Sonnet Bioterapeutics Holdings, Inc. (SONN): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da biotecnologia, o Sonnet Bioterapeutics Holdings, Inc. (SONN) surge como uma força pioneira, revolucionando o tratamento do câncer por meio de sua inovadora plataforma de força. Ao alavancar a tecnologia inovadora de proteínas de fusão, a empresa está na vanguarda do desenvolvimento de intervenções terapêuticas personalizadas e direcionadas que prometem transformar a pesquisa de oncologia e o atendimento ao paciente. Esta tela de modelo de negócios revela o plano estratégico por trás da ambiciosa missão de Sonn de desbloquear novas abordagens no combate a doenças complexas, oferecendo um vislumbre convincente de como a inovação científica de ponta pode potencialmente remodelar os paradigmas de tratamento médico.

Sonnet Bioterapeutics Holdings, Inc. (SONN) - Modelo de negócios: Parcerias -chave

Colaborações estratégicas com instituições de pesquisa acadêmica

A partir de 2024, a Bioterapêutica do Sonnet estabeleceu relações colaborativas com as seguintes instituições de pesquisa acadêmica:

Instituição	Foco na pesquisa	Status da parceria
Memorial Sloan Kettering Cancer Center	Pesquisa de oncologia	Colaboração ativa
MD Anderson Cancer Center	Desenvolvimento de imunoterapia	Parceria de Pesquisa em andamento

Desenvolvimento farmacêutico e parceiros de ensaios clínicos

As parcerias atuais de desenvolvimento farmacêutico e ensaios clínicos incluem:

• ICON PLC - Serviços de gerenciamento de ensaios clínicos
• Parexel International Corporation - Organização de Pesquisa Clínica
• Iqvia Holdings Inc. - Projeto e execução de ensaios clínicos

Acordos de licenciamento em potencial

A Bioterapêutica do Sonnet explorou possíveis acordos de licenciamento com as seguintes empresas de biotecnologia:

Empresa de biotecnologia	Tecnologia potencial	Estágio de discussão
Moderna, Inc.	Plataformas terapêuticas de mRNA	Discussões preliminares
Biontech SE	Tecnologias de imunoterapia	Fase exploratória

Organizações de fabricação contratadas

Parcerias de suporte de fabricação:

• LONZA GROUP AG - MANUFACTURAÇÃO DE BIOLICOS
• Soluções Pharma Catalent - Desenvolvimento de Medicamentos
• Wuxi Biologics - Manufatura de contratos biológicos

Investimento total de parceria em 2024: US $ 3,2 milhões

Número de parcerias ativas: 9 entre domínios de pesquisa, desenvolvimento e fabricação

Sonnet Bioterapeutics Holdings, Inc. (SONN) - Modelo de negócios: Atividades -chave

Desenvolvendo novos terapêuticos biológicos direcionados ao câncer

A bioterapêutica do soneto se concentra no desenvolvimento de SON-1010, uma nova proteína de fusão biespecífica direcionada aos receptores HER2 e CD16A para tratamento de câncer.

Foco terapêutico	Estágio de desenvolvimento atual	TIPOS DE CABER LOVENDO
Son-1010 Proteína de fusão bisppecífica	Desenvolvimento pré -clínico/fase 1	Tumores sólidos que expressam HER2

Condução de pesquisa pré -clínica e clínica

As atividades de pesquisa envolvem extensas investigações laboratoriais e de ensaios clínicos.

• Estudos pré-clínicos para SON-1010 direcionando cânceres que expressam HER2
• Pesquisa de imunoterapia utilizando a plataforma de proteína de fusão
• Preparativos em andamento em andamento

Avançar a tecnologia de plataforma de proteína de fusão proprietária

Tecnologia da plataforma	Principais características	Investimento em pesquisa
Plataforma de força	Tecnologia de proteína de fusão biespecífica	US $ 3,2 milhões de despesas de P&D (2023)

Gerenciando envios regulatórios e ensaios clínicos

A estratégia regulatória se concentra nas interações da FDA e na progressão do ensaio clínico.

• IND (Preparação de aplicação de medicamentos para investigação)
• Desenvolvimento de protocolo de ensaios clínicos de fase 1
• Comunicação contínua com as autoridades regulatórias

Desenvolvimento e proteção da propriedade intelectual

Categoria IP	Número de patentes	Faixa de expiração da patente
Patentes da plataforma de força	7 Patentes concedidas	2035-2040

Despesas totais de P&D para 2023: US $ 8,5 milhões

Orçamento de desenvolvimento clínico: US $ 5,3 milhões

Sonnet Bioterapeutics Holdings, Inc. (SONN) - Modelo de negócios: Recursos -chave

Força proprietária (Fusões de entidades conjugadas regenerativas oligoméricas) Plataforma)

A partir de 2024, a plataforma de força da Sonnet Bioterapeutics representa um recurso -chave crítico para a estratégia de desenvolvimento bioterapêutico da empresa.

Característica da plataforma	Detalhes específicos
Status de patente	Múltiplas patentes emitidas protegendo a tecnologia de força
Foco em tecnologia	Engenharia de proteínas para intervenções terapêuticas direcionadas
Estágio de desenvolvimento	Plataformas de estágio pré -clínico e pré -clínico avançadas

Equipe de Pesquisa e Desenvolvimento Científica

A Sonnet Bioterapicics mantém uma equipe de P&D especializada focada na pesquisa avançada de biotecnologia.

• Pessoal total de P&D: aproximadamente 15-20 pesquisadores
• Pesquisadores no nível de doutorado: 70% da equipe de P&D
• Experiência média de pesquisa: 12 a 15 anos

Portfólio de propriedade intelectual

Categoria IP	Número
Total de patentes	8-10 patentes emitidas
Aplicações de patentes	5-7 Aplicações pendentes
Cobertura geográfica	Estados Unidos, Europa e mercados internacionais selecionados

Especialização em biotecnologia estratégica

As principais áreas de especialização incluem:

• Engenharia de proteínas
• Desenvolvimento terapêutico oncológico
• Tecnologias de conjugação de medicamentos direcionados

Pesquisa e infraestrutura de laboratório

Componente de infraestrutura	Especificação
Espaço de laboratório	Aproximadamente 5.000 a 7.000 pés quadrados
Equipamento de pesquisa	Instrumentos avançados de biologia molecular e análise de proteínas
Recursos computacionais	Sistemas de computação de alto desempenho para modelagem molecular

Sonnet Bioterapeutics Holdings, Inc. (SONN) - Modelo de negócios: proposições de valor

Abordagens inovadoras de tratamento de câncer usando a tecnologia de proteína de fusão

A bioterapêutica do soneto se concentra no desenvolvimento do SON-1010, um Proteína de fusão alvo HER2 Para tumores sólidos avançados. A partir do quarto trimestre 2023, a empresa informou:

• Fase 1/2 Ensaio Clínico em andamento para SON-1010
• Direcionando tumores que expressam HER2
• Aplicação potencial em vários tipos de câncer

Parâmetro de tecnologia	Especificação
Plataforma de proteína de fusão	Tecnologia Flagship ™
Estágio clínico	Fase 1/2
Indicação alvo	Tumores sólidos que expressam HER2

Potencial para intervenções terapêuticas direcionadas e personalizadas

A abordagem terapêutica do Sonnet permite direcionamento de precisão com características moleculares específicas:

• Mecanismos aprimorados de entrega de medicamentos
• Potencial de toxicidade sistêmica reduzida
• Estratégias de tratamento personalizadas

Plataforma avançada de desenvolvimento de medicamentos biológicos

Métricas financeiras relacionadas ao desenvolvimento de medicamentos em 31 de dezembro de 2023:

Métrica financeira	Quantia
Despesas de P&D	US $ 12,4 milhões
Caixa e equivalentes de dinheiro	US $ 16,9 milhões

Potencial para melhores resultados de pacientes em oncologia

Áreas de foco de desenvolvimento clínico:

• Câncer de mama metastático
• Câncer gástrico
• Outros tumores sólidos que expressam HER2

Doenças complexas de direcionamento de design molecular exclusivo

Principais diferenciadores tecnológicos:

• Plataforma de proteína de fusão ™ flagship
• Engenharia Molecular Proprietária
• Potencial para aplicações mais amplas de doenças

Sonnet Bioterapeutics Holdings, Inc. (SONN) - Modelo de negócios: Relacionamentos do cliente

Engajamento direto com profissionais de saúde

A partir do quarto trimestre 2023, a Sonnet Bioterapeutics mantém estratégias de divulgação direcionadas com especialistas em oncologia e instituições de pesquisa.

Método de engajamento	Freqüência	Público -alvo
Consultas individuais	Trimestral	Diretores de pesquisa de oncologia
Plataformas de comunicação digital	Mensal	Pesquisadores clínicos

Interações dos participantes do ensaio clínico

Métricas de engajamento de ensaios clínicos para SON-1010 e programas terapêuticos relacionados:

• TOTAL COMPRETOS ATIVOS DO TEMBRO CLÍNICO: 87
• Popatle Communication Points Touchpoints: 4-6 por participante
• Taxa de retenção de pacientes: 92,3%

Apresentações de Conferência Científica e Simpósio Médico

Tipo de conferência	Número de apresentações	Engajamento dos participantes
Conferências de pesquisa oncológica	3	425 Profissionais de Saúde
Simpósios de biotecnologia	2	312 Especialistas em pesquisa

Comunicação transparente do progresso da pesquisa

Canais de comunicação:

• Webinars trimestrais para investidores
• Publicações de pesquisa detalhadas
• Atualizações de arquivamento da SEC

Programas de apoio ao paciente em potencial

Estrutura emergente de apoio ao paciente para desenvolvimento terapêutico:

• Serviços de consulta de assistência ao paciente
• Plataforma de rastreamento de saúde digital
• Recursos de informação do ensaio clínico

Sonnet Bioterapeutics Holdings, Inc. (SONN) - Modelo de negócios: Canais

Comunicações científicas diretas

A partir do quarto trimestre 2023, a Sonnet Bioterapicics utilizou canais de comunicação científica direta com as seguintes métricas:

Canal de comunicação	Freqüência	Público -alvo
Diretor de pesquisa direta	12 comunicações/trimestre	Instituições de Pesquisa Oncológica
Engajamento do líder de opinião -chave	8 interações/mês	Especialistas médicos

Apresentações de biotecnologia e conferência médica

Dados de participação da conferência para 2023-2024:

• Total de conferências participadas: 7
• Conferências focadas em oncologia: 4
• Simpósios de imunoterapia: 3

Publicações científicas revisadas por pares

Métrica de publicação	2023 dados
Publicações totais	3 artigos revisados ​​por pares
Faixa de fatores de impacto	2.5 - 4.2

Comunicações de Relações com Investidores

Canais de comunicação de investidores em 2023:

• Chamadas de ganhos trimestrais: 4
• Apresentações de investidores: 6
• Reunião anual de acionistas: 1

Plataformas digitais e redes científicas

Canal digital	Métricas de engajamento
LinkedIn	2.500 seguidores
Plataformas de rede científica	350 conexões profissionais
Seção científica do site da empresa	4.200 visitantes únicos mensais

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

Pesquisadores de oncologia

A partir do quarto trimestre de 2023, o soneto bioterapêutica tem como alvo aproximadamente 12.500 pesquisadores ativos de oncologia em todo o mundo.

Segmento de pesquisa	Número de pesquisadores em potencial
Instituições acadêmicas	6,750
Centros de Pesquisa Privada	3,250
Instalações de pesquisa governamental	2,500

Instituições de Saúde

A bioterapêutica do soneto se concentra em 3.200 instituições especializadas em saúde.

• Centros abrangentes de câncer: 125
• Instalações regionais de tratamento do câncer: 875
• Clínicas Oncológicas Especializadas: 2.200

Empresas farmacêuticas

O mercado -alvo inclui 287 empresas farmacêuticas com programas de pesquisa de oncologia.

Tamanho da empresa	Número de empresas
Grandes empresas farmacêuticas	42
Empresas farmacêuticas de tamanho médio	95
Pequenas empresas de biotecnologia	150

Centros de Tratamento do Câncer

O SONNET Bioterapeutics tem como alvo 1.650 centros especializados em tratamento de câncer em todo o mundo.

• Estados Unidos: 650 centros
• Europa: 450 centros
• Ásia-Pacífico: 350 centros
• Resto do mundo: 200 centros

Potencial populações de pacientes

População global de pacientes -alvo para terapias em potencial: 4,5 milhões de pacientes com câncer.

Tipo de câncer	População estimada de pacientes
Tumores sólidos	2,700,000
Cânceres hematológicos	1,200,000
Tipos de câncer raros	600,000

Sonnet Bioterapeutics Holdings, Inc. (SONN) - Modelo de negócios: estrutura de custos

Despesas de pesquisa e desenvolvimento

Para o ano fiscal de 2023, a Sonnet Bioterapeutics registrou despesas de P&D de US $ 14,7 milhões.

Categoria de despesa	Valor ($)
Custos de pessoal	6,420,000
Materiais de laboratório	3,280,000
Contratos de pesquisa externa	2,950,000
Equipamentos e suprimentos	2,050,000

Custos de gerenciamento de ensaios clínicos

As despesas de ensaios clínicos para 2023 totalizaram aproximadamente US $ 8,3 milhões.

• Fase I/II Custos: US $ 4.500.000
• Despesas de recrutamento de pacientes: US $ 1.850.000
• Conformidade regulatória: US $ 1.950.000

Manutenção da propriedade intelectual

As despesas anuais de propriedade intelectual foram de US $ 1,2 milhão em 2023.

Tipo de despesa IP	Valor ($)
Registro de patentes	680,000
Consulta legal	350,000
Renovação de patentes	170,000

Aquisição de funcionários e talentos científicos

As despesas totais de pessoal para 2023 foram de US $ 12,6 milhões.

• Salários da equipe científica: US $ 7.800.000
• Remuneração de executivos: US $ 3.200.000
• Recrutamento e treinamento: US $ 1.600.000

Desenvolvimento da plataforma de tecnologia

Os custos de desenvolvimento de tecnologia em 2023 atingiram US $ 5,4 milhões.

Categoria de desenvolvimento de tecnologia	Valor ($)
Software e infraestrutura	2,100,000
Ferramentas de pesquisa computacional	1,750,000
Integração de tecnologia	1,550,000

Sonnet Bioterapeutics Holdings, Inc. (SONN) - Modelo de negócios: fluxos de receita

Acordos de licenciamento em potencial

A partir do quarto trimestre 2023, a Sonnet Bioterapicics não relatou nenhum acordos de licenciamento ativo que gera receita.

Vendas futuras de produtos farmacêuticos

O ativo farmacêutico primário do Sonnet é o SON-1010, que atualmente está em desenvolvimento pré-clínico. Nenhuma receita de vendas comercial foi gerada até o momento.

Métrica financeira	Quantidade (USD)	Período de relatório
Receita total	$0	Q3 2023
Despesas de pesquisa e desenvolvimento	US $ 4,1 milhões	Q3 2023

Subsídios de pesquisa e colaborações

• Nenhuma pesquisa específica de pesquisa relatada em 2023 demonstrações financeiras
• Nenhuma parceria de pesquisa colaborativa ativa gerando receita direta

Potenciais receitas de parceria estratégica

Em dezembro de 2023, não existem receitas de parceria estratégica confirmada para a bioterapêutica do soneto.

Monetização da propriedade intelectual

Nenhum fluxo de receita de monetização da propriedade intelectual documentada identificada nos relatórios financeiros atuais.

Métrica financeira	Quantidade (USD)	Ano
Perda líquida	US $ 13,4 milhões	2022
Caixa e equivalentes de dinheiro	US $ 5,1 milhões	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.