’ safety profiles were further strengthened. We will look to continue to build on the supporting
data for SON-1010 with the forthcoming look at the PDL-1 combination study in platinum-resistant ovarian cancer during the current quarter”
said Pankaj Mohan, Ph.D., Sonnet Founder and Chief Executive Officer.
FY
2024 Second Quarter and Recent Corporate Updates
Sonnet
provided the following corporate updates:
| ● | On
February 29, 2024, announced a publication demonstrating the safety and tolerability of SON-1010
in healthy volunteers in Frontiers in Immunology. The paper, entitled “A phase
I trial of SON-1010, a tumor-targeted, Interleukin 12-linked, albumin-binding cytokine, shows
favorable pharmacokinetics, pharmacodynamics, and safety in healthy volunteers”. SON-1010
was shown to be safe and well-tolerated up to 300 ng/kg as a single ascending dose in healthy
volunteers int the study called SB102 (NCT05408572). The pharmacokinetic (PK) comparison
with cancer patients suggests the drug is targeting and being retained in the tumor microenvironment
(TME), as was shown in mouse models of biodistribution. The study was first announced in
July 2022 and was done in parallel with the ongoing SB101 study in cancer patients (NCT05352750).
The results from SB102 provide the initial ‘desensitizing dose’ of 300 ng/kg
for further dose escalation of the maintenance dose in SB101, to establish the maximum tolerated
dose for this molecule. In the B16F10 melanoma model, a single dose of SON-1010 resulted
in a marked reduction of tumor growth that was concomitant with increased IFNγ, along
with augmenting immune cell numbers and activity in the TME. |
| ● | On
March 11, 2024, announced early safety data from the company’s Phase 1b/2a clinical
trial of SON-080 in patients with CIPN, which met the study’s initial pre-specified
objective. Based on this data, SON-080 was cleared to proceed after review by the independent
Data Safety Monitoring Board (DSMB). The study (SB211, NCT05435742) was being conducted
at two sites in Australia in patients with persistent CIPN using a new proprietary version
of recombinant human Interleukin 6 (rhIL-6), which required confirmation of safety before
moving forward with further enrollment. CIPN development has been placed on hold and the
data will be leveraged to initiate a new Phase 2 study in the larger Diabetic Peripheral
Neuropathy (DPN) indication. Sonnet has initiated partnering outreach with the intention
of further moving the asset forwards towards commercialization. |
| ● | On
April 10, 2024, presented preclinical data and information on the clinical trial design from
the study of SON-080 in CIPN in a poster session at the American Association for Cancer Research
(AACR) Annual Meeting. The poster titled, “Low Dose Interleukin 6 (SON-080) for Neuropathies:
Toxicology and Clinical Plans” can be accessed here via the company’s
website. |
FY
2024 Second Quarter Ended March 31, 2024 Financial Results
| ● | As
of March 31, 2024, Sonnet had $3.8 million cash on hand and no debt. |
| ● | Research
and development expenses were $2.2 million for the three months ended March 31, 2024, compared
to $3.8 million for the three months ended March 31, 2023. The decrease of $1.6 million was
primarily due to cost saving initiatives, as we are managing expenses for liquidity purposes
and are tightening our focus on the research and development projects we have assessed to
have the greatest near-term potential. In addition to transitioning product development activities
to cost advantaged locations such as India and Australia, we have reduced expenditures on
tertiary programs and suspended antiviral development related to SON-1010, as well as programs
related to SON-080 and SON-1210 while we seek partnering opportunities. |
| ● | General
and administrative expenses were $1.7 million for the three months ended March 31, 2024,
compared to $1.9 million for the three months ended March 31, 2023. The decrease of $0.2
million relates primarily to cost saving initiatives, as we are managing expenses for liquidity
purposes, and a decrease in consulting expenses related to licensing, partially offset by
an increase in legal and professional expenses. |
“We
ended another quarter with solid pipeline progress and continue to work to manage our operating expense infrastructure accordingly. Furthermore,
we are pleased that during the quarter, Sonnet could leverage the New Jersey Technology Business Tax Certificate Transfer Program to
generate $4.3 million in net proceeds from the sale of our net operating losses. Consistent with our previous guidance, we project that
our existing cash on hand will sustain the Company into July 2024, with the potential for additional expense reductions to take us into
August. We recently entered into an equity facility with Chardan to raise additional capital” said Jay Cross, CFO.
About
Sonnet BioTherapeutics Holdings, Inc.
Sonnet
BioTherapeutics is an oncology-focused biotechnology company with a proprietary platform for innovating biologic drugs of single or bifunctional
action. Known as FHAB (Fully Human Albumin Binding), the technology utilizes a fully human single chain antibody fragment
(scFv) that binds to and “hitch-hikes” on human serum albumin (HSA) for transport to target tissues. Sonnet’s FHAB
was designed to specifically target tumor and lymphatic tissue, with an improved therapeutic window for optimizing the safety and efficacy
of immune modulating biologic drugs. FHAB is the foundation of a modular, plug-and-play construct for potentiating a range
of large molecule therapeutic classes, including cytokines, peptides, antibodies, and vaccines.
Forward-Looking
Statements
This
press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section21E
of the Securities Exchange Act of 1934 and Private Securities Litigation Reform Act, as amended, including those relating to the Company’s
cash runway, the Company’s product development, clinical and regulatory timelines, market opportunity, competitive position, possible
or assumed future results of operations, business strategies, potential growth opportunities and other statements that are predictive
in nature. These forward-looking statements are based on current expectations, estimates, forecasts and projections about the industry
and markets in which we operate and management’s current beliefs and assumptions.
These
statements may be identified by the use of forward-looking expressions, including, but not limited to, “expect,” “anticipate,”
“intend,” “plan,” “believe,” “estimate,” “potential, “predict,” “project,”
“should,” “would” and similar expressions and the negatives of those terms. These statements relate to future
events or our financial performance and involve known and unknown risks, uncertainties, and other factors which may cause actual results,
performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the
forward-looking statements. Such factors include those set forth in the Company’s filings with the Securities and Exchange Commission.
Prospective investors are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of
this press release. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new
information, future events or otherwise.
Sonnet
BioTherapeutics Investor Contact:
Jack
Yauch
Solebury
Strategic Communications
862-754-1024
jyauch@soleburystrat.com
SOURCE:
Sonnet BioTherapeutics, Inc.
Sonnet
BioTherapeutics Holdings, Inc.
Consolidated Balance Sheets
(unaudited)
| |
March 31, 2024 | | |
September 30, 2023 | |
Assets | |
| | | |
| | |
Current assets: | |
| | | |
| | |
Cash | |
$ | 3,786,184 | | |
$ | 2,274,259 | |
Prepaid expenses and other current assets | |
| 1,058,836 | | |
| 1,677,396 | |
Incentive tax receivable | |
| 377,962 | | |
| 786,574 | |
Total current assets | |
| 5,222,982 | | |
| 4,738,229 | |
Property and equipment, net | |
| 26,944 | | |
| 33,366 | |
Operating lease right-of-use asset | |
| 159,641 | | |
| 193,689 | |
Deferred offering costs | |
| 15,000 | | |
| 49,988 | |
Other assets | |
| 484,842 | | |
| 414,206 | |
Total assets | |
$ | 5,909,409 | | |
$ | 5,429,478 | |
Liabilities and stockholders’ equity (deficit) | |
| | | |
| | |
Current liabilities: | |
| | | |
| | |
Accounts payable | |
$ | 1,752,444 | | |
$ | 2,201,999 | |
Accrued expenses and other current liabilities | |
| 933,747 | | |
| 3,230,922 | |
Current portion of operating lease liability | |
| 78,493 | | |
| 73,048 | |
Deferred income | |
| — | | |
| 18,626 | |
Total current liabilities | |
| 2,764,684 | | |
| 5,524,595 | |
Operating lease liability, net of current portion | |
| 90,446 | | |
| 130,863 | |
Total liabilities | |
| 2,855,130 | | |
| 5,655,458 | |
Commitments and contingencies (Note 4) | |
| | | |
| | |
Stockholders’ equity (deficit): | |
| | | |
| | |
Common stock, $0.0001 par value: 125,000,000 shares authorized; 3,112,401 and 1,750,426 issued and outstanding at March 31, 2024 and September 30, 2023, respectively | |
| 311 | | |
| 175 | |
Additional paid-in capital | |
| 114,100,805 | | |
| 110,017,598 | |
Accumulated deficit | |
| (111,046,837 | ) | |
| (110,243,753 | ) |
Total stockholders’ equity (deficit) | |
| 3,054,279 | | |
| (225,980 | ) |
Total liabilities and stockholders’ equity (deficit) | |
$ | 5,909,409 | | |
$ | 5,429,478 | |
Sonnet
BioTherapeutics Holdings, Inc.
Consolidated Statements of Operations
(unaudited)
| |
Three Months Ended March 31, | | |
Six Months Ended March 31, | |
| |
2024 | | |
2023 | | |
2024 | | |
2023 | |
Collaboration revenue | |
$ | — | | |
$ | 36,445 | | |
$ | 18,626 | | |
$ | 73,700 | |
Operating expenses: | |
| | | |
| | | |
| | | |
| | |
Research and development | |
| 2,167,288 | | |
| 3,816,644 | | |
| 2,811,330 | | |
| 7,562,584 | |
General and administrative | |
| 1,701,273 | | |
| 1,884,569 | | |
| 2,354,728 | | |
| 3,788,278 | |
Total operating expenses | |
| 3,868,561 | | |
| 5,701,213 | | |
| 5,166,058 | | |
| 11,350,862 | |
Loss from operations | |
| (3,868,561 | ) | |
| (5,664,768 | ) | |
| (5,147,432 | ) | |
| (11,277,162 | ) |
Other income | |
| 4,327,946 | | |
| — | | |
| 4,327,946 | | |
| — | |
Foreign exchange (loss) gain | |
| (93,960 | ) | |
| (2,303 | ) | |
| 16,402 | | |
| 67,949 | |
Net income (loss) | |
$ | 365,425 | | |
$ | (5,667,071 | ) | |
$ | (803,084 | ) | |
$ | (11,209,213 | ) |
| |
| | | |
| | | |
| | | |
| | |
Per share information: | |
| | | |
| | | |
| | | |
| | |
Net income (loss) per share, basic | |
$ | 0.08 | | |
$ | (7.55 | ) | |
$ | (0.19 | ) | |
$ | (21.14 | ) |
Weighted average shares outstanding, basic | |
| 4,617,665 | | |
| 750,582 | | |
| 4,205,469 | | |
| 530,131 | |
| |
| | | |
| | | |
| | | |
| | |
Net income (loss) per share, diluted | |
$ | 0.07 | | |
$ | (7.55 | ) | |
$ | (0.19 | ) | |
$ | (21.14 | ) |
Weighted average shares outstanding, diluted | |
| 4,885,845 | | |
| 750,582 | | |
| 4,205,469 | | |
| 530,131 | |
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Sonnet BioTherapeutics (NASDAQ:SONN)
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Sonnet BioTherapeutics (NASDAQ:SONN)
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