Sonnet BioTherapeutics (PURR)

Executive Summary

Sonnet BioTherapeutics is a clinical-stage biotechnology company leveraging its proprietary FHAB™ (Fully Human Albumin-Binding) platform to develop targeted immunotherapies for cancer and peripheral neuropathies. Following a December 2025 business combination with Hyperliquid Strategies Inc., the company now trades on Nasdaq under ticker PURR, combining its oncology pipeline with a digital asset treasury. Sonnet's lead asset, SON-1010 (IL12-FHAB), is being evaluated in an active Phase 1 trial for advanced solid tumors (NCT05352750), with estimated primary completion in June 2026. The company also had a Phase 1/2 study for SON-080 in chemotherapy-induced peripheral neuropathy (terminated) and a Phase 1/2 trial for SON-1010 in platinum-resistant ovarian cancer (terminated). The recent merger provides capital flexibility, but investors should note the early-stage nature of the pipeline and the limited clinical data available. Sonnet's valuation is approximately $845 million, driven by its novel platform and strategic positioning.

Upcoming Catalysts (preview)

• H2 2026SON-1010 Phase 1 solid tumor data readout50% success
• TBDPotential partnership or licensing deal for FHAB platform30% success
• TBDUpdate on digital asset treasury strategy and financial positioning60% success