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SONN

Sonnet BioTherapeutics Holdings, Inc.

SONN

Sonnet BioTherapeutics Holdings, Inc. • NASDAQ
$3.72 ▼ -10.47% (-0.43)
Market Cap $24.90 M
52w High $19.30
52w Low $1.08
Dividend Yield 0%
P/E -0.55
Volume 418.36K
Outstanding Shares 6.69M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $0 $3.784M ▼ $-3.776M ▼ 0% $-0.95 ▼ $-3.754M ▲
Q2-2025 $0 ▼ $4.207M ▲ $-3.491M ▼ 0% ▲ $-0.89 ▲ $-4.207M ▼
Q1-2025 $1M ▲ $1.963M ▼ $-3.161M ▼ -316.071% ▼ $-1.56 ▲ $-2.827M ▲
Q4-2024 $0 $3.152M ▼ $-3.129M ▲ 0% $-4.81 ▲ $-3.152M ▲
Q3-2024 $0 $3.508M $-3.506M 0% $-5.57 $-3.508M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $321.297K ▼ $2.055M ▼ $5.102M ▲ $-3.046M ▼
Q2-2025 $2.059M ▼ $3.836M ▼ $3.174M ▲ $662.262K ▼
Q1-2025 $4.862M ▲ $7.182M ▲ $3.145M ▼ $4.037M ▲
Q4-2024 $149.456K ▼ $2.771M ▼ $3.257M ▲ $-485.739K ▼
Q3-2024 $3.554M $5.797M $3.179M $2.618M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-3.776M ▼ $-1.759M ▲ $0 ▲ $21.05K ▲ $-1.738M ▲ $-1.759M ▲
Q2-2025 $-3.491M ▼ $-2.471M ▲ $-12K ▼ $-318.958K ▼ $-2.802M ▼ $-2.471M ▲
Q1-2025 $-3.161M ▼ $-2.91M ▲ $0 $7.622M ▲ $4.712M ▲ $-2.91M ▲
Q4-2024 $-3.129M ▲ $-3.17M ▼ $0 ▲ $-234.705K ▼ $-3.405M ▼ $-3.17M ▼
Q3-2024 $-3.506M $-3.07M $-12K $2.85M $-231.853K $-3.082M

Revenue by Products

Product Q1-2019Q2-2019Q3-2019Q4-2019
Better Burgers Fast Casual
Better Burgers Fast Casual
 $20.00M ▲$0 ▼$10.00M ▲$10.00M ▲
Corporate and Other
Corporate and Other
 $0 ▲$0 ▲$0 ▲$0 ▲
Hooters Full Service
Hooters Full Service
 $10.00M ▲$0 ▼$0 ▲$0 ▲
Just Fresh Fast Casual
Just Fresh Fast Casual
 $0 ▲$0 ▲$0 ▲$0 ▲
Franchise Income
Franchise Income
 $0 ▲$0 ▲$0 ▲$0 ▲
Gaming Income Net
Gaming Income Net
 $0 ▲$0 ▲$0 ▲$0 ▲
Management Fee Income
Management Fee Income
 $0 ▲$0 ▲$0 ▲$0 ▲
Restaurant Sales Net
Restaurant Sales Net
 $0 ▲$10.00M ▲$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Sonnet is still a pure research‑stage biotech with essentially no product revenue. The income statement is driven almost entirely by R&D and overhead costs, which produce steady operating losses each year. The very large swings in reported earnings per share mainly reflect repeated reverse stock splits and share count changes, not sudden shifts in the underlying business. In economic terms, the pattern is straightforward: the company spends money on drug development but does not yet bring in commercial income, so results are consistently in the red and will likely remain that way until a partnership payment, license deal, or eventual product approval changes the picture.

Balance Sheet

Balance Sheet The balance sheet is extremely thin, with very limited assets and only a small cash cushion left by the latest year shown. There is no meaningful debt, which is a positive in terms of financial obligations, but equity is also very small, indicating that the capital base has been largely consumed by ongoing losses. The long history of reverse stock splits suggests repeated dilution and pressure on the share price over time. Overall, this is the profile of a highly fragile balance sheet that depends on fresh capital raises or partnering deals to stay funded as clinical trials continue.

Cash Flow

Cash Flow Cash flows reflect a typical early‑stage biotech: cash consistently flows out through operating activities to pay for research, clinical trials, and corporate costs, with no offsetting inflows from product sales. Capital spending is minimal, so free cash flow is essentially the same as operating cash flow and is steadily negative. This means the company’s ability to keep going depends on external financing—equity offerings, grants, or partnership payments. With cash now very limited, the timing and terms of any new funding are a major uncertainty and a key risk factor.

Competitive Edge

Competitive Edge Sonnet operates in a very crowded and fast‑moving cancer immunotherapy space, competing against far larger and better‑funded pharma and biotech companies. Its main differentiator is the proprietary FHAB platform, which is designed to make cytokine therapies longer‑lasting, more targeted to tumors, and potentially safer. Strong patent protection around the platform and newer IL‑18 variants helps create a technological moat, at least on paper. However, as a small player with limited cash, Sonnet’s real‑world competitive strength will hinge on its ability to produce compelling clinical data and secure partnerships with larger companies that can support late‑stage trials and commercialization. The announced move into a crypto‑related treasury strategy is unusual for a biotech and introduces strategic and reputational risk that could distract from the core oncology mission.

Innovation and R&D

Innovation and R&D Innovation is the clear strong point. Sonnet’s FHAB technology is modular and allows it to design drugs that “ride” on albumin to reach tumors more effectively, and its pipeline spans both single‑function and dual‑function cytokine drugs. Early clinical data for the lead asset, SON‑1010, show signs of biological activity and a manageable safety profile, which is encouraging but still preliminary. Next‑generation programs built around modified IL‑18 variants, protected by long‑dated patents, could further differentiate the platform if they translate well from preclinical to human studies. The R&D challenge is twofold: maintaining funding long enough to generate decisive clinical readouts, and converting promising science into partnerships or milestone‑rich deals while the company still has negotiating leverage.

Summary

Sonnet is a classic high‑risk, high‑uncertainty clinical‑stage biotech: no revenue, ongoing losses, a very thin balance sheet, and negative cash flow that will require additional external funding in the near term. Against this financial fragility, the company offers a focused and scientifically differentiated immunotherapy platform with early signs of promise and a growing patent estate that could provide protection well into the next decade if its drugs succeed. Key watchpoints include: the pace and quality of clinical trial results, the company’s success in securing partnerships or non‑dilutive funding, how it manages its capital needs given the tiny cash position, and the impact—positive or negative—of its unconventional move into cryptocurrency activities. The long‑term outcome remains highly dependent on clinical and financing milestones that are still ahead, so uncertainty is substantial in both scientific and financial terms.

NEWS

November 18, 2025 · 9:00 AM UTC

Sonnet BioTherapeutics Holdings, Inc. Announces Adjournment of Special Meeting

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October 15, 2025 · 10:03 AM UTC

Evaluation of SON-1010 Using a Patient-Derived Tumoroid Platform to Support an Ongoing Phase 1 Study in Patients with Sarcoma

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September 19, 2025 · 9:00 AM UTC

Sonnet to Present at the MedInvest Biotech & Pharma Conference

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