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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

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

By NewsInMiniutes
Published - Aug 14, 2023, 11:38 AM ET
Last Updated - Aug 22, 2024, 01:02 AM EDT

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

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