$SONN
Sonnet Biotherapeutics Holdings Inc Stock $sonn

$sonn Overview Financials Valuation SEC Filings Company Website

2024 Q3 Form 10-Q Financial Statement

#000149315224031909 Filed on August 14, 2024

Income Statement

Concept	2024 Q3	2024 Q2
Revenue
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin		$1.802M
YoY Change		16.78%
% of Gross Profit
Research & Development		$1.727M
YoY Change		-28.32%
% of Gross Profit
Depreciation & Amortization		$3.210K
YoY Change		0.0%
% of Gross Profit
Operating Expenses		$3.529M
YoY Change		-10.72%
Operating Profit		-$3.529M
YoY Change		-9.88%
Interest Expense		$23.11K
YoY Change		-173.53%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income		-$3.506M
YoY Change		-11.18%
Income Tax
% Of Pretax Income
Net Earnings		-$3.506M
YoY Change		-11.18%
Net Earnings / Revenue
Basic Earnings Per Share		-$0.70
Diluted Earnings Per Share		-$0.70
COMMON SHARES
Basic Shares Outstanding	5.203M shares	3.112M shares
Diluted Shares Outstanding		5.038M shares

Balance Sheet

Concept	2024 Q3	2024 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments		$3.554M
YoY Change		-49.38%
Cash & Equivalents		$3.554M
Short-Term Investments
Other Short-Term Assets		$1.054M
YoY Change		-43.42%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets		$5.128M
YoY Change		-46.77%
LONG-TERM ASSETS
Property, Plant & Equipment		$23.73K
YoY Change		-35.11%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets		$488.5K
YoY Change		214.41%
Total Long-Term Assets		$669.0K
YoY Change		66.47%
TOTAL ASSETS
Total Short-Term Assets		$5.128M
Total Long-Term Assets		$669.0K
Total Assets		$5.797M
YoY Change		-42.23%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable		$1.879M
YoY Change		-37.87%
Accrued Expenses		$1.231M
YoY Change		-62.88%
Deferred Revenue
YoY Change
Short-Term Debt		$0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities		$3.110M
YoY Change		-51.91%
LONG-TERM LIABILITIES
Long-Term Debt		$0.00
YoY Change
Other Long-Term Liabilities		$68.84K
YoY Change		-54.16%
Total Long-Term Liabilities		$68.84K
YoY Change		-54.16%
TOTAL LIABILITIES
Total Short-Term Liabilities		$3.110M
Total Long-Term Liabilities		$68.84K
Total Liabilities		$3.179M
YoY Change		-51.96%
SHAREHOLDERS EQUITY
Retained Earnings		-$114.6M
YoY Change		7.49%
Common Stock		$522.00
YoY Change		-86.4%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity		$2.618M
YoY Change
Total Liabilities & Shareholders Equity		$5.797M
YoY Change		-42.23%

Cashflow Statement

Concept	2024 Q3	2024 Q2
OPERATING ACTIVITIES
Net Income		-$3.506M
YoY Change		-11.18%
Depreciation, Depletion And Amortization		$3.210K
YoY Change		0.0%
Cash From Operating Activities		-$3.070M
YoY Change		-50.27%
INVESTING ACTIVITIES
Capital Expenditures		$12.00K
YoY Change		0.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities		-$12.00K
YoY Change		0.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities		2.850M
YoY Change		57.02%
NET CHANGE
Cash From Operating Activities		-3.070M
Cash From Investing Activities		-12.00K
Cash From Financing Activities		2.850M
Net Change In Cash		-231.8K
YoY Change		-94.69%
FREE CASH FLOW
Cash From Operating Activities		-$3.070M
Capital Expenditures		$12.00K
Free Cash Flow		-$3.082M
YoY Change		-50.17%

Facts In Submission

Frame	Concept Type	Concept / XBRL Key	Value	Unit
CY2024Q2	us-gaap	Commitments And Contingencies CommitmentsAndContingencies		usd
CY2023Q3	us-gaap	Commitments And Contingencies CommitmentsAndContingencies		usd
	dei	Document Fiscal Period Focus DocumentFiscalPeriodFocus	Q3
	dei	Entity Central Index Key EntityCentralIndexKey	0001106838
CY2024Q2	us-gaap	Other Income OtherIncome		usd
	dei	Document Quarterly Report DocumentQuarterlyReport	true
	dei	Document Period End Date DocumentPeriodEndDate	2024-06-30
	dei	Document Fiscal Year Focus DocumentFiscalYearFocus	2024
	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
	dei	Entity Current Reporting Status EntityCurrentReportingStatus	Yes
	dei	Entity Interactive Data Current EntityInteractiveDataCurrent	Yes
	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
CY2024Q2	us-gaap	Cash Cash	3554331	usd
CY2024Q2	us-gaap	Prepaid Expense And Other Assets Current PrepaidExpenseAndOtherAssetsCurrent	1053830	usd
CY2024Q2	SONN	Incentive Tax Receivable Current IncentiveTaxReceivableCurrent	519610	usd
CY2024Q2	us-gaap	Assets Current AssetsCurrent	5127771	usd
CY2024Q2	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	23733	usd
CY2024Q2	us-gaap	Operating Lease Right Of Use Asset OperatingLeaseRightOfUseAsset	141813	usd
CY2024Q2	us-gaap	Deferred Costs DeferredCosts	15000	usd
CY2024Q2	us-gaap	Other Assets Noncurrent OtherAssetsNoncurrent	488480	usd
CY2024Q2	us-gaap	Accounts Payable Current AccountsPayableCurrent	1879013	usd
CY2024Q2	us-gaap	Accounts Payable And Other Accrued Liabilities Current AccountsPayableAndOtherAccruedLiabilitiesCurrent	1149492	usd
CY2024Q2	us-gaap	Operating Lease Liability Current OperatingLeaseLiabilityCurrent	81349	usd
CY2024Q2	us-gaap	Liabilities Current LiabilitiesCurrent	3109854	usd
CY2024Q2	us-gaap	Operating Lease Liability Noncurrent OperatingLeaseLiabilityNoncurrent	68837	usd
CY2024Q2	us-gaap	Liabilities Liabilities	3178691	usd
CY2024Q2	us-gaap	Common Stock Value CommonStockValue	522	usd
CY2024Q2	us-gaap	Additional Paid In Capital AdditionalPaidInCapital	117169976	usd
CY2024Q2	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	-114552392	usd
CY2024Q2	us-gaap	Stockholders Equity StockholdersEquity	2618106	usd
CY2024Q2	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	5796797	usd
CY2023Q2	us-gaap	Revenue From Contract With Customer Excluding Assessed Tax RevenueFromContractWithCustomerExcludingAssessedTax	36850	usd
	us-gaap	Revenue From Contract With Customer Excluding Assessed Tax RevenueFromContractWithCustomerExcludingAssessedTax	18626	usd
CY2024Q2	us-gaap	Research And Development Expense ResearchAndDevelopmentExpense	1727033	usd
CY2023Q2	us-gaap	Research And Development Expense ResearchAndDevelopmentExpense	2409471	usd
	us-gaap	Research And Development Expense ResearchAndDevelopmentExpense	4538363	usd
CY2024Q2	us-gaap	General And Administrative Expense GeneralAndAdministrativeExpense	1801632	usd
CY2023Q2	us-gaap	General And Administrative Expense GeneralAndAdministrativeExpense	1542689	usd
	us-gaap	General And Administrative Expense GeneralAndAdministrativeExpense	4156360	usd
CY2024Q2	us-gaap	Operating Expenses OperatingExpenses	3528665	usd
CY2023Q2	us-gaap	Operating Expenses OperatingExpenses	3952160	usd
CY2024Q2	us-gaap	Operating Income Loss OperatingIncomeLoss	-3528665	usd
CY2023Q2	us-gaap	Operating Income Loss OperatingIncomeLoss	-3915310	usd
	us-gaap	Operating Income Loss OperatingIncomeLoss	-8676097	usd
CY2023Q2	us-gaap	Foreign Currency Transaction Gain Loss Before Tax ForeignCurrencyTransactionGainLossBeforeTax	-31432	usd
	us-gaap	Foreign Currency Transaction Gain Loss Before Tax ForeignCurrencyTransactionGainLossBeforeTax	39512	usd
CY2024Q2	us-gaap	Net Income Loss NetIncomeLoss	-3505555	usd
CY2023Q2	us-gaap	Net Income Loss NetIncomeLoss	-3946742	usd
	us-gaap	Net Income Loss NetIncomeLoss	-4308639	usd
CY2024Q2	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	-0.70
	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	-0.96
CY2024Q2	us-gaap	Deferred Income Current DeferredIncomeCurrent		usd
CY2024Q2	us-gaap	Revenue From Contract With Customer Excluding Assessed Tax RevenueFromContractWithCustomerExcludingAssessedTax		usd
CY2023Q2	us-gaap	Other Income OtherIncome		usd
	us-gaap	Other Income OtherIncome		usd
CY2023Q4	SONN	Stock Issued During Period Value Reverse Stock Splits StockIssuedDuringPeriodValueReverseStockSplits		usd
CY2023Q4	SONN	Stock Issued During Period Value Net Share Settlement Of Warrants StockIssuedDuringPeriodValueNetShareSettlementOfWarrants		usd
CY2024Q1	us-gaap	Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures		usd
CY2024Q2	SONN	Stock Issued During Period Value Net Share Settlement Of Warrants StockIssuedDuringPeriodValueNetShareSettlementOfWarrants		usd
CY2022Q4	SONN	Stock Issued During Period Value Net Share Settlement Of Warrants StockIssuedDuringPeriodValueNetShareSettlementOfWarrants		usd
CY2023Q1	SONN	Stock Issued During Period Value Net Share Settlement Of Warrants StockIssuedDuringPeriodValueNetShareSettlementOfWarrants		usd
CY2023Q1	us-gaap	Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures		usd
CY2023Q2	SONN	Stock Issued During Period Value Net Share Settlement Of Warrants StockIssuedDuringPeriodValueNetShareSettlementOfWarrants		usd
CY2023Q2	us-gaap	Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures		usd
CY2023Q2	us-gaap	Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures		usd
	SONN	Financing Costs Related To Chef Purchase Agreement FinancingCostsRelatedToChefPurchaseAgreement		usd
	us-gaap	Other Noncash Expense OtherNoncashExpense		usd
	SONN	Payment Of Deferred Offering Costs PaymentOfDeferredOfferingCosts		usd
	us-gaap	Payments Of Financing Costs PaymentsOfFinancingCosts		usd
	us-gaap	Repayments Of Related Party Debt RepaymentsOfRelatedPartyDebt		usd
	SONN	Chef Purchase Agreement Financing Costs In Accounts Payable ChefPurchaseAgreementFinancingCostsInAccountsPayable		usd
	SONN	In Process Research And Development In Accounts Payable And Accrued Expenses InProcessResearchAndDevelopmentInAccountsPayableAndAccruedExpenses		usd
	SONN	Deferred Offering Costs Charged Against Proceeds From Sale Of Common Stock DeferredOfferingCostsChargedAgainstProceedsFromSaleOfCommonStock		usd
	SONN	Issuance Of Common Stock On Vesting Of Restricted Stock Units IssuanceOfCommonStockOnVestingOfRestrictedStockUnits		usd
	us-gaap	Stock Issued1 StockIssued1		usd
CY2024Q2	us-gaap	Revenue From Contract With Customer Excluding Assessed Tax RevenueFromContractWithCustomerExcludingAssessedTax		usd
	dei	Document Type DocumentType	10-Q
CY2024Q3	dei	Entity Common Stock Shares Outstanding EntityCommonStockSharesOutstanding	5202505	shares
	dei	Entity Listing Par Value Per Share EntityListingParValuePerShare	0.0001
CY2023Q3	us-gaap	Cash Cash	2274259	usd
CY2023Q3	us-gaap	Prepaid Expense And Other Assets Current PrepaidExpenseAndOtherAssetsCurrent	1677396	usd
CY2023Q3	SONN	Incentive Tax Receivable Current IncentiveTaxReceivableCurrent	786574	usd
CY2023Q3	us-gaap	Assets Current AssetsCurrent	4738229	usd
CY2023Q3	us-gaap	Property Plant And Equipment Net PropertyPlantAndEquipmentNet	33366	usd
CY2023Q3	us-gaap	Operating Lease Right Of Use Asset OperatingLeaseRightOfUseAsset	193689	usd
CY2023Q3	us-gaap	Deferred Costs DeferredCosts	49988	usd
CY2023Q3	us-gaap	Other Assets Noncurrent OtherAssetsNoncurrent	414206	usd
CY2024Q2	us-gaap	Assets Assets	5796797	usd
CY2023Q3	us-gaap	Assets Assets	5429478	usd
CY2023Q3	us-gaap	Accounts Payable Current AccountsPayableCurrent	2201999	usd
CY2023Q3	us-gaap	Accounts Payable And Other Accrued Liabilities Current AccountsPayableAndOtherAccruedLiabilitiesCurrent	3230922	usd
CY2023Q3	us-gaap	Operating Lease Liability Current OperatingLeaseLiabilityCurrent	73048	usd
CY2023Q3	us-gaap	Deferred Income Current DeferredIncomeCurrent	18626	usd
CY2023Q3	us-gaap	Liabilities Current LiabilitiesCurrent	5524595	usd
CY2023Q3	us-gaap	Operating Lease Liability Noncurrent OperatingLeaseLiabilityNoncurrent	130863	usd
CY2023Q3	us-gaap	Liabilities Liabilities	5655458	usd
CY2024Q2	us-gaap	Common Stock Par Or Stated Value Per Share CommonStockParOrStatedValuePerShare	0.0001
CY2023Q3	us-gaap	Common Stock Par Or Stated Value Per Share CommonStockParOrStatedValuePerShare	0.0001
CY2024Q2	us-gaap	Common Stock Shares Authorized CommonStockSharesAuthorized	125000000	shares
CY2023Q3	us-gaap	Common Stock Shares Authorized CommonStockSharesAuthorized	125000000	shares
CY2024Q2	us-gaap	Common Stock Shares Issued CommonStockSharesIssued	5218505	shares
CY2024Q2	us-gaap	Common Stock Shares Outstanding CommonStockSharesOutstanding	5218505	shares
CY2023Q3	us-gaap	Common Stock Shares Issued CommonStockSharesIssued	1750426	shares
CY2023Q3	us-gaap	Common Stock Shares Outstanding CommonStockSharesOutstanding	1750426	shares
CY2023Q3	us-gaap	Common Stock Value CommonStockValue	175	usd
CY2023Q3	us-gaap	Additional Paid In Capital AdditionalPaidInCapital	110017598	usd
CY2023Q3	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	-110243753	usd
CY2023Q3	us-gaap	Stockholders Equity StockholdersEquity	-225980	usd
CY2023Q3	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	5429478	usd
	us-gaap	Revenue From Contract With Customer Excluding Assessed Tax RevenueFromContractWithCustomerExcludingAssessedTax	110550	usd
	us-gaap	Research And Development Expense ResearchAndDevelopmentExpense	9972055	usd
	us-gaap	General And Administrative Expense GeneralAndAdministrativeExpense	5330967	usd
	us-gaap	Operating Expenses OperatingExpenses	8694723	usd
	us-gaap	Operating Expenses OperatingExpenses	15303022	usd
	us-gaap	Operating Income Loss OperatingIncomeLoss	-15192472	usd
	us-gaap	Other Income OtherIncome	4327946	usd
CY2024Q2	us-gaap	Foreign Currency Transaction Gain Loss Before Tax ForeignCurrencyTransactionGainLossBeforeTax	23110	usd
	us-gaap	Foreign Currency Transaction Gain Loss Before Tax ForeignCurrencyTransactionGainLossBeforeTax	36517	usd
	us-gaap	Net Income Loss NetIncomeLoss	-15155955	usd
CY2024Q2	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	-0.70
CY2023Q2	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	-2.95
CY2023Q2	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	-2.95
	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	-0.96
	us-gaap	Earnings Per Share Basic EarningsPerShareBasic	-18.98
	us-gaap	Earnings Per Share Diluted EarningsPerShareDiluted	-18.98
CY2024Q2	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	5037508	shares
CY2024Q2	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	5037508	shares
CY2023Q2	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	1335872	shares
CY2023Q2	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	1335872	shares
	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	4481803	shares
	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	4481803	shares
	us-gaap	Weighted Average Number Of Shares Outstanding Basic WeightedAverageNumberOfSharesOutstandingBasic	798711	shares
	us-gaap	Weighted Average Number Of Diluted Shares Outstanding WeightedAverageNumberOfDilutedSharesOutstanding	798711	shares
CY2023Q3	us-gaap	Stockholders Equity StockholdersEquity	-225980	usd
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CY2023Q4	us-gaap	Net Income Loss NetIncomeLoss	-1168509	usd
CY2023Q4	us-gaap	Stockholders Equity StockholdersEquity	2572459	usd
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CY2024Q1	us-gaap	Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue	60395	usd
CY2024Q1	us-gaap	Net Income Loss NetIncomeLoss	365425	usd
CY2024Q1	us-gaap	Stockholders Equity StockholdersEquity	3054279	usd
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CY2024Q2	us-gaap	Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue	60395	usd
CY2024Q2	us-gaap	Net Income Loss NetIncomeLoss	-3505555	usd
CY2024Q2	us-gaap	Stockholders Equity StockholdersEquity	2618106	usd
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CY2022Q4	us-gaap	Net Income Loss NetIncomeLoss	-5542142	usd
CY2022Q4	us-gaap	Stockholders Equity StockholdersEquity	-3537232	usd
CY2023Q1	us-gaap	Stock Issued During Period Value New Issues StockIssuedDuringPeriodValueNewIssues	14515968	usd
CY2023Q1	us-gaap	Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue	56998	usd
CY2023Q1	us-gaap	Net Income Loss NetIncomeLoss	-5667071	usd
CY2023Q1	us-gaap	Stockholders Equity StockholdersEquity	5368663	usd
CY2023Q1	us-gaap	Stockholders Equity StockholdersEquity	5368663	usd
CY2023Q2	us-gaap	Stock Issued During Period Value New Issues StockIssuedDuringPeriodValueNewIssues	1945677	usd
CY2023Q2	SONN	Stock Issued During Period Value Exercise Of Warrants StockIssuedDuringPeriodValueExerciseOfWarrants	849	usd
CY2023Q2	us-gaap	Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue	50005	usd
CY2023Q2	us-gaap	Net Income Loss NetIncomeLoss	-3946742	usd
CY2023Q2	us-gaap	Net Income Loss NetIncomeLoss	-3946742	usd
CY2023Q2	us-gaap	Stockholders Equity StockholdersEquity	3418452	usd
CY2023Q2	us-gaap	Stockholders Equity StockholdersEquity	3418452	usd
	us-gaap	Net Income Loss NetIncomeLoss	-4308639	usd
	us-gaap	Net Income Loss NetIncomeLoss	-15155955	usd
	us-gaap	Depreciation Depreciation	9633	usd
	us-gaap	Depreciation Depreciation	9634	usd
	SONN	Acquired Inprocess Research And Development AcquiredInprocessResearchAndDevelopment	12000	usd
	SONN	Acquired Inprocess Research And Development AcquiredInprocessResearchAndDevelopment	282000	usd
	us-gaap	Operating Lease Right Of Use Asset Amortization Expense OperatingLeaseRightOfUseAssetAmortizationExpense	51876	usd
	us-gaap	Operating Lease Right Of Use Asset Amortization Expense OperatingLeaseRightOfUseAssetAmortizationExpense	46650	usd
	us-gaap	Share Based Compensation ShareBasedCompensation	170795	usd
	us-gaap	Share Based Compensation ShareBasedCompensation	198620	usd
	SONN	Financing Costs Related To Chef Purchase Agreement FinancingCostsRelatedToChefPurchaseAgreement	370426	usd
	us-gaap	Other Noncash Expense OtherNoncashExpense	1732	usd
	us-gaap	Increase Decrease In Prepaid Deferred Expense And Other Assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets	-623566	usd
	us-gaap	Increase Decrease In Prepaid Deferred Expense And Other Assets IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets	218940	usd
	SONN	Increase Decrease In Incentive Tax Receivable IncreaseDecreaseInIncentiveTaxReceivable	-266964	usd
	SONN	Increase Decrease In Incentive Tax Receivable IncreaseDecreaseInIncentiveTaxReceivable	31864	usd
	us-gaap	Increase Decrease In Other Operating Assets IncreaseDecreaseInOtherOperatingAssets	74274	usd
	us-gaap	Increase Decrease In Other Operating Assets IncreaseDecreaseInOtherOperatingAssets	155366	usd
	us-gaap	Increase Decrease In Accounts Payable IncreaseDecreaseInAccountsPayable	-455038	usd
	us-gaap	Increase Decrease In Accounts Payable IncreaseDecreaseInAccountsPayable	-1877222	usd
	us-gaap	Increase Decrease In Other Accounts Payable And Accrued Liabilities IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities	-2034243	usd
	us-gaap	Increase Decrease In Other Accounts Payable And Accrued Liabilities IncreaseDecreaseInOtherAccountsPayableAndAccruedLiabilities	264872	usd
	us-gaap	Increase Decrease In Other Operating Liabilities IncreaseDecreaseInOtherOperatingLiabilities	-53725	usd
	us-gaap	Increase Decrease In Other Operating Liabilities IncreaseDecreaseInOtherOperatingLiabilities	-34609	usd
	us-gaap	Increase Decrease In Contract With Customer Liability IncreaseDecreaseInContractWithCustomerLiability	-18626	usd
	us-gaap	Increase Decrease In Contract With Customer Liability IncreaseDecreaseInContractWithCustomerLiability	-110549	usd
	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	-5437553	usd
	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	-16782729	usd
	us-gaap	Payments To Acquire In Process Research And Development PaymentsToAcquireInProcessResearchAndDevelopment	12000	usd
	us-gaap	Payments To Acquire In Process Research And Development PaymentsToAcquireInProcessResearchAndDevelopment	273250	usd
	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	-12000	usd
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	us-gaap	Nature Of Operations NatureOfOperations	<p id="xdx_806_eus-gaap--NatureOfOperations_zb3u3XLbNcbe" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>1. <span id="xdx_82A_zTBLw9XFEEj9">Organization and Description of Business</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"><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"><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 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. Sonnet designed the construct to improve drug accumulation in solid tumors, as well as to extend the duration of activity in the body. F<sub>H</sub>AB development candidates can be produced in mammalian cell culture, which enables glycosylation of the interleukins, thereby reducing the risk of immunogenicity, as well as E. coli. Sonnet believes its F<sub>H</sub>AB technology, for which it received a U.S. patent in June 2021, is a distinguishing feature of its biopharmaceutical platform. The approach is well suited for future drug development across a range of human disease areas, including in oncology, autoimmune, pathogenic, inflammatory, and hematological conditions.</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 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 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 proof-of-concept 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 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 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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">As part of the ongoing cost-cutting efforts, 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 met during the first calendar quarter of 2024 and cleared the trial to proceed to Part 2. Following the completion of the DSMB review, Sonnet announced 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, pending the outcome of any partnering activity.</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"> </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"> </span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></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">SON-1210 (IL12-F<sub>H</sub>AB-IL15), Sonnet’s lead bifunctional construct, combines F<sub>H</sub>AB with single-chain human IL-12 and human Interleukin 15 (“IL-15”). This compound is being developed for solid tumor indications, including colorectal cancer. In February 2023, Sonnet 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.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">SON-1411 (IL18-F<sub>H</sub>AB-IL12) is a bifunctional combination of human Interleukin 18 (“IL-18”), which was modified to resist interaction with the IL-18 inhibitor binding protein, and single-chain human 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 through 2024 with the potential to generate a drug suitable for preclinical studies and subsequent human studies.</p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"> </p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sonnet has completed sequence confirmation for SON-3015 (anti-IL6-F<sub>H</sub>AB-anti-TGFβ). Early-stage bifunctional drug has been generated and is being stored for future use in in vivo mice studies. The Company has elected to place the SON-3015 development program on hold for expense reduction purposes.</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"> </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"><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 incur 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_906_eus-gaap--Cash_iI_pn5n6_c20240630_z1HLXAJfJIQ6" title="Cash">3.6</span> million at June 30, 2024 will fund the Company’s projected operations into November 2024. 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. However, substantial doubt about the Company’s ability to continue as a going concern exists. 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 and/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 or cease its operations until such funding is received. Various internal and external factors will affect whether and when the Company’s product candidates become approved for marketing and successful commercialization. The regulatory approval and market acceptance of the Company’s product candidates, length of time and cost of developing and commercializing these product candidates and/or failure of them at any stage of the approval process will materially affect the Company’s financial condition and future operations.</span></p> <p style="font: 10pt Times New Roman, Times, Serif; margin: 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 technologies through research and development and conducting preclinical and clinical 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"><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"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b> </b></span></p>
CY2024Q2	us-gaap	Cash Cash	3600000	usd
	us-gaap	Use Of Estimates UseOfEstimates	<p id="xdx_84D_eus-gaap--UseOfEstimates_z8bnTg3UQx3a" 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> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b>c.</b></span></td><td style="font: 10pt Times New Roman, Times, Serif"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt"><b><span id="xdx_86C_zwsHoLNBfyd">Use of estimates</span></b></span></td></tr></table> <p style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 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: 0pt 0; text-align: justify"><span style="font-family: Times New Roman, Times, Serif; font-size: 10pt">The preparation of the unaudited interim 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>
	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
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CY2023Q3	SONN	Accrued Compensation And Benefits Current AccruedCompensationAndBenefitsCurrent	2091196	usd
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	SONN	Increase Decrease In Research And Development Expenses IncreaseDecreaseInResearchAndDevelopmentExpenses	1000000.0	usd
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	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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	us-gaap	Revenue From Contract With Customer Excluding Assessed Tax RevenueFromContractWithCustomerExcludingAssessedTax	18626	usd
	us-gaap	Revenue From Contract With Customer Excluding Assessed Tax RevenueFromContractWithCustomerExcludingAssessedTax	100000	usd
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	us-gaap	Share Based Compensation ShareBasedCompensation	198620	usd
CY2022Q3	SONN	Excise Tax ExciseTax	0.01	pure
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2024 Q3 Form 10-Q Financial Statement

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2024 Q3 Form 10-Q Financial Statement

#000149315224031909 Filed on August 14, 2024

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Sonnet Biotherapeutics Holdings Inc Stock $sonn