Sonnet BioTherapeutics (SONN) Stock: Why The Price Fell

By Amit Chowdhry ● Feb 9, 2022
  • The stock price of Sonnet BioTherapeutics Holdings, Inc. (NASDAQ: SONN) fell by 4.57% in the most recent trading session. This is why it happened.

The stock price of Sonnet BioTherapeutics Holdings, Inc. (NASDAQ: SONN) fell by 4.57% in the most recent trading session. Investors are responding negatively to the company’s first-quarter results.

Sonnet BioTherapeutics had reported a Q1 GAAP EPS of -$0.10. And the net loss had increased year over year from a $5.877 million loss in 2020 to a $6.2 million net loss in 2021.

These are some of the highlights:

— As of December 31, 2021, Sonnet had $19.4 million cash on hand.

— Research and development expenses were $4.3 million for the three months ended December 31, 2021, compared to $3.9 million for the three months ended December 31, 2020. The increase of $0.4 million was primarily due to the development of the cell lines for SON-1010, SON-1210 and SON-080, and an increase in payroll and share-based compensation expense as we continue to expand our operations.

— General and administrative expenses were $2.1 million for the three months ended December 31, 2021, compared to $2.0 million for the three months ended December 31, 2020. The increase of $0.1 million relates to an increase in consulting fees.

Disclaimer: This content is intended for informational purposes. Before making any investment, you should do your own analysis.