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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.
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Q3 2025 earnings summary13 Aug, 2025

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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Frequently asked questions

Sonnet BioTherapeutics Holdings Inc is a U.S.-based clinical-stage biopharmaceutical company focused on the development of innovative biologic drugs for cancer and other serious diseases. The company utilizes a proprietary platform to design fully human fusion proteins that enhance the therapeutic activity and delivery of cytokines. Sonnet’s pipeline targets various solid tumors and immunological conditions, with development efforts supported by preclinical and clinical research. The company is headquartered in Princeton, New Jersey, and its shares are listed on the NASDAQ.

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