Sonnet BioTherapeutics (SONN) Q4 2025 earnings summary

Executive summary

• Clinical-stage biotech focused on oncology, leveraging proprietary FHAB technology for targeted biologic medicines, with a pipeline led by SON-1010 (IL-12-FHAB) in solid tumors and SON-080 (IL-6) for neuropathy indications.

• Completed a business combination with Hyperliquid Strategies Inc. and Rorschach I LLC in December 2025, becoming a wholly owned subsidiary of HSI.

• Ongoing collaborations with Roche (atezolizumab combo) and Alkem (SON-080 in India); New Life Therapeutics partnership for SON-080 in ASEAN region is being renegotiated.

Financial highlights

• Fiscal year ended September 30, 2025: Collaboration revenue of $1.0 million (Alkem Agreement), up from $18,626 in 2024.

• Net loss of $16.0 million, compared to $7.4 million in the prior year, driven by increased R&D and G&A expenses.

• Research and development expenses rose to $8.4 million (from $5.7 million), mainly due to higher clinical trial costs.

• General and administrative expenses increased to $8.5 million (from $6.1 million), reflecting higher professional fees and transaction costs.

• Cash and cash equivalents at year-end: $5.1 million; stockholders' equity: $10.8 million.

• Cash used in operations: $12.8 million; net cash provided by financing activities: $26.0 million.

Outlook and guidance

• Cash runway projected into February 2026; substantial additional financing required to fund operations and clinical development.

• Focus on advancing SON-1010 in solid tumors and SON-080 in neuropathy, with ongoing cost management and prioritization of high-potential assets.

• Plans to seek further equity, debt, or partnership funding; potential asset sales or operational reductions if capital is not secured.