What is Sonnet BioTherapeutics Holdings, Inc.'s earnings per share (EPS)?

Sonnet BioTherapeutics Holdings, Inc. (SONN) reported diluted earnings per share of -$3.95 for fiscal year 2025. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

Sonnet BioTherapeutics Holdings, Inc. (SONN) Financials

SONN

FY2025 annual

Revenue $1.0M +5268.8% YoY

Net Income -$16.0M -115.3% YoY

EPS (Diluted) -$3.95 YoY not available

Operating Cash Flow -$12.8M -49.0% YoY

Source SEC Filings (10-K/10-Q) Latest period FY2025, ended Sep 30, 2025 Reported Dec 16, 2025 Currency USD FYE September

Newest figures come from the 10-K for FY2025, filed Dec 16, 2025. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the SONN SEC filings page.

Sonnet BioTherapeutics Holdings, Inc. (SONN) reported $1.0M in revenue for fiscal year 2025, up 5268.8% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 15 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Rhea AI SONN FY2025 2026-10-03

Sonnet remains a development-stage business: research spending and cash use far exceed the revenue base despite a recapitalized balance sheet.

The revenue denominator expanded from $19K in FY2024 to $1.0M in FY2025, making percentage losses look less extreme without demonstrating operating progress. Net loss reached $16.0M while R&D reached $8.4M, so development spending still dominates the commercial base.

Operating cash outflow widened from $8.6M in FY2024 to $12.8M in FY2025, while R&D rose to $8.4M. The revenue base did not yet absorb development spending, so accounting scale-up has not translated into lower cash needs.

FY2025 financing cash flow of $26.0M more than offset operating cash outflow of $12.8M, coinciding with positive equity and a 3.5x current ratio. At year-end, reported cash, cash equivalents, and investments equaled 4.8 months of the latest annual operating outflow, a point-in-time comparison rather than a forecast.

Financial Health Signals

Financial Health Score 69/100

Scored as: Emerging companies peer group

Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →

Health score ≠ stock price. This rates the quality of Sonnet BioTherapeutics Holdings, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.

Cash Runway

Sonnet BioTherapeutics Holdings, Inc. held $5.1M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $12.8M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Sonnet BioTherapeutics Holdings, Inc. scores 18/100 among other emerging companies.

Dilution

100

Sonnet BioTherapeutics Holdings, Inc. had 1 shares outstanding at the end of fiscal year 2025. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Sonnet BioTherapeutics Holdings, Inc. scores 100/100 among other emerging companies.

R&D Intensity

Sonnet BioTherapeutics Holdings, Inc. spent $8.4M on research and development in fiscal year 2025, which was 49.6% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and Sonnet BioTherapeutics Holdings, Inc. scores 77/100 among other emerging companies.

Revenue Progress

Sonnet BioTherapeutics Holdings, Inc. reported revenue of $1.0M in fiscal year 2025, against $19K in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and Sonnet BioTherapeutics Holdings, Inc. scores 89/100 among other emerging companies.

Burn Trend

Sonnet BioTherapeutics Holdings, Inc.'s operations used $12.8M of cash in fiscal year 2025, against $8.6M used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and Sonnet BioTherapeutics Holdings, Inc. scores 67/100 among other emerging companies.

Balance Sheet

Sonnet BioTherapeutics Holdings, Inc.'s cash, cash equivalents and investments came to $5.1M at the end of fiscal year 2025, against $4.1M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Sonnet BioTherapeutics Holdings, Inc. scores 64/100 among other emerging companies.

Altman Z-Score Distress

-11.23

Sonnet BioTherapeutics Holdings, Inc. scores -11.23, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($27.0M) relative to total liabilities ($4.1M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.

Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.

Piotroski F-Score Partial

5/7

Sonnet BioTherapeutics Holdings, Inc. passes 5 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 2 of 4 profitability signals pass, all 2 leverage/liquidity signals pass, both operating efficiency signals pass.

Earnings Quality No Cash Backing

N/A

Sonnet BioTherapeutics Holdings, Inc. reported a net loss of $16.0M while operations used $12.8M of cash. With neither figure positive, the ratio between the two carries no quality signal.

Key Financial Metrics

Export CSV

Earnings & Revenue

EPS (Diluted)

-$0.79

Sonnet BioTherapeutics Holdings, Inc. earned -$0.79 per diluted share (EPS) in Q4 2025.

Revenue

Not reported for Q4 2025.

EBITDA

Not reported for Q4 2025.

Net Income

Not reported for Q4 2025.

Cash & Balance Sheet

Cash & Debt

$5.1M

YoY+3325.9%

QoQ+1493.6%

5Y CAGR-7.0%

10Y CAGR+11.0%

Sonnet BioTherapeutics Holdings, Inc. held $5.1M in cash as of Q4 2025; long-term debt is not reported for that period.

Shares Outstanding

5Y CAGR-96.4%

10Y CAGR-81.5%

Sonnet BioTherapeutics Holdings, Inc. had 1 shares outstanding in Q4 2025.

Free Cash Flow

Not reported for Q4 2025.

Dividends Per Share

Not reported for Q4 2025.

Margins & Returns

None of these metrics is reported for Q4 2025.

Capital Allocation

None of these metrics is reported for Q4 2025.

SONN Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

SONN quarterly income statement

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Revenue	$1.0M+5268.8%	$19K-87.4%	$148K-57.8%	$350K-27.6%	$484K	N/A	$30.1M-25.8%	$40.6M-2.0%	$41.4M-0.6%	$41.7M+18.0%	$35.4M+18.5%	$29.8M+261.8%	$8.2M+20.4%	$6.9M+364.0%	$1.5M
R&D Expenses	$8.4M+45.6%	$5.7M-51.4%	$11.8M-44.9%	$21.4M+28.9%	$16.6M+68.4%	$9.9M+349.1%	$2.2M	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
SG&A Expenses	$8.5M+38.5%	$6.1M-14.0%	$7.1M-16.9%	$8.6M-4.0%	$8.9M+18.6%	$7.5M+26.3%	$6.0M+54.5%	$3.9M-15.0%	$4.5M-21.6%	$5.8M-14.7%	$6.8M+13.7%	$6.0M+41.2%	$4.2M+83.3%	$2.3M+84.8%	$1.2M
Operating Income	-$15.8M-33.7%	-$11.8M+36.9%	-$18.8M	N/A	-$25.1M-3.5%	-$24.2M-50.7%	-$16.1M-199.4%	-$5.4M-2.6%	-$5.2M-99.8%	-$2.6M+48.4%	-$5.1M+8.4%	-$5.5M-20.4%	-$4.6M-77.7%	-$2.6M-171.1%	-$956K
EBITDA	-$15.8M-33.8%	-$11.8M+37.0%	-$18.8M	N/A	-$25.1M-3.5%	-$24.2M-70.2%	-$14.2M-300.7%	-$3.6M-20.3%	-$3.0M-961.3%	-$278K+91.8%	-$3.4M+14.5%	-$4.0M+0.7%	-$4.0M-80.4%	-$2.2M-152.0%	-$876K
Interest Expense	N/A	N/A	N/A	N/A	N/A	$21K-96.9%	$674K-73.6%	$2.5M-1.7%	$2.6M+10.5%	$2.3M-32.3%	$3.5M+52.0%	$2.3M+201.0%	$758K+59.5%	$475K+158.9%	$183K
Income Tax	$218K	N/A	N/A	N/A	N/A	N/A	$74K+110.5%	-$701K-8.8%	-$644K-424.7%	$198K+5.8%	$188K+139.4%	-$477K-1264.0%	$41K+113.1%	$19K	$0
Net Income	-$16.0M-115.3%	-$7.4M+60.5%	-$18.8M	N/A	-$25.0M-3.0%	-$24.3M-36.9%	-$17.7M-158.6%	-$6.9M-0.9%	-$6.8M+25.1%	-$9.1M+25.2%	-$12.1M-89.5%	-$6.4M-22.8%	-$5.2M-64.7%	-$3.2M-172.3%	-$1.2M
EPS (Basic)	-$3.95+65.2%	-$11.35+92.2%	-$145.13+3.6%	-$150.52-956.3%	-$14.25	N/A	N/A	N/A	N/A	N/A	-$0.86+1.1%	-$0.87+26.9%	-$1.19	N/A	N/A
EPS (Diluted)	-$3.95	-$11.35	-$145.13	-$150.52	N/A	N/A	N/A	N/A	N/A	N/A	$0.00+100.0%	-$0.15	-$0.01	N/A	N/A
Diluted Shares (Avg)	4M	655,240	129,760	197,462	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q	Q2'2410-Q	Q1'2410-Q
Revenue	N/A	N/A	N/A	$1.0M+5268.8%	N/A	N/A	N/A	$19K-50.0%
R&D Expenses	N/A	$2.4M+40.4%	$1.9M-13.0%	$1.9M+192.8%	N/A	$1.7M-28.3%	$2.2M-43.2%	$644K-82.8%
SG&A Expenses	N/A	$1.4M-23.4%	$2.3M+37.8%	$2.0M+200.5%	N/A	$1.8M+16.8%	$1.7M-9.7%	$653K-65.7%
Operating Income	N/A	-$3.8M-7.9%	-$4.2M-9.3%	-$2.8M-122.8%	N/A	-$3.5M+9.9%	-$3.9M+31.7%	-$1.3M+77.2%
EBITDA	N/A	-$3.8M-7.9%	-$4.2M-9.4%	-$2.8M-123.1%	N/A	-$3.5M+9.9%	-$3.9M+31.7%	-$1.3M+77.3%
Income Tax	N/A	N/A	N/A	$158K	N/A	N/A	N/A	N/A
Net Income	N/A	-$3.8M-7.7%	-$3.5M-1055.4%	-$3.2M-170.5%	N/A	-$3.5M+11.2%	$365K+106.4%	-$1.2M+78.9%
EPS (Basic)	-$0.79+92.4%	-$0.95+82.9%	-$0.89-241.3%	-$1.56+36.6%	-$10.39+39.9%	-$5.57-88.8%	$0.63+108.3%	-$2.46+86.0%
EPS (Diluted)	-$0.79	-$0.95	-$0.89	-$1.56	-$10.39+39.9%	-$5.57	$0.60	-$2.46
Diluted Shares (Avg)	N/A	4M	4M	2M	N/A	629,660	610,891	474,699

Not reported in any period shown, so not listed: Cost of Revenue, Gross Profit, Interest Expense.

SONN Balance Sheet

SONN quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Total Assets	$14.9M+437.1%	$2.8M-49.0%	$5.4M-6.9%	$5.8M-79.9%	$29.0M+262.7%	$8.0M-74.6%	$31.5M+5.8%	$29.8M-1.3%	$30.2M-9.9%	$33.5M-20.7%	$42.2M+17.9%	$35.8M+78.2%	$20.1M+162.7%	$7.6M+59.3%	$4.8M
Current Assets	$14.3M+577.2%	$2.1M-55.3%	$4.7M-12.5%	$5.4M-81.2%	$28.8M+277.2%	$7.6M+553.0%	$1.2M-13.0%	$1.3M-25.3%	$1.8M+0.3%	$1.8M-53.0%	$3.8M+160.0%	$1.5M-14.3%	$1.7M-15.6%	$2.0M+216.3%	$642K
Cash & Equivalents	$5.1M+3325.9%	$149K-93.4%	$2.3M-25.5%	$3.1M-88.9%	$27.6M+275.8%	$7.3M+1368.0%	$501K-20.6%	$630K+43.7%	$438K+63.3%	$269K-82.4%	$1.5M+521.5%	$246K-44.5%	$443K-63.8%	$1.2M+641.1%	$165K
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	N/A	N/A	N/A	N/A	N/A	N/A	$287K-14.3%	$335K-27.2%	$461K-14.6%	$540K-5.3%	$570K+6.9%	$533K+39.7%	$381K+68.0%	$227K+116.1%	$105K
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A	N/A	$387K-18.6%	$476K-9.2%	$524K-39.2%	$863K+175.3%	$314K+38.0%	$227K+41.0%	$161K+48.2%	$109K
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0-100.0%	$800K0.0%	$800K0.0%	$800K0.0%	$800K+2162.3%	$35K-35.8%	$55K-97.4%	$2.1M+33.8%	$1.6M
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	$8.6M-18.9%	$10.6M-16.5%	$12.6M+2.0%	$12.4M-2.3%	$12.7M+52.6%	$8.3M+28.2%	$6.5M+1538.6%	$396K0.0%	$396K
Total Liabilities	$4.1M+25.8%	$3.3M-42.4%	$5.7M-32.4%	$8.4M+24.3%	$6.7M+35.4%	$5.0M-85.7%	$34.7M+61.1%	$21.5M+15.2%	$18.7M-5.5%	$19.8M-3.3%	$20.4M-1.8%	$20.8M+135.3%	$8.8M+317.8%	$2.1M-50.9%	$4.3M
Current Liabilities	$4.1M+27.6%	$3.2M-41.9%	$5.5M-32.3%	$8.2M+21.8%	$6.7M+41.9%	$4.7M-73.9%	$18.1M+38.9%	$13.0M-11.6%	$14.7M+23.4%	$11.9M-26.2%	$16.2M+41.8%	$11.4M+106.3%	$5.5M+212.0%	$1.8M-52.3%	$3.7M
Non-Current Liabilities	$0-100.0%	$47K-64.4%	$131K-35.8%	$204K+566.1%	$31K-87.8%	$250K-98.5%	$16.6M+94.9%	$8.5M+114.7%	$4.0M-49.5%	$7.8M+83.8%	$4.3M-54.6%	$9.4M+183.6%	$3.3M+861.5%	$345K-41.8%	$592K
Long-Term Debt	N/A	N/A	N/A	N/A	N/A	N/A	$6.6M+121.0%	$3.0M-47.8%	$5.7M+1897.6%	$287K-73.8%	$1.1M-78.1%	$5.0M+1155.8%	$399K	$0-100.0%	$236K
Total Equity	$10.8M+2320.9%	-$486K-114.9%	-$226K+91.1%	-$2.5M-111.4%	$22.3M+637.1%	$3.0M+225.9%	-$2.4M-132.3%	$7.4M-30.6%	$10.7M-14.8%	$12.6M-41.2%	$21.4M+42.7%	$15.0M+33.2%	$11.2M+103.3%	$5.5M+1038.1%	$486K
Retained Earnings	-$133.7M-13.6%	-$117.7M-6.7%	-$110.2M-20.6%	-$91.4M-48.2%	-$61.7M-68.1%	-$36.7M+51.1%	-$75.1M-31.4%	-$57.1M-16.3%	-$49.1M-16.4%	-$42.2M-27.8%	-$33.0M-58.1%	-$20.9M-44.2%	-$14.5M-56.3%	-$9.3M-52.0%	-$6.1M

Metric	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q	Q2'2410-Q	Q1'2410-Q
Total Assets	$14.9M+437.1%	$2.1M-64.5%	$3.8M-35.1%	$7.2M+34.6%	$2.8M-49.0%	$5.8M-42.2%	$5.9M-55.6%	$5.3M+8.0%
Current Assets	$14.3M+577.2%	$1.3M-74.3%	$3.3M-37.6%	$6.7M+45.4%	$2.1M-55.3%	$5.1M-46.8%	$5.2M-60.0%	$4.6M+0.6%
Cash & Equivalents	$5.1M+3325.9%	$321K-91.0%	$2.1M-45.6%	$4.9M+60.9%	$149K-93.4%	$3.6M-49.4%	$3.8M-66.8%	$3.0M+77.7%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Accounts Receivable	N/A	N/A	$500K	N/A	N/A	N/A	N/A	N/A
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$4.1M+25.8%	$5.1M+60.5%	$3.2M+11.2%	$3.1M+13.7%	$3.3M-42.4%	$3.2M-52.0%	$2.9M-64.1%	$2.8M-67.4%
Current Liabilities	$4.1M+27.6%	$5.1M+64.1%	$3.2M+14.8%	$3.1M+17.6%	$3.2M-41.9%	$3.1M-51.9%	$2.8M-64.4%	$2.7M-68.0%
Non-Current Liabilities	$0-100.0%	$0-100.0%	$0-100.0%	$24K-78.7%	$47K-64.4%	$69K-54.2%	$90K-46.5%	$111K-40.6%
Total Equity	$10.8M+2320.9%	-$3.0M-216.4%	$662K-78.3%	$4.0M+56.9%	-$486K-114.9%	$2.6M-23.4%	$3.1M-43.1%	$2.6M+172.7%
Retained Earnings	-$133.7M-13.6%	-$128.1M-11.8%	-$124.3M-12.0%	-$120.8M-8.5%	-$117.7M-6.7%	-$114.6M-7.5%	-$111.0M-8.2%	-$111.4M-14.9%

Not reported in any period shown, so not listed: Inventory, Goodwill, Long-Term Debt.

SONN Cash Flow Statement

SONN quarterly cash flow statement

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Cash Flow	-$12.8M-49.0%	-$8.6M+59.7%	-$21.3M+23.2%	-$27.8M-23.2%	-$22.6M-44.4%	-$15.6M-285.9%	-$4.0M-264.7%	-$1.1M-53.2%	-$724K-42.3%	-$509K+90.3%	-$5.3M-411.3%	-$1.0M+62.0%	-$2.7M-13.7%	-$2.4M-105.6%	-$1.2M
Depreciation & Amortization	$10K-25.1%	$13K0.0%	$13K0.0%	$13K+3.1%	$12K+50.2%	$8K-99.5%	$1.8M+1.4%	$1.8M-20.4%	$2.3M-2.5%	$2.3M+37.9%	$1.7M+6.9%	$1.6M+155.2%	$622K+62.3%	$383K+382.1%	$80K
Stock-Based Compensation	$200K-13.7%	$231K-7.0%	$249K-71.6%	$876K-36.3%	$1.4M+271.7%	$370K+191.8%	$127K	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Capital Expenditures	N/A	N/A	N/A	N/A	$4K-95.2%	$76K-83.9%	$473K-72.2%	$1.7M+4.5%	$1.6M+36.5%	$1.2M-33.8%	$1.8M-8.7%	$2.0M-46.1%	$3.7M+211.7%	$1.2M+434.0%	$220K
Free Cash Flow	N/A	N/A	N/A	N/A	-$22.6M-43.8%	-$15.7M-247.2%	-$4.5M-60.9%	-$2.8M-19.5%	-$2.3M-38.2%	-$1.7M+75.9%	-$7.0M-135.2%	-$3.0M+52.9%	-$6.4M-79.1%	-$3.6M-158.1%	-$1.4M
Investing Cash Flow	-$12K0.0%	-$12K+97.3%	-$443K+45.3%	-$810K-22263.4%	-$4K+95.2%	-$76K-111.2%	$679K+133.1%	-$2.1M-76.2%	-$1.2M	N/A	N/A	-$2.2M+46.6%	-$4.1M-55.4%	-$2.6M-66.4%	-$1.6M
Financing Cash Flow	$26.0M+301.0%	$6.5M-69.1%	$21.0M+423.3%	$4.0M-90.6%	$42.8M+86.2%	$23.0M+588.1%	$3.3M+58.0%	$2.1M+1.6%	$2.1M	N/A	N/A	$3.0M-48.6%	$5.9M-2.2%	$6.0M+111.2%	$2.9M
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A	-$500

Metric	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q	Q2'2410-Q	Q1'2410-Q
Operating Cash Flow	-$5.7M-79.4%	-$1.8M+42.7%	-$2.5M-441.4%	-$2.9M+5.9%	-$3.2M+30.5%	-$3.1M+50.3%	$724K+115.4%	-$3.1M+47.7%
Depreciation & Amortization	$2K-39.3%	$2K-39.3%	$3K-21.8%	$3K0.0%	$3K0.0%	$3K0.0%	$3K0.0%	$3K0.0%
Stock-Based Compensation	N/A	N/A	N/A	$60K+20.8%	N/A	$60K+20.8%	$60K+6.0%	$50K-45.4%
Investing Cash Flow	$0	$0	N/A	N/A	$0+100.0%	N/A	N/A	N/A
Financing Cash Flow	$18.7M+8077.1%	$21K-99.3%	-$319K-877.9%	$7.6M+98.6%	-$235K-1226.1%	$2.8M+57.0%	$41K-99.7%	$3.8M-15.9%

Not reported in any period shown, so not listed: Capital Expenditures, Free Cash Flow, Dividends Paid, Share Buybacks.

SONN Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

SONN quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K	FY1110-K
Operating Margin	-1584.4%	-63617.9%	-12714.5%	N/A	-5187.4%	N/A	-53.3%-40.1pp	-13.2%-0.6pp	-12.6%-6.4pp	-6.3%+8.1pp	-14.4%+4.2pp	-18.6%+37.3pp	-55.9%-18.0pp	-37.8%+26.9pp	-64.7%
Net Margin	-1601.2%	-39929.3%	-12741.6%	N/A	-5166.0%	N/A	-58.8%-41.9pp	-16.9%-0.5pp	-16.4%+5.4pp	-21.8%+12.6pp	-34.3%-12.9pp	-21.5%+41.8pp	-63.2%-17.0pp	-46.2%+32.5pp	-78.7%
Return on Equity	-148.4%	N/A	N/A	N/A	-112.2%+691.3pp	-803.5%	N/A	-92.3%-28.8pp	-63.5%+8.8pp	-72.2%-15.4pp	-56.8%-14.0pp	-42.8%+3.6pp	-46.4%+10.9pp	-57.3%+182.1pp	-239.4%
Return on Assets	-107.6%+160.8pp	-268.4%+78.5pp	-346.9%	N/A	-86.2%+217.4pp	-303.5%-247.3pp	-56.2%-33.2pp	-23.0%-0.5pp	-22.5%+4.6pp	-27.1%+1.7pp	-28.8%-10.9pp	-17.9%+8.1pp	-26.0%+15.5pp	-41.4%-17.2pp	-24.2%
Current Ratio	3.50+2.8x	0.66-0.2x	0.86+0.2x	0.66-3.6x	4.30+2.7x	1.62+1.6x	0.060.0x	0.100.0x	0.120.0x	0.15-0.1x	0.24+0.1x	0.13-0.2x	0.31-0.8x	1.15+1.0x	0.17
Debt-to-Equity	0.38	N/A	N/A	N/A	0.30-1.3x	1.65	N/A	0.40-0.1x	0.54+0.5x	0.020.0x	0.05-0.3x	0.33+0.3x	0.040.0x	0.00-0.5x	0.49
Asset Turnover	0.07+0.1x	0.010.0x	0.030.0x	0.060.0x	0.02	N/A	0.96-0.4x	1.360.0x	1.37+0.1x	1.25+0.4x	0.840.0x	0.83+0.4x	0.41-0.5x	0.90+0.6x	0.31
FCF Margin	N/A	N/A	N/A	N/A	-4663.9%	N/A	-15.0%-8.1pp	-6.9%-1.2pp	-5.7%-1.6pp	-4.1%+15.9pp	-19.9%-9.9pp	-10.0%+67.1pp	-77.1%-25.3pp	-51.8%+41.4pp	-93.2%

Metric	Q4'2510-K	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q	Q2'2410-Q	Q1'2410-Q
Operating Margin	N/A	N/A	N/A	-284.9%	N/A	N/A	N/A	-6866.1%
Net Margin	N/A	N/A	N/A	-316.1%	N/A	N/A	N/A	-6273.5%
Return on Equity	N/A	N/A	-527.1%-539.1pp	-78.3%-32.9pp	N/A	-133.9%-18.4pp	12.0%+117.5pp	-45.4%
Return on Assets	N/A	-183.7%-123.2pp	-91.0%-97.2pp	-44.0%-22.1pp	N/A	-60.5%-21.1pp	6.2%+48.8pp	-21.9%+90.2pp
Current Ratio	3.50+2.8x	0.26-1.4x	1.03-0.9x	2.15+0.4x	0.66-0.2x	1.65+0.2x	1.89+0.2x	1.74+1.2x
Debt-to-Equity	0.38	N/A	4.79+3.9x	0.78-0.3x	N/A	1.21-0.7x	0.93-0.5x	1.07
Asset Turnover	N/A	N/A	N/A	0.14+0.1x	N/A	N/A	N/A	0.000.0x

Not reported in any period shown, so not listed: Gross Margin, FCF Margin.

Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Sonnet BioTherapeutics Holdings, Inc. SONN	FY2025	$1.0M	-$16.0M	N/A	$27.0M	69/100
Kezar Life Sciences, Inc. KZR	FY2025	$0	-$56.0M	N/A	$53.9M	—
Allarity Therapeutics, Inc. ALLR	FY2025	$320K	-$11.2M	N/A	$15.7M	—
Neuphoria Therapeutics Inc. NEUP	FY2026	$1.2M	-$13.5M	N/A	$18.1M	48/100
Boundless Bio, Inc. BOLD	FY2025	N/A	-$58.2M	N/A	$58.7M	—
Akari Therapeutics plc AKTX	FY2025	N/A	-$17.3M	N/A	$18.6M	—

Where Sonnet BioTherapeutics Holdings, Inc. Ranks

Frequently Asked Questions

What is Sonnet BioTherapeutics Holdings, Inc.'s annual revenue?

Sonnet BioTherapeutics Holdings, Inc. (SONN) reported $1.0M in total revenue for fiscal year 2025. This represents a 5268.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.

How fast is Sonnet BioTherapeutics Holdings, Inc.'s revenue growing?

Sonnet BioTherapeutics Holdings, Inc. (SONN) revenue grew by 5268.8% year-over-year, from $19K to $1.0M in fiscal year 2025.

Is Sonnet BioTherapeutics Holdings, Inc. profitable?

No, Sonnet BioTherapeutics Holdings, Inc. (SONN) reported a net income of -$16.0M in fiscal year 2025.

What is Sonnet BioTherapeutics Holdings, Inc.'s EBITDA?

Sonnet BioTherapeutics Holdings, Inc. (SONN) had EBITDA of -$15.8M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.

What is Sonnet BioTherapeutics Holdings, Inc.'s return on equity (ROE)?

Sonnet BioTherapeutics Holdings, Inc. (SONN) has a return on equity of -148.4% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.

What is Sonnet BioTherapeutics Holdings, Inc.'s operating cash flow?

Sonnet BioTherapeutics Holdings, Inc. (SONN) recorded an outflow of $12.8M in operating cash flow during fiscal year 2025, representing cash used by core business activities.

What are Sonnet BioTherapeutics Holdings, Inc.'s total assets?

Sonnet BioTherapeutics Holdings, Inc. (SONN) had $14.9M in total assets as of fiscal year 2025, including both current and long-term assets.

How much does Sonnet BioTherapeutics Holdings, Inc. spend on research and development?

Sonnet BioTherapeutics Holdings, Inc. (SONN) invested $8.4M in research and development during fiscal year 2025.

How many shares does Sonnet BioTherapeutics Holdings, Inc. have outstanding?

Sonnet BioTherapeutics Holdings, Inc. (SONN) had 1 shares outstanding as of fiscal year 2025.

What is Sonnet BioTherapeutics Holdings, Inc.'s current ratio?

Sonnet BioTherapeutics Holdings, Inc. (SONN) had a current ratio of 3.50 as of fiscal year 2025, which is generally considered healthy.

What is Sonnet BioTherapeutics Holdings, Inc.'s debt-to-equity ratio?

Sonnet BioTherapeutics Holdings, Inc. (SONN) had a debt-to-equity ratio of 0.38 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Sonnet BioTherapeutics Holdings, Inc.'s return on assets (ROA)?

Sonnet BioTherapeutics Holdings, Inc. (SONN) had a return on assets of -107.6% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.

How does Sonnet BioTherapeutics Holdings, Inc.'s liquidity compare with its operating cash outflow?

At the end of fiscal year 2025, Sonnet BioTherapeutics Holdings, Inc. (SONN) held $5.1M in cash, cash equivalents and investments, and reported an operating cash outflow of $12.8M over that year. Dividing the one by the other, the reported balance equals about 5 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.

What is Sonnet BioTherapeutics Holdings, Inc.'s Altman Z-Score?

Sonnet BioTherapeutics Holdings, Inc. (SONN) has an Altman Z-Score of -11.23, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.

What is Sonnet BioTherapeutics Holdings, Inc.'s Piotroski F-Score?

Sonnet BioTherapeutics Holdings, Inc. (SONN) has a Piotroski F-Score of 5 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Sonnet BioTherapeutics Holdings, Inc.'s earnings high quality?

Sonnet BioTherapeutics Holdings, Inc. (SONN) reported a net loss of $16.0M while operations used $12.8M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

How financially healthy is Sonnet BioTherapeutics Holdings, Inc.?

Sonnet BioTherapeutics Holdings, Inc. (SONN) scores 69 out of 100 on our Financial Health Score, indicating strong standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.