Sonnet BioTherapeutics Holdings (SONN) Company Report

Sonnet BioTherapeutics Holdings, Inc. (SONN) completed its business combination with Hyperliquid Strategies Inc (HSI) and Rorschach I LLC on December 2, 2025, resulting in Sonnet becoming a wholly-owned subsidiary of HSI.
HSI common stock is expected to begin trading on The Nasdaq Capital Market under the ticker symbol "PURR" on December 3, 2025, and Sonnet's common stock will no longer trade.
Under the terms of the business combination, each share of Sonnet's common stock was converted into the right to receive one-fifth of one share of HSI common stock and one CVR.
David Schamis was appointed Chief Executive Officer of HSI, and several directors and officers of Sonnet resigned as part of the transaction.

Dec 3, 2025, 8:00 AM

Sonnet BioTherapeutics announces stockholder approval of business combination

SONN

M&A

Proxy Vote Outcomes

Sonnet BioTherapeutics Holdings, Inc. stockholders approved the proposed business combination with Hyperliquid Strategies Inc and Rorschach I LLC on December 2, 2025.
The securities of Hyperliquid Strategies Inc are expected to be listed on Nasdaq upon the consummation of the proposed business combination transaction.
A registration statement on Form S-4, which included a proxy statement for Sonnet's stockholders, became effective on October 27, 2025.

Dec 2, 2025, 9:25 AM

Sonoma Biotherapeutics Announces Positive Interim Phase 1 Data for SBT-77-7101

SONN

Product Launch

New Projects/Investments

Sonoma Biotherapeutics announced positive interim safety and efficacy data from its Phase 1 REGULATE-RA clinical trial for SBT-77-7101 in patients with refractory rheumatoid arthritis (RA).
The study, involving 6 participants, demonstrated a favorable safety profile with no dose-limiting toxicities (DLTs), cytokine release syndrome (CRS), or immune effector cell-associated neurotoxicity syndrome (ICANS).
4 out of 6 participants (67%) experienced a ≥50% reduction in swollen and tender joint counts from baseline by Week 4.
5 out of 6 participants (83%) showed a reduction in both DAS28-CRP and CDAI, with 4 out of 6 participants (67%) achieving a reduction of DAS28-CRP score ≥2 and a reduction of CDAI ≥25.5.
Participants in Cohort 2 (higher dose) demonstrated deeper and more consistent reductions in joint counts, with all Cohort 2 participants showing clinically meaningful improvements by Week 4, and one participant demonstrating a durable response through Week 24.