$SONN
Sonnet Biotherapeutics Holdings Inc Stock $sonn

$sonn Overview Financials Valuation SEC Filings Company Website

2023 Q3 Form 10-Q Financial Statement

#000149315223028061 Filed on August 14, 2023

Income Statement

Concept	2023 Q3	2023 Q2	2022 Q2
Revenue	$37.26K	$36.85K	$62.07K
YoY Change	-40.62%	-40.63%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin	$1.795M	$1.543M	$2.280M
YoY Change	-22.5%	-32.35%	-3.06%
% of Gross Profit
Research & Development	$1.843M	$2.409M	$5.649M
YoY Change	-64.04%	-57.35%	45.32%
% of Gross Profit
Depreciation & Amortization	$2.850K	$3.210K	$3.210K
YoY Change	-11.49%	0.0%	-528.0%
% of Gross Profit
Operating Expenses	$3.637M	$3.952M	$7.929M
YoY Change	-51.11%	-50.16%	27.08%
Operating Profit		-$3.915M	-$7.867M
YoY Change		-50.23%	26.09%
Interest Expense	-$76.59K	-$31.43K	-$9.790K
YoY Change	31.19%	221.04%	548.34%
% of Operating Profit
Other Income/Expense, Net			$0.00
YoY Change			-100.0%
Pretax Income	-$3.677M	-$3.947M	-$7.877M
YoY Change	-50.55%	-49.9%	28.8%
Income Tax
% Of Pretax Income
Net Earnings	-$3.677M	-$3.947M	-$7.877M
YoY Change	-50.55%	-49.9%	28.8%
Net Earnings / Revenue	-9867.79%	-10710.29%	-12690.34%
Basic Earnings Per Share		-$0.13	-$0.13
Diluted Earnings Per Share	-$2.09	-$0.13	-$129.9K
COMMON SHARES
Basic Shares Outstanding	38.51M shares	27.48M shares	60.63M shares
Diluted Shares Outstanding		29.38M shares	4.330M shares

Balance Sheet

Concept	2023 Q3	2023 Q2	2022 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments	$2.274M	$7.021M	$5.225M
YoY Change	-25.5%	34.38%	-13.47%
Cash & Equivalents	$2.274M	$7.021M	$5.225M
Short-Term Investments
Other Short-Term Assets	$1.677M	$1.863M	$1.944M
YoY Change	-28.96%	-4.2%	108.13%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets	$4.738M	$9.633M	$7.169M
YoY Change	-12.48%	34.37%	2.82%
LONG-TERM ASSETS
Property, Plant & Equipment	$33.37K	$36.58K	$49.42K
YoY Change	-27.8%	-25.99%	-75.71%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets	$414.2K	$155.4K
YoY Change	265.65%
Total Long-Term Assets	$691.2K	$401.9K	$320.7K
YoY Change	66.13%	25.3%	57.66%
TOTAL ASSETS
Total Short-Term Assets	$4.738M	$9.633M	$7.169M
Total Long-Term Assets	$691.2K	$401.9K	$320.7K
Total Assets	$5.429M	$10.03M	$7.490M
YoY Change	-6.87%	33.98%	4.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$2.202M	$3.024M	$3.019M
YoY Change	-53.66%	0.16%	40.39%
Accrued Expenses	$3.304M	$3.315M	$3.204M
YoY Change	3.44%	3.47%	23.23%
Deferred Revenue
YoY Change
Short-Term Debt	$0.00	$0.00	$750.00
YoY Change	-100.0%	-100.0%	0.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities	$5.525M	$6.466M	$6.505M
YoY Change	-32.34%	-0.59%	13.09%
LONG-TERM LIABILITIES
Long-Term Debt	$0.00	$0.00	$0.00
YoY Change
Other Long-Term Liabilities	$130.9K	$150.2K	$220.6K
YoY Change	-35.82%	-31.93%	297.82%
Total Long-Term Liabilities	$130.9K	$150.2K	$220.6K
YoY Change	-35.82%	-31.93%	297.82%
TOTAL LIABILITIES
Total Short-Term Liabilities	$5.525M	$6.466M	$6.505M
Total Long-Term Liabilities	$130.9K	$150.2K	$220.6K
Total Liabilities	$5.655M	$6.616M	$6.725M
YoY Change	-32.42%	-1.62%	15.81%
SHAREHOLDERS EQUITY
Retained Earnings	-$110.2M	-$106.6M	-$83.98M
YoY Change	20.6%	26.9%
Common Stock	$175.00	$3.839K	$6.058K
YoY Change	-68.41%	-36.63%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity	-$226.0K	$3.418M	$764.2K
YoY Change
Total Liabilities & Shareholders Equity	$5.429M	$10.03M	$7.490M
YoY Change	-6.87%	33.98%	4.37%

Cashflow Statement

Concept	2023 Q3	2023 Q2	2022 Q2
OPERATING ACTIVITIES
Net Income	-$3.677M	-$3.947M	-$7.877M
YoY Change	-50.55%	-49.9%	28.8%
Depreciation, Depletion And Amortization	$2.850K	$3.210K	$3.210K
YoY Change	-11.49%	0.0%	-528.0%
Cash From Operating Activities	-$4.562M	-$6.172M	-$7.825M
YoY Change	-25.96%	-21.12%	33.89%
INVESTING ACTIVITIES
Capital Expenditures	$173.2K	$12.00K	-$586.2K
YoY Change	-804.27%	-102.05%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities	-$173.2K	-$12.00K	-$586.2K
YoY Change	604.27%	-97.95%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	-13.53K	1.815M	0.000
YoY Change	-100.34%		-100.0%
NET CHANGE
Cash From Operating Activities	-4.562M	-6.172M	-7.825M
Cash From Investing Activities	-173.2K	-12.00K	-586.2K
Cash From Financing Activities	-13.53K	1.815M	0.000
Net Change In Cash	-4.749M	-4.369M	-8.411M
YoY Change	118.66%	-48.05%	1098.63%
FREE CASH FLOW
Cash From Operating Activities	-$4.562M	-$6.172M	-$7.825M
Capital Expenditures	$173.2K	$12.00K	-$586.2K
Free Cash Flow	-$4.735M	-$6.184M	-$7.238M
YoY Change	-22.84%	-14.57%	23.86%

Facts In Submission

Frame	Concept Type	Concept / XBRL Key	Value	Unit
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	dei	Amendment Flag AmendmentFlag	false
	dei	Current Fiscal Year End Date CurrentFiscalYearEndDate	--09-30
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	us-gaap	Increase Decrease In Other Operating Assets IncreaseDecreaseInOtherOperatingAssets		usd
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	SONN	Deferred Offering Costs Charged Against Proceeds From Sale Of Common Stock DeferredOfferingCostsChargedAgainstProceedsFromSaleOfCommonStock		usd
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	dei	Document Type DocumentType	10-Q
	dei	Document Quarterly Report DocumentQuarterlyReport	true
	dei	Document Period End Date DocumentPeriodEndDate	2023-06-30
	dei	Document Fiscal Year Focus DocumentFiscalYearFocus	2023
	dei	Document Transition Report DocumentTransitionReport	false
	dei	Entity File Number EntityFileNumber	001-35570
	dei	Entity Registrant Name EntityRegistrantName	SONNET BIOTHERAPEUTICS HOLDINGS, INC.
	dei	Entity Incorporation State Country Code EntityIncorporationStateCountryCode	DE
	dei	Entity Tax Identification Number EntityTaxIdentificationNumber	20-2932652
	dei	Entity Address Address Line1 EntityAddressAddressLine1	100 Overlook Center
	dei	Entity Address Address Line2 EntityAddressAddressLine2	Suite 102
	dei	Entity Address City Or Town EntityAddressCityOrTown	Princeton
	dei	Entity Address State Or Province EntityAddressStateOrProvince	NJ
	dei	Entity Address Postal Zip Code EntityAddressPostalZipCode	08540
	dei	City Area Code CityAreaCode	(609)
	dei	Local Phone Number LocalPhoneNumber	375-2227
	dei	Security12b Title Security12bTitle	Common Stock, par value $0.0001 per share
	dei	Trading Symbol TradingSymbol	SONN
	dei	Security Exchange Name SecurityExchangeName	NASDAQ
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	dei	Entity Filer Category EntityFilerCategory	Non-accelerated Filer
	dei	Entity Small Business EntitySmallBusiness	true
	dei	Entity Emerging Growth Company EntityEmergingGrowthCompany	false
	dei	Entity Shell Company EntityShellCompany	false
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CY2022Q2	us-gaap	Net Income Loss NetIncomeLoss	-7877020	usd
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	us-gaap	Net Income Loss NetIncomeLoss	-15155955	usd
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	us-gaap	Depreciation Depreciation	9634	usd
	us-gaap	Depreciation Depreciation	9634	usd
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	SONN	Acquired Inprocess Research And Development AcquiredInprocessResearchAndDevelopment	871877	usd
	us-gaap	Operating Lease Right Of Use Asset Amortization Expense OperatingLeaseRightOfUseAssetAmortizationExpense	46650	usd
	us-gaap	Operating Lease Right Of Use Asset Amortization Expense OperatingLeaseRightOfUseAssetAmortizationExpense	65695	usd
	us-gaap	Share Based Compensation ShareBasedCompensation	198620	usd
	us-gaap	Share Based Compensation ShareBasedCompensation	790858	usd
	SONN	Increase Decrease In Incentive Tax Receivable IncreaseDecreaseInIncentiveTaxReceivable	31864	usd
	us-gaap	Increase Decrease In Prepaid Deferred Expense And Other Assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets	218940	usd
	us-gaap	Increase Decrease In Prepaid Deferred Expense And Other Assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets	754872	usd
	us-gaap	Increase Decrease In Other Operating Assets IncreaseDecreaseInOtherOperatingAssets	155366	usd
	us-gaap	Increase Decrease In Accounts Payable IncreaseDecreaseInAccountsPayable	-1877222	usd
	us-gaap	Increase Decrease In Accounts Payable IncreaseDecreaseInAccountsPayable	-761833	usd
	us-gaap	Increase Decrease In Accrued Liabilities IncreaseDecreaseInAccruedLiabilities	264872	usd
	us-gaap	Increase Decrease In Accrued Liabilities IncreaseDecreaseInAccruedLiabilities	893728	usd
	us-gaap	Increase Decrease In Other Operating Liabilities IncreaseDecreaseInOtherOperatingLiabilities	-34609	usd
	us-gaap	Increase Decrease In Other Operating Liabilities IncreaseDecreaseInOtherOperatingLiabilities	-66991	usd
	us-gaap	Increase Decrease In Contract With Customer Liability IncreaseDecreaseInContractWithCustomerLiability	-110549	usd
	us-gaap	Increase Decrease In Contract With Customer Liability IncreaseDecreaseInContractWithCustomerLiability	-287190	usd
	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	-16782729	usd
	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	-21525594	usd
	us-gaap	Payments To Acquire In Process Research And Development PaymentsToAcquireInProcessResearchAndDevelopment	273250	usd
	us-gaap	Payments To Acquire In Process Research And Development PaymentsToAcquireInProcessResearchAndDevelopment	871877	usd
	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	-273250	usd
	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	-871877	usd
	us-gaap	Proceeds From Issuance Of Common Stock ProceedsFromIssuanceOfCommonStock	21024070	usd
	us-gaap	Proceeds From Warrant Exercises ProceedsFromWarrantExercises	849	usd
	us-gaap	Repayments Of Related Party Debt RepaymentsOfRelatedPartyDebt	748	usd
	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	21024171	usd
	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect	3968192	usd
	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect	-22397471	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
CY2023Q2	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations	7021071	usd
CY2022Q2	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations	5224596	usd
	SONN	Net Settlement Of Warrants NetSettlementOfWarrants	1142	usd
	SONN	Acquired In Process Research And Development In Accounts Payable AcquiredInProcessResearchAndDevelopmentInAccountsPayable	170000	usd
	SONN	Change In Operating Right Of Use Asset And Liability Due To Amended Lease ChangeInOperatingRightOfUseAssetAndLiabilityDueToAmendedLease	213793	usd
	SONN	Deferred Offering Costs Charged Against Proceeds From Sale Of Common Stock DeferredOfferingCostsChargedAgainstProceedsFromSaleOfCommonStock	32340	usd
	SONN	Issuance Of Common Stock On Vesting Of Restricted Stock Units IssuanceOfCommonStockOnVestingOfRestrictedStockUnits	5	usd
	SONN	Issuance Of Common Stock On Vesting Of Restricted Stock Units IssuanceOfCommonStockOnVestingOfRestrictedStockUnits	33	usd
	SONN	Common Stock Issuance Costs In Accrued Expenses And Accounts Payable CommonStockIssuanceCostsInAccruedExpensesAndAccountsPayable	78073	usd
	us-gaap	Nature Of Operations NatureOfOperations	<p id="xdx_803_eus-gaap--NatureOfOperations_zxYIWR8ucI0c" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1. <span id="xdx_827_zWKhrKmYqw75">Organization and Description of Business</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 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 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.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">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 ovarian cancer, non-small cell lung cancer and head and neck cancer. 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. Interim safety and tolerability data from the SB101 and SB102 studies were reported in April 2023.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">In January 2023, Sonnet announced a collaboration agreement with Roche for the clinical evaluation of SON-1010 with atezolizumab (Tecentriq®). The companies have entered into a Master Clinical Trial and Supply Agreement (“MCSA”), along with ancillary Quality and Safety Agreements, to study the safety and efficacy of the combination of SON-1010 and atezolizumab in a platinum-resistant ovarian cancer (“PROC”) patient setting. Further, the companies will provide SON-1010 and atezolizumab, respectively, for use in the Phase 1b/Phase 2a combination safety, dose-escalation, and efficacy study (SB221). Part 1 of this 2-part study was recently approved by the local Human Research Ethics Committee in Australia under CT-2023-CTN-01399-1 and the Therapeutic Goods Administration has been notified. Recruitment is expected to begin imminently. As part of the ongoing cost-cutting evaluations, all antiviral development with SON-1010 has been suspended.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 during the third quarter of 2022. The Data Safety Monitoring Board (DSMB) overseeing the study is expected to meet during the third quarter of 2023. Following the completion of the DSMB review, we anticipate announcing initial safety data from the CIPN study. 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 analyze the data and to consider initiating a Phase 2 study once the CIPN safety data has been evaluated.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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. In February 2023, the Company announced the successful completion of two IND-enabling toxicology studies with SON-1210 in non-human primates. Sonnet is prepared to initiate the regulatory authorization process for SON-1210 in 2023, subject to having a partnering opportunity in place.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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; 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> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><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; margin: 0pt 0; text-align: center"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>Notes to Unaudited Interim Consolidated Financial Statements</b></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: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">SON-1410 (IL18-F<sub>H</sub>AB-IL12) is a bi-specific combination of Interleukins 18 (“IL-18”) and 12 (IL-12) for solid tumor cancers. Cell line development for GMP application is underway. After some delays in 2023, process development activities will continue into 2024, with the potential to generate a drug suitable for initial <i>in vivo</i> mice studies during the second half of calendar year 2024.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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 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></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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: 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 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_90F_eus-gaap--Cash_iI_pn5n6_c20230630_zBPyVsSHJxH1" title="Cash">7.0</span> million at June 30, 2023 will fund the Company’s projected operations into 2024. 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 unaudited 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 unaudited interim 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: 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 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: 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 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; margin: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023Q2	us-gaap	Cash Cash	7000000.0	usd
	us-gaap	Share Based Compensation Arrangement By Share Based Payment Award Non Option Equity Instruments Expirations ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExpirations	7549	shares
	us-gaap	Use Of Estimates UseOfEstimates	<p id="xdx_84E_eus-gaap--UseOfEstimates_znUucNO54OR5" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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_868_zUIJqZKM9Tbl">Use of estimates</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of the interim unaudited 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 unaudited 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: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
	us-gaap	Prior Period Reclassification Adjustment Description PriorPeriodReclassificationAdjustmentDescription	<p id="xdx_841_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_zC40CeZ9miIb" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: justify; text-indent: -13.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>d. <span id="xdx_86F_zqyRkBkJsPLl">Reclassifications</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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 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: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
	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.
CY2023Q2	SONN	Cash Refund Expected To Be Received CashRefundExpectedToBeReceived	300000	usd
CY2022Q2	SONN	Cash Refund Expected To Be Received CashRefundExpectedToBeReceived	300000	usd
	SONN	Cash Refund Expected To Be Received CashRefundExpectedToBeReceived	800000	usd
	SONN	Cash Refund Expected To Be Received CashRefundExpectedToBeReceived	400000	usd
CY2023Q1	us-gaap	Proceeds From Income Tax Refunds ProceedsFromIncomeTaxRefunds	1100000	usd
CY2023Q2	SONN	Cash Paid To Government CashPaidToGovernment	200000	usd
CY2022Q3	us-gaap	Stockholders Equity Reverse Stock Split StockholdersEquityReverseStockSplit	1-for-14 reverse stock split
	us-gaap	Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount	16241145	shares
	us-gaap	Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount	3744339	shares
CY2023Q2	SONN	Accrued Compensation And Benefits Current AccruedCompensationAndBenefitsCurrent	2137223	usd
CY2022Q3	SONN	Accrued Compensation And Benefits Current AccruedCompensationAndBenefitsCurrent	1218530	usd
CY2023Q2	SONN	Accrued Research And Development Current AccruedResearchAndDevelopmentCurrent	854280	usd
CY2022Q3	SONN	Accrued Research And Development Current AccruedResearchAndDevelopmentCurrent	1593922	usd
CY2023Q2	us-gaap	Accrued Professional Fees Current AccruedProfessionalFeesCurrent	321396	usd
CY2022Q3	us-gaap	Accrued Professional Fees Current AccruedProfessionalFeesCurrent	378890	usd
CY2023Q2	us-gaap	Other Accrued Liabilities Current OtherAccruedLiabilitiesCurrent	2505	usd
CY2022Q3	us-gaap	Other Accrued Liabilities Current OtherAccruedLiabilitiesCurrent	2630	usd
CY2023Q2	us-gaap	Accrued Liabilities Current AccruedLiabilitiesCurrent	3315404	usd
CY2022Q3	us-gaap	Accrued Liabilities Current AccruedLiabilitiesCurrent	3193972	usd
	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.
	SONN	Performanceobligation Performanceobligation	1000000.0	usd
CY2023Q2	us-gaap	Revenue From Collaborative Arrangement Excluding Revenue From Contract With Customer RevenueFromCollaborativeArrangementExcludingRevenueFromContractWithCustomer	36850	usd
	us-gaap	Revenue From Collaborative Arrangement Excluding Revenue From Contract With Customer RevenueFromCollaborativeArrangementExcludingRevenueFromContractWithCustomer	100000	usd
CY2022Q2	us-gaap	Revenue From Collaborative Arrangement Excluding Revenue From Contract With Customer RevenueFromCollaborativeArrangementExcludingRevenueFromContractWithCustomer	100000	usd
	us-gaap	Revenue From Collaborative Arrangement Excluding Revenue From Contract With Customer RevenueFromCollaborativeArrangementExcludingRevenueFromContractWithCustomer	300000	usd
CY2023Q2	us-gaap	Sale Of Stock Number Of Shares Issued In Transaction SaleOfStockNumberOfSharesIssuedInTransaction	0	shares
CY2023Q2	us-gaap	Share Based Compensation ShareBasedCompensation	50005	usd
	us-gaap	Share Based Compensation ShareBasedCompensation	198620	usd
CY2022Q2	us-gaap	Share Based Compensation ShareBasedCompensation	107892	usd
	us-gaap	Share Based Compensation ShareBasedCompensation	790858	usd
CY2022Q3	SONN	Exercise Tax Rate On Corporate Stock Repurchases ExerciseTaxRateOnCorporateStockRepurchases	0.01	pure

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Sonnet Biotherapeutics Holdings Inc Stock $sonn

2023 Q3 Form 10-Q Financial Statement

#000149315223028061 Filed on August 14, 2023

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$SONN Sonnet Biotherapeutics Holdings Inc Stock $sonn

2023 Q3 Form 10-Q Financial Statement

#000149315223028061 Filed on August 14, 2023

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$SONN
Sonnet Biotherapeutics Holdings Inc Stock $sonn