New Jersey
Sonnet BioTherapeutics to Receive Non-Dilutive Funding Through New Jersey Tax Certificate Transfer and Australia R&D Tax Incentive Programs
PRINCETON, NJ, Oct. 04, 2024 (GLOBE NEWSWIRE) — Sonnet BioTherapeutics Holdings, Inc. (the “Company” or “Sonnet”) (NASDAQ: SONN), a clinical-stage company developing targeted immunotherapeutic drugs, today announced it has received preliminary approval for a tax credit from the New Jersey Technology Business Tax Certificate Transfer Program administered by the New Jersey Economic Development Authority (NJEDA). Sonnet received approval of its application to sell up to $8,143,144 of its New Jersey State net operating losses (NOLs) and $62,810 of its New Jersey State research and development (R&D) tax credits for proceeds of up to $0.795 million through the New Jersey Technology Business Tax Certificate Transfer Program, subject to execution of such sale. Sonnet also expects to receive a $0.7 million net cash refund from the R&D Tax Incentive Program in Australia.
Pankaj Mohan, Founder and Chief Executive Officer of Sonnet commented, “We are grateful for NJEDA’s continued support of the biotechnology industry and to be one of the recipients to benefit from the New Jersey Technology Business Tax Certificate Transfer Program. With the addition of the net cash refund from the Australian R&D Tax Incentive Program, this will provide Sonnet with non-dilutive capital to continue to direct our resources towards advancing our pipeline of targeted immunotherapeutic drugs.”
The Technology Business Tax Certificate Transfer Program administered by the NJEDA enables qualified companies to sell up to $20 million of their unused New Jersey NOLs and R&D tax credits to unaffiliated, profit-generating corporate taxpayers in the State of New Jersey. The Technology Business Tax Certificate Transfer Program is designed to allow technology and biotechnology companies with NOLs to turn their tax losses and credits into cash proceeds to fund more R&D, expand its workforce and cover other allowable expenditures. Sonnet is one of several biotechnology/technology companies to qualify in this competitive process to share in the funding this year.
The Australian R&D Tax Incentive Program allows certain companies to claim a significant percentage of their costs related to R&D activities they have or are planning to undertake in Australia.
The Company expects to receive the Australian net cash refund before calendar year end 2024 and the proceeds from the sale of its New Jersey NOLs and R&D tax credits before the end of the first calendar quarter of 2025, subject to execution of such sale.
About Sonnet BioTherapeutics Holdings, Inc.
Sonnet is an oncology-focused biotechnology company with a proprietary platform for innovating biologic drugs of single or bifunctional action. Known as FHAB (Fully Human Albumin Binding), the technology utilizes a fully human single chain antibody fragment (scFv) that binds to and “hitch-hikes” on human serum albumin (HSA) for transport to target tissues. Sonnet’s FHAB was designed to specifically target tumor and lymphatic tissue, with an improved therapeutic window for optimizing the safety and efficacy of immune modulating biologic drugs. FHAB is the foundation of a modular, plug-and-play construct for potentiating a range of large molecule therapeutic classes, including cytokines, peptides, antibodies, and vaccines.
Forward-Looking Statements
This press release contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and Private Securities Litigation Reform Act, as amended, including those relating to the proceeds from the Company’s New Jersey State NOLs and R&D tax credits, the Company’s Australia net cash refund, the outcome of the Company’s clinical trials, the Company’s cash runway, the Company’s product development, clinical and regulatory timelines, market opportunity, competitive position, possible or assumed future results of operations, business strategies, potential growth opportunities and other statements that are predictive in nature. These forward-looking statements are based on current expectations, estimates, forecasts and projections about the industry and markets in which we operate and management’s current beliefs and assumptions.
These statements may be identified by the use of forward-looking expressions, including, but not limited to, “expect,” “anticipate,” “intend,” “plan,” “believe,” “estimate,” “potential,” “predict,” “project,” “should,” “would” and similar expressions and the negatives of those terms. These statements relate to future events or our financial performance and involve known and unknown risks, uncertainties, and other factors which may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. Such factors include those set forth in the Company’s filings with the Securities and Exchange Commission. Prospective investors are cautioned not to place undue reliance on such forward-looking statements, which speak only as of the date of this press release. The Company undertakes no obligation to publicly update any forward-looking statement, whether as a result of new information, future events or otherwise.
Investor Relations Contact:
JTC Team, LLC
Jenene Thomas
908.824.0775
SONN@jtcir.com
Blacksmith Triangle, the site of a former gas station at the corner of North Olden and Lawrence avenues in Trenton, has taken on a new life as the city’s latest green space.
New Jersey Conservation Foundation (NJ Conservation), in partnership with the City of Trenton and other environmental and community organizations, worked to transform the site into a forested park addition over the last two years. Improvements included site clearing and grading, seeding, new sidewalks, bollards, a brick-paved entry plaza, and 14 honey locust trees. The project’s completion was celebrated in May.
The City remediated Blacksmith Triangle years ago to clean up the contamination left behind from its former use as a gas station. But until recently it remained covered with concrete and asphalt and was often used as a de facto parking lot. In 2024, NJ Conservation received a grant from the Licensed Site Remediation Professionals Association Foundation to plant trees on the site, which spurred conversations with Trenton officials about turning the lot into a forested plaza and gateway to George Page Park and the Assunpink Greenway. Construction began in December 2025, thanks to a significant financial contribution from the City of Trenton and additional funding secured by NJ Conservation from private donors.
With this new green space, project leaders aim to increase shade for city residents, who are experiencing disproportionate impacts of climate change. Trenton neighborhoods are dealing with the ‘heat island effect’ that causes higher ambient temperatures in urban areas than in suburban and rural areas.
“Excessive heat is deadly in our communities, and this work will help future generations of Trentonians cope with the rising temperatures that will come with our new climate realities,” said Jay Watson, NJ Conservation’s Senior Fellow for Conservation Justice. “New Jersey Conservation Foundation is proud to do this green infrastructure work in our capital city.”
At a grand opening celebration for Blacksmith Triangle last month, Paul Harris, Trenton’s Director of Recreation, Natural Resources, and Culture, said the City is excited about the lot’s transformation, highlighting the partnership that made the project possible.
“Our goal is to green as much of the town as we can, but in order to do that successfully, we need to bring on partners,” said Harris.
The revitalization of Blacksmith Triangle is part of a larger greening effort throughout the city. NJ Conservation and its partners — City of Trenton, Isles, the New Jersey Tree Foundation, the Watershed Institute, and the Outdoor Equity Alliance — are working to build a greener, more equitable New Jersey through the Trees for Trenton program. Thanks to a grant from the New Jersey Department of Environmental Protection, 1,000 shade trees are being planted throughout Trenton, creating a healthier environment for residents and visitors.
Trees for Trenton was announced in 2023 at an Arbor Day celebration when the first trees were planted at Mulberry Street Park. More than 900 trees have been planted throughout the city since then.
(Courtesy of New Jersey Conservation Foundation)
About New Jersey Conservation Foundation
Recognizing that a healthy environment is critical to the well-being and survival of all living things, New Jersey Conservation Foundation is devoted to preserving land and protecting natural resources throughout New Jersey’s rural, suburban, and urban landscapes.
Since 1960, the nonprofit, nonpartisan, statewide organization has preserved more than 140,000 acres of open space, farmland, and parks. The organization manages more than a dozen nature preserves, conducts public outreach and education programs, and advocates for sensible land use and climate policies that will protect the health of New Jersey’s plants, wildlife, and people for generations to come.
Courtesy of New Jersey Conservation Foundation
How to protect your NJ home from wind: Video
Here’s how to windproof your home to minimize damage, and what to do if a tree falls on your property as a result of the weather
A severe thunderstorm watch looms over North Jersey on the evening of June 12 after days of extreme heat.
Nation Weather Service New York declared a severe thunderstorm watch for numerous North Jersey counties including Bergen, Passaic, Hudson, Essex, Morris and Sussex among other Central Jersey and New York counties. The watch is in effect until 9 p.m., according to the NWS statement.
In an hourly forecast from The Weather Channel for Paramus, there is a 74% chance of thunderstorms at 7 p.m.
High temperatures reached past 90 degrees in many parts of North Jersey on June 11 and June 12 as a heat advisory also remains in effect until 8 p.m., said NWS New York.
“Dangerous heat is expected to continue across much of our region through today, with several record highs likely to be challenged again. High temperatures are forecast to peak into the low to mid 90s across most of the area,” the National Weather Service said Friday.
A Heat Advisory is in effect until 8 p.m. across the state except for Atlantic, Cape May, Cumberland and Salem counties.
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