S&P 500 slips, but losses kept in check as Nvidia climbs ahead of results
Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN), a micro-cap biopharmaceutical company with a market capitalization of $3.89 million, announced today that it has received positive safety results from its Phase 1b/2a clinical trial involving SON-1010 in combination with atezolizumab, a cancer immunotherapy drug. The trial targets adult patients with advanced solid tumors or platinum-resistant ovarian cancer (PROC). According to InvestingPro analysis, the company maintains a healthy liquidity position with a current ratio of 2.15, indicating sufficient resources to fund its clinical programs.
The Safety Review Committee (SRC) for the SB221 study has endorsed the continuation of the trial into its expansion phase after evaluating the highest dose of SON-1010 combined with atezolizumab. This next phase will focus on the preliminary efficacy of the combination treatment at the maximum tolerated dose (MTD) before moving on to a Phase 2a comparison against standard care for patients with PROC.
During the first part of the SB221 study, which aimed to establish the MTD and assess safety and pharmacokinetics, 19 subjects were treated. One patient with PROC experienced a partial response at the highest dose level.
The SRC’s review noted the most common side effects were fatigue, fevers, and gastrointestinal symptoms, with no dose-limiting toxicity or cytokine release syndrome observed. Only one serious adverse event related to the treatment was reported—a Grade 2 pneumonitis, an expected side effect of atezolizumab. Notably, a PROC patient had a 44% decrease in tumor size, marking a partial response, and a significant reduction in the CA 125 ovarian cancer biomarker.
The trial’s strategy included an initial ’desensitizing’ dose to reduce potential toxicity and enable higher maintenance dosing. The safety profile aligns with typical Phase 1 oncology trials, with most adverse events being mild and transient. Out of 19 patients dosed, 53% showed disease stability at the first follow-up scan, and 33% remained stable at four months, suggesting clinical benefit from SON-1010. At a six-month follow-up, four patients were still in the trial, including three with stable disease and one with an unconfirmed progressive disease. Despite these promising clinical developments, InvestingPro data shows the stock has faced significant market challenges, declining 92% over the past year, though analysts project revenue growth of 53% for fiscal year 2025.
This announcement is based on a press release statement and provides an update on Sonnet BioTherapeutics’ ongoing efforts to develop new cancer treatments. The company’s next earnings report is scheduled for May 14, 2025. InvestingPro subscribers have access to 12 additional key insights about SONN, including detailed financial health metrics and Fair Value analysis, which currently indicates the stock may be undervalued relative to its potential.
In other recent news, Sonnet BioTherapeutics Holdings, Inc. reported positive safety results from its clinical trial involving the drug SON-1010 in combination with atezolizumab for patients with platinum-resistant ovarian cancer. The trial identified a maximum tolerated dose of SON-1010 and showed promising interim data, with one patient exhibiting a partial response and a significant reduction in tumor size. Additionally, Sonnet announced promising early results from its ongoing Phase 1 trial of SON-1010 in combination with trabectedin for advanced sarcoma, with no unexpected toxicities observed. In a separate development, the company received a Notice of Allowance from the United States Patent and Trademark Office for a new patent related to its IL-18 variant protein, IL-18BPR, which enhances therapeutic potential in cancer treatments. The company also experienced significant leadership changes following the passing of its founder and CEO, Pankaj Mohan, with Raghu Rao appointed as Interim CEO and Stephen McAndrew promoted to President and Chief Business Officer. These leadership changes come as the company continues to advance its therapeutic programs. Sonnet’s proprietary FHAB platform and its lead program SON-1010 remain central to its ongoing research and development efforts. The company is actively seeking partnership opportunities to support the later-stage development of its drug candidates.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.