Latest News by Industry
Sonnet BioTherapeutics Holdings, Inc. (BURG), a biotechnology company focused on developin g innovative cancer therapies, has released its unaudited financial results for the third quarter of 2023. The company reported a net loss of $15.2 million for the nine months ended June 30, 2023. Despite the loss, Sonnet BioTherapeutics achieved collaboration revenue of $36.9 million for the three months ended June 30, 2023, contributing to a total collaboration revenue of $110.5 million for the nine-month period.
Sonnet BioTherapeutics reported a net loss of $15.2 million for the nine months ended June 30, 2023. The loss was driven by operating expenses, including research and development costs of $9.97 million and general and administrative expenses of $5.33 million. The net loss per share for the same period was $(0.86), based on a weighted average of approximately 17.6 million shares outstanding.
Collaboration Revenue Performance
The company's collaboration revenue for the three months ended June 30, 2023, amounted to $36.9 million. This marked a significant contribution to the total collaboration revenue of $110.5 million for the nine months ended June 30, 2023. The revenue was generated through strategic partnerships and collaborations in the biopharmaceutical sector.
Financial Position and Equity Changes
Sonnet BioTherapeutics reported consolidated total assets of $10.03 million as of June 30, 2023, reflecting growth compared to $5.83 million on September 30, 2022. The company's cash balance also increased to $7.02 million from $3.05 million during the same period.
Stockholders' equity improved, reaching $3.42 million as of June 30, 2023, a positive shift from the previous year's deficit of $2.54 million. This improvement was driven by the issuance of common stock and additional paid-in capital.
Sonnet BioTherapeutics Holdings, Inc. continues to advance its efforts in the field of cancer therapeutics, despite reporting a net loss for the third quarter of 2023. The company's collaboration revenue demonstrates the positive outcomes of its strategic partnerships, while improvements in financial position and stockholders' equity underline its commitment to long-term growth and innovation in the biotechnology sector.