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Sonnet BioTherapeutics Holdings (SONN) investor relations material
Sonnet BioTherapeutics Holdings Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Focused on oncology and immunotherapy, advancing clinical programs for SON-1010, SON-080, and SON-1210, with recent clinical trial expansions and new licensing agreements in India and collaborations with Roche and Sarcoma Oncology Center.
Entered a business combination agreement in July 2025 to become a wholly owned subsidiary of Hyperliquid Strategies, Inc., with legacy shareholders receiving contingent value rights.
Raised $18.0 million in July 2025 through convertible notes, preferred stock, warrants, and warrant exercises to address liquidity needs.
Financial highlights
Net loss of $3.8 million for the quarter and $10.4 million for the nine months ended June 30, 2025, compared to $3.5 million and $4.3 million, respectively, in the prior year periods.
Collaboration revenue of $1.0 million for the nine months ended June 30, 2025, from the Alkem Agreement; $18,626 in the prior year from the New Life Agreement.
Research and development expenses increased to $2.4 million for the quarter and $6.2 million for the nine months, driven by clinical trial costs and license fees.
General and administrative expenses were $1.4 million for the quarter and $5.7 million for the nine months, up year-over-year due to higher professional fees.
Cash balance of $0.3 million as of June 30, 2025; net cash used in operations was $7.1 million for the nine months.
Outlook and guidance
Cash on hand plus July 2025 financings expected to fund operations into February 2026; substantial additional financing will be needed beyond that period.
Ongoing and upcoming milestones include topline efficacy data for SON-1010 in H2 2025, Alkem's initiation of a Phase 2 trial for SON-080, and first patient dosing for SON-1210 in H2 2025.
Expenses and operating losses expected to increase as clinical programs advance and commercialization activities expand.
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