**Sonnet BioTherapeutics Holdings, Inc. Reports Fiscal Year 2025 Results, Announces Business Combination**
Sonnet BioTherapeutics Holdings, Inc., a clinical-stage oncology-focused biotechnology company, reported a net loss of $16.0 million for the fiscal year ended September 30, 2025, compared to a net loss of $7.4 million for the previous fiscal year. The increased loss was primarily driven by a $2.6 million increase in research and development expenses related to clinical trials and a $2.4 million increase in general and administrative expenses, partially offset by a $3.6 million decrease in other income due to reduced sales of New Jersey state net operating losses. Collaboration revenue increased significantly to $1.0 million, primarily due to the Alkem Agreement, compared to $18,626 in the prior year from the New Life Agreement.
Research and development expenses totaled $8.4 million, up from $5.7 million in fiscal year 2024, reflecting increased costs for the SB101 and SB221 clinical trials. General and administrative expenses also rose to $8.5 million from $6.1 million, mainly due to higher professional fees associated with the business combination and related filings. As of September 30, 2025, Sonnet's cash and cash equivalents stood at $5.1 million. The company believes this will fund operations into February 2026.
Key operational developments included the ongoing Phase 1 SB101 trial of SON-1010 in solid tumors, with an expansion cohort evaluating the combination with trabectedin in soft tissue sarcoma. The Phase 1b/2a SB221 trial, in collaboration with Roche, continued to assess the combination of SON-1010 and atezolizumab in platinum-resistant ovarian cancer. The company also entered into a Master Clinical Collaboration Agreement with the Sarcoma Oncology Center to advance the development of SON-1210. As of the reporting date, 103 patients and healthy volunteers had been dosed with SON-1010 across three Phase 1 studies.
On December 2, 2025, Sonnet completed its previously announced business combination with Hyperliquid Strategies Inc. (HSI) and Rorschach I LLC. As a result, Sonnet became a wholly-owned subsidiary of HSI, with HSI's common stock beginning trading on the Nasdaq Capital Market under the symbol "PURR" on December 3, 2025. In connection with the business combination, Sonnet's common stock was removed from listing on the Nasdaq Capital Market. The company intends to file with the SEC a Form 15 to request deregistration of its common stock and suspension of its reporting obligations.
About Sonnet BioTherapeutics Holdings, Inc.
Sonnet BioTherapeutics is a clinical-stage biotechnology company developing innovative biologic medicines, primarily targeting oncology and neuropathy. Its proprietary FHAB platform enhances cytokine delivery and tumor targeting. The company’s pipeline includes cytokine-based therapies for cancer, chemotherapy-induced peripheral neuropathy, and diabetic peripheral neuropathy, leveraging modular, long-acting constructs to improve efficacy and safety in immune modulation and nerve regeneration.
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