Company Overview - Sonnet BioTherapeutics Holdings, Inc. is a clinical-stage biotechnology company focused on developing immunotherapeutic drugs targeted to the tumor microenvironment (TME) [1] - The company utilizes a proprietary platform known as FHAB (Fully Human Albumin-Binding) for developing targeted biologic drugs [2] Upcoming Events - Raghu Rao, the Interim Chief Executive Officer, will present at the MedInvest Biotech & Pharma Conference on September 25, 2025, at 9:40 AM PT [1] - Management will also be available for one-on-one meetings with qualified investors registered for the conference [2] Technology and Product Pipeline - The FHAB technology employs a fully human single chain antibody fragment that binds to human serum albumin for targeted transport to tumor and lymphatic tissues [2] - Sonnet's lead program, SON-1010 (IL-12-FHAB), is in development for treating solid tumors, certain sarcomas, and ovarian cancer, currently in a Phase 1/2a study in collaboration with Roche [3] - The second program, SON-1210 (IL12-FHAB-IL15), is being evaluated for solid tumors, with an upcoming investigator-initiated Phase 1/2a study for pancreatic cancer [3]

Core Viewpoint - Sonnet BioTherapeutics, Inc. is entering a business combination with Rorschach I LLC to create Hyperliquid Strategies Inc, which will hold a significant reserve of HYPE tokens, positioning it as a leading cryptocurrency treasury management company in the U.S. [1][2][5] Company Overview - Sonnet BioTherapeutics is an oncology-focused biotechnology company utilizing a proprietary platform for developing biologic drugs, specifically targeting tumor and lymphatic tissues [13]. - The company is known for its Fully Human Albumin Binding (FHAB) technology, which enhances the safety and efficacy of immune-modulating biologic drugs [13]. Business Combination Details - The business combination will result in Hyperliquid Strategies Inc (HSI) holding approximately 12.6 million HYPE tokens valued at $583 million and gross cash proceeds of at least $305 million, leading to a total assumed closing value of $888 million [2][3]. - Prominent strategic investors participating in the transaction include Paradigm, Galaxy Digital, Pantera Capital, D1 Capital, Republic Digital, and 683 Capital [2]. Management and Governance - Upon closing, Bob Diamond will serve as Chairman of the Board, and David Schamis will be the Chief Executive Officer of HSI, with plans to appoint a new Chief Financial Officer and additional board members [3][5]. Financial Strategy - The gross cash proceeds from the business combination will enable HSI to acquire more HYPE tokens, establishing one of the top strategic reserves of the token [3]. - Sonnet will also raise $5.5 million through a private placement to accredited investors, which will support general corporate purposes and the development of its biotech assets [6]. Future Operations - Post-combination, Sonnet will operate as a wholly owned subsidiary of HSI, continuing its focus on existing biotech assets while potentially disposing of others [7]. - Current owners of Rorschach and new investors are expected to own approximately 98.8% of HSI, while legacy stockholders of Sonnet will hold about 1.2% [8]. Regulatory and Approval Process - The business combination has been approved by the governing boards of both companies and is subject to Sonnet stockholder approval and customary closing conditions, with an expected closing in the second half of the year [9].

Core Insights - Sonnet BioTherapeutics Holdings, Inc. is set to present at the 6th Annual Cytokine-Based Drug Development Summit on May 15-16, 2025, focusing on managing toxicity related to cytokine overexpression to enhance therapeutic windows [1][2]. Company Overview - Sonnet is an oncology-focused biotechnology company that utilizes a proprietary platform called FHAB (Fully Human Albumin-Binding) for developing targeted biologic drugs [3]. - The FHAB technology employs a fully human single chain antibody fragment that binds to human serum albumin for targeted transport to tumor and lymphatic tissues, aiming to improve the safety and efficacy of immune-modulating biologic drugs [3]. Lead Programs - The lead program, SON-1010 (IL-12-FHAB), is in development for treating solid tumors, certain sarcomas, and ovarian cancer, currently undergoing a Phase 1/2a study in collaboration with Roche [4]. - A second program, SON-1210 (IL12-FHAB-IL15), is being evaluated for solid tumors, with plans for an investigator-initiated Phase 1/2a study for pancreatic cancer in collaboration with the Sarcoma Oncology Center [4]. Presentation Details - Dr. Richard Kenney, Chief Medical Officer, will discuss strategies for managing cytokine toxicity and optimizing therapeutic indices during the presentation [1][7]. - Key topics include receptor bias to reduce toxicity, optimizing cytokine potency, and examining factors influencing the therapeutic window [7].

Company Overview - Sonnet BioTherapeutics Holdings, Inc. is a clinical-stage biotechnology company focused on developing immunotherapeutic drugs targeted to the tumor microenvironment (TME) [1] - The company utilizes a proprietary platform known as FHAB (Fully Human Albumin-Binding) for developing targeted biologic drugs, which enhances the safety and efficacy of immune-modulating biologic drugs [2] Lead Programs - Sonnet's lead program, SON-1010 (IL-12-FHAB), is in development for treating solid tumors, certain types of sarcoma, and ovarian cancer, currently undergoing a Phase 1/2a study in collaboration with Roche [2] - The second program, SON-1210 (IL12-FHAB-IL15), is being evaluated for solid tumors, with an upcoming investigator-initiated Phase 1/2a study for pancreatic cancer in collaboration with the Sarcoma Oncology Center [2]

Core Viewpoint - Sonnet BioTherapeutics Holdings, Inc. announced the passing of its founder and CEO, Pankaj Mohan, and appointed Raghu Rao as Interim CEO while promoting Stephen McAndrew to President and Chief Business Officer [1][2] Company Overview - Sonnet is a clinical-stage biotechnology company focused on developing immunotherapeutic drugs targeting the tumor microenvironment (TME) [1][3] - The company utilizes a proprietary platform known as FHAB (Fully Human Albumin-Binding) for creating targeted biologic drugs [3] Leadership Transition - The Board of Directors has unanimously approved the appointment of Raghu Rao as Interim CEO and Stephen McAndrew as President and Chief Business Officer [1][2] - The Board plans to initiate a search for a permanent CEO [1] Product Development - Sonnet's lead program, SON-1010 (IL-12-FHAB), is in development for treating solid tumors, certain sarcomas, and ovarian cancer [4] - SON-1010 is currently being evaluated in a Phase 1/2a study in collaboration with Roche for platinum-resistant ovarian cancer [4] - The company is also developing a second program, SON-1210 (IL12-FHAB-IL15), for pancreatic cancer in collaboration with the Sarcoma Oncology Center [4]

Company Overview - Sonnet BioTherapeutics Holdings, Inc. is a clinical-stage biotechnology company focused on developing targeted immunotherapeutic drugs, utilizing a proprietary platform known as FHAB (Fully Human Albumin-Binding) [4] - The FHAB technology employs a fully human single chain antibody fragment that binds to human serum albumin for targeted transport to tumor and lymphatic tissues, enhancing the safety and efficacy of immune-modulating biologic drugs [4] Product Development - The lead program, SON-1010 (IL-12-FHAB), is in development for advanced solid tumors, certain sarcomas, and platinum-resistant ovarian cancer, currently undergoing a Phase 1/2a study in collaboration with Roche [5] - A second product candidate, SON-1210 (IL12-FHAB-IL15), is being evaluated for solid tumors in partnership with the Innovative Immuno-Oncology Consortium, with plans to initiate a Phase 1/2a study for pancreatic ductal adenocarcinoma [5] - The SON-080 program, a low dose of rhIL-6, is in development for Chemotherapy-Induced Peripheral Neuropathy and Diabetic Peripheral Neuropathy, showing promising results in a Phase 1b/2a trial and is advancing to a Phase 2 study in India under a license agreement with Alkem Laboratories [6] Recent Events - The company participated in the Virtual Investor "Top 5 for '25" On-Demand Conference, where the CEO presented key reasons for investment interest in Sonnet for 2025 [2][3]