$SONN
Sonnet Biotherapeutics Holdings Inc Stock $sonn

$sonn Overview Financials Valuation SEC Filings Company Website

2023 Q4 Form 10-K Financial Statement

#000149315223044896 Filed on December 14, 2023

Income Statement

Concept	2023 Q4	2023 Q3	2023
Revenue	$18.63K	$37.26K	$100.0K
YoY Change	-50.0%	-40.62%	-71.42%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin	$653.5K	$1.795M	$7.126M
YoY Change	-65.67%	-22.5%	-16.9%
% of Gross Profit
Research & Development	$644.0K	$1.843M	$11.81M
YoY Change	-82.81%	-64.04%	-44.9%
% of Gross Profit
Depreciation & Amortization	$3.211K	$2.850K	$12.85K
YoY Change	0.0%	-11.49%	0.0%
% of Gross Profit
Operating Expenses	$1.297M	$3.637M	$18.94M
YoY Change	-77.03%	-51.11%	-36.91%
Operating Profit	-$1.279M		-$18.79M
YoY Change	-77.21%		-36.66%
Interest Expense	$110.4K	-$76.59K	-$40.08K
YoY Change	57.1%	31.19%	-23.63%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income	-$1.169M	-$3.677M	-$18.83M
YoY Change	-78.92%	-50.55%	-36.64%
Income Tax
% Of Pretax Income
Net Earnings	-$1.169M	-$3.677M	-$18.83M
YoY Change	-78.92%	-50.55%	-36.64%
Net Earnings / Revenue	-6273.54%	-9867.79%	-18832.69%
Basic Earnings Per Share	-$0.31		-$18.14
Diluted Earnings Per Share	-$0.31	-$2.09	-$18.14
COMMON SHARES
Basic Shares Outstanding	3.070M shares	38.51M shares	1.038M shares
Diluted Shares Outstanding	3.798M shares		1.038M shares

Balance Sheet

Concept	2023 Q4	2023 Q3	2023
SHORT-TERM ASSETS
Cash & Short-Term Investments	$3.021M	$2.274M	$2.274M
YoY Change	77.67%	-25.5%	-25.5%
Cash & Equivalents	$3.021M	$2.274M
Short-Term Investments
Other Short-Term Assets	$1.408M	$1.677M	$1.677M
YoY Change	-9.79%	-28.96%	-28.96%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets	$4.624M	$4.738M	$4.738M
YoY Change	0.56%	-12.48%	-12.48%
LONG-TERM ASSETS
Property, Plant & Equipment	$30.16K	$33.37K	$227.1K
YoY Change	-29.87%	-27.8%	-25.02%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets	$491.9K	$414.2K	$464.2K
YoY Change	715.15%	265.65%	309.77%
Total Long-Term Assets	$713.9K	$691.2K	$691.3K
YoY Change	107.12%	66.13%	66.13%
TOTAL ASSETS
Total Short-Term Assets	$4.624M	$4.738M	$4.738M
Total Long-Term Assets	$713.9K	$691.2K	$691.3K
Total Assets	$5.338M	$5.429M	$5.429M
YoY Change	7.99%	-6.87%	-6.87%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$1.655M	$2.202M	$2.202M
YoY Change	-63.81%	-53.66%	-53.66%
Accrued Expenses	$998.9K	$3.304M	$3.304M
YoY Change	-71.77%	3.44%	1.81%
Deferred Revenue
YoY Change
Short-Term Debt	$0.00	$0.00	$0.00
YoY Change	-100.0%	-100.0%	-100.0%
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities	$2.654M	$5.525M	$5.525M
YoY Change	-67.99%	-32.34%	-32.34%
LONG-TERM LIABILITIES
Long-Term Debt	$0.00	$0.00	$0.00
YoY Change
Other Long-Term Liabilities	$111.0K	$130.9K	$130.9K
YoY Change	-40.56%	-35.82%	-35.82%
Total Long-Term Liabilities	$111.0K	$130.9K	$130.9K
YoY Change	-40.56%	-35.82%	-35.82%
TOTAL LIABILITIES
Total Short-Term Liabilities	$2.654M	$5.525M	$5.525M
Total Long-Term Liabilities	$111.0K	$130.9K	$130.9K
Total Liabilities	$2.765M	$5.655M	$5.655M
YoY Change	-67.39%	-32.42%	-32.42%
SHAREHOLDERS EQUITY
Retained Earnings	-$111.4M	-$110.2M
YoY Change	14.91%	20.6%
Common Stock	$307.00	$175.00
YoY Change	-61.43%	-68.41%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity	$2.572M	-$226.0K	-$226.0K
YoY Change
Total Liabilities & Shareholders Equity	$5.338M	$5.429M	$5.429M
YoY Change	7.99%	-6.87%	-6.87%

Cashflow Statement

Concept	2023 Q4	2023 Q3	2023
OPERATING ACTIVITIES
Net Income	-$1.169M	-$3.677M	-$18.83M
YoY Change	-78.92%	-50.55%	-36.64%
Depreciation, Depletion And Amortization	$3.211K	$2.850K	$12.85K
YoY Change	0.0%	-11.49%	0.0%
Cash From Operating Activities	-$3.092M	-$4.562M	-$21.34M
YoY Change	-47.73%	-25.96%	-22.92%
INVESTING ACTIVITIES
Capital Expenditures		$173.2K	$443.3K
YoY Change		-804.27%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities		-$173.2K	-$443.3K
YoY Change		604.27%	-50.56%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net			$21.01M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	$3.839M	-13.53K	$21.01M
YoY Change	-15.87%	-100.34%	423.26%
NET CHANGE
Cash From Operating Activities	-$3.092M	-4.562M	-$21.34M
Cash From Investing Activities		-173.2K	-$443.3K
Cash From Financing Activities	$3.839M	-13.53K	$21.01M
Net Change In Cash	$747.1K	-4.749M	-$778.6K
YoY Change	-155.25%	118.66%	-96.83%
FREE CASH FLOW
Cash From Operating Activities	-$3.092M	-$4.562M	-$21.34M
Capital Expenditures		$173.2K	$443.3K
Free Cash Flow		-$4.735M	-$21.79M
YoY Change		-22.84%	-21.32%

Facts In Submission

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CY2023	dei	Entity File Number EntityFileNumber	001-35570
CY2023	dei	Entity Registrant Name EntityRegistrantName	SONNET BIOTHERAPEUTICS HOLDINGS, INC.
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CY2023	dei	Entity Address Postal Zip Code EntityAddressPostalZipCode	08540
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CY2023	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	21006472	usd
CY2022	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	4014567	usd
CY2023	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect	-778620	usd
CY2022	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect	-24569188	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
CY2023Q3	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations	2274259	usd
CY2022Q3	us-gaap	Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations	3052879	usd
CY2022	SONN	Change In Operating Right Of Use Asset And Liability Due To Amended Lease ChangeInOperatingRightOfUseAssetAndLiabilityDueToAmendedLease	213793	usd
CY2023	SONN	Deferred Offering Costs Charged Against Proceeds From Sale Of Common Stock DeferredOfferingCostsChargedAgainstProceedsFromSaleOfCommonStock	32340	usd
CY2023	SONN	Deferred Offering Costs In Accounts Payable And Accrued Expenses DeferredOfferingCostsInAccountsPayableAndAccruedExpenses	49988	usd
CY2022	SONN	Deferred Offering Costs In Accounts Payable And Accrued Expenses DeferredOfferingCostsInAccountsPayableAndAccruedExpenses	80940	usd
CY2023	SONN	Net Settlement Of Warrants NetSettlementOfWarrants	52	usd
CY2022	SONN	In Process Research And Development In Accrued Expenses InProcessResearchAndDevelopmentInAccruedExpenses	161250	usd
CY2023	SONN	Common Stock Issuance Costs In Accounts Payable And Accrued Expenses CommonStockIssuanceCostsInAccountsPayableAndAccruedExpenses	78073	usd
CY2023	us-gaap	Nature Of Operations NatureOfOperations	<p id="xdx_803_eus-gaap--NatureOfOperations_zpiPsSZ63P2a" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: left"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1. <span id="xdx_82B_zJi5WEPiqm21">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: left"><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 bifunctional 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 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">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 is pursuing 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 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">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 approved in June 2023 by the local Human Research Ethics Committee in Australia under CT-2023-CTN-01399-1 and the Therapeutic Goods Administration has been notified. In August 2023, the FDA accepted the IND for SB221. The trial consists of a modified 3+3 dose-escalation design in Part 1 to establish the maximum tolerated dose (MTD) of SON-1010 with a fixed dose of atezolizumab. Clinical benefit in PROC will be confirmed in an expansion group to establish the recommended Phase 2 dose (RP2D). Part 2 of the study will then investigate SON-1010 monotherapy, its use in combination with atezolizumab, or the standard of care (SOC) for PROC in a randomized comparison to show proof-of-concept (POC).</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">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 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 during the third quarter of 2022. The Data Safety Monitoring Board (“DSMB”) overseeing the study is expected to meet during the first calendar quarter of 2024. Following the completion of the DSMB review, Sonnet anticipates announcing initial safety data from the CIPN study. Pursuant to a license agreement the Company entered into 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 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. 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 pending the outcome of any partnering activity.</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; 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: 0pt 0pt 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 0pt 0pt 0; text-align: center"><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; 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 0pt 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 Interleukin 18 (“IL-18”) and 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. After some delays in 2023, activities will continue into 2024 with the potential to generate a drug suitable for preclinical studies and subsequent human 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: 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 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 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: left"><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 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">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_90B_eus-gaap--Cash_iI_pn5n6_c20230930_zoddileNTeTh" title="Cash">2.3</span> million at September 30, 2023, in addition to the $<span id="xdx_90F_eus-gaap--ProceedsFromIssuanceOfCommonStock_pn5n6_c20221001__20230930__us-gaap--SubsidiarySaleOfStockAxis__custom--OctoberOfferingMember__us-gaap--AwardTypeAxis__custom--FebruaryTwoThousandTwentyFourMember_zqtUM8t7wFG9" title="Proceeds from issuance of common stock">4.1</span> million in net proceeds received from the October Offering described below, will fund the Company’s projected operations into March 2024. The Company also expects to receive a $<span id="xdx_90A_ecustom--CashRefundExpectedToBeReceived_pn5n6_c20230101__20230930_zBDrtVr0BNw5" title="Cash refund expected to be received">0.8</span> million net cash refund from the research and development tax incentive program in Australia (see Note 2) and recently received preliminary approval of its application to sell up to $<span id="xdx_90D_eus-gaap--OperatingLossCarryforwards_iI_pn5n6_c20230930_zYn0tsI11pg9" title="Net operating losses">4.8</span> million of its New Jersey state net operating losses through the Technology Business Tax Certificate Transfer Program (the “Program”), subject to execution of such sale (see Note 10). 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: 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">On October 26, 2023, the Company closed a public offering of common stock and certain warrants through Chardan Capital Markets, LLC and Ladenburg Thalmann & Co. Inc. as underwriters, for net proceeds of $<span id="xdx_905_eus-gaap--ProceedsFromIssuanceOfCommonStock_pn5n6_c20231026__20231026__us-gaap--SubsidiarySaleOfStockAxis__custom--OctoberOfferingMember__srt--TitleOfIndividualAxis__custom--UnderwritersMember_zBvRCITRTzNe" title="Proceeds from sale of common stock">4.1</span> million through the issuance and sale of <span id="xdx_908_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pid_c20231026__20231026__us-gaap--SubsidiarySaleOfStockAxis__custom--OctoberOfferingMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--UnderwritersMember_zd8Wz4xkmao" title="Sale of common stock, shares">1,306,250</span> shares of its common stock and, to certain investors, pre-funded warrants to purchase <span id="xdx_901_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pid_c20231026__us-gaap--SubsidiarySaleOfStockAxis__custom--OctoberOfferingMember__us-gaap--StatementEquityComponentsAxis__custom--PrefundedWarrantMember__srt--TitleOfIndividualAxis__custom--UnderwritersMember_zIsDwBcxEx43" title="Purchase of warrants">1,537,500</span> shares of common stock, and accompanying common warrants to purchase up to an aggregate of <span id="xdx_902_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20231026__us-gaap--SubsidiarySaleOfStockAxis__custom--OctoberOfferingMember__us-gaap--StatementEquityComponentsAxis__custom--CommonWarrantMember__srt--TitleOfIndividualAxis__custom--UnderwritersMember_zXlJKukOaEP2" title="Purchase of warrants">5,687,500</span> shares of its common stock (the “October 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_903_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20231026__us-gaap--SubsidiarySaleOfStockAxis__custom--OctoberOfferingMember__us-gaap--StatementEquityComponentsAxis__custom--CommonWarrantMember__srt--TitleOfIndividualAxis__custom--UnderwritersMember_zJyNmu6lVOQe" title="Warrant exercise price">1.60</span> and the public offering price of each pre-funded warrant and accompanying common warrant was $<span id="xdx_900_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20231026__us-gaap--SubsidiarySaleOfStockAxis__custom--OctoberOfferingMember__us-gaap--StatementEquityComponentsAxis__custom--PrefundedWarrantMember__srt--TitleOfIndividualAxis__custom--UnderwritersMember_z8254OnN00wl" title="Warrant share price">1.5999</span>. The common warrants are immediately exercisable at a price of $<span id="xdx_902_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20231026__us-gaap--SubsidiarySaleOfStockAxis__custom--OctoberOfferingMember__us-gaap--StatementEquityComponentsAxis__custom--CommonWarrantMember__srt--TitleOfIndividualAxis__custom--UnderwritersMember_zD3SNUOs9Ca9" title="Warrant exercise price">1.60</span> per share of common stock, expire five years from the date of issuance and contain an alternative cashless exercise provision. The pre-funded warrants are immediately exercisable at any time, until exercised in full, at a price of $<span id="xdx_90A_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20231026__us-gaap--SubsidiarySaleOfStockAxis__custom--OctoberOfferingMember__us-gaap--StatementEquityComponentsAxis__custom--PrefundedWarrantMember__srt--TitleOfIndividualAxis__custom--UnderwritersMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_za3BxefEXAsc" title="Exercisable price">0.0001</span> per share of common stock. In addition, warrants to purchase <span id="xdx_90B_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20231026__us-gaap--SubsidiarySaleOfStockAxis__custom--OctoberOfferingMember__srt--TitleOfIndividualAxis__custom--UnderwritersMember_zbcRj3oFFk9i" title="Purchase of warrants">85,312</span> shares of common stock were issued to the underwriters as compensation for their services related to the offering. These common stock warrants have an exercise price of $<span id="xdx_902_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20231026__us-gaap--SubsidiarySaleOfStockAxis__custom--OctoberOfferingMember__srt--TitleOfIndividualAxis__custom--UnderwritersMember_zq1zDeDmxuB5" title="Exercisable price">2.00</span> per share and expire five years from the date of issuance.</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 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 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">Operations since inception have consisted primarily of organizing the Company, securing financing, developing technologies through 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-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; 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: 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: 0"></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></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: 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 Consolidated Financial Statements</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> </b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></p>
CY2023Q3	us-gaap	Cash Cash	2300000	usd
	SONN	Cash Refund Expected To Be Received CashRefundExpectedToBeReceived	800000	usd
CY2023Q3	us-gaap	Operating Loss Carryforwards OperatingLossCarryforwards	4800000	usd
CY2023	us-gaap	Use Of Estimates UseOfEstimates	<p id="xdx_84E_eus-gaap--UseOfEstimates_zrFBZoJNv1v6" style="font: 10pt Times New Roman, Times, Serif; text-align: left; margin: 0pt 0 0pt 13.5pt; text-indent: -13.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>c. <span id="xdx_865_zm3GOYZe8pMe">Use of estimates</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 0pt 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: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"> </span></p>
CY2023	us-gaap	Prior Period Reclassification Adjustment Description PriorPeriodReclassificationAdjustmentDescription	<p id="xdx_841_eus-gaap--PriorPeriodReclassificationAdjustmentDescription_z6FsB5D7VTVk" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 13.5pt; text-align: left; text-indent: -13.5pt"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>d. <span id="xdx_86B_zDp59l57wvgh">Reclassifications</span></b></span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 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: 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>
CY2023	us-gaap	Impairment Of Long Lived Assets To Be Disposed Of ImpairmentOfLongLivedAssetsToBeDisposedOf	0	usd
CY2022	us-gaap	Impairment Of Long Lived Assets To Be Disposed Of ImpairmentOfLongLivedAssetsToBeDisposedOf	0	usd
CY2023	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.
CY2023	SONN	Cash Refund Expected To Be Received CashRefundExpectedToBeReceived	800000	usd
CY2022	SONN	Cash Refund Expected To Be Received CashRefundExpectedToBeReceived	800000	usd
CY2023Q1	us-gaap	Proceeds From Income Tax Refunds ProceedsFromIncomeTaxRefunds	1100000	usd
CY2023Q2	SONN	Cash Paid To Government CashPaidToGovernment	200000	usd
CY2022	us-gaap	Effective Income Tax Rate Reconciliation Tax Credits Research EffectiveIncomeTaxRateReconciliationTaxCreditsResearch	-0.030	pure
CY2023	SONN	Effective Income Tax Rate Reconciliation Permanent Differences EffectiveIncomeTaxRateReconciliationPermanentDifferences	-0.016	pure
CY2022	SONN	Effective Income Tax Rate Reconciliation Permanent Differences EffectiveIncomeTaxRateReconciliationPermanentDifferences	0.007	pure
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CY2022	us-gaap	Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential	0.008	pure
CY2023Q3	us-gaap	Stockholders Equity Reverse Stock Split StockholdersEquityReverseStockSplit	1-for -22 reverse stock split
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CY2022	us-gaap	Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount	182664	shares
CY2023	SONN	Effective Income Tax Rate Reconciliation State Net Operating Losses EffectiveIncomeTaxRateReconciliationStateNetOperatingLosses	0.037	pure
CY2023	us-gaap	Effective Income Tax Rate Reconciliation Other Adjustments EffectiveIncomeTaxRateReconciliationOtherAdjustments	0.000	pure
CY2022	us-gaap	Effective Income Tax Rate Reconciliation Other Adjustments EffectiveIncomeTaxRateReconciliationOtherAdjustments	0.004	pure
CY2022Q3	SONN	Excise Tax ExciseTax	0.01	pure
CY2023Q3	SONN	Accrued Compensation And Benefits Current AccruedCompensationAndBenefitsCurrent	2091196	usd
CY2022Q3	SONN	Accrued Compensation And Benefits Current AccruedCompensationAndBenefitsCurrent	1218530	usd
CY2023Q3	SONN	Accrued Research And Development Current AccruedResearchAndDevelopmentCurrent	913145	usd
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CY2023Q3	us-gaap	Other Accrued Liabilities Current OtherAccruedLiabilitiesCurrent	2550	usd
CY2022Q3	us-gaap	Other Accrued Liabilities Current OtherAccruedLiabilitiesCurrent	2630	usd
CY2023Q3	us-gaap	Accounts Payable And Other Accrued Liabilities Current AccountsPayableAndOtherAccruedLiabilitiesCurrent	3230922	usd
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CY2023	SONN	Amendment Of Operating Lease Right Of Use Asset And Liability AmendmentOfOperatingLeaseRightOfUseAssetAndLiability	200000	usd
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CY2022	us-gaap	Operating Lease Cost OperatingLeaseCost	94828	usd
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CY2022	us-gaap	Variable Lease Cost VariableLeaseCost	5339	usd
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CY2023	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
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CY2023	us-gaap	Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance	5800000	usd
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CY2022Q3	us-gaap	Deferred Tax Assets Gross DeferredTaxAssetsGross	31365221	usd
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CY2023	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 At Federal Statutory Income Tax Rate EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate	0.210	pure
CY2023	us-gaap	Effective Income Tax Rate Reconciliation State And Local Income Taxes EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes	-0.071	pure
CY2022	us-gaap	Effective Income Tax Rate Reconciliation State And Local Income Taxes EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes	-0.060	pure
CY2023	us-gaap	Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance	0.308	pure
CY2022	us-gaap	Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance	0.281	pure
CY2023	us-gaap	Effective Income Tax Rate Reconciliation Tax Credits Research EffectiveIncomeTaxRateReconciliationTaxCreditsResearch	-0.051	pure

Files In Submission

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Sonnet Biotherapeutics Holdings Inc Stock $sonn

2023 Q4 Form 10-K Financial Statement

#000149315223044896 Filed on December 14, 2023

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

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$SONN Sonnet Biotherapeutics Holdings Inc Stock $sonn

2023 Q4 Form 10-K Financial Statement

#000149315223044896 Filed on December 14, 2023

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$SONN
Sonnet Biotherapeutics Holdings Inc Stock $sonn