$SONN
Sonnet Biotherapeutics Holdings Inc Stock $sonn

$sonn Overview Financials Valuation SEC Filings Company Website

2022 Q4 Form 10-K Financial Statement

#000149315222035581 Filed on December 15, 2022

Income Statement

Concept	2022 Q4	2022 Q3	2022
Revenue	$37.26K	$62.75K	$349.9K
YoY Change	-71.3%	-87.03%	-27.64%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin	$1.904M	$2.316M	$8.575M
YoY Change	-8.43%	-3.3%	-4.04%
% of Gross Profit
Research & Development	$3.746M	$5.124M	$21.44M
YoY Change	-12.19%	1.75%
% of Gross Profit
Depreciation & Amortization	$3.211K	$3.220K	$12.85K
YoY Change	0.03%	0.31%	3.09%
% of Gross Profit
Operating Expenses	$5.650M	$7.440M	$30.02M
YoY Change	-10.96%	0.12%
Operating Profit	-$5.612M		-$29.67M
YoY Change	-9.7%		18.26%
Interest Expense	$70.25K	-$58.38K	-$52.48K
YoY Change	402.86%	1027.03%	138.33%
% of Operating Profit
Other Income/Expense, Net		$0.00	$0.00
YoY Change			-100.0%
Pretax Income	-$5.542M	-$7.435M	-$29.72M
YoY Change	-10.62%	6.95%	18.96%
Income Tax
% Of Pretax Income
Net Earnings	-$5.542M	-$7.435M	-$29.72M
YoY Change	-10.62%	6.95%	18.96%
Net Earnings / Revenue	-14876.24%	-11849.15%	-8493.34%
Basic Earnings Per Share	-$0.80		-$6.84
Diluted Earnings Per Share	-$0.80	-$1.671M	-$6.835M
COMMON SHARES
Basic Shares Outstanding	7.934M shares	60.59M shares	4.348M shares
Diluted Shares Outstanding	314.5K shares		197.5K shares

Balance Sheet

Concept	2022 Q4	2022 Q3	2022
SHORT-TERM ASSETS
Cash & Short-Term Investments	$1.701M	$3.053M	$3.053M
YoY Change	-91.24%	-88.95%	-88.95%
Cash & Equivalents	$1.701M	$3.053M
Short-Term Investments
Other Short-Term Assets	$1.561M	$2.361M	$2.361M
YoY Change	32.97%	98.5%	98.5%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets	$4.598M	$5.414M	$5.414M
YoY Change	-77.66%	-81.21%	-81.21%
LONG-TERM ASSETS
Property, Plant & Equipment	$43.00K	$46.21K	$302.8K
YoY Change	-72.58%	-21.75%	66.13%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets	$60.34K	$113.3K	$113.3K
YoY Change
Total Long-Term Assets	$344.7K	$416.1K	$416.1K
YoY Change	119.81%	128.28%	128.28%
TOTAL ASSETS
Total Short-Term Assets	$4.598M	$5.414M	$5.414M
Total Long-Term Assets	$344.7K	$416.1K	$416.1K
Total Assets	$4.943M	$5.830M	$5.830M
YoY Change	-76.17%	-79.89%	-79.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$4.574M	$4.752M	$4.752M
YoY Change	116.54%	25.68%	25.68%
Accrued Expenses	$3.538M	$3.194M	$3.245M
YoY Change	91.77%	38.24%	34.94%
Deferred Revenue
YoY Change
Short-Term Debt	$750.00	$750.00	$750.00
YoY Change	0.0%	0.0%	0.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities	$8.293M	$8.165M	$8.165M
YoY Change	90.89%	21.8%	21.8%
LONG-TERM LIABILITIES
Long-Term Debt	$0.00	$0.00	$0.00
YoY Change
Other Long-Term Liabilities	$186.7K	$203.9K	$203.9K
YoY Change	3633.8%	566.15%	566.15%
Total Long-Term Liabilities	$186.7K	$203.9K	$203.9K
YoY Change	3633.8%	566.15%	566.15%
TOTAL LIABILITIES
Total Short-Term Liabilities	$8.293M	$8.165M	$8.165M
Total Long-Term Liabilities	$186.7K	$203.9K	$203.9K
Total Liabilities	$8.480M	$8.369M	$8.369M
YoY Change	94.96%	24.28%	24.28%
SHAREHOLDERS EQUITY
Retained Earnings	-$96.95M	-$91.41M
YoY Change		48.18%
Common Stock	$796.00	$554.00
YoY Change		-90.8%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity	-$3.537M	-$2.539M	-$2.539M
YoY Change
Total Liabilities & Shareholders Equity	$4.943M	$5.830M	$5.830M
YoY Change	-76.17%	-79.89%	-79.89%

Cashflow Statement

Concept	2022 Q4	2022 Q3	2022
OPERATING ACTIVITIES
Net Income	-$5.542M	-$7.435M	-$29.72M
YoY Change	-10.62%	6.95%	18.96%
Depreciation, Depletion And Amortization	$3.211K	$3.220K	$12.85K
YoY Change	0.03%	0.31%	3.09%
Cash From Operating Activities	-$5.915M	-$6.162M	-$27.69M
YoY Change	-26.9%	3.76%	22.77%
INVESTING ACTIVITIES
Capital Expenditures	$0.00	-$24.60K
YoY Change	-100.0%	579.56%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities		-$24.60K	-$896.5K
YoY Change		579.56%	24664.56%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	$4.563M	4.015M	$4.015M
YoY Change		-85.42%	-90.63%
NET CHANGE
Cash From Operating Activities	-$5.915M	-6.162M	-$27.69M
Cash From Investing Activities		-24.60K	-$896.5K
Cash From Financing Activities	$4.563M	4.015M	$4.015M
Net Change In Cash	-$1.352M	-2.172M	-$24.57M
YoY Change		-110.06%	-221.2%
FREE CASH FLOW
Cash From Operating Activities	-$5.915M	-$6.162M	-$27.69M
Capital Expenditures	$0.00	-$24.60K
Free Cash Flow	-$5.915M	-$6.137M	-$27.69M
YoY Change	-25.8%	3.41%	22.79%

Facts In Submission

Frame	Concept Type	Concept / XBRL Key	Value	Unit
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CY2022	dei	Document Transition Report DocumentTransitionReport	false
CY2022	dei	Entity File Number EntityFileNumber	001-35570
CY2022	dei	Entity Registrant Name EntityRegistrantName	SONNET BIOTHERAPEUTICS HOLDINGS, INC.
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CY2021	SONN	Proceeds From Sales Of Common Stock ProceedsFromSalesOfCommonStock	42848466	usd
CY2021Q3	SONN	Accrued Research And Development AccruedResearchAndDevelopment	1031329	usd
CY2022Q3	us-gaap	Other Accrued Liabilities Current OtherAccruedLiabilitiesCurrent	2630	usd
CY2021Q3	us-gaap	Other Accrued Liabilities Current OtherAccruedLiabilitiesCurrent	3078	usd
CY2022	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	4014567	usd
CY2021	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	42828032	usd
CY2022	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect	-24569188	usd
CY2021	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect	20272164	usd
CY2021Q3	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations	27622067	usd
CY2020Q3	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations	7349903	usd
CY2022Q3	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations	3052879	usd
CY2021Q3	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations	27622067	usd
CY2022	SONN	Amendment Of Operating Lease Right Of Use Asset And Liability AmendmentOfOperatingLeaseRightOfUseAssetAndLiability	213793	usd
CY2021	SONN	Net Settlement Of Warrants NetSettlementOfWarrants	32	usd
CY2022Q3	us-gaap	Accrued Liabilities Current AccruedLiabilitiesCurrent	3193972	usd
CY2022	SONN	Issuance Of Common Stock On Vesting Of Restricted Stock Units IssuanceOfCommonStockOnVestingOfRestrictedStockUnits	2	usd
CY2021Q3	us-gaap	Accrued Liabilities Current AccruedLiabilitiesCurrent	2310410	usd
CY2022	SONN	Amendment Of Operating Lease Right Of Use Asset And Liability AmendmentOfOperatingLeaseRightOfUseAssetAndLiability	200000	usd
CY2022Q3	us-gaap	Lessee Operating Lease Liability Payments Due Year Three LesseeOperatingLeaseLiabilityPaymentsDueYearThree	95487	usd
CY2022Q3	us-gaap	Lessee Operating Lease Liability Payments Due Year Four LesseeOperatingLeaseLiabilityPaymentsDueYearFour	48216	usd
CY2022Q3	us-gaap	Lessee Operating Lease Liability Payments Due LesseeOperatingLeaseLiabilityPaymentsDue	316576	usd
CY2022Q3	us-gaap	Lessee Operating Lease Liability Undiscounted Excess Amount LesseeOperatingLeaseLiabilityUndiscountedExcessAmount	61336	usd
CY2021	us-gaap	Proceeds From Warrant Exercises ProceedsFromWarrantExercises	2	usd
CY2021	us-gaap	Repayments Of Related Party Debt RepaymentsOfRelatedPartyDebt	20436	usd
CY2021	SONN	Issuance Of Common Stock On Vesting Of Restricted Stock Units IssuanceOfCommonStockOnVestingOfRestrictedStockUnits	2	usd
CY2022	SONN	Inprocess Research And Development In Accrued Expenses InprocessResearchAndDevelopmentInAccruedExpenses	75000	usd
CY2022	SONN	Common Stock Issuance Costs In Accrued Expenses CommonStockIssuanceCostsInAccruedExpenses	80940	usd
CY2022	us-gaap	Nature Of Operations NatureOfOperations	<p id="xdx_803_eus-gaap--NatureOfOperations_zZz9NCDPBqq5" style="font: 10pt Times New Roman, Times, Serif; text-align: justify; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1. <span id="xdx_82C_zMh8bsYoGYFk">Organization and description of business</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Description of business</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Sonnet BioTherapeutics, Inc. (“Prior Sonnet”) was incorporated as a New Jersey corporation on April 6, 2015. Prior Sonnet completed a merger with publicly-held Chanticleer Holdings, Inc. (“Chanticleer”) on April 1, 2020. After the merger, Chanticleer changed its name to Sonnet BioTherapeutics Holdings, Inc. (“Sonnet” or the “Company”). Sonnet is a clinical stage, oncology-focused biotechnology company with a proprietary platform for innovating biologic medicines of single- or bi-specific action. Known as F<sub>H</sub>AB™ (Fully Human Albumin Binding), the technology utilizes a fully human single chain antibody fragment (scFv) that binds to and “hitch-hikes” on human serum albumin (“HSA”) for transport to target tissues. Sonnet’s lead proprietary asset, SON-1010, is a fully human version of Interleukin 12 (“IL-12”), covalently linked to the F<sub>H</sub>AB construct, for which Sonnet intends to pursue clinical development in solid tumor indications, including non-small cell lung cancer and head and neck cancer. Sonnet has completed a nonhuman primate (“NHP”) GLP toxicity study and has successfully manufactured drug product for clinical use. In March 2022, the FDA cleared Sonnet’s Investigational New Drug (“IND”) application for SON-1010. This allowed the Company to initiate a U.S. clinical trial (SB101) in oncology patients with solid tumors during the second calendar quarter of 2022. In September 2021, the Company created a wholly-owned Australian subsidiary, SonnetBio Pty Ltd, for the purpose of conducting certain clinical trials. Sonnet received approval and initiated an Australian clinical study (SB102) of SON-1010 in healthy volunteers during the third calendar quarter of 2022. Initial safety and tolerability data from the SB101 and SB102 studies was presented during the fourth calendar quarter of 2022, and initial pharmacokinetic and pharmacodynamic data from both studies is expected during the second calendar quarter of 2023.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company acquired the global development rights to its most advanced compound, SON-080, a fully human version of Interleukin 6 (“IL-6”), in April 2020 through its acquisition of the outstanding shares of Relief Therapeutics SA. Sonnet is advancing SON-080 in target indications of Chemotherapy-Induced Peripheral Neuropathy (“CIPN”) and Diabetic Peripheral Neuropathy (“DPN”). Sonnet received approval to initiate an ex-U.S. Phase 1b/2a study with SON-080 in CIPN. This study could yield initial clinical safety data during the first half of 2023. Pursuant to a license agreement the Company entered with New Life Therapeutics Pte, Ltd. (“New Life”) of Singapore in May 2021, Sonnet and New Life will be jointly responsible for developing SON-080 in DPN. The objective will be to initiate a Phase 2 study in the second half of 2023, once the CIPN safety data is available.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SON-1210 (IL12-F<sub>H</sub>AB-IL15), Sonnet’s lead bi-specific construct, combines F<sub>H</sub>AB with fully human IL-12 and fully human Interleukin 15 (“IL-15”). This compound is being developed for solid tumor indications, including colorectal cancer. A non-human primate (“NHP”) study is on track to complete in the fourth calendar quarter of 2022, and Sonnet expects to initiate the regulatory authorization process in the first half of 2023. Manufacturing and drug supply are secured with a lyophilized drug product formulation being prepared during the first calendar quarter of 2023, which is expected to be suitable for first-in-human clinical trials.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Cell line development and process development of SON-1410 (IL18-F<sub>H</sub>AB-IL12), a bi-specific combination of Interleukin 18 (“IL-18”) and IL-12, is ongoing, with early experimental drug supply suitable for formulation and analytical method development activities, in addition to small quantities for use in early development proof-of-concept in vitro studies. Process development activities will continue through 2023, with the potential to generate drug suitable for initial in vivo mouse studies by the end of the 2023 calendar year.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has completed sequence confirmation for SON-3015 (anti-IL6-F<sub>H</sub>AB-anti-TGFβ). Early-stage bi-specific drug has been generated and has been stored for future use in in vivo mice studies.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"/><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sonnet BioTherapeutics Holdings, Inc.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes to Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Global pandemic - COVID-19</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">On March 10, 2020, the World Health Organization characterized the novel COVID-19 virus as a global pandemic. There is significant uncertainty as to the likely effects of this disease which may, among other things, materially impact the Company’s planned clinical trials. This pandemic or outbreak could result in difficulty securing clinical trial site locations, clinical research organizations (“CROs”), and/or trial monitors and other critical vendors and consultants supporting the trial. In addition, outbreaks or the perception of an outbreak near a clinical trial site location could impact the Company’s ability to enroll patients. These situations, or others associated with COVID-19, could cause delays in the Company’s clinical trial plans and could increase expected costs, all of which could have a material adverse effect on the Company’s business and its financial condition.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i>Liquidity</i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><i> </i></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company has incurred recurring losses and negative cash flows from operations since inception and it expects to generate losses from operations for the foreseeable future primarily due to research and development costs for its potential product candidates. The Company believes its cash of $<span id="xdx_903_eus-gaap--Cash_iI_pn5n6_c20220930_zxjdAlT8YTRk">3.1</span></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million at September 30, 2022, together with the $<span id="xdx_900_eus-gaap--ProceedsFromIssuanceOfCommonStock_pn5n6_c20221001__20221215__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--SalesAgreementMember_zixUq6FhKU7b">4.6 </span></span><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">million of net proceeds received from the sale of its common stock pursuant to the 2022 Sales Agreement (as defined below) subsequent to September 30, 2022 through December 15, 2022 will fund the Company’s projected operations into March 2023. Substantial additional financing will be needed by the Company to fund its operations. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company entered into an At-the-Market Sales Agreement with BTIG, LLC (“BTIG”) on August 15, 2022 (the “2022 Sales Agreement”). Pursuant to the 2022 Sales Agreement, the Company may offer and sell, from time to time, through BTIG, as sales agent and/or principal, shares of its common stock having an aggregate offering price of up to $<span id="xdx_902_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pn5n6_c20220814__20220815__us-gaap--TypeOfArrangementAxis__custom--AtTheMarketSalesAgreementMember__dei--LegalEntityAxis__custom--BTIGLLCMember_zdLWiUmQbLQe" title="Offering price for common stock">25.0</span> million, subject to certain limitations on the amount of common stock that may be offered and sold by the Company set forth in the 2022 Sales Agreement. Due to the offering limitations applicable to the Company under General Instruction I.B.6. of Form S-3 and the Company’s public float as of August 15, 2022, and in accordance with the terms of the 2022 Sales Agreement, the Company could offer shares having an aggregate gross sales price of up to $<span id="xdx_907_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pn5n6_c20220814__20220815__us-gaap--TypeOfArrangementAxis__custom--AtTheMarketSalesAgreementMember_ztQHV50i2Cwi" title="Offering price for common stock">6.1</span> million pursuant to the prospectus supplement dated August 15, 2022, filed in connection with the 2022 Sales Agreement. As of November 9, 2022, the Company had sold an aggregate of <span id="xdx_90A_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pid_c20221108__20221109__dei--LegalEntityAxis__custom--BTIGLLCMember__us-gaap--TypeOfArrangementAxis__custom--AtTheMarketSalesAgreementMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zSULvqjQcuBb" title="Sale of stock, number of shares issued in transaction">2,477,287</span> shares of common stock for gross proceeds of $<span id="xdx_901_eus-gaap--ProceedsFromIssuanceOfCommonStock_pn5n6_c20221108__20221109__us-gaap--TypeOfArrangementAxis__custom--AtTheMarketSalesAgreementMember__dei--LegalEntityAxis__custom--BTIGLLCMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zyvShCJ7Llz7" title="Proceeds from issuance of common stock">6.1</span> million, and the Company filed a prospectus supplement dated November 9, 2022 registering the offer and sale of shares of its common stock for an aggregate offering price of up to an additional $<span id="xdx_90D_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pn5n6_c20221108__20221109__us-gaap--TypeOfArrangementAxis__custom--AtTheMarketSalesAgreementMember__dei--LegalEntityAxis__custom--BTIGLLCMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zx7c7TvvqGAh" title="Offering price for common stock">1.7</span> million pursuant to the 2022 Sales Agreement. As of December 14, 2022, the Company has sold an aggregate of <span id="xdx_901_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pid_c20221213__20221214__dei--LegalEntityAxis__custom--BTIGLLCMember__us-gaap--TypeOfArrangementAxis__custom--AtTheMarketSalesAgreementMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zCjJkTJJdo9l" title="Sale of stock, number of shares issued in transaction">579,239</span> shares of common stock for gross proceeds of $<span id="xdx_900_eus-gaap--ProceedsFromIssuanceOfCommonStock_pn5n6_c20221213__20221214__us-gaap--TypeOfArrangementAxis__custom--AtTheMarketSalesAgreementMember__dei--LegalEntityAxis__custom--BTIGLLCMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z7wM2wj3Mimi" title="Proceeds from issuance of common stock">0.7</span> million under the prospectus supplement dated November 9, 2022. The Company is not obligated to make any sales of shares under the 2022 Sales Agreement and any determination by the Company to do so will be dependent, among other things, on market conditions and the Company’s capital raising needs.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The Company plans to secure additional capital in the future through equity or debt financings, partnerships, collaborations, or other sources to carry out the Company’s planned development activities. If additional capital is not available when required, the Company may need to delay, curtail or cease its operations until such funding is received. Various internal and external factors will affect whether and when the Company’s product candidates become approved for marketing and successful commercialization. The regulatory approval and market acceptance of the Company’s product candidates, length of time and cost of developing and commercializing these product candidates and/or failure of them at any stage of the approval process will materially affect the Company’s financial condition and future operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Sonnet BioTherapeutics Holdings, Inc.</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes to Consolidated Financial Statements</b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">Operations since inception have consisted primarily of organizing the Company, securing financing, developing its technologies through performing research and development and conducting preclinical studies. The Company faces risks associated with companies whose products are in development. These risks include the need for significant additional financing to complete its research and development, achieving its research and development objectives, defending its intellectual property rights, recruiting and retaining skilled personnel, and dependence on key members of management.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q3	us-gaap	Cash Cash	3100000	usd
CY2022	us-gaap	Operating Lease Cost OperatingLeaseCost	94828	usd
CY2021	us-gaap	Operating Lease Cost OperatingLeaseCost	102156	usd
CY2022	us-gaap	Use Of Estimates UseOfEstimates	<p id="xdx_842_eus-gaap--UseOfEstimates_zKZXfjMtu7r9" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 13.5pt; text-align: justify; text-indent: -13.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>c. <span id="xdx_861_zOIEEoYPK3c8">Use of estimates</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Significant estimates and assumptions reflected in these consolidated financial statements include the accrual of research and development expenses. Estimates and assumptions are periodically reviewed in-light of changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from management’s estimates.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2022Q3	us-gaap	Stockholders Equity Reverse Stock Split StockholdersEquityReverseStockSplit	1-for-14 reverse stock split
CY2022	SONN	Basic Weightedaverage Number Of Shares Exercise Price BasicWeightedaverageNumberOfSharesExercisePrice	0.0014
CY2021	SONN	Basic Weightedaverage Number Of Shares Exercise Price BasicWeightedaverageNumberOfSharesExercisePrice	0.0014
CY2022	us-gaap	Short Term Lease Cost ShortTermLeaseCost	5339	usd
CY2021	us-gaap	Short Term Lease Cost ShortTermLeaseCost	12935	usd
CY2022	us-gaap	Lease Cost LeaseCost	100167	usd
CY2021	us-gaap	Lease Cost LeaseCost	115091	usd
CY2022Q3	us-gaap	Operating Lease Weighted Average Remaining Lease Term1 OperatingLeaseWeightedAverageRemainingLeaseTerm1	P3Y6M
CY2022Q3	us-gaap	Operating Lease Weighted Average Discount Rate Percent OperatingLeaseWeightedAverageDiscountRatePercent	0.12	pure
CY2022	us-gaap	Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount	4020479	shares
CY2021	us-gaap	Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount	3722131	shares
CY2022Q3	us-gaap	Accrued Professional Fees Current AccruedProfessionalFeesCurrent	378890	usd
CY2021Q3	us-gaap	Accrued Professional Fees Current AccruedProfessionalFeesCurrent	286688	usd
CY2022	us-gaap	Operating Lease Payments OperatingLeasePayments	98101	usd
CY2021	us-gaap	Operating Lease Payments OperatingLeasePayments	101516	usd
CY2022Q3	us-gaap	Lessee Operating Lease Liability Payments Due Next Twelve Months LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths	79259	usd
CY2022Q3	us-gaap	Lessee Operating Lease Liability Payments Due Year Two LesseeOperatingLeaseLiabilityPaymentsDueYearTwo	93614	usd
CY2022Q3	us-gaap	Operating Lease Liability OperatingLeaseLiability	255240	usd
CY2022	SONN	Payments For License Fees PaymentsForLicenseFees	200000	usd
CY2022	SONN	Payment For Annual License Fee Obligation PaymentForAnnualLicenseFeeObligation	100000
CY2022	SONN	Payment For Annual License Fee Obligation PaymentForAnnualLicenseFeeObligation	100000	usd
CY2022	us-gaap	Collaborative Arrangement Rights And Obligations CollaborativeArrangementRightsAndObligations	New Life is also obligated to pay a non-refundable deferred license fee of an additional $1.0 million at the time of the satisfaction of certain milestones, as well as potential additional milestone payments to the Company of up to $19.0 million subject to the achievement of certain development and commercialization milestones. In addition, during the Royalty Term (as defined below), New Life is obligated to pay the Company tiered double-digit royalties ranging from 12% to 30% based on annual net sales of Products in the Exclusive Territory. The “Royalty Term” means, on a Product-by-Product and a country-by-country basis in the Exclusive Territory, the period commencing on the date of the first commercial sale (subject to certain conditions) of such Product in such country in the Exclusive Territory and continuing until New Life ceases commercialization of such Product in the DPN Field.
CY2022	SONN	Performanceobligation Performanceobligation	1000000.0	usd
CY2022	us-gaap	Revenue From Collaborative Arrangement Excluding Revenue From Contract With Customer RevenueFromCollaborativeArrangementExcludingRevenueFromContractWithCustomer	300000	usd
CY2021	us-gaap	Revenue From Collaborative Arrangement Excluding Revenue From Contract With Customer RevenueFromCollaborativeArrangementExcludingRevenueFromContractWithCustomer	500000	usd
CY2022Q3	us-gaap	Preferred Stock Shares Issued PreferredStockSharesIssued	0	shares
CY2022Q3	us-gaap	Preferred Stock Shares Outstanding PreferredStockSharesOutstanding	0	shares
CY2022	us-gaap	Share Based Compensation ShareBasedCompensation	876368	usd
CY2021	us-gaap	Share Based Compensation ShareBasedCompensation	1375423	usd
CY2022	us-gaap	Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance	8300000	usd
CY2021	us-gaap	Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance	14300000	usd
CY2022Q3	us-gaap	Deferred Tax Assets Operating Loss Carryforwards DeferredTaxAssetsOperatingLossCarryforwards	25858311	usd
CY2021Q3	us-gaap	Deferred Tax Assets Operating Loss Carryforwards DeferredTaxAssetsOperatingLossCarryforwards	21398036	usd
CY2022Q3	us-gaap	Deferred Tax Assets Tax Credit Carryforwards Research DeferredTaxAssetsTaxCreditCarryforwardsResearch	2151942	usd
CY2021Q3	us-gaap	Deferred Tax Assets Tax Credit Carryforwards Research DeferredTaxAssetsTaxCreditCarryforwardsResearch	1263451	usd
CY2022Q3	SONN	Deferred Tax Assets Amortization DeferredTaxAssetsAmortization	2897388	usd
CY2022Q3	us-gaap	Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost	66832	usd
CY2021Q3	us-gaap	Deferred Tax Assets Tax Deferred Expense Compensation And Benefits Share Based Compensation Cost DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost	146192	usd
CY2022Q3	SONN	Deferred Tax Assets Operting Lease Liability DeferredTaxAssetsOpertingLeaseLiability	71748	usd
CY2021Q3	SONN	Deferred Tax Assets Operting Lease Liability DeferredTaxAssetsOpertingLeaseLiability	26570	usd
CY2022Q3	us-gaap	Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Other DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsOther	314210	usd
CY2021Q3	us-gaap	Deferred Tax Assets Tax Deferred Expense Reserves And Accruals Other DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsOther	144215	usd
CY2022Q3	us-gaap	Deferred Tax Assets Property Plant And Equipment DeferredTaxAssetsPropertyPlantAndEquipment	4790	usd
CY2021Q3	us-gaap	Deferred Tax Assets Property Plant And Equipment DeferredTaxAssetsPropertyPlantAndEquipment	3039	usd
CY2022Q3	us-gaap	Deferred Tax Assets Gross DeferredTaxAssetsGross	31365221	usd
CY2021Q3	us-gaap	Deferred Tax Assets Gross DeferredTaxAssetsGross	22981503	usd
CY2022Q3	us-gaap	Deferred Tax Assets Valuation Allowance DeferredTaxAssetsValuationAllowance	31293092	usd
CY2021Q3	us-gaap	Deferred Tax Assets Valuation Allowance DeferredTaxAssetsValuationAllowance	22946868	usd
CY2022Q3	us-gaap	Deferred Tax Assets Net DeferredTaxAssetsNet	72129	usd
CY2021Q3	us-gaap	Deferred Tax Assets Net DeferredTaxAssetsNet	34635	usd
CY2022Q3	SONN	Deferred Tax Liabilities Right Of Use Asset DeferredTaxLiabilitiesRightOfUseAsset	-72129	usd
CY2021Q3	SONN	Deferred Tax Liabilities Right Of Use Asset DeferredTaxLiabilitiesRightOfUseAsset	-34635	usd
CY2022	us-gaap	Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate	0.210	pure
CY2021	us-gaap	Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate	0.210	pure
CY2022	us-gaap	Effective Income Tax Rate Reconciliation State And Local Income Taxes EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes	-0.060	pure
CY2021	us-gaap	Effective Income Tax Rate Reconciliation State And Local Income Taxes EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes	-0.066	pure
CY2022	us-gaap	Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance	0.281	pure
CY2021	us-gaap	Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance	0.264	pure
CY2022	us-gaap	Effective Income Tax Rate Reconciliation Tax Credits Research EffectiveIncomeTaxRateReconciliationTaxCreditsResearch	-0.030	pure
CY2022	SONN	Effective Income Tax Rate Reconciliation Permanent Differences EffectiveIncomeTaxRateReconciliationPermanentDifferences	0.007	pure
CY2021	SONN	Effective Income Tax Rate Reconciliation Permanent Differences EffectiveIncomeTaxRateReconciliationPermanentDifferences	-0.001	pure
CY2022	us-gaap	Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential	0.008	pure
CY2021	us-gaap	Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential	0.007	pure
CY2022	us-gaap	Effective Income Tax Rate Reconciliation Other Adjustments EffectiveIncomeTaxRateReconciliationOtherAdjustments	0.004	pure
CY2021	us-gaap	Effective Income Tax Rate Reconciliation Other Adjustments EffectiveIncomeTaxRateReconciliationOtherAdjustments	0.006	pure
CY2022Q3	SONN	Exercise Tax ExerciseTax	0.01	pure

Files In Submission

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sonn-20220930.xsd	Edgar Link	pending
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$SONN
Sonnet Biotherapeutics Holdings Inc Stock $sonn

2022 Q4 Form 10-K Financial Statement

#000149315222035581 Filed on December 15, 2022

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

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$SONN Sonnet Biotherapeutics Holdings Inc Stock $sonn

2022 Q4 Form 10-K Financial Statement

#000149315222035581 Filed on December 15, 2022

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$SONN
Sonnet Biotherapeutics Holdings Inc Stock $sonn