Sonnet BioTherapeutics (SONN) Registration Filing summary

Company overview and business model

• Clinical-stage, oncology-focused biotechnology company with a proprietary FHAB™ platform for biologic medicines of single- or bi-specific action.

• FHAB technology uses a fully human single chain antibody fragment to bind human serum albumin, improving drug accumulation and duration in target tissues.

• Platform is designed for drug development across oncology, autoimmune, pathogenic, inflammatory, and hematological conditions.

• Organized in Delaware, with principal offices in Princeton, NJ.

Financial performance and metrics

• Recurring losses and negative cash flows from operations since inception; substantial additional financing required to continue R&D activities.

• Audit report includes a going concern warning due to financial uncertainty.

Use of proceeds and capital allocation

• Will not receive proceeds from resale by selling stockholders; will receive proceeds from any cash exercise of warrants, estimated at $3.7 million if all are exercised.

• Net proceeds from warrant exercises intended for research and development, clinical trials, working capital, repayment of liabilities, and general corporate purposes.

• Management retains broad discretion over allocation of proceeds.