Sonnet BioTherapeutics advances novel ADC platform

PRINCETON, N.J. - Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN), a clinical-stage biotechnology company with a market capitalization of $4.69 million, announced its intention to further develop its proprietary Antibody Drug Conjugate (ADC) platform. Currently trading at $1.53, InvestingPro analysis suggests the stock is undervalued relative to its Fair Value. This platform is poised to address technical challenges associated with ADCs and offers a flexible payload capacity and controllable drug-antibody ratios (DAR).

The company’s initial proof-of-concept ADC construct, SON-5010, targets the HER2 receptor, a well-known marker in certain cancers. SON-5010 was compared with Kadcyla®, an approved anti-HER2 ADC, and trastuzumab-MMAE, both in vitro and in vivo. The results demonstrated similar tumor reduction activity and no detectable toxicity in a preclinical study. According to InvestingPro data, the company maintains a healthy current ratio of 2.15, with liquid assets exceeding short-term obligations.

Pankaj Mohan, Ph.D., Founder and CEO of Sonnet, emphasized the platform’s potential for producing diverse ADC candidates, citing the company’s interest in discovery partnerships to leverage this technology. The ADC platform utilizes Sonnet’s Fully Human Albumin-Binding (FHAB) domain and flexible docking peptides, which may enhance tumor penetration and retention.

John Cini, Ph.D., Co-Founder and Chief Scientific Officer, highlighted the early positive data from the platform, which integrates the company’s albumin binding scFv into the targeting scaffold. This unique feature could lead to increased accumulation of the FHAB-ADC complex in tumors.

Stephen McAndrew, Ph.D., Chief Business Officer, expressed confidence in the platform’s differentiation through its flexibility in targeting scaffolds, DARs, and payload choices. The company plans to continue the global prosecution of its intellectual property around this platform while seeking partnerships for proprietary ADC drug candidate development.

Sonnet’s ADC platform is part of its broader oncology-focused pipeline, which includes other targeted biologic drugs. The company’s lead program, SON-1010, is in development for advanced solid tumors, and SON-1210 is being prepared for a Phase 1/2a study in pancreatic ductal adenocarcinoma.

This announcement is based on a press release statement from Sonnet BioTherapeutics. The company’s forward-looking statements involve risks and uncertainties, and actual results may differ materially. Investors are cautioned not to place undue reliance on these forward-looking statements, which are valid only as of the date of the press release. For deeper insights into Sonnet’s financial health and future prospects, InvestingPro subscribers have access to 12 additional ProTips and comprehensive financial metrics, including detailed profitability analysis and growth forecasts.

In other recent news, Sonnet BioTherapeutics Holdings, Inc. has announced the completion of dose escalation in its Phase 1 SB101 clinical trial for SON-1010, determining the maximum tolerated dose to be 1200 ng/kg without observing dose-limiting toxicity. The trial revealed that 48% of evaluable patients maintained stable disease four months after treatment, with one patient experiencing a partial response marked by a 45% tumor size reduction. Additionally, Sonnet has expanded its Phase 1 SB101 clinical trial to include a cohort combining SON-1010 with trabectedin for advanced soft-tissue sarcoma, aiming to enhance therapeutic effects. The company is actively pursuing partnerships to support the later-stage development of SON-1010, which is also being evaluated in a Phase 1b/2a study with atezolizumab for ovarian cancer. Sonnet BioTherapeutics has further strengthened its leadership team by appointing Stephen J. McAndrew, Ph.D., as Chief Business Officer, leveraging his extensive industry experience to advance business development and licensing strategies. The company has also published a study in Frontiers in Immunology detailing the development and preclinical data of SON-1010, highlighting its potential to improve cytokine delivery for cancer treatment. These developments underscore Sonnet’s commitment to advancing its immunotherapy pipeline and exploring strategic collaborations.

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