As of September 30, 2024, Sonnet had $0.1 million cash on hand. The Company believes that based on cash on hand at September 30, 2024, together with the approximate $7.7 million recently received through the sale of common stock and warrants in November and December 2024, $0.7 million received from the R&D Tax Incentive Program in Australia in November 2024 to satisfy the Company’s incentive tax receivable, and $0.5 million received in October 2024 as an upfront payment related to the License Agreement, which after tax withholdings resulted in a net payment of $0.4 million, it has sufficient funds for projected operations into July 2025.
Pick the best stocks and maximize your portfolio:
- Discover top-rated stocks from highly ranked analysts with Analyst Top Stocks!
- Easily identify outperforming stocks and invest smarter with Top Smart Score Stocks
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
Read More on SONN:
- SONN Earnings this Week: How Will it Perform?
- Sonnet BioTherapeutics announces $3.9M registered direct offering
- Sonnet announces safety data following SON-1010 monotherapy dose escalation
- Sonnet BioTherapeutics Advances in SON-1010 Phase 1 Trial
- Sonnet BioTherapeutics Reports Promising Data for SON-1010