Sonnet BioTherapeutics Holdings, Inc. (SONN): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la biotecnología, Sonnet Bioterapeutics Holdings, Inc. (SONN) emerge como una fuerza pionera, revolucionando el tratamiento del cáncer a través de su plataforma de fuerza innovadora. Al aprovechar la tecnología innovadora de proteínas de fusión, la compañía está a la vanguardia del desarrollo de intervenciones terapéuticas personalizadas y personalizadas que prometen transformar la investigación oncológica y la atención al paciente. Este lienzo de modelo de negocio presenta el plan estratégico detrás de la ambiciosa misión de Sonn de desbloquear enfoques novedosos para combatir enfermedades complejas, ofreciendo una visión convincente de cómo la innovación científica de vanguardia puede remodelar los paradigmas de tratamiento médico.

Sonnet Bioterapeutics Holdings, Inc. (SONN) - Modelo de negocios: asociaciones clave

Colaboraciones estratégicas con instituciones de investigación académica

A partir de 2024, Sonnet Bioterapeutics ha establecido relaciones colaborativas con las siguientes instituciones de investigación académica:

Institución	Enfoque de investigación	Estado de asociación
Memorial Sloan Kettering Cancer Center	Investigación oncológica	Colaboración activa
Centro de cáncer de MD Anderson	Desarrollo de inmunoterapia	Asociación de investigación en curso

Desarrollo farmacéutico y socios de ensayos clínicos

El desarrollo farmacéutico actual y las asociaciones de ensayos clínicos incluyen:

• Icon PLC - Servicios de gestión de ensayos clínicos
• Parexel International Corporation - Organización de investigación clínica
• IQVIA Holdings Inc. - Diseño y ejecución del ensayo clínico

Posibles acuerdos de licencia

Sonnet Bioterapeutics ha explorado posibles acuerdos de licencia con las siguientes empresas de biotecnología:

Firma de biotecnología	Tecnología potencial	Etapa de discusión
Moderna, Inc.	plataformas terapéuticas de ARNm	Discusiones preliminares
Biontech se	Tecnologías de inmunoterapia	Fase exploratoria

Organizaciones de fabricación de contratos

Asociaciones de soporte de fabricación:

• Lonza Group AG - Fabricación de biológicos
• Soluciones farmacéuticas catalent - Desarrollo de productos farmacéuticos
• Wuxi Biologics - Biologics Contract Manufacturing

Inversión total de asociación en 2024: $ 3.2 millones

Número de asociaciones activas: 9 en los dominios de investigación, desarrollo y fabricación

Sonnet Bioterapeutics Holdings, Inc. (SONN) - Modelo de negocio: actividades clave

Desarrollo de nuevas terapias biológicas dirigidas al cáncer

Sonnet Bioterapeutics se centra en el desarrollo de SON-1010, una nueva proteína de fusión biespecífica dirigida a receptores HER2 y CD16A para el tratamiento del cáncer.

Enfoque terapéutico	Etapa de desarrollo actual	Tipos de cáncer objetivo
SON-1010 Proteína de fusión biespecífica	Desarrollo preclínico/fase 1	Tumores sólidos que expresan HER2

Realización de investigaciones preclínicas y clínicas

Las actividades de investigación involucran extensas investigaciones de laboratorio y ensayos clínicos.

• Estudios preclínicos para SON-1010 dirigidos a cánceres que expresan HER2
• Investigación de inmunoterapia utilizando plataforma de proteínas de fusión
• Preparaciones de ensayos clínicos en curso

Avance de la tecnología de plataforma de proteína de fusión patentada

Tecnología de plataforma	Características clave	Inversión de investigación
Plataforma de fuerza	Tecnología de proteínas de fusión biespecífica	Gastos de I + D de $ 3.2 millones (2023)

Gestión de presentaciones regulatorias y ensayos clínicos

La estrategia regulatoria se centra en las interacciones de la FDA y la progresión del ensayo clínico.

• Preparación de la aplicación IND (Investigational New Drug)
• Desarrollo del protocolo de ensayo clínico de fase 1
• Comunicación continua con las autoridades reguladoras

Desarrollo y protección de la propiedad intelectual

Categoría de IP	Número de patentes	Rango de vencimiento de patentes
Patentes de plataforma de fuerza	7 patentes otorgadas	2035-2040

Gastos totales de I + D para 2023: $ 8,5 millones

Presupuesto de desarrollo clínico: $ 5.3 millones

Sonnet Bioterapeutics Holdings, Inc. (SONN) - Modelo de negocio: recursos clave

Plataforma de fuerza patentada (fusiones de entidades regenerativas oligoméricas)

A partir de 2024, la plataforma de fuerza de Sonnet Biotherapeutics representa un recurso clave crítico para la estrategia de desarrollo bioterapéutico de la compañía.

Característica de la plataforma	Detalles específicos
Estado de patente	Tecnología de la fuerza de protección de múltiples patentes emitidas
Enfoque tecnológico	Ingeniería de proteínas para intervenciones terapéuticas dirigidas
Etapa de desarrollo	Plataformas de etapa preclínica y clínica avanzadas

Equipo de Investigación y Desarrollo Científico

Sonnet Bioterapeutics mantiene un equipo especializado de I + D centrado en la investigación avanzada de biotecnología.

• Personal total de I + D: aproximadamente 15-20 investigadores
• Investigadores a nivel de doctorado: 70% del equipo de I + D
• Experiencia de investigación promedio: 12-15 años

Cartera de propiedades intelectuales

Categoría de IP	Número
Patentes totales	8-10 patentes emitidas
Solicitudes de patentes	5-7 aplicaciones pendientes
Cobertura geográfica	Estados Unidos, Europa y mercados internacionales seleccionados

Experiencia en biotecnología estratégica

Las áreas de experiencia clave incluyen:

• Ingeniería de proteínas
• Oncología desarrollo terapéutico
• Tecnologías de conjugación de drogas dirigidas

Investigación e infraestructura de laboratorio

Componente de infraestructura	Especificación
Espacio de laboratorio	Aproximadamente 5,000-7,000 pies cuadrados
Equipo de investigación	Instrumentos avanzados de biología molecular e análisis de proteínas
Recursos computacionales	Sistemas de computación de alto rendimiento para modelado molecular

Sonnet Bioterapeutics Holdings, Inc. (SONN) - Modelo de negocio: propuestas de valor

Enfoques innovadores de tratamiento del cáncer utilizando tecnología de proteínas de fusión

Sonnet Bioterapeutics se centra en desarrollar SON-1010, un Proteína de fusión dirigida a HER2 para tumores sólidos avanzados. A partir del cuarto trimestre de 2023, la compañía informó:

• Fase 1/2 ensayo clínico en curso para Son-1010
• Dirigido a tumores que expresan HER2
• Aplicación potencial en múltiples tipos de cáncer

Parámetro tecnológico	Especificación
Plataforma de proteínas de fusión	Tecnología insignia ™
Estadio clínico	Fase 1/2
Indicación objetivo	Tumores sólidos que expresan HER2

Potencial para intervenciones terapéuticas dirigidas y personalizadas

El enfoque terapéutico del soneto permite la orientación de precisión con características moleculares específicas:

• Mecanismos de administración de medicamentos mejorados
• Potencial de toxicidad sistémica reducida
• Estrategias de tratamiento personalizadas

Plataforma avanzada de desarrollo de fármacos biológicos

Métricas financieras relacionadas con el desarrollo de fármacos al 31 de diciembre de 2023:

Métrica financiera	Cantidad
Gastos de I + D	$ 12.4 millones
Equivalentes de efectivo y efectivo	$ 16.9 millones

Potencial para mejorar los resultados de los pacientes en oncología

Áreas de enfoque de desarrollo clínico:

• Cáncer de mama metastásico
• Cáncer gástrico
• Otros tumores sólidos que expresan HER2

Diseño molecular único dirigido a enfermedades complejas

Diferenciadores tecnológicos clave:

• Plataforma de proteína de fusión FAILSHIP ™
• Ingeniería molecular patentada
• Potencial para aplicaciones de enfermedades más amplias

Sonnet Bioterapeutics Holdings, Inc. (SONN) - Modelo de negocios: relaciones con los clientes

Compromiso directo con profesionales de la salud

A partir del cuarto trimestre de 2023, Sonnet Bioterapeutics mantiene estrategias de divulgación específicas con especialistas en oncología e instituciones de investigación.

Método de compromiso	Frecuencia	Público objetivo
Consultas individuales	Trimestral	Directores de investigación de oncología
Plataformas de comunicación digital	Mensual	Investigadores clínicos

Interacciones de los participantes del ensayo clínico

Métricas de participación de ensayos clínicos para SON-1010 y programas terapéuticos relacionados:

• Participantes totales de ensayos clínicos activos: 87
• Puntos de contacto de comunicación del paciente: 4-6 por participante
• Tasa de retención del paciente: 92.3%

Conferencia científica y presentaciones de simposio médico

Tipo de conferencia	Número de presentaciones	Compromiso de los asistentes
Conferencias de investigación oncológica	3	425 profesionales de la salud
Simposios de biotecnología	2	312 especialistas en investigación

Comunicación transparente del progreso de la investigación

Canales de comunicación:

• Seminarios web de inversores trimestrales
• Publicaciones de investigación detalladas
• SEC presentando actualizaciones

Programas potenciales de apoyo al paciente

Marco emergente de apoyo al paciente para el desarrollo terapéutico:

• Servicios de consulta de asistencia al paciente
• Plataforma de seguimiento de salud digital
• Recursos de información sobre el ensayo clínico

Sonnet Bioterapeutics Holdings, Inc. (SONN) - Modelo de negocio: canales

Comunicaciones científicas directas

A partir del cuarto trimestre de 2023, el sonnet Bioterapeutics utilizó canales de comunicación científica directa con las siguientes métricas:

Canal de comunicación	Frecuencia	Público objetivo
Alcance directo de investigación	12 Comunicaciones/Quarter	Instituciones de investigación de oncología
Compromiso del líder de la opinión clave	8 interacciones/mes	Especialistas médicos

Presentaciones de biotecnología y conferencia médica

Datos de participación de la conferencia para 2023-2024:

• CONFERENCIAS TOTALES CONTENIDAS: 7
• Conferencias centradas en oncología: 4
• Simposios de inmunoterapia: 3

Publicaciones científicas revisadas por pares

Métrico de publicación	2023 datos
Total de publicaciones	3 artículos revisados ​​por pares
Rango de factores de impacto	2.5 - 4.2

Comunicaciones de relaciones con los inversores

Canales de comunicación de inversores en 2023:

• Llamadas de ganancias trimestrales: 4
• Presentaciones de inversores: 6
• Reunión anual de accionistas: 1

Plataformas digitales y redes científicas

Canal digital	Métricas de compromiso
LinkedIn	2.500 seguidores
Plataformas de redes científicas	350 conexiones profesionales
Sección científica del sitio web de la empresa	4.200 visitantes únicos mensuales

Sonnet Bioterapeutics Holdings, Inc. (SONN) - Modelo de negocio: segmentos de clientes

Investigadores de oncología

A partir del cuarto trimestre de 2023, el soneto Bioterapeutics se dirige a aproximadamente 12.500 investigadores de oncología activa a nivel mundial.

Segmento de investigación	Número de investigadores potenciales
Instituciones académicas	6,750
Centros de investigación privados	3,250
Instalaciones de investigación gubernamental	2,500

Instituciones de atención médica

Sonnet Bioterapeutics se centra en 3.200 instituciones de salud especializadas.

• Centros de cáncer integrales: 125
• Instalaciones regionales de tratamiento del cáncer: 875
• Clínicas de oncología especializada: 2,200

Compañías farmacéuticas

El mercado objetivo incluye 287 compañías farmacéuticas con programas de investigación oncológica.

Tamaño de la empresa	Número de empresas
Grandes compañías farmacéuticas	42
Compañías farmacéuticas de tamaño mediano	95
Pequeñas empresas de biotecnología	150

Centros de tratamiento del cáncer

Sonnet Biotherapeutics se dirige a 1.650 centros especializados de tratamiento del cáncer en todo el mundo.

• Estados Unidos: 650 centros
• Europa: 450 centros
• Asia-Pacífico: 350 centros
• Resto del mundo: 200 centros

Populaciones de pacientes potenciales

La población global de pacientes objetivo para posibles terapias: 4.5 millones de pacientes con cáncer.

Tipo de cáncer	Población de pacientes estimada
Tumores sólidos	2,700,000
Cánceres hematológicos	1,200,000
Tipos de cáncer raro	600,000

Sonnet Bioterapeutics Holdings, Inc. (SONN) - Modelo de negocio: Estructura de costos

Gastos de investigación y desarrollo

Para el año fiscal 2023, Sonnet Bioterapeutics reportó gastos de I + D de $ 14.7 millones.

Categoría de gastos	Monto ($)
Costos de personal	6,420,000
Materiales de laboratorio	3,280,000
Contratos de investigación externos	2,950,000
Equipos y suministros	2,050,000

Costos de gestión de ensayos clínicos

Los gastos de ensayo clínico para 2023 totalizaron aproximadamente $ 8.3 millones.

• Costos de prueba de fase I/II: $ 4,500,000
• Gastos de reclutamiento de pacientes: $ 1,850,000
• Cumplimiento regulatorio: $ 1,950,000

Mantenimiento de la propiedad intelectual

Los gastos anuales de propiedad intelectual fueron de $ 1.2 millones en 2023.

Tipo de gasto IP	Monto ($)
Presentación de patentes	680,000
Consulta legal	350,000
Renovación de patente	170,000

Adquisición de personal y talento científico

Los gastos totales de personal para 2023 fueron de $ 12.6 millones.

• Salarios del personal científico: $ 7,800,000
• Compensación ejecutiva: $ 3,200,000
• Reclutamiento y capacitación: $ 1,600,000

Desarrollo de la plataforma tecnológica

Los costos de desarrollo tecnológico en 2023 alcanzaron los $ 5.4 millones.

Categoría de desarrollo tecnológico	Monto ($)
Software e infraestructura	2,100,000
Herramientas de investigación computacionales	1,750,000
Integración tecnológica	1,550,000

Sonnet Bioterapeutics Holdings, Inc. (SONN) - Modelo de negocios: flujos de ingresos

Posibles acuerdos de licencia

A partir del cuarto trimestre de 2023, Sonnet Bioterapeutics no ha informado ningún acuerdos de licencia activos que generen ingresos.

Ventas de productos farmacéuticos futuros

El principal activo farmacéutico de Sonnet es SON-1010, que actualmente se encuentra en desarrollo preclínico. Hasta la fecha no se han generado ingresos por ventas comerciales hasta la fecha.

Métrica financiera	Cantidad (USD)	Periódico
Ingresos totales	$0	P3 2023
Gastos de investigación y desarrollo	$ 4.1 millones	P3 2023

Subvenciones y colaboraciones de investigación

• No se reportaron subvenciones de investigación específicas en 2023 estados financieros
• No hay asociaciones de investigación colaborativa activa que generen ingresos directos

Ingresos de asociación estratégica potenciales

A diciembre de 2023, no existen ingresos de asociación estratégica confirmada para Sonnet Bioterapeutics.

Monetización de la propiedad intelectual

No hay flujos de ingresos de monetización de propiedad intelectual documentadas identificadas en los informes financieros actuales.

Métrica financiera	Cantidad (USD)	Año
Pérdida neta	$ 13.4 millones	2022
Equivalentes de efectivo y efectivo	$ 5.1 millones	P3 2023

Sonnet BioTherapeutics Holdings, Inc. (SONN) - Canvas Business Model: Value Propositions

The value propositions for Sonnet BioTherapeutics Holdings, Inc., now operating as a wholly-owned subsidiary under Hyperliquid Strategies Inc. (HSI) as of December 2025, are dual-focused, spanning digital assets and retained biopharmaceutical assets.

Providing public market exposure to the HYPE cryptocurrency token.

This value proposition is delivered through the parent entity, Hyperliquid Strategies Inc. (HSI), which became a public cryptocurrency treasury company trading under the ticker symbol "PURR" starting December 3, 2025.

• The transaction was valued at an assumed closing value of $888 million.
• HSI is positioned to offer U.S. equity investors capital-efficient and productive access to the HYPE token.

Creating one of the top strategic reserves for the Hyperliquid Layer-1 blockchain.

The core of the new business model centers on accumulating and managing a significant reserve of the HYPE token, the native asset of the Hyperliquid Layer-1 blockchain.

Asset Component	Amount/Value (as of July 2025 announcement)
HYPE Tokens Held	Approximately 12.6 million HYPE tokens
Value of HYPE Tokens	$583 million
Gross Cash Proceeds for Acquisition	At least $305 million
Total Assumed Closing Value	$888 million

The HYPE token has a capped supply of 1 billion tokens.

Potential for improved therapeutic window via FHAB-mediated tumor targeting.

Sonnet BioTherapeutics Holdings, Inc. continues to advance its proprietary Fully Human Albumin Binding (FHAB®) platform, which is designed to specifically target tumor and lymphatic tissue, optimizing the safety and efficacy of immune modulating biologic drugs.

• The lead program, SON-1010 (IL-12-FHAB), completed monotherapy dose escalation in the Phase 1 SB101 trial at a Maximum Tolerated Dose (MTD) of 1200 ng/kg.
• In the monotherapy portion of the SB101 trial, 48% of evaluable patients achieved stable disease at 4 months post-initiation of dosing.
• One patient dosed at the MTD in the monotherapy study achieved a partial response (PR) with a 45% reduction in tumor size by RECIST criteria.
• In the SB221 combination trial for Platinum-Resistant Ovarian Cancer (PROC) with atezolizumab, two of the three patients in the E6 maintenance dose cohort (1200 ng/kg) had partial responses.
• The company is evaluating an E7 cohort using a maintenance dose of 1500 ng/kg.

Developing novel cytokine-based therapeutics for oncology and neuropathy.

The FHAB platform is the foundation for developing single or bifunctional immunomodulatory cytokine therapeutic candidates.

• Oncology Pipeline: SON-1210 (IL12-FHAB-IL15) is planned for an investigator-initiated and funded Phase 1/2a study for pancreatic cancer.
• Neuropathy Pipeline: SON-080 (low dose rhIL-6) for Chemotherapy-Induced Peripheral Neuropathy (CIPN) and Diabetic Peripheral Neuropathy (DPN) has a license agreement with Alkem Laboratories, who will advance development into a Phase 2 study for DPN in India.
• SON-080 demonstrated encouraging results in a Phase 1b/2a trial, being well tolerated with no evidence of a pro-inflammatory cytokine response.
• Legacy revenue for the trailing 12 months ending June 30, 2025, was $1.00M, with Q1 FY2025 collaboration revenue from the Alkem licensing agreement being $1.00M.

Sonnet BioTherapeutics Holdings, Inc. (SONN) - Canvas Business Model: Customer Relationships

You're looking at the relationships Sonnet BioTherapeutics Holdings, Inc. maintained with its various customer and stakeholder groups as of late 2025, right after its strategic pivot.

Transactional relationship with public market investors via stock trading.

The relationship with the broader public market shifted dramatically following the business combination, moving from a pure-play biotech focus to a publicly traded digital asset treasury vehicle, Hyperliquid Strategies Inc. (HSI). On the day stockholders approved the merger, December 2, 2025, the stock, trading as SONN before the transition, gained 10.32%, closing at $3.42 and adding approximately $2M to the valuation, reaching a market cap of $22M. Trading volume that day was exceptionally heavy at 10.3x the daily average, showing high retail and public interest in the transition. By December 5, 2025, the new entity was trading under the ticker PURR at $3.68. For context on the previous structure, institutional investors owned 9.45% of the stock, with institutional buying over the preceding 24 months totaling 23,847,070 shares, representing about $108.60M in transactions. The trading activity reflects the market's reaction to the new strategy.

The transactional data for the public market around the transition point is summarized below:

Metric	Value (Dec 2, 2025)	Value (Dec 5, 2025)
Closing Stock Price	$3.42	$3.68 (as PURR)
Market Capitalization	$22M	N/A
Volume Relative to Average	10.3x	1.29m (Shares Traded)
Stock Price Change (Day of News)	+10.32%	+2.22% (Change as PURR)

High-touch, strategic relationship with major digital asset investors and partners.

This relationship is defined by the merger itself, which brought in significant crypto-focused capital, fundamentally changing the ownership structure. The new entity, Hyperliquid Strategies Inc., is expected to hold a total closing value of $888 million. This value is composed of an expected $583 million in HYPE tokens and at least $305 million in gross cash proceeds. Legacy Sonnet stockholders now own only 1.2% of the combined entity, while the new crypto investors control 98.8%. The key strategic partners involved in backing the new entity include Paradigm Operations LP, Galaxy Digital, Pantera Capital, D1 Capital, Republic Digital, and 683 Capital. This structure creates a direct, high-touch relationship with the core digital asset ecosystem driving the new strategy.

Investor Relations (IR) focused on communicating the new crypto treasury strategy.

Investor Relations efforts in late 2025 centered on explaining the transformation and managing expectations for both legacy and new investors. The IR communication highlighted the formation of a publicly traded vehicle to manage a digital asset treasury, making HSI one of the largest U.S.-based public holders of the HYPE token. The company also announced a $1 billion common stock offering to further expand its crypto holdings. For the remaining biotech interests, IR communicated that legacy Sonnet stockholders would receive Contingent Value Rights (CVRs) tied to the remaining biotech assets, which, as of Q3 2025, generated a net loss of $3.78 million for the quarter. The company also secured a $5.5 million private placement and had $2.0 million in convertible notes converting at closing to fund transaction expenses and minimal biotech operations.

Key elements of the new capital structure and IR focus include:

• Total Assumed Closing Value: $888 million.
• HYPE Token Holding Value: $583 million (approximately 12.6 million HYPE tokens).
• Gross Cash Proceeds: At least $305 million.
• Legacy Shareholder Ownership Post-Merger: 1.2%.
• CVR Issuance for Biotech Assets: Yes.

Collaborative relationships with clinical partners and licensees (e.g., Alkem).

The biotech operations, continuing as a wholly owned subsidiary, maintain critical relationships with development partners. The most concrete example is the licensing agreement with Alkem Laboratories Limited for SON-080 in India. Under this deal, Alkem pays Sonnet BioTherapeutics Holdings, Inc. $1 million upfront, with up to an additional $1.0 million available in milestone payments. Sonnet is also entitled to a royalty equal to a percentage in the low double digits of the net sales of SON-080 in India. This collaboration is built on prior work, where clinical trials for SON-080 generated safety data from over 200 patients. The Q3 2025 revenue estimate for the legacy business was $1M, showing the current scale of operations relying on these partnerships.

The terms of the Alkem collaboration structure the ongoing relationship:

• Upfront Payment: $1 million.
• Potential Milestone Payments: Up to $1.0 million.
• Royalty Rate: Percentage in the low double digits.
• Clinical Data Access: Sonnet can use Alkem's Phase 2 and Phase 3 data for non-India partnering upon paying a Clinical Data Access fee.

Finance: draft 13-week cash view by Friday.

Sonnet BioTherapeutics Holdings, Inc. (SONN) - Canvas Business Model: Channels

You're looking at how Sonnet BioTherapeutics Holdings, Inc., now operating under the combined entity structure, gets its information and securities in front of the market as of late 2025. The transition from SONN to the new structure with the ticker PURR is a key channel event itself.

Nasdaq Capital Market for Stock Trading (Ticker PURR)

The primary public trading venue shifted following the business combination closing on December 2, 2025. Sonnet BioTherapeutics Holdings, Inc. common stock (SONN) ceased trading, with the combined entity's stock expected to trade on The Nasdaq Capital Market under the ticker PURR starting December 3, 2025. This represents the main liquidity channel for the equity security.

Here's a look at the trading metrics leading up to this transition, using the former SONN ticker for context, and the initial PURR data:

Metric	Pre-Combination (SONN - Nov 28, 2025)	Post-Combination (PURR - Dec 5, 2025 Snapshot)
Closing Price	$3.72	$3.68
Volume	418,364 shares	1.29m shares
Average Volume (Historical SONN)	654,654 shares	N/A
52 Week High/Low (SONN)	$19.30 / $1.08	Range: $3.33 - $4.65 (52 Week for PURR)
Market Capitalization (SONN)	$10,131,528	N/A
Bid/Ask Example	$4.02 X 373 / $4.77 X 100	$3.445 - $3.75 (Day Range)

The share consideration for the combination was set at a five-for-one exchange ratio.

Direct Communication via SEC Filings and Press Releases

Regulatory disclosures and official announcements form a critical, mandated channel for investor information flow. You can access these directly from the SEC or the company's Investor Relations section.

• SEC filings provide the most granular detail on corporate actions and financials.
• Press releases deliver timely updates on clinical progress and corporate milestones.
• The company offers an RSS News Feed and Email Alerts subscription service for direct delivery.

Key filings in the period surrounding the late 2025 transition included:

• Form 8-K Current Report filed on December 3, 2025.
• Form 425 filings related to the Business Combination Communication on November 18, 2025 and November 12, 2025.
• Definitive proxy statement/prospectus mailed to stockholders on October 27, 2025.
• Latest Quarterly Report (10-Q) filed on August 13, 2025.

Digital Asset Exchanges and Over-the-Counter (OTC) Markets for Token Acquisition

This channel relates to the new operational focus following the combination. Hyperliquid Strategies Inc (HSI), which now forms the core of the combined entity, is described as a digital asset treasury reserve company.

The business plan explicitly involves HYPE token-related financial and advisory services. This implies that the HYPE token is a key asset or instrument managed through this channel. A significant near-term risk noted is the 'highly volatile nature of the price of HYPE tokens' and the correlation risk to the new stock price. Specific exchange listings or OTC market volumes for token acquisition aren't detailed in the public filings, but the existence of the token is central to the post-merger strategy.

Investor Presentations and Conferences

Direct engagement with the investment community happens through scheduled presentations and dedicated investor materials. These channels are used to explain the FHAB technology, pipeline (like SON-1010 and SON-1210), and corporate strategy.

Recent engagement points include:

• Presentation at the MedInvest Biotech & Pharma Conference on September 19, 2025.
• Release of a Virtual Investor 'What This Means' Segment on August 11, 2025.
• An Investor Presentation from August 2025 detailing the platform and pipeline candidates.
• Following the merger, the latest presentation listed is the Hyperliquid Strategies Inc Investor Presentation.

The company's pipeline candidates, such as SON-1010 in combination with atezolizumab for Platinum-Resistant Ovarian Cancer, are the core content delivered through these channels. Finance: review the Q4 2025 investor deck for alignment with the new PURR narrative by next Tuesday.

Sonnet BioTherapeutics Holdings, Inc. (SONN) - Canvas Business Model: Customer Segments

You're looking at the customer segments for Sonnet BioTherapeutics Holdings, Inc. as of late 2025, which is a complex picture given the definitive agreement to transform into Hyperliquid Strategies Inc (HSI). The customer base has fundamentally bifurcated between the new digital asset treasury focus and the continuing, albeit subsidiary, biotech operations.

The primary focus for the publicly traded entity, HSI, is now centered on the digital asset market, targeting investors interested in the HYPE token treasury strategy. The legacy biotech patient base is now served by the subsidiary operations.

Cryptocurrency investors seeking exposure to the HYPE token

This segment represents the core new customer base for the entity post-business combination. These investors are seeking regulated, public market exposure to the HYPE token, the native asset of the Hyperliquid Layer-1 blockchain. The scale of this commitment is substantial, as the combined entity is expected to hold a significant reserve of this asset.

• The expected holding at closing is approximately 12.6 million HYPE tokens.
• The assumed value of the HYPE token holding at the time of the agreement was $583 million.
• The HYPE token was ranked as the 13th-largest cryptocurrency by market capitalization as of July 6, 2025.
• Existing Sonnet shareholders retain only 1.2% of the combined company, meaning new crypto investors control approximately 98.8%.

Institutional digital asset funds and hedge funds

These institutions are the sophisticated participants backing the transformation, providing both capital and strategic alignment for the HYPE token treasury. Their participation validates the new structure's intent to become a major strategic reserve holder.

The participation in the transaction included several prominent strategic investors:

Investor Group	Role/Participation Type	Estimated Capital Contribution (Gross Cash)
Paradigm	Strategic Investor	Part of the capital structure enabling the $888 million total assumed closing value.
Galaxy Digital	Strategic Investor	Part of the capital structure enabling the $888 million total assumed closing value.
Pantera Capital	Strategic Investor	Added 20,427,696 shares of $SONN in Q3 2025, for an estimated $93,558,847.
D1 Capital	Strategic Investor	Part of the capital structure enabling the $888 million total assumed closing value.
Republic Digital	Strategic Investor	Part of the capital structure enabling the $888 million total assumed closing value.
683 Capital	Strategic Investor	Part of the capital structure enabling the $888 million total assumed closing value.

The total assumed closing value of the transaction, including cash and HYPE, was $888 million, with at least $305 million in gross cash invested. Institutional activity in the legacy stock showed 26 institutional investors adding shares in Q3 2025.

Biotech pharmaceutical companies for licensing the FHAB platform or assets

This segment relates to the ongoing business of the subsidiary, which leverages the proprietary Fully Human Albumin Binding (FHAB) platform. Licensing deals provide non-dilutive funding and external validation for the technology.

• The SON-080 program for Diabetic Peripheral Neuropathy (DPN) was licensed to Alkem Laboratories Limited for development and commercialization in India in October 2024.
• The company secured $3.9 million in gross proceeds from a registered direct offering in December 2024, which supported operations alongside licensing proceeds.
• The company received non-dilutive funding that covered approximately 43% of its total annual operating expenses in fiscal year 2024 through programs like the Australia R&D Tax Incentive.

Oncology and neuropathy patients (indirectly, via drug development)

These patients are the ultimate recipients of the therapeutic candidates developed by the subsidiary, which is focused on oncology and neuropathy. Clinical trial data serves as the key metric for this segment's potential value.

Key clinical data points for the pipeline candidates as of early 2025:

Program	Indication/Trial Phase	Key Statistical Result (as of early 2025)
SON-1010 (IL12-FHAB)	Phase 1 SB101 Monotherapy	48% of evaluable patients showed stable disease at four months post-dosing.
SON-1010 (IL12-FHAB)	Phase 1 SB101 at MTD	One patient achieved a partial response (PR) with a 45% tumor reduction.
SON-080 (rhIL-6)	CIPN/DPN Development	Demonstrated to be well tolerated at doses 10-fold lower than the established IL-6 MTD in Phase 1b/2a.

The company reported a net loss of $3.2 million for Q1 FY2025. The first patient dosing for SON-1210 was expected in H1 calendar year 2025.

Sonnet BioTherapeutics Holdings, Inc. (SONN) - Canvas Business Model: Cost Structure

You're looking at the cost structure for Sonnet BioTherapeutics Holdings, Inc. as it transitions into Hyperliquid Strategies Inc. (HSI) in late 2025. The costs are now split between maintaining the legacy biotech operations and funding the massive new crypto treasury strategy.

The cost base for the former Sonnet BioTherapeutics Holdings, Inc. operations, prior to the full impact of the combination, is best seen through its recent operating performance. The Q3 2025 net loss was $3.78 million for the quarter ended June 30, 2025, which was slightly higher than the $3.51 million loss reported in the same quarter the prior year. This loss reflects the ongoing burn rate associated with the remaining biotech assets.

Here's a look at the most recent reported figures for the legacy structure before the full merger integration, which shows a clear focus on cost containment.

Cost Category	Period Ending September 30, 2024 (FY)	Period Ending December 31, 2024 (Q1 2025)
Legacy R&D and Clinical Trial Expenses	$5.7 million	Higher than prior year due to program and licensing activity
General and Administrative (G&A) Expenses	$6.1 million	Higher than prior year due to program and licensing activity

The legacy R&D and clinical trial expenses are the primary variable cost for the remaining biotech assets, such as the development of SON-1010. The company had previously reported a 37% reduction in total annual operating expenses for fiscal year 2024 compared to fiscal year 2023, showing an effort to manage these costs.

The most significant cost component now relates to the $888 million business combination, which fundamentally shifts the cost profile to one centered on asset acquisition and treasury management. The costs associated with acquiring and securing the HYPE token reserve are defined by the transaction structure itself.

Component of Business Combination Value	Assumed Value / Amount
Value of HYPE Token Reserve	$583 million (approx. 12.6 million HYPE tokens)
Gross Cash Invested at Closing	At least $305 million
Total Assumed Closing Value	$888 million

The transaction and legal fees related to this massive pivot are being funded through parallel financing activities announced alongside the merger agreement. You need to track these sources as they represent immediate cash outlays for the closing process.

• Funding for transaction expenses is being sourced from a $5.5 million private placement (issuance of non-voting convertible preferred stock and warrants).
• An additional $2.0 million principal amount of convertible notes from June 2025 will convert to fund these expenses and working capital requirements.

Finance: draft 13-week cash view by Friday.

Sonnet BioTherapeutics Holdings, Inc. (SONN) - Canvas Business Model: Revenue Streams

You're looking at the revenue structure for Sonnet BioTherapeutics Holdings, Inc. as it transitions into late 2025. The business model has definitely taken a sharp turn, so the revenue streams reflect a dual focus, though the crypto treasury is now the dominant feature.

Potential appreciation in the value of the HYPE token treasury reserve

The primary asset stream now centers on the newly formed Hyperliquid Strategies Inc. (HSI), which operates as a public cryptocurrency treasury company, with Sonnet BioTherapeutics Holdings, Inc. continuing as a wholly-owned subsidiary. This structure is designed to capture value from the appreciation of the underlying digital asset.

• Total assumed closing value of the treasury reserve: $888 million as of the December 2025 closing.
• The reserve holds approximately 12.6 million HYPE tokens.
• The HYPE token value component of the treasury at closing was $583 million.
• The HYPE token was trading near $48 per token around the July 2025 agreement date.

Upfront and milestone payments from licensing agreements

The legacy biotech operations still generate transactional revenue, primarily from the Alkem Laboratories Limited licensing agreement for SON-080. You saw the upfront cash hit the books earlier this year, validating the monetization path for that asset outside of oncology.

Here's a quick look at the known deal components:

Payment Type	Agreement/Period	Reported Amount
Upfront Collaboration Revenue	Alkem License (Q1 FY2025 Recognition)	$1.00 million
Additional Milestone Payments	Alkem Agreement (Potential)	Up to an additional $1.0 million
Contract Asset (Unbilled)	Alkem License (Q1 2025)	$0.5 million

The Q1 FY2025 collaboration revenue was $1.00M, a significant jump from the prior-year quarter's $0.02M.

Future royalties on commercialized legacy biotech products

For the SON-080 program in India, which covers Diabetic Peripheral Neuropathy (DPN), Chemotherapy Induced Neuropathy (CIPN), and autonomic neuropathy, the revenue stream is contingent on future commercial success. Alkem is responsible for funding development and commercialization in that territory.

• Royalty rate: A percentage in the low double digits of net sales.
• This royalty is calculated after deducting certain specified expenses.

Proceeds from capital market financings to fund operations

Financing activities have been crucial for maintaining operations and funding the transaction expenses related to the merger. You can see several distinct capital raises contributing to liquidity.

The cash position benefited from recent equity activity:

• Financings in November/December 2024, plus others, resulted in approximately ~$7.7M net in Q1 2025 cash improvement.
• The HSI closing included $305 million in gross cash proceeds, which will be used to acquire more HYPE tokens.
• A private placement concurrent with the merger agreement signing raised an aggregate of $5.5 million.
• An underwritten public offering priced in November 2024 generated total gross proceeds of approximately $5.0 million.

The biotech operations, continuing as a subsidiary under HSI, will use net proceeds from these raises for general corporate purposes, working capital, and the continued development of existing biotech assets.