Sonnet BioTherapeutics Holdings, Inc. Annual Report - How They Did This Year

This year, Sonnet BioTherapeutics has been quite active, especially in securing funds and building partnerships to advance its research.

Raising Funds for the Future

Sonnet has been busy raising money to fuel its operations and research. This year saw several key financial activities:

• October 2023 Offering: The company completed an offering that included selling common stock and various types of warrants.
• May 2024 Purchase Agreement: Sonnet entered into an agreement to sell more common stock, providing additional funding.
• November & December 2024 Offerings: The company continued to raise capital through further offerings, again involving prefunded warrants and common warrants. These activities show a consistent effort to ensure the company has the necessary resources for its ongoing projects.

Building Partnerships for Research & Development

Sonnet is also actively collaborating with other organizations to strengthen its research and development efforts.

• Ongoing Discovery Collaborations: Sonnet has long-standing agreements, including one with XOMA dating back to 2012, focused on discovering new therapeutic candidates.
• New and Existing Agreements: This year highlighted several other important collaborations:
  • A new agreement with Alkem was noted in October 2024.
  • Ongoing work with Cellca, an agreement that started in 2019.
  • Partnerships with The Brink, InvivoGen, and ProteoNic are also in place, indicating a broad network for advancing their drug development programs.
  • A technology service agreement with Navigo Proteins GmbH from 2021 continues to support their research.

These collaborations are vital for Sonnet as they work to develop new treatments, leveraging external expertise and resources.

Key Takeaways

This year, Sonnet BioTherapeutics focused on two main areas:

• Securing Funding: The company consistently raised capital through multiple offerings and agreements in late 2023 and throughout 2024, utilizing common stock and various warrants.
• Expanding Partnerships: Sonnet maintained long-standing collaborations and established new agreements with partners like Alkem, Cellca, The Brink, InvivoGen, ProteoNic, and Navigo Proteins GmbH to advance its research and development programs.