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PRINCETON, N.J. - Sonnet BioTherapeutics Holdings, Inc. (NASDAQ: SONN), a clinical-stage biotechnology company currently trading near its 52-week low with a market capitalization of $4.26 million, has announced the receipt of a Notice of Allowance from the United States Patent and Trademark Office (USPTO) for a new patent related to its IL-18 variant protein, IL-18BPR. According to InvestingPro analysis, the company’s stock appears undervalued despite recent market challenges. This second patent in the IL-18 variant protein field discloses the amino acid sequence of a variant human IL-18BPR protein with specific amino acid substitutions that enhance its efficacy.
The company’s IL-18BPR is designed to bind the IL-18 receptor while avoiding interaction with the inhibitory IL-18 Binding Protein. This modification is expected to increase the therapeutic potential of IL-18BPR in cancer treatments. The patent further strengthens Sonnet’s intellectual property position and opens up the possibility for licensing the technology independently of its Fully Human Albumin Binding (FHAB) platform. While the company maintains a healthy current ratio of 2.15, InvestingPro data reveals several additional financial metrics and insights available to subscribers.
Sonnet’s CEO, Pankaj Mohan, Ph.D., expressed confidence in the proprietary rights over IL-18BPR and its potential value for cancer patients. He emphasized that the patent validates their approach and the combination of IL-18BPR with IL-12, which could lead to an important therapeutic asset for oncology and cell-based therapy.
The company has developed two drug candidates, SON-1411 and SON-1400, both containing the IL-18BPR variant. SON-1411 is a bifunctional fusion protein that includes IL-18BPR and IL-12 linked to the FHAB platform. This technology aims to target tumor and lymphatic tissue, potentially improving the safety and efficacy of immunomodulators.
John Cini, Ph.D., Sonnet’s Chief Scientific Officer, commented on the challenges of IL-18 clinical therapies and the potential of IL-18BPR to overcome these by avoiding the inhibitory effects of IL-18BP.
Sonnet BioTherapeutics focuses on developing targeted biologic drugs with single or bifunctional action. Its FHAB technology is designed to enhance the delivery and efficacy of therapeutic agents, with a current emphasis on treating advanced solid tumors, certain sarcomas, and platinum-resistant ovarian cancer.
This announcement is based on a press release statement from Sonnet BioTherapeutics. The company’s forward-looking statements regarding the impact of the new patent and its product development are subject to risks and uncertainties, and there is no assurance that the anticipated benefits will be realized. Investors are advised to exercise caution and not place undue reliance on these forward-looking statements. InvestingPro analysis indicates an overall weak financial health score of 1.6 out of 10, with particularly challenging metrics in profitability and price momentum, factors that potential investors should carefully consider.
In other recent news, Sonnet BioTherapeutics has announced significant developments regarding its proprietary Antibody Drug Conjugate (ADC) platform. The company is advancing its ADC technology, which includes the SON-5010 construct targeting the HER2 receptor, demonstrating promising tumor reduction activity in preclinical studies. In addition, Sonnet is expanding its clinical trial efforts by combining its immunotherapeutic drug SON-1010 with trabectedin for treating advanced soft-tissue sarcoma. This expansion is part of a Phase 1 SB101 clinical trial, with patient enrollment underway and safety data expected in 2025.
Sonnet has also appointed Stephen J. McAndrew, Ph.D., as Chief Business Officer to further its business development and licensing strategies. McAndrew, with a strong background in the biopharmaceutical industry, aims to establish key partnerships based on Sonnet’s Fully Human Albumin-Binding (FHAB) assets. The company’s lead program, SON-1010, is under evaluation for solid tumors and ovarian cancer, with additional programs targeting other cancer types and neuropathies.
These developments reflect Sonnet BioTherapeutics’ ongoing efforts to innovate in the field of oncology and immunotherapy. The company continues to seek strategic collaborations to enhance its pipeline and address unmet medical needs in cancer treatment.
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