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Sonnet BioTherapeutics Holdings
(NASDAQ:SONN)
Sonnet BioTherapeutics Holdings (SONN) vs. SPDR S&P 500 ETF (SPY)
Sonnet BioTherapeutics Holdings Business Overview & Revenue Model
Sonnet BioTherapeutics Holdings Financial Statement Overview
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.00M | 18.63K | 147.81K | 349.94K | 483.63K | 0.00 |
| Gross Profit | -951.93K | 18.63K | 147.81K | -21.09M | 483.63K | -58.31K |
| EBITDA | -13.99M | -11.77M | -18.72M | -29.58M | -24.99M | -24.24M |
| Net Income | -13.56M | -7.44M | -18.83M | -29.77M | -25.01M | -24.27M |
Balance Sheet | ||||||
| Total Assets | 2.06M | 2.77M | 5.43M | 5.83M | 28.99M | 7.99M |
| Cash, Cash Equivalents and Short-Term Investments | 321.30K | 149.46K | 2.27M | 3.05M | 27.62M | 7.35M |
| Total Debt | 68.84K | 130.86K | 203.91K | 255.99K | 125.88K | 353.25K |
| Total Liabilities | 5.10M | 3.26M | 5.66M | 8.37M | 6.73M | 4.97M |
| Stockholders Equity | -3.05M | -485.74K | -225.98K | -2.54M | 22.26M | 3.02M |
Cash Flow | ||||||
| Free Cash Flow | -10.31M | -8.61M | -21.79M | -28.58M | -22.56M | -15.69M |
| Operating Cash Flow | -10.31M | -8.61M | -21.34M | -27.69M | -22.55M | -15.61M |
| Investing Cash Flow | -12.00K | -12.00K | -443.25K | -896.48K | -3.62K | -76.18K |
| Financing Cash Flow | 7.09M | 6.49M | 21.01M | 4.01M | 42.83M | 23.01M |
Sonnet BioTherapeutics Holdings Technical Analysis
Sonnet BioTherapeutics Holdings Risk Analysis
Sonnet BioTherapeutics Holdings Peers Comparison
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
51 Neutral | $7.83B | -0.15 | -40.10% | 2.29% | 21.46% | -2.01% | |
49 Neutral | $24.38M | ― | -714.96% | ― | 1689.52% | 66.05% | |
44 Neutral | $17.01M | ― | -134.50% | ― | 68.67% | 85.44% | |
40 Underperform | $8.09M | ― | -67.73% | ― | -2.06% | 64.86% | |
38 Underperform | $16.90M | ― | -276.72% | 2.00% | -87.50% | 92.82% | |
37 Underperform | $8.33M | ― | 354.78% | ― | ― | 91.46% | |
36 Underperform | $26.92M | ― | -56.12% | ― | ― | 95.87% |
Sonnet BioTherapeutics Holdings Corporate Events
On July 31, 2025, Sonnet BioTherapeutics Holdings, Inc. entered into an employment agreement with Raghu Rao, the interim Chief Executive Officer, outlining his compensation and potential bonuses. The agreement includes a base salary of $400,000, eligibility for a bonus based on strategic transactions, and discretionary bonuses from the board. Additionally, the board approved a $100,000 discretionary bonus for Mr. Rao on the same date.
On May 30, 2025, Sonnet BioTherapeutics Holdings received a deficiency notice from Nasdaq for not meeting the $2.5 million minimum stockholders’ equity requirement. However, by July 18, 2025, the company reported raising sufficient funds through private placement and warrant exercises, ensuring compliance with Nasdaq’s equity rule. On July 23, 2025, Nasdaq confirmed the company’s compliance but will continue to monitor its financial status, with potential delisting if future requirements are not met.
On May 30, 2025, Sonnet BioTherapeutics Holdings received a deficiency notice from Nasdaq for not meeting the $2.5 million minimum stockholders’ equity requirement. By July 15, 2025, the company secured approximately $5.5 million from a private placement offering and an additional $10.5 million from warrant exercises, potentially bringing it back into compliance, pending Nasdaq’s confirmation.
Sonnet BioTherapeutics announced a business combination with Rorschach I LLC to form Hyperliquid Strategies Inc (HSI), a public cryptocurrency treasury company. The transaction, valued at $888 million, will see HSI holding a significant reserve of HYPE tokens, the native token of the Hyperliquid blockchain. This move is expected to transform Sonnet’s business by integrating a cryptocurrency treasury strategy while continuing its focus on existing biotech assets. The merger, subject to approval by Sonnet stockholders, is anticipated to close in the second half of 2025, with HSI listed on Nasdaq under a new ticker symbol.
On June 30, 2025, Sonnet BioTherapeutics Holdings, Inc. completed a sale of $2.0 million in convertible notes to accredited investors, along with warrants to purchase 865,052 shares of common stock. The convertible notes, maturing on June 30, 2026, can be converted into up to 1,730,104 shares of common stock at a conversion price of $1.156. If a subsequent issuance of at least $5.0 million occurs within 90 days, the notes will automatically convert into the same securities issued in that offering.
On May 30, 2025, Sonnet BioTherapeutics Holdings received a notice from Nasdaq indicating non-compliance with the minimum stockholders’ equity requirement for continued listing on the Nasdaq Capital Market. The company reported stockholders’ equity of $662,262, significantly below the $2.5 million requirement. Sonnet has until July 14, 2025, to submit a compliance plan, with potential extensions up to 180 days. Failure to regain compliance could lead to delisting, impacting liquidity, trading volume, and the company’s ability to raise capital, thereby affecting its business operations and investor confidence.