The firm's financial foundation has eroded significantly, with total assets contracting from $13.3M in 2023Q2 to $2.1M in 2025Q3, while shareholder equity has deteriorated to a negative $3.0M.
| Metric | TTM | Sep'25 | Sep'24 | Sep'23 | Sep'22 | Sep'21 | Sep'20 | Sep'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 |
|---|
| Total Current Assets | 1.32M | 14.34M | 2.12M | 4.74M | 5.41M | 28.81M | 7.64M | 39.75K | 1.34M | 1.8M | 1.79M | 3.82M | 1.71M | 2.03M | 623.68K | 158.72M | 60.18K | 23.56K |
| Cash & Short-Term Investments | 321.3K | 5.12M | 149.46K | 2.27M | 3.05M | 27.62M | 7.35M | 35.65K | 524.11K | 438.49K | 268.57K | 1.53M | 442.69K | 1.25M | 151.93K | 46.01M | 2.37K | 14.15K |
| Cash Only | 321.3K | 5.12M | 149.46K | 2.27M | 3.05M | 27.62M | 7.35M | 35.65K | 524.11K | 438.49K | 268.57K | 1.53M | 442.69K | 1.25M | 151.93K | 46.01M | 2.37K | 14.15K |
| Short-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 597.39K | 0 | 762.08K | 786.57K | 717.3K | 0 | 0 | 223.96K | 325.36K | 475.99K | 524.48K | 862.93K | 393.87K | 384.31K | 180.57K | 4.26M | 0 | 0 |
| Days Sales Outstanding | 255.91 | - | 14.93K | 1.94K | 748.17 | - | - | 2.01 | 3.86 | 4.19 | 4.59 | 7.43 | 8.22 | 20.38 | 45.03 | 11.4K | - | - |
| Inventory | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 354.34K | 335.21K | 460.76K | 539.55K | 726.62K | 381.41K | 227.02K | 59.27K | 0 | 0 | 0 |
| Days Inventory Outstanding | - | - | - | - | - | - | - | 16.3 | 4.09 | 4.27 | 5.13 | 18.9 | - | 30 | 59.95 | - | - | - |
| Other Current Assets | 400.88K | 9.22M | 0 | 1.68M | -717.3K | 0 | 0 | -578.3K | 159.21K | 589.84K | 461.07K | 681.8K | 924 | 0 | 0 | 108.45M | 57.81K | 9.4K |
| Total Non-Current Assets | 735.77K | 541.83K | 653.09K | 691.25K | 416.08K | 182.27K | 356.77K | 28.12M | 28.45M | 28.38M | 31.69M | 38.39M | 18.37M | 5.62M | 4.88M | 1.26B | 1.39M | 2.2M |
| Property, Plant & Equipment | 77.49K | 54.68K | 143.94K | 227.06K | 302.81K | 182.27K | 273.81K | 10.47M | 9.76M | 8.55M | 11.51M | 16.64M | 5.62M | 2.32M | 2.51M | 25.56M | 32.13K | 36.16K |
| Fixed Asset Turnover | 9.03x | 18.29x | 0.13x | 0.65x | 1.16x | 2.65x | - | 3.88x | 3.15x | 4.85x | 3.62x | 2.55x | 3.11x | 2.97x | 0.58x | 0.01x | 21.31x | 6.47x |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 11.28M | 10.56M | 12.65M | 12.41M | 12.7M | 6.5M | 396.49K | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 5.12M | 15.03M | 18.54M | 18.94M | 7.28M | 3.42M | 559.83K | 470.16K | 0 | 0 | 0 |
| Long-Term Investments | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 800K | 800K | 800K | 800K | 31.32K | 55.11K | 56.95K | 318.35K | 352.5M | 83.29K | 108.55K |
| Other Non-Current Assets | 658.28K | 487.15K | 509.15K | 464.19K | 113.28K | 0 | 82.96K | 446.64K | 2.86M | 490.33K | 442.74K | 1.73M | 2.78M | 2.29M | 1.58M | 877.78M | 1.28M | 2.06M |
| Total Assets | 2.06M | 14.88M | 2.77M | 5.43M | 5.83M | 28.99M | 7.99M | 39.75K | 29.79M | 30.18M | 33.49M | 42.21M | 20.09M | 7.65M | 5.5M | 1.41B | 1.45M | 2.23M |
| Asset Turnover | 0.25x | 0.07x | 0.01x | 0.03x | 0.06x | 0.02x | - | 1021.63x | 1.03x | 1.37x | 1.25x | 1.00x | 0.87x | 0.90x | 0.27x | 0.00x | 0.47x | 0.11x |
| Asset Growth % | -114.03% | 437.15% | -48.96% | -6.87% | -79.89% | 262.68% | 20009.69% | -99.87% | -1.29% | -9.86% | -20.66% | 110.11% | 162.71% | 38.91% | -99.61% | 97209.57% | -34.67% | - |
| Total Current Liabilities | 5.1M | 4.1M | 3.21M | 5.52M | 8.16M | 6.7M | 4.72M | 2.89M | 13.03M | 14.73M | 12.11M | 16.18M | 5.53M | 1.77M | 3.63M | 645.63M | 623.82K | 678.33K |
| Accounts Payable | 3.75M | 2.94M | 2.18M | 2.2M | 4.75M | 3.78M | 2.06M | 1.84M | 2.38M | 3.68M | 3.81M | 0 | 2.42M | 737.01K | 267.48K | 211.43K | 0 | 0 |
| Days Payables Outstanding | 9.66K | - | - | - | 18.6K | - | 12.88K | 84.79 | 29.03 | 34.07 | 36.22 | - | - | 97.4 | 270.58 | 6.97K | - | - |
| Short-Term Debt | 0 | 46.57K | 0 | 73.05K | 748 | 748 | 21.18K | 217.38K | 6.66M | 8.74M | 6.38M | 8.23M | 759.33K | 264.07K | 2.83M | 250M | 412.5K | 500K |
| Deferred Revenue (Current) | 0 | 0 | 0 | 18.63K | 166.43K | 516.37K | 500K | 983.49K | 1.17M | 83.88K | 173.78K | 0 | 0 | 0 | 14.61K | 1.75M | 20.83K | 0 |
| Other Current Liabilities | 1.28M | 4.05M | 151.63K | 1.07M | 1.98M | 1.32M | 1.42M | -983.49K | 3.97M | 2.4M | 1.67M | 7.95M | 2.29M | 760.94K | 518.16K | 182.45M | 0 | 0 |
| Current Ratio | 0.26x | 3.50x | 0.66x | 0.86x | 0.66x | 4.30x | 1.62x | 0.01x | 0.10x | 0.12x | 0.15x | 0.24x | 0.31x | 1.15x | 0.17x | 0.25x | 0.10x | 0.03x |
| Quick Ratio | 0.26x | 3.50x | 0.66x | 0.86x | 0.66x | 4.30x | 1.62x | -0.11x | 0.08x | 0.09x | 0.10x | 0.19x | 0.24x | 1.02x | 0.16x | 0.25x | 0.10x | 0.03x |
| Cash Conversion Cycle | -9.4K | - | - | - | - | - | - | -66.48 | -21.08 | -25.61 | -26.5 | - | - | -47.02 | -165.6 | - | - | - |
| Total Non-Current Liabilities | 0 | 0 | 46.57K | 130.86K | 203.91K | 30.61K | 250.01K | 17.71M | 8.51M | 3.96M | 7.41M | 4.27M | 3.32M | 345.03K | 236.11K | 686.5M | 111.84K | 7.8K |
| Long-Term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 124.88K | 15.91M | 3.67M | 852.38K | 3.97M | 1.1M | 0 | 0 | 236.11K | 686.5M | 0 | 0 |
| Capital Lease Obligations | 70.21K | 0 | 46.57K | 130.86K | 203.91K | 30.61K | 125.13K | 15.91M | 0 | -175K | 0 | 15.97K | 105.92K | 60.52K | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 119.92K | 76.77K | 779.36K | 1.49M | 1.35M | 1.34M | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 3.58M | 2.16M | 1.96M | 1.8M | 815.57K | 186.06K | 0 | 0 | 111.84K | 7.8K |
| Total Liabilities | 5.1M | 4.1M | 3.26M | 5.66M | 8.37M | 6.73M | 4.97M | 2.89M | 21.54M | 18.69M | 19.52M | 20.45M | 8.85M | 2.12M | 3.86M | 1.33B | 735.65K | 686.13K |
| Total Debt | 68.84K | 46.57K | 130.86K | 203.91K | 255.99K | 125.88K | 353.25K | 217.38K | 10.34M | 9.59M | 10.35M | 9.33M | 1.35M | 264.07K | 3.03M | 936.5M | 412.5K | 500K |
| Net Debt | -252.46K | -5.07M | -18.59K | -2.07M | -2.8M | -27.5M | -7M | 181.73K | 9.81M | 9.16M | 10.08M | 7.8M | 911.87K | -984.2K | 2.88M | 890.49M | 410.13K | 485.85K |
| Debt / Equity | -0.02x | 0.00x | - | - | - | 0.01x | 0.12x | - | 1.25x | 0.84x | 0.76x | 0.42x | 0.12x | 0.05x | 0.91x | 8.79x | 0.57x | 0.32x |
| Debt / EBITDA | -0.00x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | 0.02x | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | - | - | - | - | - | - | -842.06x | -28.91x | -8.05x | - | - | - | - | - | - | -5.78x | -13.11x | -46.37x |
| Total Equity | -3.05M | 10.79M | -485.74K | -225.98K | -2.54M | 22.26M | 3.02M | -2.02M | 8.26M | 11.49M | 13.61M | 22.15M | 11.63M | 5.6M | 3.33M | 106.6M | 718.02K | 1.54M |
| Equity Growth % | -352.71% | 2320.86% | -114.95% | 91.1% | -111.4% | 637.1% | 249.62% | -124.44% | -28.13% | -15.6% | -38.53% | 90.37% | 107.79% | 67.97% | -96.87% | 14746.42% | -53.35% | - |
| Book Value per Share | -0.77 | 2.64 | -0.74 | -1.74 | -102.76 | 2234.48 | 789.93 | -18528.84 | 150281.61 | 291490.32 | 401983.49 | 995983.27 | 999999.00 | 999999.00 | 999999.00 | 999999.00 | 477120.07 | 999999.00 |
| Total Shareholders' Equity | -3.05M | 10.79M | -485.74K | -225.98K | -2.54M | 22.26M | 3.02M | -2.85M | 7.43M | 10.71M | 12.82M | 21.76M | 11.24M | 5.53M | 1.64M | 82.42M | 718.02K | 1.54M |
| Common Stock | 333 | 708 | 65 | 175 | 554 | 6.03K | 1.47K | 555 | 373 | 305 | 2.14K | 2.13K | 541 | 370 | 301 | 257K | 0 | 0 |
| Retained Earnings | -128.11M | -133.69M | -117.68M | -110.24M | -91.41M | -61.69M | -36.71M | -12.44M | -57.12M | -49.11M | -42.21M | -33.01M | -14.47M | -9.26M | -6.03M | -4.93B | -3.92M | -1.95M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -55.92M | 0 | 0 | 0 | -526.42K | -536.68K | -536K | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -202.12K | -934.9K | -1.16M | -987.7K | 0 | 0 | 0 | 0 | 0 | -1.15M |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 827.04K | 827.04K | 782.45K | 791.42K | 389.81K | 394.64K | 70.2K | 1.69M | 24.18M | 0 | 0 |
Imminent liquidity and dilution
As reported in recent financial statements, the company's total assets have plummeted from $13.3M in 2023Q2 to just $2.1M by 2025Q3, signaling a severe contraction in the firm's resource base as it struggles to fund ongoing clinical development without a sustainable revenue stream.
The consistent decline in total assets over the last ten quarters reflects a business model that is rapidly consuming its capital base to sustain R&D. This trajectory suggests that the company is approaching a critical inflection point where the lack of internal capital generation will necessitate further dilutive financing to avoid insolvency.
Based on the 2025Q3 balance sheet, the current ratio has deteriorated to a precarious 0.26, indicating that the company's liquid assets are insufficient to cover its short-term obligations, a trend that warrants immediate concern regarding the firm's ability to maintain its current clinical trial operations.
The sharp drop in the current ratio from 1.68 in 2023Q2 to 0.26 in 2025Q3 highlights a significant degradation in liquidity. Investors should monitor this closely, as the current cash position of $321.3K appears inadequate to support the company's high fixed-cost structure for more than a very short duration.
According to the latest quarterly filings, shareholder equity has turned negative to -$3.0M, a development that underscores the cumulative impact of persistent operating losses and the potential for significant future dilution as the company seeks to recapitalize its balance sheet to continue operations.
The shift into negative equity territory suggests that the company has exhausted its initial capital and is now operating in a state of technical insolvency. This condition implies that any future financing will likely be highly dilutive to existing shareholders, as the firm lacks the tangible assets to secure traditional debt financing.
While the company reports minimal debt, as evidenced by the $68.8K figure in 2025Q3, this lack of leverage appears to be a symptom of restricted access to credit markets rather than a sign of financial strength, leaving the firm entirely dependent on volatile equity-based funding.
The absence of meaningful debt may mislead observers into perceiving a lower risk profile, but the reality is that the company lacks the collateral or cash flow to support debt service. This reliance on equity markets creates a structural vulnerability where the company's survival is tied directly to market sentiment and the ability to issue new shares.
Quick answers to the most common questions about buying SONN stock.
As of 2025, Sonnet BioTherapeutics Holdings, Inc. (SONN) had total assets of $14.9M including $14.3M in current assets.
Sonnet BioTherapeutics Holdings, Inc. (SONN) carries total debt of $0.0M, offset by $5.1M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Sonnet BioTherapeutics Holdings, Inc. (SONN) has total shareholders' equity (book value) of $10.8M ($2.64 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Sonnet BioTherapeutics Holdings, Inc. (SONN) reported a current ratio of 3.50x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.