$SONN
Sonnet Biotherapeutics Holdings Inc Stock $sonn

$sonn Overview Financials Valuation SEC Filings Company Website

2023 Q1 Form 10-Q Financial Statement

#000149315223004388 Filed on February 13, 2023

Income Statement

Concept	2023 Q1	2022 Q4	2021 Q4
Revenue	$36.45K	$37.26K	$129.8K
YoY Change	-61.77%	-71.3%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin	$1.885M	$1.904M	$2.079M
YoY Change	-0.83%	-8.43%	3.94%
% of Gross Profit
Research & Development	$3.817M	$3.746M	$4.266M
YoY Change	-40.41%	-12.19%
% of Gross Profit
Depreciation & Amortization	$3.210K	$3.211K	$3.210K
YoY Change	0.0%	0.03%
% of Gross Profit
Operating Expenses	$5.701M	$5.650M	$6.345M
YoY Change	-31.36%	-10.96%
Operating Profit	-$5.665M	-$5.612M	-$6.215M
YoY Change	-31.0%	-9.7%
Interest Expense	-$2.300K	$70.25K	$13.97K
YoY Change	-233.72%	402.86%	-239.7%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income	-$5.667M	-$5.542M	-$6.201M
YoY Change	-30.96%	-10.62%	5.46%
Income Tax
% Of Pretax Income
Net Earnings	-$5.667M	-$5.542M	-$6.201M
YoY Change	-30.96%	-10.62%	5.51%
Net Earnings / Revenue	-15549.65%	-14876.24%	-4777.34%
Basic Earnings Per Share	-$0.34	-$0.80	-$1.44
Diluted Earnings Per Share	-$0.34	-$0.80	-$102.8K
COMMON SHARES
Basic Shares Outstanding	20.23M shares	7.934M shares	4.307M shares
Diluted Shares Outstanding	750.6K shares	314.5K shares

Balance Sheet

Concept	2023 Q1	2022 Q4	2021 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments	$11.39M	$1.701M	$19.41M
YoY Change	-16.47%	-91.24%	725.95%
Cash & Equivalents	$11.39M	$1.701M	$19.41M
Short-Term Investments
Other Short-Term Assets	$1.209M	$1.561M	$1.174M
YoY Change	-5.58%	32.97%	235.44%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets	$13.05M	$4.598M	$20.58M
YoY Change	-12.54%	-77.66%	662.36%
LONG-TERM ASSETS
Property, Plant & Equipment	$39.79K	$43.00K	$156.8K
YoY Change	-69.54%	-72.58%	-37.27%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets	$0.00	$60.34K
YoY Change
Total Long-Term Assets	$265.5K	$344.7K	$156.8K
YoY Change	103.23%	119.81%	-52.48%
TOTAL ASSETS
Total Short-Term Assets	$13.05M	$4.598M	$20.58M
Total Long-Term Assets	$265.5K	$344.7K	$156.8K
Total Assets	$13.31M	$4.943M	$20.74M
YoY Change	-11.53%	-76.17%	584.51%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$4.500M	$4.574M	$2.112M
YoY Change	11.49%	116.54%	-6.54%
Accrued Expenses	$3.112M	$3.538M	$1.845M
YoY Change	42.47%	91.77%	-27.07%
Deferred Revenue
YoY Change
Short-Term Debt	$750.00	$750.00	$750.00
YoY Change	0.0%	0.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities	$7.774M	$8.293M	$4.345M
YoY Change	19.36%	90.89%	-17.87%
LONG-TERM LIABILITIES
Long-Term Debt	$0.00	$0.00	$0.00
YoY Change			-100.0%
Other Long-Term Liabilities	$168.9K	$186.7K	$5.000K
YoY Change		3633.8%	-95.0%
Total Long-Term Liabilities	$168.9K	$186.7K	$5.000K
YoY Change		3633.8%	-97.83%
TOTAL LIABILITIES
Total Short-Term Liabilities	$7.774M	$8.293M	$4.345M
Total Long-Term Liabilities	$168.9K	$186.7K	$5.000K
Total Liabilities	$7.943M	$8.480M	$4.350M
YoY Change	21.95%	94.96%	-21.2%
SHAREHOLDERS EQUITY
Retained Earnings	-$102.6M	-$96.95M
YoY Change
Common Stock	$2.050K	$796.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity	$5.369M	-$3.537M	$16.39M
YoY Change
Total Liabilities & Shareholders Equity	$13.31M	$4.943M	$20.74M
YoY Change	-11.53%	-76.17%	584.51%

Cashflow Statement

Concept	2023 Q1	2022 Q4	2021 Q4
OPERATING ACTIVITIES
Net Income	-$5.667M	-$5.542M	-$6.201M
YoY Change	-30.96%	-10.62%	5.51%
Depreciation, Depletion And Amortization	$3.210K	$3.211K	$3.210K
YoY Change	0.0%	0.03%
Cash From Operating Activities	-$4.696M	-$5.915M	-$8.092M
YoY Change	-16.28%	-26.9%	62.5%
INVESTING ACTIVITIES
Capital Expenditures	$261.2K	$0.00	-$120.0K
YoY Change	-257.73%	-100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities	-$261.2K		-$120.0K
YoY Change	57.73%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	14.65M	$4.563M
YoY Change
NET CHANGE
Cash From Operating Activities	-4.696M	-$5.915M	-8.092M
Cash From Investing Activities	-261.2K		-120.0K
Cash From Financing Activities	14.65M	$4.563M
Net Change In Cash	9.690M	-$1.352M	$0.00
YoY Change	-267.81%
FREE CASH FLOW
Cash From Operating Activities	-$4.696M	-$5.915M	-$8.092M
Capital Expenditures	$261.2K	$0.00	-$120.0K
Free Cash Flow	-$4.957M	-$5.915M	-$7.972M
YoY Change	-8.93%	-25.8%	60.09%

Facts In Submission

Frame	Concept Type	Concept / XBRL Key	Value	Unit
CY2022Q3	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	46211	usd
CY2022Q4	dei	Entity Central Index Key EntityCentralIndexKey	0001106838
CY2022Q4	dei	Amendment Flag AmendmentFlag	false
CY2022Q4	dei	Current Fiscal Year End Date CurrentFiscalYearEndDate	--09-30
CY2022Q4	dei	Document Fiscal Period Focus DocumentFiscalPeriodFocus	Q1
CY2022Q4	dei	Document Fiscal Year Focus DocumentFiscalYearFocus	2023
CY2022Q4	us-gaap	Preferred Stock Value PreferredStockValue		usd
CY2022Q3	us-gaap	Preferred Stock Value PreferredStockValue		usd
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CY2021Q4	SONN	Cash Refund Expected To Be Received CashRefundExpectedToBeReceived		usd
CY2022Q4	dei	Document Type DocumentType	10-Q
CY2022Q4	dei	Document Quarterly Report DocumentQuarterlyReport	true
CY2022Q4	dei	Document Period End Date DocumentPeriodEndDate	2022-12-31
CY2022Q4	dei	Document Transition Report DocumentTransitionReport	false
CY2022Q4	dei	Entity File Number EntityFileNumber	001-35570
CY2022Q4	dei	Entity Registrant Name EntityRegistrantName	SONNET BIOTHERAPEUTICS HOLDINGS, INC.
CY2022Q4	dei	Entity Incorporation State Country Code EntityIncorporationStateCountryCode	DE
CY2022Q4	dei	Entity Tax Identification Number EntityTaxIdentificationNumber	20-2932652
CY2022Q4	dei	Entity Address Address Line1 EntityAddressAddressLine1	100 Overlook Center
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CY2022Q4	dei	Entity Address City Or Town EntityAddressCityOrTown	Princeton
CY2022Q4	dei	Entity Address State Or Province EntityAddressStateOrProvince	NJ
CY2022Q4	dei	Entity Address Postal Zip Code EntityAddressPostalZipCode	08540
CY2022Q4	dei	City Area Code CityAreaCode	(609)
CY2022Q4	dei	Local Phone Number LocalPhoneNumber	375-2227
CY2022Q4	dei	Security12b Title Security12bTitle	Common Stock, par value $0.0001 per share
CY2022Q4	dei	Trading Symbol TradingSymbol	SONN
CY2022Q4	dei	Security Exchange Name SecurityExchangeName	NASDAQ
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CY2022Q4	SONN	Offering Costs In Accounts Payable And Accrued Expenses OfferingCostsInAccountsPayableAndAccruedExpenses	138878	usd
CY2022Q4	SONN	Deferred Offering Costs Charged Against Proceeds From Sale Of Common Stock DeferredOfferingCostsChargedAgainstProceedsFromSaleOfCommonStock	32340	usd
CY2022Q4	us-gaap	Nature Of Operations NatureOfOperations	<p id="xdx_803_eus-gaap--NatureOfOperations_zCMLyTlTRkNl" 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"><b>1. <span id="xdx_82F_zmyNKTNBUaig">Organization and Description of Business</span></b></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"><b> </b></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"><b><i>Description of business</i></b></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"><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">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 FHAB 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 (“Subsidiary”), 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. <span>Initial safety and tolerability data from the SB101 and SB102 studies were reported during the calendar fourth quarter of 2022, and additional pharmacokinetic and pharmacodynamic data from both studies is expected during the second calendar quarter of 2023.</span></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 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. <span>The objective will be to evaluate the data and potentially initiate a Phase 2 study in the second half of 2023, once the CIPN safety data has been evaluated.</span></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">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. <span>An NHP study was completed 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></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">SON-1410 (IL18-FHAB-IL12) is a bispecific combination of Interleukins 18 (IL-18) and 12 (IL-12) for solid tumor cancers. Cell line development and process development are 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 a drug suitable for initial <i>in vivo</i> mouse studies by the end of the 2023 calendar year.</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; 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 completed sequence confirmation for SON-3015 (anti-IL6-F<sub>H</sub>AB-anti-TGFβ). <span>Early stage bi-specific drug has been generated and is being stored for future use in <i>in vivo</i> mice studies. Sonnet has elected to place the SON-3015 development program on hold for expense reduction purposes.</span></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"> </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"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>Sonnet BioTherapeutics Holdings, Inc.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>Notes to Unaudited Interim Consolidated Financial Statements</b></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"> </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"><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"><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_90A_eus-gaap--Cash_iI_pn5n6_c20221231_zphBPpDmzw35" title="Cash">1.7</span> million at December 31, 2022, together with the $<span id="xdx_908_eus-gaap--ProceedsFromIssuanceOfCommonStock_pn5n6_c20230101__20230131__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--SalesAgreementMember_zsgR4UlCfV7h">1.0</span> million gross proceeds received from the 2022 Sales Agreement (as defined below) in January 2023 and an estimated $<span id="xdx_901_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_pn5n6_c20230201__20230228__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--SalesAgreementMember_z7bwWALmIUb7" title="Proceeds from IPO">13.5</span> million in net proceeds received from an underwritten public offering in February 2023, will fund the Company’s projected operations into February 2024</span>. 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 interim 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 interim consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.</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 February 10, 2023, the Company closed a public offering of common stock and certain warrants through Chardan Capital Markets, LLC and EF Hutton, division of Benchmark Investments LLC as underwriters, for estimated net proceeds of $<span id="xdx_90F_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_pn5n6_c20230201__20230210__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--SalesAgreementMember_zlFg8BX7vMkf" title="Proceeds from IPO">13.5</span> million through the issuance and sale of <span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20230201__20230210__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--SalesAgreementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--InvestorsMember_zBpfUsvJWXQl" title="Number of shares issued">11,664,888</span> shares of its common stock and, to certain investors, pre-funded warrants to purchase <span id="xdx_90C_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20230210__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--SalesAgreementMember__us-gaap--StatementEquityComponentsAxis__custom--PrefundedWarrantMember__srt--TitleOfIndividualAxis__custom--InvestorsMember_zKiEdQI5Fkn2" title="Purchase of warrants">2,224,000</span> shares of common stock, and accompanying common warrants to purchase up to an aggregate of <span id="xdx_90F_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20230210__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--SalesAgreementMember__us-gaap--StatementEquityComponentsAxis__custom--CommonWarrantMember__srt--TitleOfIndividualAxis__custom--InvestorsMember_zieK1fCMUhwh" title="Purchase of warrants">27,777,776</span> shares of its common stock (the “February Offering”). Each share of common stock and pre-funded warrant to purchase one share of common stock was sold together with a common warrant to purchase two shares of common stock. The public offering price of each share of common stock and accompanying common warrant was $<span id="xdx_90D_eus-gaap--SharesIssuedPricePerShare_iI_c20230210__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--SalesAgreementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zyD1fVCQ0jX1" title="Share price">1.08</span> and $<span id="xdx_90E_eus-gaap--SharesIssuedPricePerShare_iI_c20230210__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--SalesAgreementMember__us-gaap--StatementEquityComponentsAxis__custom--CommonWarrantMember_zwl0QziFfWv3" title="Share price">1.0799</span> for each pre-funded warrant and accompanying common warrant. The pre-funded warrants are immediately exercisable at a price of $<span id="xdx_90C_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20230210__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--SalesAgreementMember__us-gaap--StatementEquityComponentsAxis__custom--PrefundedWarrantMember_zXZ5YSQV2fa5" title="Exercisable price">0.0001</span> per share of common stock. The common warrants are immediately exercisable at a price of $<span id="xdx_902_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20230210__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--SalesAgreementMember__us-gaap--StatementEquityComponentsAxis__custom--CommonWarrantMember_zWLHTDvxFGv7" title="Exercisable price">1.08</span> per share of common stock, expire five years from the date of issuance and contain an alternative cashless exercise provision whereby, subject to certain conditions, a warrant may be exercised in a cashless transaction for shares of common stock at the rate of half a share of common stock per full share otherwise issuable upon a cash exercise.</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_904_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pn5n6_c20220815__20220815__us-gaap--TypeOfArrangementAxis__custom--AtTheMarketSalesAgreementMember__dei--LegalEntityAxis__custom--BTIGLLCMember_zRJqPurV8zuc" 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_902_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pn5n6_c20220815__20220815__us-gaap--TypeOfArrangementAxis__custom--AtTheMarketSalesAgreementMember_zGgmXyFzhmof" 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_90E_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pid_c20220815__20221109__dei--LegalEntityAxis__custom--BTIGLLCMember__us-gaap--TypeOfArrangementAxis__custom--AtTheMarketSalesAgreementMember_zT2VRiL7IQNg" 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_908_eus-gaap--ProceedsFromIssuanceOfCommonStock_pn5n6_c20220815__20221109__us-gaap--TypeOfArrangementAxis__custom--AtTheMarketSalesAgreementMember__dei--LegalEntityAxis__custom--BTIGLLCMember_zisoPR0M2WAk" 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_902_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pn5n6_c20220815__20221109__us-gaap--TypeOfArrangementAxis__custom--AtTheMarketSalesAgreementMember__dei--LegalEntityAxis__custom--BTIGLLCMember_zbNW0C5pus4i" title="Offering price for common stock">1.7</span> million pursuant to the 2022 Sales Agreement. As of December 31, 2022, the Company has sold an aggregate of <span id="xdx_907_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pid_c20221108__20221231__dei--LegalEntityAxis__custom--BTIGLLCMember__us-gaap--TypeOfArrangementAxis__custom--AtTheMarketSalesAgreementMember_z3S4OnmgjHL2" title="Sale of stock, number of shares issued in transaction">603,737</span> shares of common stock for gross proceeds of $<span id="xdx_905_eus-gaap--ProceedsFromIssuanceOfCommonStock_pn5n6_c20221108__20221231__us-gaap--TypeOfArrangementAxis__custom--AtTheMarketSalesAgreementMember__dei--LegalEntityAxis__custom--BTIGLLCMember_zkE1JXhU2uzg" title="Proceeds from issuance of common stock">0.7</span> million under the prospectus supplement dated November 9, 2022. Subsequent to December 31, 2022, the Company sold an additional <span id="xdx_909_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20230101__20230213__dei--LegalEntityAxis__custom--BTIGLLCMember__us-gaap--TypeOfArrangementAxis__custom--AtTheMarketSalesAgreementMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zvmqizhgLjyg" title="Sale of stock number of shares issued in transaction">590,942</span> shares of common stock under the prospectus supplement dated November 9, 2022 for gross proceeds of $<span id="xdx_903_eus-gaap--ProceedsFromIssuanceOfCommonStock_pn5n6_c20230101__20230213__us-gaap--TypeOfArrangementAxis__custom--AtTheMarketSalesAgreementMember__dei--LegalEntityAxis__custom--BTIGLLCMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zHnzTzKjb725" title="Proceeds from issuance of common stock">1.0</span> million. There are currently no remaining shares registered to be sold under the 2022 Sales Agreement.</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 or curtail 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; 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 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; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><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"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"/><p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>Sonnet BioTherapeutics Holdings, Inc.</b></p> <p style="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><b>Notes to Unaudited Interim Consolidated Financial Statements</b></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> </b></span></p>
CY2022Q4	us-gaap	Cash Cash	1700000	usd
CY2022Q4	us-gaap	Use Of Estimates UseOfEstimates	<p id="xdx_84E_eus-gaap--UseOfEstimates_zOI7O0CwfoDf" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>c.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_869_zNv0x7r6DIY8">Use of estimates</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 13.5pt; text-indent: 4.5pt"><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 interim 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>
CY2022Q4	us-gaap	Prior Period Reclassification Adjustment Description PriorPeriodReclassificationAdjustmentDescription	<p id="xdx_841_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zZLjDSEZ4Ea5" style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>d.</b></span> <span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86D_z2ShVuof5DEe">Reclassifications</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; margin-left: 13.5pt; text-indent: 4.5pt"><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">Certain amounts from the prior period have been reclassified to conform with the current period presentation.</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>
CY2022Q4	us-gaap	Refund Received Related To Revenue From Different Year Year Revenue Recognized RefundReceivedRelatedToRevenueFromDifferentYearYearRevenueRecognized	The cash refund is available to eligible companies with annual aggregate revenues of less than $20.0 million (Australian) during the reimbursable period.
CY2022Q4	SONN	Cash Refund Expected To Be Received CashRefundExpectedToBeReceived	300000	usd
CY2022Q3	us-gaap	Stockholders Equity Reverse Stock Split StockholdersEquityReverseStockSplit	1-for-14 reverse stock split
CY2022Q4	us-gaap	Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount	4187303	shares
CY2021Q4	us-gaap	Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount	3768608	shares
CY2022Q4	SONN	Accrued Compensation And Benefits Current AccruedCompensationAndBenefitsCurrent	1541781	usd
CY2022Q3	SONN	Accrued Compensation And Benefits Current AccruedCompensationAndBenefitsCurrent	1218530	usd
CY2022Q4	SONN	Accrued Research And Development Current AccruedResearchAndDevelopmentCurrent	1441743	usd
CY2022Q3	SONN	Accrued Research And Development Current AccruedResearchAndDevelopmentCurrent	1593922	usd
CY2022Q4	us-gaap	Accrued Professional Fees Current AccruedProfessionalFeesCurrent	550973	usd
CY2022Q3	us-gaap	Accrued Professional Fees Current AccruedProfessionalFeesCurrent	378890	usd
CY2022Q4	us-gaap	Other Accrued Liabilities Current OtherAccruedLiabilitiesCurrent	3715	usd
CY2022Q3	us-gaap	Other Accrued Liabilities Current OtherAccruedLiabilitiesCurrent	2630	usd
CY2022Q4	us-gaap	Accrued Liabilities Current AccruedLiabilitiesCurrent	3538212	usd
CY2022Q3	us-gaap	Accrued Liabilities Current AccruedLiabilitiesCurrent	3193972	usd
CY2022Q4	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 DIPN Field.
CY2022Q4	SONN	Performanceobligation Performanceobligation	1000000.0	usd
CY2022Q4	us-gaap	Revenue From Collaborative Arrangement Excluding Revenue From Contract With Customer RevenueFromCollaborativeArrangementExcludingRevenueFromContractWithCustomer	37255	usd
CY2021Q4	us-gaap	Revenue From Collaborative Arrangement Excluding Revenue From Contract With Customer RevenueFromCollaborativeArrangementExcludingRevenueFromContractWithCustomer	100000	usd
CY2022Q4	us-gaap	Share Based Compensation ShareBasedCompensation	91617	usd
CY2021Q4	us-gaap	Share Based Compensation ShareBasedCompensation	332075	usd
CY2022Q3	SONN	Exercise Tax Rate On Corporate Stock Repurchases ExerciseTaxRateOnCorporateStockRepurchases	0.01	pure

Files In Submission

Name	View Source	Status
0001493152-23-004388-index-headers.html	Edgar Link	pending
0001493152-23-004388-index.html	Edgar Link	pending
0001493152-23-004388.txt	Edgar Link	pending
0001493152-23-004388-xbrl.zip	Edgar Link	pending
ex31-1.htm	Edgar Link	pending
ex31-2.htm	Edgar Link	pending
ex32-1.htm	Edgar Link	pending
ex32-2.htm	Edgar Link	pending
Financial_Report.xlsx	Edgar Link	pending
form10-q.htm	Edgar Link	pending
MetaLinks.json	Edgar Link	pending
R1.htm	Edgar Link	pending
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form10-q_htm.xml	Edgar Link	completed
R28.htm	Edgar Link	pending
R29.htm	Edgar Link	pending
R3.htm	Edgar Link	pending
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R9.htm	Edgar Link	pending
report.css	Edgar Link	pending
Show.js	Edgar Link	pending
sonn-20221231.xsd	Edgar Link	pending
sonn-20221231_def.xml	Edgar Link	unprocessable
sonn-20221231_lab.xml	Edgar Link	unprocessable
sonn-20221231_cal.xml	Edgar Link	unprocessable
sonn-20221231_pre.xml	Edgar Link	unprocessable
FilingSummary.xml	Edgar Link	unprocessable

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Sonnet Biotherapeutics Holdings Inc Stock $sonn

2023 Q1 Form 10-Q Financial Statement

#000149315223004388 Filed on February 13, 2023

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$SONN Sonnet Biotherapeutics Holdings Inc Stock $sonn

2023 Q1 Form 10-Q Financial Statement

#000149315223004388 Filed on February 13, 2023

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$SONN
Sonnet Biotherapeutics Holdings Inc Stock $sonn