Sonnet Received Approval Of Its Application To Sell Up To $8,143,144 Of Its New Jersey State Net Operating Losses And $62,810 Of Its New Jersey State R&D Tax Credits For Proceeds Of Up To $0.795M Through The New Jersey Technology Business Tax Certificate Transfer Program; Also Expects To Receive A $0.7M Net Cash Refund From The R&D Tax Incentive Program In Australia
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Sonnet BioTherapeutics Holdings, Inc. (NASDAQ:SONN) received preliminary approval to sell up to $8.14M of its New Jersey State net operating losses and $62,810 of R&D tax credits for up to $0.795M through the NJ Technology Business Tax Certificate Transfer Program. Additionally, Sonnet expects a $0.7M net cash refund from the Australian R&D Tax Incentive Program. These funds will provide non-dilutive capital to advance their drug pipeline.
October 04, 2024 | 12:34 pm
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Sonnet BioTherapeutics received approval to sell NJ tax credits and expects a refund from Australia, providing non-dilutive capital to advance its drug pipeline.
The approval to sell tax credits and the expected refund provide Sonnet with non-dilutive capital, which is positive for the company's financial health and its ability to fund R&D. This is likely to have a positive short-term impact on the stock price as it strengthens the company's cash position without diluting shareholder value.
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