Sonnet BioTherapeutics Reports Q3 2023 Net Loss of $15.2 Million
Collaboration Revenue Amounts to $110.5 Million in Nine Months Ended June 30, 2023
Sonnet BioTherapeutics Holdings, Inc. (BURG), a biotechnology company focused on developin g innovative cancer therapies, has released its unaudited financial results for the third quarter of 2023. The company reported a net loss of $15.2 million for the nine months ended June 30, 2023. Despite the loss, Sonnet BioTherapeutics achieved collaboration revenue of $36.9 million for the three months ended June 30, 2023, contributing to a total collaboration revenue of $110.5 million for the nine-month period.
Net Loss Highlights
Sonnet BioTherapeutics reported a net loss of $15.2 million for the nine months ended June 30, 2023. The loss was driven by operating expenses, including research and development costs of $9.97 million and general and administrative expenses of $5.33 million. The net loss per share for the same period was $(0.86), based on a weighted average of approximately 17.6 million shares outstanding.
Collaboration Revenue Performance
