Sonnet BioTherapeutics Holdings, Inc. Cashflow Statement

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Financial Statements

Income Statement Balance Sheet Cashflow Statement

Consolidated Statements of Cash Flows

In millions of USD, except per-share amounts

	FY2025 12 months to Sep 30, 2025	FY2024 12 months to Sep 30, 2024	FY2023 12 months to Sep 30, 2023	FY2022 12 months to Sep 30, 2022	FY2021 12 months to Sep 30, 2021
Cash flows from operating activities:
Net loss
Adjustments to reconcile net loss to net cash used in operating activities:
Acquired in-process research and development
Depreciation
Amortization of operating lease right-of-use asset
Share-based compensation
Non-cash interest expense
Forgiveness of note payable
Financing costs related to ChEF Purchase Agreement
Non-cash financing costs
Amortization of debt discount
Changes in operating assets and liabilities:
Prepaid expenses and other current assets
Income tax receivable
Incentive tax receivable
Other assets
Accounts payable
Accrued expenses and other liabilities
Accrued expenses and other current liabilities
Deferred income
Operating lease liability

Net cash used in operating activities
Cash flows from investing activities:
Purchases of in-process research and development
Purchases of property and equipment
Net cash used in investing activities

Cash flows from financing activities:
Proceeds from issuance of common stock and warrants, net of issuance costs
Proceeds from sale of common stock, net of issuance costs
Proceeds from sale of preferred stock and warrants, net of issuance costs
Proceeds from issuance of convertible notes and warrants, net of issuance costs
Payment of deferred offering costs
Payment of financing costs related to ChEF Purchase Agreement
Proceeds from exercise of warrants, net of issuance costs
Repayments of related party notes
Net cash provided by financing activities

Net increase (decrease) in cash, cash equivalents and restricted cash
Cash, cash equivalents and restricted cash at beginning of year
Cash, cash equivalents and restricted cash at end of year
Cash and cash equivalents
Restricted cash
Total cash, cash equivalents and restricted cash
Supplemental disclosure of non-cash operating, investing and financing activities:
Change in operating lease right-of-use asset and liability due to amended lease
Deferred offering costs charged against proceeds from sale of common stock
Deferred offering costs in accounts payable and accrued expenses
Issuance of common stock on vesting of restricted stock units
Common stock issuance costs in accrued expenses
In-process research and development in accrued expenses
Common stock issuance costs in accounts payable and accrued expenses
Conversion of convertible notes into preferred stock
Net settlement of warrants
Common stock and warrant issuance costs in accounts payable and accrued expenses
ChEF Purchase Agreement financing costs in accounts payable
In-process research and development in accounts payable
Warrant issuance costs in accounts payable

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