They're like a nascent Amgen, developing a unique platform to make biologic cancer and autoimmune drugs more potent and longer-lasting.

Imagine an early Moderna, but their platform isn't for mRNA; it's for supercharging antibody-based cancer drugs to be more effective and targeted.

• SON-1010: An investigational IL-12 therapeutic, currently in clinical trials for solid tumors, designed to activate anti-tumor immunity with reduced systemic toxicity.
• Fully Human Albumin Binding (FHAB™) Platform: A proprietary technology that enhances the tumor-specific delivery and efficacy of immunotherapies by binding them to albumin.
• SON-0801: An investigational low-dose IL-6 therapeutic, in clinical trials for conditions like chemotherapy-induced peripheral neuropathy and radiation-induced fibrosis.

Sonnet BioTherapeutics (symbol: SONN) is a clinical-stage oncology biopharmaceutical company focused on the research and development of novel cancer therapies.

As of its latest financial filings, the company has not commercialized any products and does not generate revenue from product sales. Therefore, Sonnet BioTherapeutics does not currently have any major customers, whether corporate or individual, in the traditional sense of entities purchasing its products or services.

• Lonza Biologics, Inc. (Symbol: LONN)
• Vetter Pharma International GmbH

Raghu Rao, Interim Chief Executive Officer

Mr. Rao was appointed Interim Chief Executive Officer in April 2025 and has served on Sonnet's board of directors since November 2019. He is a serial entrepreneur, strategic business advisor, and angel investor who has founded, scaled, and achieved successful exits with several high-technology companies. Throughout his 33-year career, Mr. Rao has advised clients on the strategy and rollout of high-profile projects, including USA.gov, TSA Screening Gateway, and Cancer.gov. He also served as the Vistage Princeton Chair from July 2012 to March 2017.

Donald Griffith, Chief Financial Officer & Director

Mr. Griffith has served as Sonnet's Chief Financial Officer since February 2025, prior to which he was the Financial Controller for Sonnet starting in January 2019. He also holds a position on Sonnet's Board of Directors and was Chairman of the Company from April 2015 to June 2018. From 2011 to 2018, Mr. Griffith served as the Chief Financial Officer, Director, and Secretary of Oncobiologics Inc., which is now known as Outlook Therapeutics (Nasdaq: OTLK). With over 40 years of experience in finance and accounting, he is also the founder and Partner of Stolz & Griffith, LLC, a New Jersey accounting firm.

Stephen McAndrew, Ph.D., President & Chief Business Officer

Dr. McAndrew joined Sonnet BioTherapeutics in February 2020 and was promoted to President and Chief Business Officer in April 2025. Before this, he served as the Senior Vice President of Business Development at Sonnet. His prior experience includes serving as Senior Vice President of Business Strategy & Development (March 2014 to October 2019) and Vice President of Business Development (February 2012 to March 2014) at Oncobiologics, Inc. He also held the role of Vice President of Scientific Commercial Development at Taconic Biosciences, Inc. from December 2009 to March 2011. Dr. McAndrew's background includes various business development roles in the biopharmaceutical industry and a tenure at Bristol-Myers Squibb Company.

John K. Cini, Ph.D., Chief Scientific Officer and Co-Founder

Dr. Cini, a Co-Founder of Sonnet BioTherapeutics, serves as Chief Scientific Officer, overseeing and directing the company's discovery and development programs. His responsibilities include the oversight of target selection and proof-of-concept testing for cancer and immune-oncology. Before his time at Sonnet, he was the Vice President of Discovery and Development Sciences at Oncobiologics. Dr. Cini has successfully advanced over 20 novel monoclonal antibody products from discovery to Investigational New Drug (IND) status and holds several novel product and formulation patents and applications.

Susan Dexter, Chief Technical Officer

Ms. Dexter brings more than twenty-five years of experience in biotechnology science, manufacturing, and business development to Sonnet. Her expertise encompasses the management of biotechnology contract manufacturing services, from process development through commercial manufacturing, as well as strategic consulting. Her previous roles include Managing Director at Latham Biopharm Group, Chief Business Officer at Xcellerex, Inc., Vice President of Business Development at The Dow Chemical Company, and Associate Director of Business Development at Celltech and Lonza.

The primary clear emerging threat to Sonnet BioTherapeutics (SONN) is the advancement of competing tumor-selective cytokine platforms, specifically tumor-selective IL-12 therapies from other biopharmaceutical companies. Sonnet's lead asset, SON-1010, is an IL-12 Fc-fusion protein designed for targeted delivery to mitigate systemic toxicity, currently in Phase 1 for solid tumors. A direct emerging threat in this space is:

• Xilio Therapeutics (symbol: XLO) with XTX202: Xilio is developing XTX202, a tumor-selective IL-12 therapy that uses a prodrug design activated in the tumor microenvironment to reduce systemic toxicity and enhance anti-tumor activity. XTX202 is also in Phase 1/2 clinical trials for solid tumors, placing it at a similar development stage to Sonnet's SON-1010. If Xilio's platform demonstrates superior efficacy, safety, or progresses faster through clinical development, it would pose a direct and clear competitive threat by offering a potentially better or more advanced solution to the same therapeutic challenge that Sonnet aims to address with its proprietary FHAB platform. This mirrors the dynamic where a new technology (iPhone) directly challenged an incumbent's (BlackBerry) solution in the same market.

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Sonnet BioTherapeutics (NASDAQ: SONN) is a clinical-stage oncology-focused biotechnology company, and its future revenue growth over the next 2-3 years is primarily expected to be driven by the advancement and commercialization of its pipeline assets and the formation of strategic partnerships.

Here are 3-5 expected drivers of future revenue growth:

1. Advancement and Potential Commercialization of Lead Clinical Program (SON-1010): Sonnet's lead therapeutic candidate, SON-1010, a fully human interleukin-12 (IL-12), is currently in development for the treatment of solid tumors and platinum-resistant ovarian cancer (PROC). Successful progression through ongoing Phase 1 and Phase 1b/2a clinical trials, followed by potential regulatory approvals, would be a significant driver of future revenue.

2. Development and Potential Commercialization of SON-1210: Another key pipeline asset is SON-1210, a proprietary bifunctional version of human interleukins 12 and 15 (IL-12-F_HAB-IL-15). This candidate is slated for evaluation in a Phase 1b/2a study for advanced solid tumors and metastatic pancreatic cancer in collaboration with the Sarcoma Oncology Center. The successful development and eventual market entry of SON-1210 could contribute to revenue growth.

3. Strategic Partnerships and Licensing Agreements: As a clinical-stage biotech, Sonnet's strategy includes seeking partnerships and licensing deals with larger pharmaceutical companies, particularly once its drug candidates reach "proof of concept." For instance, the company has already entered into a licensing agreement with Alkem Laboratories Limited for the research, development, manufacturing, marketing, and commercialization of SON-080 for Diabetic Peripheral Neuropathy (DPN) in India. Further such collaborations for SON-1010, SON-1210, or other pipeline assets would provide non-dilutive funding and potential milestone payments and royalties, contributing to revenue.

4. Pipeline Expansion with Novel Fully Human Albumin Binding (F_HAB) Assets: Sonnet's proprietary F_HAB platform allows for the development of targeted biologic drugs. The company has expressed intentions for pipeline expansion opportunities within the solid tumor market and has other assets like SON 1400 and SON 1411 (monofunctional and bifunctional fusion proteins linked to an interleukin-12 variant cytokine) in its pipeline. The successful development and partnering of these additional candidates could broaden future revenue streams.

Share Issuance

• In July 2025, warrant exercises generated $10.5 million in proceeds.
• In December 2024, Sonnet completed a registered direct offering and concurrent private placement, resulting in gross proceeds of $3.9 million.
• In June 2023, the company raised approximately $2.25 million through a registered direct offering and concurrent private placement.

Inbound Investments

• In July 2025, Sonnet BioTherapeutics entered into an $888 million business combination with Rorschach I LLC to transition its business model to a HYPE cryptocurrency treasury reserve strategy, forming Hyperliquid Strategies Inc. This new entity is anticipated to hold approximately 12.6 million HYPE tokens, valued at $583 million, and $305 million in gross cash proceeds designated for acquiring additional HYPE tokens, with strategic investors including Paradigm, Galaxy Digital, Pantera, and D1 Capital.
• In October 2024, the company established a licensing partnership with Alkem Laboratories Limited for the development and commercialization of SON-080 in India, recognizing $1.0 million in collaboration revenue for the nine months ended June 30, 2025.
• An initial private investment in public equity (PIPE) offering in July 2025 included the issuance of 5,500 shares of Series 5 Convertible Preferred Stock for an offering price of $1,000 per share, amounting to $5.5 million.

Outbound Investments

• As of October 2025, Sonnet BioTherapeutics has not reported any investments in or acquisitions of other companies.