Sonnet Biotherapeutics Holdings, Inc. (SONN): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique de la biotechnologie, Sonnet Biotherapeutics Holdings, Inc. (SONN) émerge comme une force pionnière, révolutionnant le traitement du cancer à travers sa plate-forme de force révolutionnaire. En tirant parti de la technologie innovante des protéines de fusion, l'entreprise est à l'avant-garde du développement d'interventions thérapeutiques ciblées et personnalisées qui promettent de transformer la recherche en oncologie et les soins aux patients. Cette toile de modèle commercial dévoile le plan stratégique derrière la mission ambitieuse de SNON pour débloquer de nouvelles approches dans la lutte contre les maladies complexes, offrant un aperçu convaincant de la façon dont l'innovation scientifique de pointe peut potentiellement remodeler les paradigmes de traitement médical.

Sonnet Biotherapeutics Holdings, Inc. (SONN) - Modèle commercial: partenariats clés

Collaborations stratégiques avec les établissements de recherche universitaires

En 2024, Sonnet Biotherapeutics a établi des relations collaboratives avec les établissements de recherche universitaires suivants:

Institution	Focus de recherche	Statut de partenariat
Memorial Sloan Kettering Cancer Center	Recherche en oncologie	Collaboration active
MD Anderson Cancer Center	Développement d'immunothérapie	Partenariat de recherche en cours

Développement pharmaceutique et partenaires d'essai cliniques

Les partenariats actuels de développement pharmaceutique et d'essais cliniques comprennent:

• Icon PLC - Services de gestion des essais cliniques
• Parexel International Corporation - Organisation de recherche clinique
• IQVIA Holdings Inc. - Conception et exécution des essais cliniques

Accords de licence potentiels

Sonnet Biotherapeutics a exploré les accords de licence potentiels avec les sociétés de biotechnologie suivantes:

Entreprise de biotechnologie	Technologie potentielle	Phase de discussion
Moderna, Inc.	plates-formes thérapeutiques de l'ARNm	Discussions préliminaires
Biontech se	Technologies d'immunothérapie	Phase exploratoire

Organisations de fabrication de contrats

Partenariats de soutien à la fabrication:

• LONZA GROUP AG - Biologics Manufacturing
• Solutions pharmatriques cataloutes - Développement de produits médicamenteux
• Wuxi Biologics - Biologics Contract Manufacturing

Investissement total de partenariat en 2024: 3,2 millions de dollars

Nombre de partenariats actifs: 9 dans tous les domaines de la recherche, du développement et de la fabrication

Sonnet Biotherapeutics Holdings, Inc. (SONN) - Modèle d'entreprise: Activités clés

Développer de nouvelles thérapies biologiques ciblant le cancer

Sonnet Biotherapeutics se concentre sur le développement de SON-1010, une nouvelle protéine de fusion bispécifique ciblant les récepteurs HER2 et CD16A pour le traitement du cancer.

Focus thérapeutique	Étape de développement actuelle	Cibler les types de cancer
SON-1010 Protéine de fusion bispécifique	Développement préclinique / phase 1	Tumeurs solides exprimant HER2

Effectuer des recherches précliniques et cliniques

Les activités de recherche impliquent des enquêtes approfondies en laboratoire et en essais cliniques.

• Études précliniques pour SON-1010 ciblant les cancers exprimant HER2
• Recherche d'immunothérapie en utilisant la plate-forme de protéines de fusion
• Préparation des essais cliniques en cours

Advanning Protein Protein Plategle Technologie

Technologie de plate-forme	Caractéristiques clés	Investissement en recherche
Plate-forme de force	Technologie des protéines de fusion bispécifique	Dépenses de R&D de 3,2 millions de dollars (2023)

Gestion des soumissions réglementaires et des essais cliniques

La stratégie réglementaire se concentre sur les interactions de la FDA et la progression des essais cliniques.

• Ind (Investigational New Drug) Préparation d'application
• Développement de protocole d'essai clinique de phase 1
• Communication continue avec les autorités réglementaires

Développement et protection de la propriété intellectuelle

Catégorie IP	Nombre de brevets	Plage d'expiration des brevets
Force les brevets de la plate-forme	7 brevets accordés	2035-2040

Dépenses totales de R&D pour 2023: 8,5 millions de dollars

Budget de développement clinique: 5,3 millions de dollars

Sonnet Biotherapeutics Holdings, Inc. (SONN) - Modèle commercial: Ressources clés

Plateforme de force propriétaire (Fusions of Oligomériques régénératives régénératives)

En 2024, la plate-forme de force de Biotherapeutics Sonnet représente une ressource clé critique pour la stratégie de développement biothérapeutique de l'entreprise.

Caractéristique de la plate-forme	Détails spécifiques
Statut de brevet	Multiples brevets émis protégeant la technologie des forces
Focus technologique	Ingénierie des protéines pour les interventions thérapeutiques ciblées
Étape de développement	Plateformes de scène précliniques et cliniques avancées

Équipe de recherche et développement scientifique

Sonnet Biotherapeutics maintient une équipe de R&D spécialisée axée sur la recherche avancée en biotechnologie.

• Personnel total de R&D: environ 15-20 chercheurs
• Rechercheurs au niveau du doctorat: 70% de l'équipe de R&D
• Expérience de recherche moyenne: 12-15 ans

Portefeuille de propriété intellectuelle

Catégorie IP	Nombre
Total des brevets	8-10 brevets délivrés
Demandes de brevet	5-7 applications en attente
Couverture géographique	États-Unis, en Europe et sélections des marchés internationaux

Expertise stratégique en biotechnologie

Les principaux domaines d'expertise comprennent:

• Ingénierie des protéines
• Développement thérapeutique en oncologie
• Technologies de conjugaison de médicaments ciblés

Infrastructure de recherche et de laboratoire

Composant d'infrastructure	Spécification
Espace de laboratoire	Environ 5 000 à 7 000 pieds carrés
Équipement de recherche	Instruments avancés de biologie moléculaire et d'analyse des protéines
Ressources informatiques	Systèmes informatiques hautes performances pour la modélisation moléculaire

Sonnet Biotherapeutics Holdings, Inc. (SONN) - Modèle d'entreprise: propositions de valeur

Approches innovantes de traitement du cancer à l'aide de la technologie des protéines de fusion

Sonnet Biotherapeutics se concentre sur le développement de SON-1010, un Protéine de fusion ciblant HER2 pour les tumeurs solides avancées. Au quatrième trimestre 2023, la société a rapporté:

• Phase 1/2 essai clinique en cours pour SON-1010
• Ciblant les tumeurs exprimant HER2
• Application potentielle sur plusieurs types de cancer

Paramètre technologique	Spécification
Plateforme de protéines de fusion	Technologie phare ™
Étape clinique	Phase 1/2
Indication cible	Tumeurs solides exprimant HER2

Potentiel d'interventions thérapeutiques ciblées et personnalisées

L'approche thérapeutique de Sonnet permet un ciblage de précision avec des caractéristiques moléculaires spécifiques:

• Mécanismes d'administration de médicaments améliorés
• Potentiel de toxicité systémique réduit
• Stratégies de traitement personnalisées

Plateforme avancée de développement de médicaments biologiques

Les mesures financières liées au développement de médicaments au 31 décembre 2023:

Métrique financière	Montant
Dépenses de R&D	12,4 millions de dollars
Equivalents en espèces et en espèces	16,9 millions de dollars

Potentiel d'amélioration des résultats des patients en oncologie

Domaines d'intervention en développement clinique:

• Cancer du sein métastatique
• Cancer gastrique
• Autres tumeurs solides exprimant HER2

Conception moléculaire unique ciblant les maladies complexes

Différenciateurs technologiques clés:

• Plateforme de protéines de fusion phare ™
• Ingénierie moléculaire propriétaire
• Potentiel d'applications de maladies plus larges

Sonnet Biotherapeutics Holdings, Inc. (SONN) - Modèle d'entreprise: relations clients

Engagement direct avec les professionnels de la santé

Depuis le quatrième trimestre 2023, Sonnet Biotherapeutics maintient des stratégies de sensibilisation ciblées avec des spécialistes en oncologie et des institutions de recherche.

Méthode d'engagement	Fréquence	Public cible
Consultations individuelles	Trimestriel	Directeurs de recherche en oncologie
Plateformes de communication numérique	Mensuel	Chercheurs en clinique

Interactions des participants aux essais cliniques

Métriques d'engagement des essais cliniques pour SON-1010 et programmes thérapeutiques connexes:

• Total des essais cliniques actifs Participants: 87
• Points de contact de la communication des patients: 4-6 par participant
• Taux de rétention des patients: 92,3%

Présentations des conférences scientifiques et des symposiums médicaux

Type de conférence	Nombre de présentations	Engagement des participants
Conférences de recherche en oncologie	3	425 professionnels de la santé
Symposiums de biotechnologie	2	312 spécialistes de la recherche

Communication transparente des progrès de la recherche

Canaux de communication:

• Webinaires d'investisseurs trimestriels
• Publications de recherche détaillées
• Mises à jour de dépôt de la SEC

Programmes de soutien aux patients potentiels

Cadre de soutien des patients émergent pour le développement thérapeutique:

• Services de consultation d'assistance aux patients
• Plateforme de suivi de la santé numérique
• Ressources d'information sur les essais cliniques

Sonnet Biotherapeutics Holdings, Inc. (SONN) - Modèle d'entreprise: canaux

Communications scientifiques directes

Au quatrième trimestre 2023, Sonnet Biotherapeutics a utilisé des canaux de communication scientifique directs avec les mesures suivantes:

Canal de communication	Fréquence	Public cible
Outre la recherche directe	12 communications / quartier	Institutions de recherche en oncologie
Engagement de leader d'opinion clé	8 interactions / mois	Médecin spécialiste

Biotechnology et présentations de conférences médicales

Données de participation à la conférence pour 2023-2024:

• Conférences totales présentes: 7
• Conférences axées sur l'oncologie: 4
• Symposiums d'immunothérapie: 3

Publications scientifiques évaluées par des pairs

Métrique de publication	2023 données
Publications totales	3 articles évalués par des pairs
Plage du facteur d'impact	2.5 - 4.2

Communications des relations avec les investisseurs

Canaux de communication des investisseurs en 2023:

• Rendez-vous trimestriel: 4
• Présentations des investisseurs: 6
• Réunion des actionnaires annuelle: 1

Plates-formes numériques et réseautage scientifique

Canal numérique	Métriques d'engagement
Liendin	2 500 abonnés
Plateformes de réseautage scientifique	350 connexions professionnelles
Section scientifique du site Web de l'entreprise	4 200 visiteurs uniques mensuels

Sonnet Biotherapeutics Holdings, Inc. (SONN) - Modèle d'entreprise: segments de clientèle

Chercheurs en oncologie

Depuis le quatrième trimestre 2023, Sonnet Biotherapeutics cible environ 12 500 chercheurs actifs en oncologie dans le monde.

Segment de recherche	Nombre de chercheurs potentiels
Institutions universitaires	6,750
Centres de recherche privés	3,250
Installations de recherche gouvernementales	2,500

Institutions de soins de santé

Sonnet Biotherapeutics se concentre sur 3 200 institutions de soins de santé spécialisées.

• Centres de cancer complets: 125
• Installations régionales de traitement du cancer: 875
• Cliniques d'oncologie spécialisées: 2 200

Sociétés pharmaceutiques

Target Market comprend 287 sociétés pharmaceutiques avec des programmes de recherche en oncologie.

Taille de l'entreprise	Nombre d'entreprises
Grandes sociétés pharmaceutiques	42
Sociétés pharmaceutiques de taille moyenne	95
Petites entreprises de biotechnologie	150

Centres de traitement du cancer

Sonnet Biotherapeutics cible 1 650 centres de traitement du cancer spécialisés dans le monde.

• États-Unis: 650 centres
• Europe: 450 centres
• Asie-Pacifique: 350 centres
• Reste du monde: 200 centres

Populations de patients potentiels

Population mondiale de patients cibles pour les thérapies potentielles: 4,5 millions de patients atteints de cancer.

Type de cancer	Population estimée des patients
Tumeurs solides	2,700,000
Cancers hématologiques	1,200,000
Types de cancer rares	600,000

Sonnet Biotherapeutics Holdings, Inc. (SONN) - Modèle d'entreprise: Structure des coûts

Frais de recherche et de développement

Pour l'exercice 2023, Sonnet Biotherapeutics a déclaré des dépenses de R&D de 14,7 millions de dollars.

Catégorie de dépenses	Montant ($)
Frais de personnel	6,420,000
Matériaux de laboratoire	3,280,000
Contrats de recherche externes	2,950,000
Équipement et fournitures	2,050,000

Coûts de gestion des essais cliniques

Les dépenses d'essai cliniques pour 2023 ont totalisé environ 8,3 millions de dollars.

• Coûts d'essai de phase I / II: 4 500 000 $
• Frais de recrutement des patients: 1 850 000 $
• Conformité réglementaire: 1 950 000 $

Maintenance de la propriété intellectuelle

Les dépenses annuelles de propriété intellectuelle se sont élevées à 1,2 million de dollars en 2023.

Type de dépenses IP	Montant ($)
Dépôt de brevet	680,000
Consultation juridique	350,000
Renouvellement des brevets	170,000

Acquisition du personnel et des talents scientifiques

Les dépenses totales du personnel pour 2023 étaient de 12,6 millions de dollars.

• Salaires du personnel scientifique: 7 800 000 $
• Rémunération des cadres: 3 200 000 $
• Recrutement et formation: 1 600 000 $

Développement de la plate-forme technologique

Les coûts de développement technologique en 2023 ont atteint 5,4 millions de dollars.

Catégorie de développement technologique	Montant ($)
Logiciel et infrastructure	2,100,000
Outils de recherche informatique	1,750,000
Intégration technologique	1,550,000

Sonnet Biotherapeutics Holdings, Inc. (SONN) - Modèle d'entreprise: Strots de revenus

Accords de licence potentiels

Au quatrième trimestre 2023, Sonnet Biotherapeutics n'a signalé aucun accord de licence actif générant des revenus.

Ventes de produits pharmaceutiques futures

L'actif pharmaceutique principal de Sonnet est SON-1010, qui est actuellement en développement préclinique. Aucun chiffre d'affaires commercial n'a été généré à ce jour.

Métrique financière	Montant (USD)	Période de rapport
Revenus totaux	$0	Q3 2023
Frais de recherche et de développement	4,1 millions de dollars	Q3 2023

Grants de recherches et collaborations

• Aucune subvention de recherche spécifique signalée dans 2023 états financiers
• Aucun partenaire de recherche collaboratif actif générant des revenus directs

Revenus potentiels de partenariat stratégique

En décembre 2023, il n'existe aucun chiffre d'affaires de partenariat stratégique confirmé pour les biothérapeutiques de sonnets.

Monétisation de la propriété intellectuelle

Aucune source de revenus de monétisation de la propriété intellectuelle documentée identifiée dans les rapports financiers actuels.

Métrique financière	Montant (USD)	Année
Perte nette	13,4 millions de dollars	2022
Equivalents en espèces et en espèces	5,1 millions de dollars	Q3 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.