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Cash flow Sonnet Biotherapeutics

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SONN

US83548R4020

Delayed Nasdaq 02:30:00 03/12/2025 am IST			5-day change	1st Jan Change
1.260 ^USD	-59.35%		-.--%	-

17/12	Sonnet BioTherapeutics Holdings, Inc. Reports Earnings Results for the Full Year Ended September 30, 2025	CI
03/12	Top Midday Decliners	MT

27053d31cb75a7ec.D1U_9FMgIaghlqJNvPLB31I_hYXPaA3WCGZn-iDXa8M.RhoSxSFjZOEQr9AvzLf3i2cKsf_5O2TnYjEwrG2RJrZoFHOsZ1lq5kXe9w

Published financial data: SONNET BIOTHERAPEUTICS

Annual

Quarterly

Halfyear

YTD

LTM

Fiscal Period: September	2021	2022	2023	2024	2025
Revenues	5L	3L	1L	18.63T	10L
Total Revenues	5L	3L	1L	18.63T	10L
Cost of Goods Sold, Total	1.66Cr	2.14Cr	1.18Cr	57.37L	83.55L
Gross Profit	-1.62Cr	-2.11Cr	-1.17Cr	-57.19L	-73.55L
Selling General & Admin Expenses, Total	89.37L	85.75L	71.26L	61.31L	84.89L
R&D Expenses	-	-	-	-	-
Other Operating Expenses, Total	89.37L	85.75L	71.26L	61.31L	84.89L
Operating Income	-2.51Cr	-2.97Cr	-1.88Cr	-1.18Cr	-1.58Cr
Interest Expense, Total	-	-	-	-	-6L
Interest And Investment Income	15	-	-	-	-
Net Interest Expenses	15	-	-	-	-6L
Currency Exchange Gains (Loss)	-22.04T	-52.48T	-40.08T	84.29T	-1L
Other Non Operating Income (Expenses)	-	-	-	43.28L	7L
EBT, Excl. Unusual Items	-2.51Cr	-2.97Cr	-1.88Cr	-74.37L	-1.58Cr
In Process R&D Expenses	-	-	-	-	-
Other Unusual Items	1L	-	-	-	-
EBT, Incl. Unusual Items	-2.5Cr	-2.97Cr	-1.88Cr	-74.37L	-1.58Cr
Income Tax Expense	-	-	-	-	2L
Earnings From Continuing Operations	-2.5Cr	-2.97Cr	-1.88Cr	-74.37L	-1.6Cr
Net Income to Company	-2.5Cr	-2.97Cr	-1.88Cr	-74.37L	-1.6Cr
Net Income - (IS)	-2.5Cr	-2.97Cr	-1.88Cr	-74.37L	-1.6Cr
Preferred Dividend and Other Adjustments	-	-	-	-	-
Net Income to Common Incl Extra Items	-2.5Cr	-2.97Cr	-1.88Cr	-74.37L	-1.6Cr
Net Income to Common Excl. Extra Items	-2.5Cr	-2.97Cr	-1.88Cr	-74.37L	-1.6Cr
Per Share Items
Net EPS - Basic	-	-1.2T	-145.12	-11.35	-3.92
Basic EPS - Continuing Operations	-	-1.2T	-145.12	-11.35	-3.92
Basic Weighted Average Shares Outstanding	-	24.7T	1L	7L	40.81L
Net EPS - Diluted	-	-1.2T	-145.12	-11.35	-3.92
Diluted EPS - Continuing Operations	-	-1.2T	-145.12	-11.35	-3.92
Diluted Weighted Average Shares Outstanding	-	24.7T	1L	7L	40.81L
Normalized Basic EPS	-	-751.92	-90.7	-7.09	-2.42
Normalized Diluted EPS	-	-751.92	-90.7	-7.09	-2.42
Supplemental Items
EBITDA	-2.51Cr	-2.97Cr	-1.88Cr	-1.18Cr	-1.58Cr
EBITA	-2.51Cr	-2.97Cr	-1.88Cr	-1.18Cr	-1.58Cr
EBIT	-2.51Cr	-2.97Cr	-1.88Cr	-1.18Cr	-1.58Cr
EBITDAR	-2.5Cr	-2.96Cr	-1.87Cr	-1.17Cr	-1.57Cr
Effective Tax Rate - (Ratio)	-	-	-	-	-1.38
Normalized Net Income	-1.57Cr	-1.86Cr	-1.18Cr	-46.48L	-98.71L
Interest on Long-Term Debt	-	-	-	-	-
Supplemental Operating Expense Items
General and Administrative Expenses	89.37L	85.75L	71.26L	61.31L	84.89L
Research And Development Expense From Footnotes	1.66Cr	2.14Cr	1.18Cr	57.37L	83.55L
Net Rental Expense, Total	1L	1L	96.82T	92.31T	94.12T
Imputed Operating Lease Interest Expense	-	-	-	-	47.2L
Imputed Operating Lease Depreciation	-	-	-	-	-46.26L
Stock-Based Comp., COGS (Total)	4L	4L	1L	1L	66.9T
Stock-Based Comp., R&D Exp. (Total)	-	-	-	-	-
Stock-Based Comp., G&A Exp. (Total)	10L	4L	1L	1L	1L
Stock-Based Comp., Other (Total)	-	-	-	-	-
Total Stock-Based Compensation	13.75L	9L	2L	2L	2L

Fiscal Period: September	2021	2022	2023	2024	2025
Assets
Cash And Equivalents	2.76Cr	30.53L	22.74L	1L	51.2L
Total Cash And Short Term Investments	2.76Cr	30.53L	22.74L	1L	51.2L
Other Receivables	-	-	8L	8L	5L
Total Receivables	-	-	8L	8L	5L
Prepaid Expenses	11.89L	23.61L	16.77L	12.06L	5L
Restricted Cash	-	-	-	-	82.37L
Total Current Assets	2.88Cr	54.14L	47.38L	21.18L	1.43Cr
Net Property Plant And Equipment	2L	3L	2L	1L	54.68T
Deferred Charges Long-Term	-	1L	49.99T	15T	-
Other Long-Term Assets, Total	-	-	4L	5L	5L
Total Assets	2.9Cr	58.3L	54.29L	27.71L	1.49Cr
Liabilities
Accounts Payable, Total	37.81L	47.52L	22.02L	21.83L	29.42L
Accrued Expenses, Total	23.1L	31.94L	32.28L	9L	11.07L
Short-term Borrowings	748	748	-	-	-
Current Portion of Leases	94.52T	51.33T	73.05T	84.29T	46.57T
Unearned Revenue Current, Total	5L	2L	18.63T	-	-
Other Current Liabilities	-	-	2.55T	1.82T	1.55T
Total Current Liabilities	67.03L	81.65L	55.25L	32.1L	40.97L
Long-Term Debt	-	-	-	-	-
Long-Term Leases	30.61T	2L	1L	46.57T	-
Total Liabilities	67.34L	83.69L	56.55L	32.57L	40.97L
Preferred Stock Convertible	-	-	-	-	1
Total Preferred Equity	-	-	-	-	1
Common Stock, Total	6.02T	554	175	65	708
Additional Paid In Capital	8.39Cr	8.89Cr	11Cr	12Cr	14Cr
Retained Earnings	-6.17Cr	-9.14Cr	-11Cr	-12Cr	-13Cr
Total Common Equity	2.23Cr	-25.39L	-2L	-5L	1.08Cr
Total Equity	2.23Cr	-25.39L	-2L	-5L	1.08Cr
Total Liabilities And Equity	2.9Cr	58.3L	54.29L	27.71L	1.49Cr
Supplemental Items
ECS Total Shares Outstanding on Filing Date	24.45T	45.08T	4L	30.07L	70.77L
ECS Total Common Shares Outstanding	24.45T	31.5T	2L	7L	70.77L
Book Value / Share	910.35	-80.59	-1.03	-0.75	1.52
Tangible Book Value	2.23Cr	-25.39L	-2L	-5L	1.08Cr
Tangible Book Value Per Share	910.35	-80.59	-1.03	-0.75	1.52
Total Debt	1L	3L	2L	1L	46.57T
Net Debt	-2.75Cr	-27.97L	-20.7L	-18.59T	-50.74L
Debt Equivalent Oper. Leases	9L	8L	8L	7L	8L
Account Code - Inventory Valuation	-	3	3	3	3
Full Time Employees	9	12	12	13	9

Fiscal Period: September	2021	2022	2023	2024	2025
Net Income	-2.5Cr	-2.97Cr	-1.88Cr	-74.37L	-1.6Cr
Depreciation & Amortization - CF	95.16T	93.26T	75.75T	83.12T	89.26T
Depreciation & Amortization, Total	95.16T	93.26T	75.75T	83.12T	89.26T
Amortization of Deferred Charges, Total - (CF)	-	-	-	-	6L
Asset Writedown & Restructuring Costs	-	10L	3L	12T	1L
Stock-Based Compensation (CF)	13.75L	9L	2L	2L	2L
Other Operating Activities, Total	-1L	-	-	4L	5L
Change In Accounts Payable	17.24L	10L	-26.31L	48.42T	6L
Change in Unearned Revenues	16.37T	-3L	-1L	-18.63T	-
Change In Income Taxes	-	-	-69.27T	-	-
Change in Other Net Operating Assets	-7L	-5L	-3L	-18.99L	10.71L
Cash from Operations	-2.26Cr	-2.77Cr	-2.13Cr	-86.08L	-1.28Cr
Capital Expenditure	-3.62T	-	-	-	-
Sale of Property, Plant, and Equipment	-	-	-	-	-
Sale (Purchase) of Intangible assets	-	-9L	-4L	-12T	-12T
Cash from Investing	-3.62T	-9L	-4L	-12T	-12T
Short Term Debt Issued, Total	-	-	-	-	20.23L
Long-Term Debt Issued, Total	-	-	-	-	-
Total Debt Issued	-	-	-	-	20.23L
Short Term Debt Repaid, Total	-20.44T	-	-748	-	-
Total Debt Repaid	-20.44T	-	-748	-	-
Issuance of Common Stock	4.28Cr	18.42L	2.1Cr	68.8L	1.9Cr
Issuance of Preferred Stock	-	21.73L	-	-	55L
Other Financing Activities, Total	-	-	-	-4L	-5L
Cash from Financing	4.28Cr	40.15L	2.1Cr	64.95L	2.6Cr
Net Change in Cash	2.03Cr	-2.46Cr	-8L	-21.25L	1.32Cr
Supplemental Items
Cash Interest Paid	-	-	-	-	-
Levered Free Cash Flow	-1.31Cr	-1.81Cr	-1.46Cr	-89.34L	-1.57Cr
Unlevered Free Cash Flow	-1.31Cr	-1.81Cr	-1.46Cr	-89.34L	-1.6Cr
Change In Net Working Capital	-10.85L	-3L	27.64L	18.3L	63.29L
Net Debt Issued / Repaid	-20.44T	-	-748	-	20.23L

Fiscal Period: September	2021	2022	2023	2024	2025
Profitability
Return on Assets	-84.78	-106.5	-208.63	-180.62	-112.17
Return on Total Capital	-121.74	-184.48	1.02T	3.93T	-188.99
Return On Equity %	-197.66	-301.42	1.36T	2.09T	-310.85
Return on Common Equity	-197.66	-301.42	1.36T	2.09T	-310.85
Margin Analysis
Gross Profit Margin %	-3.34T	-6.03T	-7.89T	-30.7T	-735.53
SG&A Margin	1.85T	2.45T	4.82T	32.92T	848.88
EBITDA Margin %	-5.18T	-8.47T	-12.71T	-63.55T	-1.58T
EBITA Margin %	-5.19T	-8.48T	-12.71T	-63.62T	-1.58T
EBIT Margin %	-5.19T	-8.48T	-12.71T	-63.62T	-1.58T
Income From Continuing Operations Margin %	-5.17T	-8.49T	-12.74T	-39.93T	-1.6T
Net Income Margin %	-5.17T	-8.49T	-12.74T	-39.93T	-1.6T
Net Avail. For Common Margin %	-5.17T	-8.49T	-12.74T	-39.93T	-1.6T
Normalized Net Income Margin	-3.24T	-5.31T	-7.96T	-24.96T	-987.07
Levered Free Cash Flow Margin	-2.71T	-5.18T	-9.9T	-47.96T	-1.57T
Unlevered Free Cash Flow Margin	-2.71T	-5.18T	-9.9T	-47.96T	-1.6T
Asset Turnover
Asset Turnover	0.03	0.02	0.03	0	0.11
Fixed Assets Turnover	2.12	1.44	0.56	0.1	10.07
Short Term Liquidity
Current Ratio	4.3	0.66	0.86	0.66	3.5
Quick Ratio	4.12	0.37	0.55	0.28	1.38
Operating Cash Flow to Current Liabilities	-3.36	-3.39	-3.86	-2.68	-3.13
Average Days Payable Outstanding	64.06	72.63	107.42	139.88	111.96
Long Term Solvency
Total Debt/Equity	0.57	-10.08	-90.23	-26.94	0.43
Total Debt / Total Capital	0.56	-11.21	-923.97	-36.88	0.43
LT Debt/Equity	0.14	-8.03	-57.91	-9.59	-
Long-Term Debt / Total Capital	0.14	-8.93	-592.97	-13.12	-
Total Liabilities / Total Assets	23.23	143.55	104.16	117.53	27.52
EBIT / Interest Expense	-	-	-	-	-28.49
EBITDA / Interest Expense	-	-	-	-	-28.31
(EBITDA - Capex) / Interest Expense	-	-	-	-	-28.31
Total Debt / EBITDA	-0.01	-0.01	-0.01	-0.01	-0
Net Debt / EBITDA	1.1	0.09	0.11	0	0.32
Total Debt / (EBITDA - Capex)	-0.01	-0.01	-0.01	-0.01	-0
Net Debt / (EBITDA - Capex)	1.1	0.09	0.11	0	0.32
Growth Over Prior Year
Total Revenues, 1 Yr. Growth %	-	-27.64	-57.76	-87.4	5.27T
Gross Profit, 1 Yr. Growth %	63.51	30.61	-44.69	-50.98	28.62
EBITDA, 1 Yr. Growth %	44.08	18.27	-36.68	-36.97	33.78
EBITA, 1 Yr. Growth %	44.09	18.26	-36.66	-36.95	33.71
EBIT, 1 Yr. Growth %	44.09	18.26	-36.66	-36.95	33.71
Earnings From Cont. Operations, 1 Yr. Growth %	2.96	18.96	-36.64	-60.51	115.29
Net Income, 1 Yr. Growth %	2.96	18.96	-36.64	-60.51	115.29
Normalized Net Income, 1 Yr. Growth %	43.99	18.37	-36.64	-60.51	112.35
Diluted EPS Before Extra, 1 Yr. Growth %	-	-	-87.95	-92.18	-65.44
Net Property, Plant and Equip., 1 Yr. Growth %	-33.43	66.13	-25.02	-36.61	-62.01
Total Assets, 1 Yr. Growth %	262.68	-79.89	-6.87	-48.96	437.15
Tangible Book Value, 1 Yr. Growth %	637.1	-111.4	-91.1	114.95	-2.32T
Common Equity, 1 Yr. Growth %	637.1	-111.4	-91.1	114.95	-2.32T
Cash From Operations, 1 Yr. Growth %	44.43	22.77	-23.16	-59.67	49.02
Capital Expenditures, 1 Yr. Growth %	-95.24	-	-	-	-
Levered Free Cash Flow, 1 Yr. Growth %	48.16	38.16	-18.96	-38.93	76.26
Unlevered Free Cash Flow, 1 Yr. Growth %	48.16	38.16	-18.96	-38.93	78.59
Compound Annual Growth Rate Over Two Years
Total Revenues, 2 Yr. CAGR %	-	-	-44.72	-76.93	160.11
Gross Profit, 2 Yr. CAGR %	-	46.14	-15.01	-47.93	-20.6
EBITDA, 2 Yr. CAGR %	-	30.54	-13.46	-36.82	-8.18
EBITA, 2 Yr. CAGR %	130.83	30.54	-13.45	-36.8	-8.18
EBIT, 2 Yr. CAGR %	130.83	30.54	-13.45	-36.8	-8.18
Earnings From Cont. Operations, 2 Yr. CAGR %	126.47	10.67	-13.18	-49.98	-7.79
Net Income, 2 Yr. CAGR %	126.47	10.67	-13.18	-49.98	-7.79
Normalized Net Income, 2 Yr. CAGR %	127.04	30.55	-13.4	-49.98	-8.42
Diluted EPS Before Extra, 2 Yr. CAGR %	-	-	-	-90.29	-83.56
Net Property, Plant and Equip., 2 Yr. CAGR %	-	5.16	11.61	-31.05	-50.93
Total Assets, 2 Yr. CAGR %	2.6T	-14.6	-56.73	-31.06	65.57
Tangible Book Value, 2 Yr. CAGR %	179.69	-8.31	-89.92	-56.26	590.92
Common Equity, 2 Yr. CAGR %	179.69	-8.31	-89.92	-56.26	590.92
Cash From Operations, 2 Yr. CAGR %	218.32	33.16	-2.72	-44.33	-22.47
Levered Free Cash Flow, 2 Yr. CAGR %	484.69	43.08	5.56	-29.65	3.75
Unlevered Free Cash Flow, 2 Yr. CAGR %	496.91	43.08	5.56	-29.65	4.44
Compound Annual Growth Rate Over Three Years
Total Revenues, 3 Yr. CAGR %	-	-	-	-66.23	41.91
Gross Profit, 3 Yr. CAGR %	-	-	5.71	-29.25	-29.62
EBITDA, 3 Yr. CAGR %	-	-	2.57	-22.14	-18.87
EBITA, 3 Yr. CAGR %	264.37	84.71	2.58	-22.12	-18.87
EBIT, 3 Yr. CAGR %	264.37	84.71	2.58	-22.12	-18.87
Earnings From Cont. Operations, 3 Yr. CAGR %	202.76	82.73	-8.1	-33.23	-18.63
Net Income, 3 Yr. CAGR %	202.76	82.73	-8.1	-33.23	-18.63
Normalized Net Income, 3 Yr. CAGR %	203.26	82.73	2.6	-33.34	-19
Diluted EPS Before Extra, 3 Yr. CAGR %	-	-	-	-	-85.18
Net Property, Plant and Equip., 3 Yr. CAGR %	-	-	-6.05	-7.57	-43.48
Total Assets, 3 Yr. CAGR %	1.65T	427.35	-12.1	-54.28	36.67
Tangible Book Value, 3 Yr. CAGR %	110.36	-3.73	-57.86	-72.06	61.97
Common Equity, 3 Yr. CAGR %	110.36	-3.73	-57.86	-72.06	61.97
Cash From Operations, 3 Yr. CAGR %	222.55	131.71	10.98	-27.46	-22.7
Levered Free Cash Flow, 3 Yr. CAGR %	-	261.48	18.19	-12.04	-4.45
Unlevered Free Cash Flow, 3 Yr. CAGR %	-	266.49	18.19	-12.04	-4.03
Compound Annual Growth Rate Over Five Years
Gross Profit, 5 Yr. CAGR %	-	-	-	-	-5.73
EBITDA, 5 Yr. CAGR %	-	-	-	-	-1.87
EBITA, 5 Yr. CAGR %	-	-	105.04	20.27	-1.87
EBIT, 5 Yr. CAGR %	-	-	105.04	20.27	-1.87
Earnings From Cont. Operations, 5 Yr. CAGR %	-	-	83.7	8.83	-7.98
Net Income, 5 Yr. CAGR %	-	-	83.7	8.83	-7.98
Normalized Net Income, 5 Yr. CAGR %	-	-	83.7	8.83	-1.96
Net Property, Plant and Equip., 5 Yr. CAGR %	-	-	-	-	-27.54
Total Assets, 5 Yr. CAGR %	-	-	298.26	133.7	13.24
Tangible Book Value, 5 Yr. CAGR %	-	-	-37.61	-29.78	29
Common Equity, 5 Yr. CAGR %	-	-	-37.61	-29.78	29
Cash From Operations, 5 Yr. CAGR %	-	-	99.69	31.06	-3.86
Levered Free Cash Flow, 5 Yr. CAGR %	-	-	-	87.65	12.19
Unlevered Free Cash Flow, 5 Yr. CAGR %	-	-	-	89.21	12.48