The company lacks operational continuity, as evidenced by the absence of sustainable revenue and quarterly operating losses that have consistently ranged between $2.8M and $5.7M.
| 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 |
|---|
| Sales/Revenue | 1M | 1M | 18.63K | 147.81K | 349.94K | 483.63K | 0 | 40.61M | 30.73M | 41.43M | 41.7M | 42.4M | 17.5M | 6.88M | 1.46M | 136.3K | 684.67K | 234.06K |
| Revenue Growth % | 1689.52% | 5268.84% | -87.4% | -57.76% | -27.64% | - | -100% | 32.15% | -25.82% | -0.65% | -1.64% | 142.31% | 154.2% | 370.21% | 973.96% | -80.09% | 192.53% | - |
| Cost of Goods Sold | 88.05K | 0 | 0 | 0 | 93.26K | 0 | 58.31K | 7.93M | 29.94M | 39.41M | 38.38M | 14.04M | 0 | 2.76M | 360.81K | 11.08K | 684.67K | 234.06K |
| COGS % of Revenue | - | - | - | - | 26.65% | - | - | 19.53% | 97.43% | 95.11% | 92.02% | 33.11% | - | 40.13% | 24.65% | 8.13% | 100% | 100% |
| Gross Profit | -951.93K | 0 | 18.63K | 147.81K | -21.09M | 483.63K | -58.31K | 32.68M | 791.11K | 2.03M | 3.33M | 28.36M | 17.5M | 4.12M | 1.1M | 125.22K | 0 | 0 |
| Gross Margin % | -95.19% | - | 100% | 100% | -6027.86% | 100% | - | 80.47% | 2.57% | 4.89% | 7.98% | 66.89% | 100% | 59.87% | 75.35% | 91.87% | - | - |
| Gross Profit Growth % | - | -100% | -87.4% | 100.7% | -4461.65% | 929.36% | -100.18% | 4030.97% | -60.93% | -39.12% | -88.27% | 62.09% | 324.56% | 273.62% | 780.84% | - | - | - |
| Operating Expenses | 13.11M | 16.84M | 11.87M | 18.94M | 8.58M | 25.57M | 17.41M | 4.71M | 3.86M | 4.55M | 5.95M | 10.78M | -23.29M | 2.62M | 1.25M | 935.11K | 1.12M | 1.14M |
| OpEx % of Revenue | - | 1684.41% | 63717.91% | 12814.47% | 2450.48% | 5287.36% | - | 11.59% | 12.57% | 10.97% | 14.26% | 25.42% | -133.13% | 38.04% | 85.1% | 686.06% | 163.24% | 485.41% |
| Selling, General & Admin | 7.66M | 8.49M | 6.13M | 7.13M | 8.58M | 8.94M | 7.53M | 2.51M | 3.86M | 4.55M | 5.95M | 7.42M | 0 | 2.62M | 1.25M | 935.11K | 2.24M | 2.27M |
| SG&A % of Revenue | - | 848.88% | 32915.52% | 4821.04% | 2450.48% | 1847.81% | - | 6.18% | 12.57% | 10.97% | 14.26% | 17.49% | - | 38.04% | 85.1% | 686.06% | 326.48% | 970.81% |
| Research & Development | 7.4M | 8.36M | 5.74M | 11.81M | 21.44M | 16.63M | 9.88M | 2.2M | 154.72K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | 835.53% | 30802.38% | 7993.43% | 6127.86% | 3439.55% | - | 5.42% | 0.5% | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | -1.07M | 0 | 0 | 0 | -21.44M | 0 | 0 | 0 | 11.05M | 0 | 0 | 3.36M | -23.29M | 0 | 0 | 0 | -1.12M | -1.14M |
| Operating Income | -14.06M | -15.84M | -11.85M | -18.79M | -29.67M | -25.09M | -17.41M | -4.71M | -3.07M | -2.52M | -2.62M | -11.49M | -5.8M | -2.87M | -714.3K | -809.89K | -444.49K | -949.99K |
| Operating Margin % | -1405.87% | -1584.41% | -63617.91% | -12714.47% | -8478.34% | -5187.36% | - | -11.59% | -9.99% | -6.08% | -6.28% | -27.1% | -33.13% | -41.69% | -48.8% | -594.19% | -64.92% | -405.88% |
| Operating Income Growth % | - | -33.71% | 36.95% | 36.66% | -18.26% | -44.09% | -269.8% | -53.31% | -21.84% | 3.79% | 77.19% | -98.21% | -101.96% | -301.77% | 11.8% | -82.21% | 53.21% | - |
| EBITDA | -13.97M | -15.84M | -11.77M | -18.72M | -29.58M | -24.99M | -17.35M | -1.16M | -1.25M | -237.68K | -278.19K | -9.12M | -3.91M | -2.49M | -626.69K | -798.81K | -433.01K | -938.79K |
| EBITDA Margin % | -1397.06% | -1584.41% | -63171.67% | -12663.22% | -8451.69% | -5167.69% | - | -2.87% | -4.08% | -0.57% | -0.67% | -21.52% | -22.33% | -36.12% | -42.81% | -586.06% | -63.24% | -401.1% |
| EBITDA Growth % | -14.56% | -34.66% | 37.13% | 36.72% | -18.34% | -44.02% | -1390.77% | 7.19% | -427.69% | 14.56% | 96.95% | -133.5% | -57.14% | -296.75% | 21.55% | -84.48% | 53.88% | - |
| D&A (Non-Cash Add-back) | 88.05K | 0 | 83.11K | 75.75K | 93.26K | 95.16K | 58.31K | 3.54M | 1.82M | 2.28M | 2.34M | 2.36M | 0 | 383.45K | 87.62K | 11.08K | 11.48K | 11.2K |
| EBIT | -14.03M | 0 | -11.85M | -18.79M | -29.67M | -25.09M | -24.27M | -16.7M | -5.52M | -5.22M | -1.8M | -4.43M | -4.53M | -2.9M | -913.38K | -889.9K | -387.53K | -2.22M |
| Net Interest Income | 0 | 0 | 0 | 0 | 0 | 15 | 0 | -162.87K | -381.68K | 0 | 0 | 0 | 0 | 0 | 185.37K | -94.02K | -33.91K | -20.49K |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 15 | 20.68K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4.54K | 46K | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 20.68K | 162.87K | 381.68K | -2.59M | -2.35M | -3.47M | 0 | -474.93K | -180.82K | 140.02K | 33.91K | 20.49K |
| Other Income/Expense | 660.97K | 51.03K | 4.41M | -40.08K | -52.48K | 103.47K | -6.85M | -162.87K | -7.38M | -5.29M | -1.53M | 3.59M | 508.78K | -505.46K | -379.9K | -220.03K | -369.21K | -1.29M |
| Pretax Income | -13.4M | -15.79M | -7.44M | -18.83M | -29.72M | -24.98M | -24.27M | -4.87M | -8.07M | -7.81M | -4.15M | -14.32M | -5.96M | -3.38M | -1.09M | -1.03M | -813.7K | -2.24M |
| Pretax Margin % | -1339.77% | -1579.31% | -39929.3% | -12741.58% | -8493.34% | -5165.97% | - | -11.99% | -26.26% | -18.85% | -9.95% | -33.78% | -34.07% | -49.04% | -74.75% | -755.62% | -118.84% | -956.45% |
| Income Tax | 158.4K | -218.4K | 0 | 0 | 0 | 0 | 0 | 162.87K | -701.22K | -644.43K | 198.46K | -187.57K | 0 | 19.2K | 14.61K | 0 | 0 | 0 |
| Effective Tax Rate % | -1.18% | 1.38% | 0% | 0% | 0% | 0% | 0% | -3.34% | 8.69% | 8.25% | -4.79% | 1.31% | 0% | -0.57% | -1.34% | 0% | 0% | 0% |
| Net Income | -13.56M | -16.11M | -7.44M | -18.83M | -29.77M | -25.01M | -24.27M | -4.87M | -6.85M | -6.79M | -9.08M | -12.14M | -5.96M | -3.17M | -1.1M | -1.01M | -813.7K | -2.24M |
| Net Margin % | -1355.62% | -1611.27% | -39929.3% | -12741.58% | -8508.34% | -5170.52% | - | -11.99% | -22.3% | -16.4% | -21.77% | -28.63% | -34.07% | -46.01% | -75.38% | -742.16% | -118.84% | -956.45% |
| Net Income Growth % | -69.76% | -116.65% | 60.51% | 36.75% | -19.07% | -3.05% | -398.13% | 28.93% | -0.88% | 25.14% | 25.21% | -103.59% | -88.26% | -186.99% | -9.08% | -24.32% | 63.65% | - |
| Net Income (Continuing) | -13.56M | 0 | -7.44M | -18.83M | -29.72M | -24.98M | -24.27M | -4.87M | -7.37M | -7.17M | -4.35M | -8.08M | -5.33M | -3.39M | -1.11M | -1.03M | -813.7K | -2.24M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -4.81M | -4.05M | -25.21K | 0 | 0 | 0 | 0 | 0 |
| 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 |
| EPS (Diluted) | -3.42 | -3.95 | -11.35 | -145.12 | -1203.05 | -2507.83 | -17159.00 | -163753.00 | -126904.00 | -175138.00 | -269068.00 | -544544.00 | -768768.00 | -800800.00 | -382205.00 | -505782.50 | -538137.00 | -999999.00 |
| EPS Growth % | 66.07% | 65.2% | 92.18% | 87.94% | 52.03% | 85.38% | 89.52% | -29.04% | 27.54% | 34.91% | 50.59% | 29.17% | 4% | -109.52% | 24.43% | 6.01% | 65.85% | - |
| EPS (Basic) | - | -3.95 | -11.35 | -145.12 | -1203.05 | -2507.83 | -17159.00 | -163753.00 | -126904.00 | -175138.00 | -269068.00 | -544544.00 | -768768.00 | -800800.00 | -382205.00 | -505782.50 | -538137.00 | -999999.00 |
| Diluted Shares Outstanding | 3.97M | 4.08M | 655.24K | 129.77K | 24.7K | 9.96K | 3.82K | 109 | 55 | 39 | 34 | 22 | 7 | 4 | 3 | 2 | 2 | 1 |
| Basic Shares Outstanding | 3.97M | 4.08M | 655.24K | 129.77K | 24.7K | 9.96K | 3.82K | 109 | 55 | 39 | 34 | 22 | 7 | 4 | 3 | 2 | 2 | 1 |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Imminent liquidity and dilution risk
As indicated by the company's financial records, revenue is entirely non-recurring and milestone-dependent, with the $1.0M reported in 2025Q1 representing a singular event rather than a sustainable growth trend, leaving the firm without a predictable commercial foundation to support its ongoing research and development activities.
The absence of consistent top-line growth suggests that the company remains in a pre-commercial state where revenue is merely a byproduct of opportunistic licensing. Investors should monitor whether future milestone payments can be secured, as the current trajectory is entirely detached from market-driven product demand.
According to recent income statement data, the company maintains a rigid cost structure dominated by R&D expenditures, which consistently exceed $1.2M per quarter, creating a structural deficit that necessitates frequent capital raises to sustain operations in the absence of any meaningful gross profit generation.
The high fixed-cost nature of biologic manufacturing and clinical trial management leaves little room for expense discipline without compromising the viability of the pipeline. This cost profile implies that the company is essentially a vehicle for clinical development rather than a functioning commercial enterprise.
Based on reported figures, the company exhibits no operating leverage, as operating losses have remained persistently elevated between $2.8M and $5.7M per quarter, reflecting an inability to scale administrative or research costs relative to the sporadic and unreliable revenue streams generated by the FHAB platform.
The lack of scaling suggests that every dollar of additional clinical progress requires a proportional increase in cash burn, which is unsustainable under the current capital structure. This dynamic warrants further investigation into how management intends to achieve operational efficiency without a significant, non-dilutive partnership.
As highlighted in financial filings, the company's reliance on equity-based financing to cover persistent operating losses creates a significant risk of shareholder dilution, particularly as the $5.1M cash balance appears insufficient to support the current burn rate through the next major clinical data readout milestones.
Short-term observers may focus on the potential for a 'going concern' qualification, as the company lacks the debt capacity or recurring revenue to bridge its funding gaps. The market's current valuation appears to reflect a high probability of future capital raises that could severely impair existing equity holders.
Quick answers to the most common questions about buying SONN stock.
For fiscal year 2025, Sonnet BioTherapeutics Holdings, Inc. (SONN) reported total revenue of $1.0M. This represents a 327.3% increase compared to $0.2M in 2008.
Sonnet BioTherapeutics Holdings, Inc. (SONN) reported a net loss of $16.1M for the fiscal year ending 2025.
Sonnet BioTherapeutics Holdings, Inc. (SONN) reported an operating income of $-15.8M, resulting in an operating profit margin of -1584.4%. This margin reflects the operational efficiency of the business before interest and taxes.