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1. Organization and Description of Business Description of business Sonnet BioTherapeutics, Inc. (“Prior Sonnet”) was incorporated as a New Jersey corporation on April 6, 2015. Prior Sonnet completed a merger with publicly-held Chanticleer Holdings, Inc. (“Chanticleer”) on April 1, 2020. After the merger, Chanticleer changed its name to Sonnet BioTherapeutics Holdings, Inc. (“Sonnet” or the “Company”). Sonnet is a clinical stage, oncology-focused biotechnology company with a proprietary platform for innovating biologic medicines of single or bifunctional action. Known as FHAB® (Fully Human Albumin Binding), the technology utilizes a fully human single chain antibody fragment (scFv) that binds to and “hitch-hikes” on human serum albumin (“HSA”) for transport to target tissues. Sonnet designed the construct to improve drug accumulation in solid tumors, as well as to extend the duration of activity in the body. FHAB development candidates can be produced in mammalian cell culture, which enables glycosylation of the interleukins, thereby reducing the risk of immunogenicity, as well as E. coli. Sonnet believes its FHAB technology, for which it received a U.S. patent in June 2021, is a distinguishing feature of its biopharmaceutical platform. The approach is well suited for future drug development across a range of human disease areas, including in oncology, autoimmune, pathogenic, inflammatory, and hematological conditions. Sonnet’s lead proprietary asset, SON-1010, is a fully human version of Interleukin 12 (“IL-12”), covalently linked to the FHAB construct, for which Sonnet is pursuing clinical development in solid tumor indications, including ovarian cancer, non-small cell lung cancer and head and neck cancer. In March 2022, the FDA cleared Sonnet’s Investigational New Drug (“IND”) application for SON-1010. This allowed the Company to initiate a U.S. clinical trial (SB101) in oncology patients with solid tumors during the second calendar quarter of 2022. In September 2021, the Company created a wholly-owned Australian subsidiary, SonnetBio Pty Ltd (“Subsidiary”), for the purpose of conducting certain clinical trials. Sonnet received approval and initiated an Australian clinical study (SB102) of SON-1010 in healthy volunteers during the third calendar quarter of 2022. Interim safety and tolerability data from the SB101 and SB102 studies were reported in April 2023. In January 2023, Sonnet announced a collaboration agreement with Roche for the clinical evaluation of SON-1010 with atezolizumab (Tecentriq®). The companies have entered into a Master Clinical Trial and Supply Agreement (“MCSA”), along with ancillary Quality and Safety Agreements, to study the safety and efficacy of the combination of SON-1010 and atezolizumab in a platinum-resistant ovarian cancer (“PROC”) patient setting. Further, the companies will provide SON-1010 and atezolizumab, respectively, for use in the Phase 1b/Phase 2a combination safety, dose-escalation, and proof-of-concept study (SB221). Part 1 of this 2-part study was approved in June 2023 by the local Human Research Ethics Committee in Australia under CT-2023-CTN-01399-1 and the Therapeutic Goods Administration has been notified. In August 2023, the FDA accepted the IND for SB221. The trial consists of a modified 3+3 dose-escalation design in Part 1 to establish the maximum tolerated dose (“MTD”) of SON-1010 with a fixed dose of atezolizumab. Clinical benefit in PROC will be confirmed in an expansion group to establish the recommended Phase 2 dose (“RP2D”). Part 2 of the study will then investigate SON-1010 in combination with atezolizumab, or the standard of care (“SOC”) for PROC in a randomized comparison to show proof-of-concept (“POC”). As part of the ongoing cost-cutting efforts, all antiviral development with SON-1010 has been suspended. The Company acquired the global development rights to its most advanced compound, SON-080, a fully human version of Interleukin 6 (“IL-6”), in April 2020 through its acquisition of the outstanding shares of Relief Therapeutics SA. Sonnet is advancing SON-080 in target indications of Chemotherapy-Induced Peripheral Neuropathy (“CIPN”) and Diabetic Peripheral Neuropathy (“DPN”). Sonnet received approval to initiate an ex-U.S. Phase 1b/2a study with SON-080 in CIPN during the third quarter of 2022. The Data Safety Monitoring Board (“DSMB”) overseeing the study met during the first calendar quarter of 2024 and cleared the trial to proceed to Part 2. Following the completion of the DSMB review, Sonnet announced initial safety data from the CIPN study. Pursuant to a license agreement the Company entered into with New Life Therapeutics Pte, Ltd. (“New Life”) of Singapore in May 2021, Sonnet and New Life would have been jointly responsible for developing SON-080 in DPN. The objective will be to analyze the data and to consider initiating a Phase 2 study, pending the outcome of any partnering activity. SON-1210 (IL12-FHAB-IL15), Sonnet’s lead bifunctional construct, combines FHAB with single-chain human IL-12 and human Interleukin 15 (“IL-15”). This compound is being developed for solid tumor indications, including colorectal cancer. In February 2023, Sonnet announced the successful completion of two IND-enabling toxicology studies with SON-1210 in non-human primates. Sonnet is prepared to initiate the regulatory authorization process for SON-1210, pending the outcome of any partnering activity. SON-1411 (IL18-FHAB-IL12) is a bifunctional combination of human Interleukin 18 (“IL-18”), which was modified to resist interaction with the IL-18 inhibitor binding protein, and single-chain human IL-12 for solid tumor cancers. Cell line development and process development are ongoing, with early experimental drug supply suitable for formulation and analytical method development activities. After some delays in 2023, activities will continue through 2024 with the potential to generate a drug suitable for preclinical studies and subsequent human studies. Sonnet has completed sequence confirmation for SON-3015 (anti-IL6-FHAB-anti-TGFβ). Early-stage bifunctional drug has been generated and is being stored for future use in in vivo mice studies. The Company has elected to place the SON-3015 development program on hold for expense reduction purposes. Sonnet BioTherapeutics Holdings, Inc. Notes to Consolidated Financial Statements Liquidity The Company has incurred recurring losses and negative cash flows from operations since inception and it expects to generate losses from operations for the foreseeable future primarily due to research and development costs for its potential product candidates. The Company’s cash and cash equivalents at September 30, 2024 were $0.1 million. This, combined with approximately $<span id="xdx_902_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_pn5n6_c20241106__20241209__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z0SbM9FIcyj9" title="Proceeds from sale of common stock and warrants">7.7 million raised through the sale of common stock and warrants in November and December 2024 (Note 10), $<span id="xdx_907_ecustom--CashRefundFromResearchAndDevelopmentTaxIncentive_pn5n6_c20241101__20241130__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zR4es5qeHrOd" title="Cash refund from incentive tax receivable">0.7 million received in November 2024 to satisfy the incentive tax receivable (Note 10) and $<span id="xdx_908_ecustom--ProceedsFromUpfrontPaymentReceived_pn5n6_c20241101__20241130__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--AlkemAgreementMember_zpaZSRj0vfL" title="Upfront payment received">0.5 million received in October 2024 as an upfront payment related to the Alkem Agreement, which after tax withholdings resulted in a net payment of $<span id="xdx_903_ecustom--NetPaymentAfterTaxWithholdings_iI_pn5n6_c20241031__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--AlkemAgreementMember_zulm4AbS6Yv9" title="Net payment after tax with holdings">0.4 million (Note 10), will fund the Company’s projected operations into July 2025. Substantial additional financing will be needed by the Company to fund its operations. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. However, substantial doubt about the Company’s ability to continue as a going concern exists. The consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. The Company plans to secure additional capital in the future through equity or debt financings, partnerships, collaborations, or other sources to carry out the Company’s planned development activities. If additional capital is not available when required, the Company may need to delay or curtail its operations until such funding is received. Various internal and external factors will affect whether and when the Company’s product candidates become approved for marketing and successful commercialization. The regulatory approval and market acceptance of the Company’s product candidates, length of time and cost of developing and commercializing these product candidates and/or failure of them at any stage of the approval process will materially affect the Company’s financial condition and future operations. Operations since inception have consisted primarily of organizing the Company, securing financing, developing technologies through research and development and conducting preclinical studies. The Company faces risks associated with companies whose products are in development. These risks include the need for additional financing to complete its research and development, achieving its research and development objectives, defending its intellectual property rights, recruiting and retaining skilled personnel, and dependence on key members of management.

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2. Summary of Significant Accounting Policies <p id="xdx_846_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zYOwrMZeEnSj" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: left; text-indent: 0pt">a. Basis of presentation The accompanying consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Any reference in these notes to applicable guidance is meant to refer to U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) promulgated by the Financial Accounting Standards Board (“FASB”). <p id="xdx_84E_eus-gaap--ConsolidationPolicyTextBlock_z3iGBTiCjcV" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: left; text-indent: 0pt">b. Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. c. Use of estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Significant estimates and assumptions reflected in these consolidated financial statements include the accrual of research and development expenses. Estimates and assumptions are periodically reviewed in-light of changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from management’s estimates. <p id="xdx_842_eus-gaap--SegmentReportingPolicyPolicyTextBlock_ztYbaZGwF6Xc" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: left; text-indent: 0pt">d. Segment information Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and assess performance. The Company views its operations and manages its business in one segment. <p id="xdx_847_eus-gaap--FairValueOfFinancialInstrumentsPolicy_zwEtrq4eZWLl" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: left; text-indent: 0pt">e. Fair value of financial instruments Management believes that the carrying amounts of the Company’s financial instruments, including accounts payable, approximate fair value due to the short-term nature of those instruments. <p id="xdx_846_eus-gaap--PropertyPlantAndEquipmentPolicyTextBlock_zGzDlRXQqWOj" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: left; text-indent: 0pt">f. Property and equipment Property and equipment are recorded at cost and depreciated using the straight-line method over the estimated useful lives of the assets. Expenditures for repairs and maintenance that do not extend the estimated useful life or improve an asset are expensed as incurred. Upon retirement or sale, the cost and related accumulated depreciation and amortization of assets disposed of are removed from the accounts, and any resulting gain or loss is included in the consolidated statement of operations. Sonnet BioTherapeutics Holdings, Inc. Notes to Consolidated Financial Statements <p id="xdx_84E_eus-gaap--ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock_z14OsGkYHDf6" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: left; text-indent: 0pt">g. Impairment of long-lived assets The Company reviews long-lived assets, such as property and equipment, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the undiscounted future cash flows expected to be generated by that asset. If the carrying amount of an asset exceeds its estimated undiscounted future cash flows, then an impairment charge is recognized for the amount by which the carrying value of the asset exceeds the estimated fair value of the asset. There were no impairment charges recorded during the fiscal years ended September 30, 2024 and 2023. <p id="xdx_842_eus-gaap--DeferredChargesPolicyTextBlock_zU2ce7mcau0g" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: left; text-indent: 0pt">h. Deferred offering costs Legal and other costs incurred in relation to equity offerings are capitalized as deferred offering costs and charged against the proceeds from equity offerings when received. If a financing is abandoned, deferred offering costs are expensed. As of September 30, 2024, the Company had $15,000 in deferred offering costs associated with a shelf registration statement. As of September 30, 2023, the Company had $49,988 in deferred offering costs. <p id="xdx_846_ecustom--IncentiveTaxReceivbalePolicyTextBlock_zLKAKHtL1y95" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: left; text-indent: 0pt">i. Incentive tax receivable Subsidiary is eligible to participate in an Australian research and development tax incentive program. As part of this program, Subsidiary is eligible to receive a cash refund from the Australian Taxation Office for a percentage of the research and development costs expended by Subsidiary in Australia. <span id="xdx_909_eus-gaap--RefundReceivedRelatedToRevenueFromDifferentYearYearRevenueRecognized_c20231001__20240930__us-gaap--TypeOfArrangementAxis__custom--ResearchAndDevelopmentTaxIncentiveProgramMember_zR3jf4jMXaAe">The cash refund is available to eligible companies with annual aggregate revenues of less than $20.0 million (Australian) during the reimbursable period. The Company estimates the amount of cash refund it expects to receive related to the Australian research and development tax incentive program and records the incentive when it is probable (i) the Company will comply with relevant conditions of the program and (ii) the incentive will be received. As of both September 30, 2024 and 2023, the Company’s estimate of the amount of cash refund it expects to receive for eligible spending related to the Australian research and development tax incentive program was $<span id="xdx_906_ecustom--IncentiveTaxReceivableCurrent_iI_pn5n6_c20230930__us-gaap--TypeOfArrangementAxis__custom--ResearchAndDevelopmentTaxIncentiveProgramMember_zIXz9ejmKK97" title="Incentive tax receivable current">0.8 million. In November 2024, the Company received a cash refund of $<span id="xdx_906_eus-gaap--ProceedsFromDepositsWithOtherInstitutions_pn5n6_c20241130__20241130__us-gaap--TypeOfArrangementAxis__custom--ResearchAndDevelopmentTaxIncentiveProgramMember_zUcFyL8w7tai" title="Cash refund">0.7 million, with the $<span id="xdx_90B_ecustom--ChangeInForeignExchangeRates_pn5n6_c20231201__20231231__us-gaap--TypeOfArrangementAxis__custom--ResearchAndDevelopmentTaxIncentiveProgramMember_zv5flhsSCC7" title="Change in foreign exchange rates">0.1 million difference attributable to a change in foreign exchange rates. In December 2023, the Company received a cash refund of $<span id="xdx_90D_eus-gaap--ProceedsFromDepositsWithOtherInstitutions_pn5n6_c20231201__20231231__us-gaap--TypeOfArrangementAxis__custom--ResearchAndDevelopmentTaxIncentiveProgramMember_z8JOBpeuAxi2" title="Cash refund">0.8 million. For each of the years ended September 30, 2024 and 2023, $<span id="xdx_904_ecustom--CashRefundExpectedToBeReceived_pn5n6_c20221001__20230930__us-gaap--TypeOfArrangementAxis__custom--ResearchAndDevelopmentTaxIncentiveProgramMember_z8IMHALlkSo4" title="Cash refund expected to be received">0.8 million for the expected net cash refund related to the tax incentive program was included in research and development expenses. <p id="xdx_84E_eus-gaap--DerivativesReportingOfDerivativeActivity_zlfkBZGk71N" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: left; text-indent: 0pt">j. Derivative liability The Company evaluates all features contained in financing agreements to determine if there are any embedded derivatives that require separate accounting from the underlying agreement. An embedded derivative that requires separation is accounted for as a separate asset or liability from the host agreement. The derivative asset or liability is accounted for at fair value, with changes in fair value recognized in the consolidated statement of operations. The Company determined that certain features under the ChEF Purchase Agreement (see Note 7) qualified as an embedded derivative. The derivative liability is accounted for separately from the ChEF Purchase Agreement at fair value, which has been deemed de minimus. <p id="xdx_842_eus-gaap--CollaborativeArrangementAccountingPolicy_zru2oWB0OI2b" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: left; text-indent: 0pt">k. Collaboration revenue Collaboration arrangements may contain multiple components, which may include (i) licenses; (ii) research and development activities; and (iii) the manufacturing and supply of certain materials. Payments pursuant to these arrangements may include non-refundable payments, upfront payments, milestone payments upon the achievement of significant regulatory and development events, sales milestones and royalties on product sales. The amount of variable consideration is constrained until it is probable that the revenue is not at a significant risk of reversal in a future period. In determining the appropriate amount of revenue to be recognized as the Company fulfills its obligations under a collaboration arrangement, the Company performs the following steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations, including whether they are capable of being distinct; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue as the Company satisfies each performance obligation. Sonnet BioTherapeutics Holdings, Inc. Notes to Consolidated Financial Statements The Company applies significant judgment when evaluating whether contractual obligations represent distinct performance obligations, allocating transaction price to performance obligations within a contract, determining when performance obligations have been met, and assessing the recognition of variable consideration. When consideration is received prior to the Company completing its performance obligation under the terms of a contract, a contract liability is recorded as deferred income. Deferred income expected to be recognized as revenue within the twelve months following the balance sheet date is classified as a current liability. In May 2021, the Company entered into a License Agreement (the “New Life Agreement”) with New Life. See Note 6 for further discussion of the New Life Agreement. <p id="xdx_841_eus-gaap--ResearchAndDevelopmentExpensePolicy_z1FqZ3qaAHPc" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0pt">l. Research and development expense Research and development expenses include all direct and indirect costs associated with the development of the Company’s biopharmaceutical products. These expenses include personnel costs, consulting fees, and payments to third parties for research, development, and manufacturing services. These costs are charged to expense as incurred. At the end of the reporting period, the Company compares payments made to third-party service providers to the estimated progress toward completion of the related project, based on the measure of progress as defined in the contract. Factors the Company considers in preparing the estimates include costs incurred by the service provider, milestones achieved, and other criteria related to the efforts of its service providers. Such estimates are subject to change as additional information becomes available. Depending on the timing of payment to the service providers and the progress that the Company estimates has been made as a result of the service provided, the Company will record a prepaid expense or accrued liability relating to these costs. Upfront milestone payments made to third parties who perform research and development services on the Company’s behalf are expensed as services are rendered. Contingent development or regulatory milestone payments are recognized upon the related resolution of such contingencies. <p id="xdx_846_eus-gaap--ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_zrpinuKgANp2" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">m. Foreign currency Transaction gains and losses resulting from exchange rate changes on transactions denominated in currencies other than the U.S. dollar are included in operations in the period in which the transaction occurs and reported within the foreign exchange loss line item in the consolidated statements of operations. <p id="xdx_845_eus-gaap--ShareBasedCompensationOptionAndIncentivePlansPolicy_zOjdU6SBA5Wj" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">n. Share-based compensation The Company measures equity classified share-based awards granted to employees and non-employees based on the estimated fair value on the date of grant and recognizes compensation expense of those awards over the requisite service period, which is the vesting period of the respective award. The Company accounts for forfeitures as they occur. For share-based awards with service-based vesting conditions, the Company recognizes compensation expense on a straight-line basis over the service period. The Company classifies share-based compensation expense in its consolidated statements of operations in the same manner in which the award recipient’s payroll costs are classified or in which the award recipient’s service payments are classified. o. Other income The Company has participated in the State of New Jersey’s Technology Business Tax Certificate Transfer Program (the “Program”) sponsored by the New Jersey Economic Development Authority. The Program enables approved biotechnology companies with unused net operating losses and unused research and development credits to sell these tax benefits for at least <span id="xdx_90B_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpenseResearchAndDevelopment_pid_dp_c20231001__20240930__srt--RangeAxis__srt--MinimumMember_zhQeeGuOaACi" title="Research and development credits tax benefits">80% of the value of the tax benefits to unaffiliated, profitable corporate taxpayers in the state of New Jersey. The Company received net proceeds of $4.3 million during the year ended September 30, 2024 from the sale of New Jersey state net operating losses through the Program, which is included in other income in the consolidated statements of operations. No such proceeds were received during the year ended September 30, 2023. Sonnet BioTherapeutics Holdings, Inc. Notes to Consolidated Financial Statements p. Income taxes The Company uses the asset-and-liability method of accounting for income taxes. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and operating loss and credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized. The Company recognizes the benefit of an uncertain tax position that it has taken or expects to take on its income tax return if such a position is more likely than not to be sustained. q. Reverse stock split On September 30, 2024, the Company filed a Certificate of Amendment to its Certificate of Incorporation, as amended, with the Secretary of State of the State of Delaware, which effected a 1-for-8 reverse stock split of the Company’s issued and outstanding shares of common stock. As a result of the reverse stock split, every 8 shares of common stock issued and outstanding was converted into one share of common stock. The reverse stock split affected all stockholders uniformly and did not alter any stockholder’s percentage interest in the Company’s equity. No fractional shares were issued in connection with the reverse stock split. Stockholders who would otherwise be entitled to a fractional share of common stock were instead entitled to receive a proportional cash payment. The reverse stock split did not change the par value or authorized number of shares of common stock. All common share and per share amounts presented in the consolidated financial statements and accompanying notes have been retroactively adjusted to reflect the reverse stock split. r. Net loss per share Basic net loss per share of common stock is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during each period (and potential shares of common stock that are exercisable for little or no consideration). Included in basic weighted-average number of shares of common stock outstanding during the year ended September 30, 2024 are the pre-funded October 2023 warrants to purchase <span id="xdx_90E_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20240930__us-gaap--StatementEquityComponentsAxis__custom--PrefundedOctoberTwoThousandTwentyThreeWarrantsMember_zHll6YH0vlej" title="Warrants to purchase">99,687 shares of common stock with an exercise price of $<span id="xdx_901_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20240930__us-gaap--StatementEquityComponentsAxis__custom--PrefundedOctoberTwoThousandTwentyThreeWarrantsMember_z5taFsALjI2d" title="Exercise price">0.0008 per share and warrants exercised through the June 2024 inducement offer for <span id="xdx_909_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20240930__us-gaap--StatementEquityComponentsAxis__custom--PrefundedOctoberTwoThousandTwentyThreeWarrantsMember_zitFvMaVsPr" title="Warrant, shares">187,500 shares of common stock that are being held in abeyance as of September 30, 2024 (see Note 7). Included in basic weighted-average number of shares of common stock outstanding during the year ended September 30, 2023 are the Series B warrants to purchase <span id="xdx_901_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20230930__us-gaap--StatementEquityComponentsAxis__custom--SeriesBWarrantsMember_zze2u51wJONi" title="Warrants to purchase common stock">17 shares of common stock with an exercise price of $0.25 per share, which were net share settled in November 2022. Diluted loss per share includes the effect, if any, from the potential exercise or conversion of securities such as common stock warrants and stock options which would result in the issuance of incremental shares of common stock. For diluted net loss per share, the weighted-average number of shares of common stock is the same for basic net loss per share due to the fact that when a net loss exists, dilutive securities are not included in the calculation as the impact is anti-dilutive. Sonnet BioTherapeutics Holdings, Inc. Notes to Consolidated Financial Statements <p id="xdx_89D_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_zEshqO9rfv0e" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The following potentially dilutive securities have been excluded from the computation of diluted shares of common stock outstanding as they would be anti-dilutive: Schedule of Potentially Dilutive Securities Excluded from Computation of Diluted Shares <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="2" id="xdx_49A_20231001__20240930_zHsuVcDF7jL4" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">2024</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="2" id="xdx_49B_20221001__20230930_zgUYOEoYRxxj" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">2023</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">September 30,</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">2024</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">2023</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr id="xdx_402_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonStockWarrantsAugustTwoThousandTwentyOneMember_zG1P5dKOj1T4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 64%; text-align: left">Common stock warrants August 2021</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">14,031</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">16,039</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--UnderwriterWarrantsAugustTwoThousandTwentyOneMember_z5MyShA5mLT9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Underwriter warrants August 2021</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">284</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">284</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--ChanticleerWarrantsMember_zu8KcWTp4BJ9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Chanticleer warrants</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">6</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">6</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--SeriesCWarrantsMember_zo4r81Z5qj86" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Series C warrants</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,297</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">4,591</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--SeriesThreeWarrantsMember_z169ypfvGSc8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Series 3 warrants</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,566</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,566</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--UnvestedRestrictedStockUnitsAndAwardsMember_z4yxxwIs73Wg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Unvested restricted stock units and awards</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">17,152</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">288</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonStockWarrantsFebruaryTwoThousandTwentyThreeMember_zwytHQ0SkS1k" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Common stock warrants February 2023</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">33,982</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">33,982</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--UnderwriterWarrantsFebruaryTwoThousandTwentyThreeMember_zcNO5zsS4eN3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Underwriter warrants February 2023</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,933</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">5,523</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonStockPrivatePlacementWarrantsJuneTwoThousandTwentyThreeMember_zB0bN2KP61Oi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Common stock private placement warrants June 2023</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">28,409</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">28,409</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--PlacementAgentWarrantsJuneTwoThousandTwentyThreeMember_zk3IYlnVMiQk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Placement agent warrants June 2023</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">852</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">852</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonStockWarrantsOctoberTwoThousandTwentyThreeMember_zSSUic54m8b5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Common stock warrants October 2023</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">354,994</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">—</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--UnderwriterWarrantsOctoberTwoThousandTwentyThreeMember_z02KazwgRgli" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Underwriter warrants October 2023</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">10,664</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">—</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--PlacementAgentWarrantsJuneTwoThousandTwentyFourMember_zMZCO44YmJ3k" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Placement agent warrants June 2024</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">14,142</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">—</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonStockWarrantsJuneTwoThousandTwentyFourMember_zIHB5heSCfc1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Common stock warrants June 2024</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">703,125</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">—</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_zfXSuCgEQyG9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Total anti-dilutive weighted average shares</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,183,437</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">91,540</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> </table> <p id="xdx_846_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zhEPheAk9Y7l" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: left; text-indent: 0pt">s. Recent accounting pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07, which is applicable to entities with a single reportable segment, will primarily require enhanced disclosures about significant segment expenses and enhanced disclosures in interim periods. The guidance in ASU 2023-07 will be applied retrospectively and is effective for annual reporting periods in fiscal years beginning after December 15, 2023 and interim reporting periods in fiscal years beginning after December 31, 2024, with early adoption permitted. The Company is currently evaluating the impact that the adoption of ASU 2023-07 will have on its consolidated financial statements and disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 is intended to improve income tax disclosure requirements by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) the disaggregation of income taxes paid by jurisdiction. The guidance makes several other changes to the income tax disclosure requirements. The guidance in ASU 2023-09 will be effective for annual reporting periods in fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact that the adoption of ASU 2023-09 will have on its consolidated financial statements and disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which is intended to provide more detailed information about specified categories of expenses (purchases of inventory, employee compensation, depreciation and amortization) included in certain expense captions presented on the consolidated statement of operations. The guidance in this ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either (1) prospectively to financial statements issued for periods after the effective date of this ASU or (2) retrospectively to all prior periods presented in the consolidated financial statements. The Company is currently evaluating the impact that the adoption of ASU 2024-03 will have on its consolidated financial statements and disclosures. Sonnet BioTherapeutics Holdings, Inc. Notes to Consolidated Financial Statements

<p id="xdx_846_eus-gaap--BasisOfAccountingPolicyPolicyTextBlock_zYOwrMZeEnSj" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: left; text-indent: 0pt">a. Basis of presentation The accompanying consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”). Any reference in these notes to applicable guidance is meant to refer to U.S. GAAP as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (“ASU”) promulgated by the Financial Accounting Standards Board (“FASB”).

<p id="xdx_84E_eus-gaap--ConsolidationPolicyTextBlock_z3iGBTiCjcV" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: left; text-indent: 0pt">b. Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

c. Use of estimates The preparation of the consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Significant estimates and assumptions reflected in these consolidated financial statements include the accrual of research and development expenses. Estimates and assumptions are periodically reviewed in-light of changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from management’s estimates.

<p id="xdx_842_eus-gaap--SegmentReportingPolicyPolicyTextBlock_ztYbaZGwF6Xc" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: left; text-indent: 0pt">d. Segment information Operating segments are defined as components of an enterprise about which separate discrete information is available for evaluation by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and assess performance. The Company views its operations and manages its business in one segment.

<p id="xdx_847_eus-gaap--FairValueOfFinancialInstrumentsPolicy_zwEtrq4eZWLl" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: left; text-indent: 0pt">e. Fair value of financial instruments Management believes that the carrying amounts of the Company’s financial instruments, including accounts payable, approximate fair value due to the short-term nature of those instruments.

<p id="xdx_846_eus-gaap--PropertyPlantAndEquipmentPolicyTextBlock_zGzDlRXQqWOj" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: left; text-indent: 0pt">f. Property and equipment Property and equipment are recorded at cost and depreciated using the straight-line method over the estimated useful lives of the assets. Expenditures for repairs and maintenance that do not extend the estimated useful life or improve an asset are expensed as incurred. Upon retirement or sale, the cost and related accumulated depreciation and amortization of assets disposed of are removed from the accounts, and any resulting gain or loss is included in the consolidated statement of operations.

<p id="xdx_84E_eus-gaap--ImpairmentOrDisposalOfLongLivedAssetsPolicyTextBlock_z14OsGkYHDf6" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: left; text-indent: 0pt">g. Impairment of long-lived assets The Company reviews long-lived assets, such as property and equipment, for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the undiscounted future cash flows expected to be generated by that asset. If the carrying amount of an asset exceeds its estimated undiscounted future cash flows, then an impairment charge is recognized for the amount by which the carrying value of the asset exceeds the estimated fair value of the asset. There were no impairment charges recorded during the fiscal years ended September 30, 2024 and 2023.

<p id="xdx_842_eus-gaap--DeferredChargesPolicyTextBlock_zU2ce7mcau0g" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: left; text-indent: 0pt">h. Deferred offering costs Legal and other costs incurred in relation to equity offerings are capitalized as deferred offering costs and charged against the proceeds from equity offerings when received. If a financing is abandoned, deferred offering costs are expensed. As of September 30, 2024, the Company had $15,000 in deferred offering costs associated with a shelf registration statement. As of September 30, 2023, the Company had $49,988 in deferred offering costs.

15000

49988

<p id="xdx_846_ecustom--IncentiveTaxReceivbalePolicyTextBlock_zLKAKHtL1y95" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: left; text-indent: 0pt">i. Incentive tax receivable Subsidiary is eligible to participate in an Australian research and development tax incentive program. As part of this program, Subsidiary is eligible to receive a cash refund from the Australian Taxation Office for a percentage of the research and development costs expended by Subsidiary in Australia. <span id="xdx_909_eus-gaap--RefundReceivedRelatedToRevenueFromDifferentYearYearRevenueRecognized_c20231001__20240930__us-gaap--TypeOfArrangementAxis__custom--ResearchAndDevelopmentTaxIncentiveProgramMember_zR3jf4jMXaAe">The cash refund is available to eligible companies with annual aggregate revenues of less than $20.0 million (Australian) during the reimbursable period. The Company estimates the amount of cash refund it expects to receive related to the Australian research and development tax incentive program and records the incentive when it is probable (i) the Company will comply with relevant conditions of the program and (ii) the incentive will be received. As of both September 30, 2024 and 2023, the Company’s estimate of the amount of cash refund it expects to receive for eligible spending related to the Australian research and development tax incentive program was $<span id="xdx_906_ecustom--IncentiveTaxReceivableCurrent_iI_pn5n6_c20230930__us-gaap--TypeOfArrangementAxis__custom--ResearchAndDevelopmentTaxIncentiveProgramMember_zIXz9ejmKK97" title="Incentive tax receivable current">0.8 million. In November 2024, the Company received a cash refund of $<span id="xdx_906_eus-gaap--ProceedsFromDepositsWithOtherInstitutions_pn5n6_c20241130__20241130__us-gaap--TypeOfArrangementAxis__custom--ResearchAndDevelopmentTaxIncentiveProgramMember_zUcFyL8w7tai" title="Cash refund">0.7 million, with the $<span id="xdx_90B_ecustom--ChangeInForeignExchangeRates_pn5n6_c20231201__20231231__us-gaap--TypeOfArrangementAxis__custom--ResearchAndDevelopmentTaxIncentiveProgramMember_zv5flhsSCC7" title="Change in foreign exchange rates">0.1 million difference attributable to a change in foreign exchange rates. In December 2023, the Company received a cash refund of $<span id="xdx_90D_eus-gaap--ProceedsFromDepositsWithOtherInstitutions_pn5n6_c20231201__20231231__us-gaap--TypeOfArrangementAxis__custom--ResearchAndDevelopmentTaxIncentiveProgramMember_z8JOBpeuAxi2" title="Cash refund">0.8 million. For each of the years ended September 30, 2024 and 2023, $<span id="xdx_904_ecustom--CashRefundExpectedToBeReceived_pn5n6_c20221001__20230930__us-gaap--TypeOfArrangementAxis__custom--ResearchAndDevelopmentTaxIncentiveProgramMember_z8IMHALlkSo4" title="Cash refund expected to be received">0.8 million for the expected net cash refund related to the tax incentive program was included in research and development expenses.

The cash refund is available to eligible companies with annual aggregate revenues of less than $20.0 million (Australian) during the reimbursable period.

800000

700000

100000

800000

<p id="xdx_84E_eus-gaap--DerivativesReportingOfDerivativeActivity_zlfkBZGk71N" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: left; text-indent: 0pt">j. Derivative liability The Company evaluates all features contained in financing agreements to determine if there are any embedded derivatives that require separate accounting from the underlying agreement. An embedded derivative that requires separation is accounted for as a separate asset or liability from the host agreement. The derivative asset or liability is accounted for at fair value, with changes in fair value recognized in the consolidated statement of operations. The Company determined that certain features under the ChEF Purchase Agreement (see Note 7) qualified as an embedded derivative. The derivative liability is accounted for separately from the ChEF Purchase Agreement at fair value, which has been deemed de minimus.

<p id="xdx_842_eus-gaap--CollaborativeArrangementAccountingPolicy_zru2oWB0OI2b" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: left; text-indent: 0pt">k. Collaboration revenue Collaboration arrangements may contain multiple components, which may include (i) licenses; (ii) research and development activities; and (iii) the manufacturing and supply of certain materials. Payments pursuant to these arrangements may include non-refundable payments, upfront payments, milestone payments upon the achievement of significant regulatory and development events, sales milestones and royalties on product sales. The amount of variable consideration is constrained until it is probable that the revenue is not at a significant risk of reversal in a future period. In determining the appropriate amount of revenue to be recognized as the Company fulfills its obligations under a collaboration arrangement, the Company performs the following steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations, including whether they are capable of being distinct; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue as the Company satisfies each performance obligation. Sonnet BioTherapeutics Holdings, Inc. Notes to Consolidated Financial Statements The Company applies significant judgment when evaluating whether contractual obligations represent distinct performance obligations, allocating transaction price to performance obligations within a contract, determining when performance obligations have been met, and assessing the recognition of variable consideration. When consideration is received prior to the Company completing its performance obligation under the terms of a contract, a contract liability is recorded as deferred income. Deferred income expected to be recognized as revenue within the twelve months following the balance sheet date is classified as a current liability. In May 2021, the Company entered into a License Agreement (the “New Life Agreement”) with New Life. See Note 6 for further discussion of the New Life Agreement.

<p id="xdx_841_eus-gaap--ResearchAndDevelopmentExpensePolicy_z1FqZ3qaAHPc" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify; text-indent: 0pt">l. Research and development expense Research and development expenses include all direct and indirect costs associated with the development of the Company’s biopharmaceutical products. These expenses include personnel costs, consulting fees, and payments to third parties for research, development, and manufacturing services. These costs are charged to expense as incurred. At the end of the reporting period, the Company compares payments made to third-party service providers to the estimated progress toward completion of the related project, based on the measure of progress as defined in the contract. Factors the Company considers in preparing the estimates include costs incurred by the service provider, milestones achieved, and other criteria related to the efforts of its service providers. Such estimates are subject to change as additional information becomes available. Depending on the timing of payment to the service providers and the progress that the Company estimates has been made as a result of the service provided, the Company will record a prepaid expense or accrued liability relating to these costs. Upfront milestone payments made to third parties who perform research and development services on the Company’s behalf are expensed as services are rendered. Contingent development or regulatory milestone payments are recognized upon the related resolution of such contingencies.

<p id="xdx_846_eus-gaap--ForeignCurrencyTransactionsAndTranslationsPolicyTextBlock_zrpinuKgANp2" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">m. Foreign currency Transaction gains and losses resulting from exchange rate changes on transactions denominated in currencies other than the U.S. dollar are included in operations in the period in which the transaction occurs and reported within the foreign exchange loss line item in the consolidated statements of operations.

<p id="xdx_845_eus-gaap--ShareBasedCompensationOptionAndIncentivePlansPolicy_zOjdU6SBA5Wj" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">n. Share-based compensation The Company measures equity classified share-based awards granted to employees and non-employees based on the estimated fair value on the date of grant and recognizes compensation expense of those awards over the requisite service period, which is the vesting period of the respective award. The Company accounts for forfeitures as they occur. For share-based awards with service-based vesting conditions, the Company recognizes compensation expense on a straight-line basis over the service period. The Company classifies share-based compensation expense in its consolidated statements of operations in the same manner in which the award recipient’s payroll costs are classified or in which the award recipient’s service payments are classified.

o. Other income The Company has participated in the State of New Jersey’s Technology Business Tax Certificate Transfer Program (the “Program”) sponsored by the New Jersey Economic Development Authority. The Program enables approved biotechnology companies with unused net operating losses and unused research and development credits to sell these tax benefits for at least <span id="xdx_90B_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpenseResearchAndDevelopment_pid_dp_c20231001__20240930__srt--RangeAxis__srt--MinimumMember_zhQeeGuOaACi" title="Research and development credits tax benefits">80% of the value of the tax benefits to unaffiliated, profitable corporate taxpayers in the state of New Jersey. The Company received net proceeds of $4.3 million during the year ended September 30, 2024 from the sale of New Jersey state net operating losses through the Program, which is included in other income in the consolidated statements of operations. No such proceeds were received during the year ended September 30, 2023.

0.80

4300000

p. Income taxes The Company uses the asset-and-liability method of accounting for income taxes. Deferred tax assets and liabilities are recognized for the estimated future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases, and operating loss and credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized. The Company recognizes the benefit of an uncertain tax position that it has taken or expects to take on its income tax return if such a position is more likely than not to be sustained.

q. Reverse stock split On September 30, 2024, the Company filed a Certificate of Amendment to its Certificate of Incorporation, as amended, with the Secretary of State of the State of Delaware, which effected a 1-for-8 reverse stock split of the Company’s issued and outstanding shares of common stock. As a result of the reverse stock split, every 8 shares of common stock issued and outstanding was converted into one share of common stock. The reverse stock split affected all stockholders uniformly and did not alter any stockholder’s percentage interest in the Company’s equity. No fractional shares were issued in connection with the reverse stock split. Stockholders who would otherwise be entitled to a fractional share of common stock were instead entitled to receive a proportional cash payment. The reverse stock split did not change the par value or authorized number of shares of common stock. All common share and per share amounts presented in the consolidated financial statements and accompanying notes have been retroactively adjusted to reflect the reverse stock split.

1-for-8 reverse stock split

r. Net loss per share Basic net loss per share of common stock is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during each period (and potential shares of common stock that are exercisable for little or no consideration). Included in basic weighted-average number of shares of common stock outstanding during the year ended September 30, 2024 are the pre-funded October 2023 warrants to purchase <span id="xdx_90E_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20240930__us-gaap--StatementEquityComponentsAxis__custom--PrefundedOctoberTwoThousandTwentyThreeWarrantsMember_zHll6YH0vlej" title="Warrants to purchase">99,687 shares of common stock with an exercise price of $<span id="xdx_901_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20240930__us-gaap--StatementEquityComponentsAxis__custom--PrefundedOctoberTwoThousandTwentyThreeWarrantsMember_z5taFsALjI2d" title="Exercise price">0.0008 per share and warrants exercised through the June 2024 inducement offer for <span id="xdx_909_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20240930__us-gaap--StatementEquityComponentsAxis__custom--PrefundedOctoberTwoThousandTwentyThreeWarrantsMember_zitFvMaVsPr" title="Warrant, shares">187,500 shares of common stock that are being held in abeyance as of September 30, 2024 (see Note 7). Included in basic weighted-average number of shares of common stock outstanding during the year ended September 30, 2023 are the Series B warrants to purchase <span id="xdx_901_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20230930__us-gaap--StatementEquityComponentsAxis__custom--SeriesBWarrantsMember_zze2u51wJONi" title="Warrants to purchase common stock">17 shares of common stock with an exercise price of $0.25 per share, which were net share settled in November 2022. Diluted loss per share includes the effect, if any, from the potential exercise or conversion of securities such as common stock warrants and stock options which would result in the issuance of incremental shares of common stock. For diluted net loss per share, the weighted-average number of shares of common stock is the same for basic net loss per share due to the fact that when a net loss exists, dilutive securities are not included in the calculation as the impact is anti-dilutive. Sonnet BioTherapeutics Holdings, Inc. Notes to Consolidated Financial Statements <p id="xdx_89D_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_zEshqO9rfv0e" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The following potentially dilutive securities have been excluded from the computation of diluted shares of common stock outstanding as they would be anti-dilutive: Schedule of Potentially Dilutive Securities Excluded from Computation of Diluted Shares <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="2" id="xdx_49A_20231001__20240930_zHsuVcDF7jL4" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">2024</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="2" id="xdx_49B_20221001__20230930_zgUYOEoYRxxj" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">2023</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">September 30,</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">2024</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">2023</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr id="xdx_402_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonStockWarrantsAugustTwoThousandTwentyOneMember_zG1P5dKOj1T4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 64%; text-align: left">Common stock warrants August 2021</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">14,031</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">16,039</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--UnderwriterWarrantsAugustTwoThousandTwentyOneMember_z5MyShA5mLT9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Underwriter warrants August 2021</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">284</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">284</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--ChanticleerWarrantsMember_zu8KcWTp4BJ9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Chanticleer warrants</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">6</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">6</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--SeriesCWarrantsMember_zo4r81Z5qj86" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Series C warrants</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,297</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">4,591</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--SeriesThreeWarrantsMember_z169ypfvGSc8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Series 3 warrants</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,566</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,566</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--UnvestedRestrictedStockUnitsAndAwardsMember_z4yxxwIs73Wg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Unvested restricted stock units and awards</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">17,152</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">288</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonStockWarrantsFebruaryTwoThousandTwentyThreeMember_zwytHQ0SkS1k" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Common stock warrants February 2023</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">33,982</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">33,982</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--UnderwriterWarrantsFebruaryTwoThousandTwentyThreeMember_zcNO5zsS4eN3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Underwriter warrants February 2023</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,933</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">5,523</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonStockPrivatePlacementWarrantsJuneTwoThousandTwentyThreeMember_zB0bN2KP61Oi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Common stock private placement warrants June 2023</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">28,409</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">28,409</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--PlacementAgentWarrantsJuneTwoThousandTwentyThreeMember_zk3IYlnVMiQk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Placement agent warrants June 2023</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">852</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">852</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonStockWarrantsOctoberTwoThousandTwentyThreeMember_zSSUic54m8b5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Common stock warrants October 2023</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">354,994</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">—</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--UnderwriterWarrantsOctoberTwoThousandTwentyThreeMember_z02KazwgRgli" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Underwriter warrants October 2023</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">10,664</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">—</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--PlacementAgentWarrantsJuneTwoThousandTwentyFourMember_zMZCO44YmJ3k" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Placement agent warrants June 2024</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">14,142</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">—</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonStockWarrantsJuneTwoThousandTwentyFourMember_zIHB5heSCfc1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Common stock warrants June 2024</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">703,125</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">—</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_zfXSuCgEQyG9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Total anti-dilutive weighted average shares</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,183,437</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">91,540</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> </table>

99687

0.0008

187500

0.25

<p id="xdx_89D_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_zEshqO9rfv0e" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The following potentially dilutive securities have been excluded from the computation of diluted shares of common stock outstanding as they would be anti-dilutive: Schedule of Potentially Dilutive Securities Excluded from Computation of Diluted Shares <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="2" id="xdx_49A_20231001__20240930_zHsuVcDF7jL4" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">2024</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="2" id="xdx_49B_20221001__20230930_zgUYOEoYRxxj" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">2023</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">September 30,</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">2024</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom">2023</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr id="xdx_402_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonStockWarrantsAugustTwoThousandTwentyOneMember_zG1P5dKOj1T4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 64%; text-align: left">Common stock warrants August 2021</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">14,031</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">16,039</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--UnderwriterWarrantsAugustTwoThousandTwentyOneMember_z5MyShA5mLT9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Underwriter warrants August 2021</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">284</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">284</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--ChanticleerWarrantsMember_zu8KcWTp4BJ9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Chanticleer warrants</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">6</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">6</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--SeriesCWarrantsMember_zo4r81Z5qj86" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Series C warrants</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2,297</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">4,591</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--SeriesThreeWarrantsMember_z169ypfvGSc8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Series 3 warrants</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,566</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,566</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--UnvestedRestrictedStockUnitsAndAwardsMember_z4yxxwIs73Wg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Unvested restricted stock units and awards</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">17,152</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">288</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonStockWarrantsFebruaryTwoThousandTwentyThreeMember_zwytHQ0SkS1k" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Common stock warrants February 2023</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">33,982</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">33,982</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--UnderwriterWarrantsFebruaryTwoThousandTwentyThreeMember_zcNO5zsS4eN3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Underwriter warrants February 2023</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">1,933</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">5,523</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonStockPrivatePlacementWarrantsJuneTwoThousandTwentyThreeMember_zB0bN2KP61Oi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Common stock private placement warrants June 2023</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">28,409</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">28,409</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--PlacementAgentWarrantsJuneTwoThousandTwentyThreeMember_zk3IYlnVMiQk" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Placement agent warrants June 2023</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">852</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">852</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonStockWarrantsOctoberTwoThousandTwentyThreeMember_zSSUic54m8b5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Common stock warrants October 2023</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">354,994</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">—</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--UnderwriterWarrantsOctoberTwoThousandTwentyThreeMember_z02KazwgRgli" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Underwriter warrants October 2023</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">10,664</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">—</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--PlacementAgentWarrantsJuneTwoThousandTwentyFourMember_zMZCO44YmJ3k" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Placement agent warrants June 2024</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">14,142</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">—</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonStockWarrantsJuneTwoThousandTwentyFourMember_zIHB5heSCfc1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Common stock warrants June 2024</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">703,125</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">—</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_zfXSuCgEQyG9" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Total anti-dilutive weighted average shares</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">1,183,437</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">91,540</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> </table>

14031

16039

284

2297

4591

1566

17152

288

33982

1933

5523

28409

852

354994

10664

14142

703125

1183437

91540

<p id="xdx_846_eus-gaap--NewAccountingPronouncementsPolicyPolicyTextBlock_zhEPheAk9Y7l" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: left; text-indent: 0pt">s. Recent accounting pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07, which is applicable to entities with a single reportable segment, will primarily require enhanced disclosures about significant segment expenses and enhanced disclosures in interim periods. The guidance in ASU 2023-07 will be applied retrospectively and is effective for annual reporting periods in fiscal years beginning after December 15, 2023 and interim reporting periods in fiscal years beginning after December 31, 2024, with early adoption permitted. The Company is currently evaluating the impact that the adoption of ASU 2023-07 will have on its consolidated financial statements and disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 is intended to improve income tax disclosure requirements by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) the disaggregation of income taxes paid by jurisdiction. The guidance makes several other changes to the income tax disclosure requirements. The guidance in ASU 2023-09 will be effective for annual reporting periods in fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact that the adoption of ASU 2023-09 will have on its consolidated financial statements and disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which is intended to provide more detailed information about specified categories of expenses (purchases of inventory, employee compensation, depreciation and amortization) included in certain expense captions presented on the consolidated statement of operations. The guidance in this ASU is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either (1) prospectively to financial statements issued for periods after the effective date of this ASU or (2) retrospectively to all prior periods presented in the consolidated financial statements. The Company is currently evaluating the impact that the adoption of ASU 2024-03 will have on its consolidated financial statements and disclosures.

<p id="xdx_800_eus-gaap--AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock_zc0OcGSco4oe" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">3. Accrued Expenses and Other Current Liabilities <p id="xdx_890_eus-gaap--ScheduleOfAccruedLiabilitiesTableTextBlock_z6OMJIICMscf" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Accrued expenses and other current liabilities consisted of the following: Schedule of Accrued Expenses and Other Current Liabilities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="2" id="xdx_497_20240930_zCLaN7h2YoN4" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">2024</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="2" id="xdx_49E_20230930_zacxI262MNk" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">2023</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">September 30,</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">2024</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">2023</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr id="xdx_40E_ecustom--AccruedCompensationAndBenefitsCurrent_iI_pp0p0_maALCzUHN_zd2C8trpGbPg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 64%; text-align: justify">Compensation and benefits</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">149,802</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">2,091,196</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--AccruedResearchAndDevelopmentCurrent_iI_pp0p0_maALCzUHN_zIuGFDtPmM" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Research and development</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">617,545</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">913,145</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--AccruedProfessionalFeesCurrent_iI_pp0p0_maALCzUHN_zoFgszRUHN7e" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Professional fees</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">173,319</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">224,031</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--OtherAccruedLiabilitiesCurrent_iI_pp0p0_maALCzUHN_z7VuIvzaV2Fd" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,823</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2,550</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--AccountsPayableAndOtherAccruedLiabilitiesCurrent_iTI_pp0p0_mtALCzUHN_zP7zbU0dYPA8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Accrued expenses and other current liabilities</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">942,489</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">3,230,922</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> </table> During the first quarter of 2024, the Company cancelled accrued but unpaid bonuses that had been awarded for fiscal years 2022 and 2023, which has been accounted for as a change in estimate. The cancellation of bonuses reduced research and development expenses by $1.0 million and general and administrative expenses by $0.9 million for the year ended September 30, 2024.

<p id="xdx_890_eus-gaap--ScheduleOfAccruedLiabilitiesTableTextBlock_z6OMJIICMscf" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Accrued expenses and other current liabilities consisted of the following: Schedule of Accrued Expenses and Other Current Liabilities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="2" id="xdx_497_20240930_zCLaN7h2YoN4" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">2024</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="2" id="xdx_49E_20230930_zacxI262MNk" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">2023</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">September 30,</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">2024</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">2023</td><td style="font: bold 10pt Times New Roman, Times, Serif; text-align: center"> </td></tr> <tr id="xdx_40E_ecustom--AccruedCompensationAndBenefitsCurrent_iI_pp0p0_maALCzUHN_zd2C8trpGbPg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 64%; text-align: justify">Compensation and benefits</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">149,802</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">2,091,196</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--AccruedResearchAndDevelopmentCurrent_iI_pp0p0_maALCzUHN_zIuGFDtPmM" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Research and development</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">617,545</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">913,145</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--AccruedProfessionalFeesCurrent_iI_pp0p0_maALCzUHN_zoFgszRUHN7e" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Professional fees</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">173,319</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">224,031</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--OtherAccruedLiabilitiesCurrent_iI_pp0p0_maALCzUHN_z7VuIvzaV2Fd" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Other</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,823</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">2,550</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--AccountsPayableAndOtherAccruedLiabilitiesCurrent_iTI_pp0p0_mtALCzUHN_zP7zbU0dYPA8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Accrued expenses and other current liabilities</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">942,489</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">3,230,922</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> </table>

149802 2091196 617545 913145

173319

224031

1823

2550

942489

3230922

1000000.0 900000

4. Leases In December 2019, the Company entered into a 36-month lease for office space in Princeton, New Jersey, which commenced February 1, 2020. In May 2022, the Company amended the existing lease agreement in order to increase the lease term by approximately three years, which has been accounted for as a lease modification. The operating lease right-of-use asset and liability were remeasured at the modification date, resulting in an increase to both balances of $0.2 million The components of lease expense for the years ended September 30, 2024 and 2023 are as follows: Schedule of Lease Expenses <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font: italic 10pt Times New Roman, Times, Serif; text-align: justify">Lease expense</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" id="xdx_497_20231001__20240930_zhVA4eTdLxI1" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">2024</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" id="xdx_497_20221001__20230930_zMLqfymkODDc" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">2023</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr id="xdx_406_eus-gaap--OperatingLeaseCost_i01_maLCzRSg_z2IxciFswo7g" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 64%; text-align: justify">Operating lease expense</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">90,837</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">90,837</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--VariableLeaseCost_i01_maLCzRSg_zVmQhEER3RCj" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Variable lease expense</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,472</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">5,978</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--LeaseCost_iT_pp0p0_mtLCzRSg_zohnSxDHBX5l" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify">Total lease cost</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">92,309</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">96,815</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> </table> At September 30, 2024, the weighted average remaining lease term was 1.6 years and the weighted average discount rate was 12%. <p id="xdx_89D_ecustom--ScheduleOfOperatingLeasesOfLesseeTableTextBlock_zLKvbNUVFFT1" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Cash flow information related to operating leases for the years ended September 30, 2024 and 2023 is as follows: Schedule of Operating Lease Liabilities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify">Cash paid for amounts included in the measurement of lease liabilities:</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2024</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2023</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 64%; text-align: justify">Operating cash flows from operating leases</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--OperatingLeasePayments_pp0p0_c20231001__20240930_ztBdfUvR3RM5" style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right" title="Operating cash flow from operating lease">93,614</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td id="xdx_983_eus-gaap--OperatingLeasePayments_pp0p0_c20221001__20230930_z1GI7dQ58kGf" style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right" title="Operating cash flow from operating lease">79,259</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> </table> <p id="xdx_89A_eus-gaap--LesseeOperatingLeaseLiabilityMaturityTableTextBlock_zrEWxRohTix" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Future minimum lease payments under non-cancellable leases at September 30, 2024 are as follows: Schedule of Future Minimum Lease Payments <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: italic 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" id="xdx_49A_20240930_zZz7pUnJ6bz1" style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: italic 10pt Times New Roman, Times, Serif; text-align: left">Fiscal year</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr id="xdx_406_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_pp0p0_maLOLLPzlFn_zZK9PdQNFeq4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 80%; text-align: left">2025</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right">95,487</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_maLOLLPzlFn_zik2njlB8VD5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left">2026</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">48,216</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iTI_pp0p0_mtLOLLPzlFn_zoXEnoZky3Of" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Total undiscounted lease payments</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">143,703</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_pp0p0_di_zcY2aeO5yfY5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Less: imputed interest</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(12,839</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr> <tr id="xdx_406_eus-gaap--OperatingLeaseLiability_iI_pp0p0_z5IYUUXljYGj" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Total lease liabilities</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">130,864</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> </table> Sonnet BioTherapeutics Holdings, Inc. Notes to Consolidated Financial Statements

P36M

200000

The components of lease expense for the years ended September 30, 2024 and 2023 are as follows: Schedule of Lease Expenses <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font: italic 10pt Times New Roman, Times, Serif; text-align: justify">Lease expense</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" id="xdx_497_20231001__20240930_zhVA4eTdLxI1" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">2024</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" id="xdx_497_20221001__20230930_zMLqfymkODDc" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">2023</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr id="xdx_406_eus-gaap--OperatingLeaseCost_i01_maLCzRSg_z2IxciFswo7g" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 64%; text-align: justify">Operating lease expense</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">90,837</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">90,837</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--VariableLeaseCost_i01_maLCzRSg_zVmQhEER3RCj" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">Variable lease expense</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">1,472</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">5,978</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_407_eus-gaap--LeaseCost_iT_pp0p0_mtLCzRSg_zohnSxDHBX5l" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: bold 10pt Times New Roman, Times, Serif; text-align: justify">Total lease cost</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">92,309</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">96,815</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> </table>

90837

1472

5978

92309

96815

P1Y7M6D

0.12

<p id="xdx_89D_ecustom--ScheduleOfOperatingLeasesOfLesseeTableTextBlock_zLKvbNUVFFT1" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Cash flow information related to operating leases for the years ended September 30, 2024 and 2023 is as follows: Schedule of Operating Lease Liabilities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: justify">Cash paid for amounts included in the measurement of lease liabilities:</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2024</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2023</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 64%; text-align: justify">Operating cash flows from operating leases</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--OperatingLeasePayments_pp0p0_c20231001__20240930_ztBdfUvR3RM5" style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right" title="Operating cash flow from operating lease">93,614</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td id="xdx_983_eus-gaap--OperatingLeasePayments_pp0p0_c20221001__20230930_z1GI7dQ58kGf" style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right" title="Operating cash flow from operating lease">79,259</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> </table>

93614

79259

<p id="xdx_89A_eus-gaap--LesseeOperatingLeaseLiabilityMaturityTableTextBlock_zrEWxRohTix" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">Future minimum lease payments under non-cancellable leases at September 30, 2024 are as follows: Schedule of Future Minimum Lease Payments <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: italic 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" id="xdx_49A_20240930_zZz7pUnJ6bz1" style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: italic 10pt Times New Roman, Times, Serif; text-align: left">Fiscal year</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td></tr> <tr id="xdx_406_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths_iI_pp0p0_maLOLLPzlFn_zZK9PdQNFeq4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 80%; text-align: left">2025</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 16%; text-align: right">95,487</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDueYearTwo_iI_maLOLLPzlFn_zik2njlB8VD5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: left">2026</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">48,216</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--LesseeOperatingLeaseLiabilityPaymentsDue_iTI_pp0p0_mtLOLLPzlFn_zoXEnoZky3Of" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Total undiscounted lease payments</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">143,703</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--LesseeOperatingLeaseLiabilityUndiscountedExcessAmount_iNI_pp0p0_di_zcY2aeO5yfY5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Less: imputed interest</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(12,839</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr> <tr id="xdx_406_eus-gaap--OperatingLeaseLiability_iI_pp0p0_z5IYUUXljYGj" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Total lease liabilities</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">130,864</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> </table>

95487

48216

143703

12839

130864

<p id="xdx_809_eus-gaap--CommitmentsAndContingenciesDisclosureTextBlock_zWUOnc1P23Ma" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: left">5. Commitments and Contingencies Legal proceedings From time to time, the Company is a party to various lawsuits, claims, and other legal proceedings that arise in the ordinary course of its business. While the outcomes of these matters are uncertain, management does not expect that the ultimate costs to resolve these matters will have a material adverse effect on the Company’s consolidated financial position, results of operations, or cash flows. License agreements In July 2012, the Company entered into a Discovery Collaboration Agreement (the “Collaboration Agreement”) with XOMA (US) LLC (“XOMA”), pursuant to which XOMA granted to the Company a non-exclusive, non-transferable license and/or right to use certain materials, technologies and related information related to discovery, optimization and development of antibodies and related proteins and to develop and commercialize products thereunder. The Company is obligated to make contingent milestone payments to XOMA totaling $<span id="xdx_90B_ecustom--MilestonePayments_iI_pn5n6_c20120731__us-gaap--TypeOfArrangementAxis__custom--DiscoveryCollaborationAgreementsMember__dei--LegalEntityAxis__custom--XOMAMember_zl81pk89RICc" title="Milestone payments">3.8 million on a product-by-product basis upon the achievement of certain development and approval milestones related to a product. The Company has also agreed to pay XOMA low single-digit royalties on net sales of products sold by the Company. Royalties on each product are payable on a country-by-country basis until the later of (i) a specified period of time after the first commercial sale, and (ii) the date of expiration of the last valid claim in the last-to-expire of the issued patents covered by the Collaboration Agreement. The first milestone was achieved in April 2022, at which time the Company incurred a $<span id="xdx_90A_ecustom--LicenseFees_pn5n6_c20220401__20220430__us-gaap--TypeOfArrangementAxis__custom--DiscoveryCollaborationAgreementsMember__dei--LegalEntityAxis__custom--XOMAMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--InProcessResearchAndDevelopmentMember_zQOZwXO9VSzg" title="License fees">0.5 million license fee which was recorded as acquired in-process research and development. <span id="xdx_908_ecustom--LicenseFees_do_c20231001__20240930__us-gaap--TypeOfArrangementAxis__custom--DiscoveryCollaborationAgreementsMember__dei--LegalEntityAxis__custom--XOMAMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--InProcessResearchAndDevelopmentMember_zR1a20tUgD9l" title="License fee"><span id="xdx_90E_ecustom--LicenseFees_do_c20221001__20230930__us-gaap--TypeOfArrangementAxis__custom--DiscoveryCollaborationAgreementsMember__dei--LegalEntityAxis__custom--XOMAMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--InProcessResearchAndDevelopmentMember_zlv3HC2YMie7" title="License fee">No license fees were incurred during the years ended September 30, 2024 and 2023. In August 2015, the Company entered into a License Agreement (the “ARES License Agreement”) with Ares Trading, a wholly-owned subsidiary of Merck KGaA (“ARES”). Under the terms of the ARES License Agreement, ARES has granted the Company a sublicensable, exclusive, worldwide, royalty-bearing license on proprietary patents to research, develop, use and commercialize products using atexakin alfa (“Atexakin”), a low dose formulation of human IL-6 in peripheral neuropathies and vascular complications. Pursuant to the ARES License Agreement, the Company will pay ARES high single-digit royalties on net sales of products sold by the Company. Royalties are payable on a product-by-product and country-by-country basis until the later of (i) a specified period of time after the first commercial sale in such country, and (ii) the last date on which such product is covered by a valid claim in such country. In January 2019, the Company entered into a Frame Services and License Agreement (the “Cellca Agreement”) with Sartorius Stedim Cellca GMBH (“Cellca”), pursuant to which Cellca has granted the Company a worldwide, non-exclusive, perpetual, non-transferable license to develop, manufacture or have manufactured, use, sell, import, export and/or otherwise commercialize product based on Cellca’s work to generate a specified transfected cell line and develop an upstream production process for such cell line. The Cellca Agreement is effective unless terminated by either party by giving six months notice, or by giving 14 days notice if terminated for good cause. The Company is obligated to make milestone payments to Cellca totaling up to $0.7 million upon the achievement of certain development and approval milestones if the Buy-Out Option is not exercised. The Company has a Buy-Out Option that will be effective between the time of completion of a clinical trial and the receipt of regulatory approval for commercialization of product. The cost to exercise the Buy-Out Option increases on each anniversary of the commencement date of the Buy-Out Option Period, and ranges from $<span id="xdx_900_ecustom--PaymentForAnnualLicenseFeeObligation_iI_pn5n6_c20240930__us-gaap--TypeOfArrangementAxis__custom--TheCellcaAgreementMember__srt--RangeAxis__srt--MinimumMember_zB6ex1FsJ32c" title="Payment for annual license fee obligation">0.1 million to $<span id="xdx_909_ecustom--PaymentForAnnualLicenseFeeObligation_iI_pn5n6_c20240930__us-gaap--TypeOfArrangementAxis__custom--TheCellcaAgreementMember__srt--RangeAxis__srt--MaximumMember_zCtif6aqYun9" title="Payment for annual license fee obligation">0.6 million. The cost to exercise the Buy-Out Option will replace the $0.6 million contingent milestone payment due upon final regulatory approval. The first milestone was achieved in April 2022, at which time the Company incurred a $<span id="xdx_900_ecustom--CommericalProductLicenseFeePaymentObligation_iI_pn5n6_c20220430__us-gaap--TypeOfArrangementAxis__custom--TheCellcaAgreementMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--InProcessResearchAndDevelopmentMember_zcDMxpfORgB1" title="Commercial product license fee payment obligation">0.1 million license fees which was recorded as acquired in-process research and development. <span id="xdx_907_ecustom--LicenseFees_do_c20231001__20240930__us-gaap--TypeOfArrangementAxis__custom--TheCellcaAgreementMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--InProcessResearchAndDevelopmentMember_zvvWZUS9OFfh" title="License fees"><span id="xdx_901_ecustom--LicenseFees_do_c20221001__20230930__us-gaap--TypeOfArrangementAxis__custom--TheCellcaAgreementMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--InProcessResearchAndDevelopmentMember_zZJKECefe5U3" title="License fees">No license fees were incurred during the years ended September 30, 2024 and 2023. Sonnet BioTherapeutics Holdings, Inc. Notes to Consolidated Financial Statements In October 2021, the Company entered into a Non-Exclusive License Agreement (the “Brink Agreement”) with Brink Biologics Inc. (“Brink”), pursuant to which Brink has granted the Company a non-exclusive, non-transferable license and limited right to sublicense certain materials and related information to develop cell-based assays for batch, quality control, stability, efficacy, potency or any other type of assay required for production and commercialization of products. During the product development phase, the Company was obligated to make annual product development license fee payments of approximately $<span id="xdx_900_ecustom--DevelopmentLicenseFeePaymentObligation_iI_pn5n6_c20240930__us-gaap--TypeOfArrangementAxis__custom--TheBrinkAgreementMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--InProcessResearchAndDevelopmentMember_zhYACplWH3M9" title="Commercial product license fee payment obligation">0.1 million. In April 2023, the Brink Agreement was amended, effective November 2022, to reduce the annual license fee payments to $12,000 for storage. If materials are removed from storage during the product development phase, the annual product development license fee of approximately $<span id="xdx_904_ecustom--DevelopmentLicenseFeePaymentObligation_iI_pn5n6_c20240930__us-gaap--TypeOfArrangementAxis__custom--TheBrinkAgreementMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--InProcessResearchAndDevelopmentMember_zll6QUaDooph" title="Development license fee payments">0.1 million will apply. If a product achieves commercial status, the Company is obligated to make a commercial product license fee payment of approximately $<span id="xdx_904_ecustom--CommericalProductLicenseFeePaymentObligation_iI_pn5n6_c20240930__us-gaap--TypeOfArrangementAxis__custom--TheBrinkAgreementMember_zm1krQnimBH" title="Commercial product license fee payment obligation">0.1 million per commercial product. The amended agreement has an initial term of one year and will automatically renew for one additional year unless terminated or converted to a product development license. After the second year, the license will automatically convert to a full license requiring a product development or a commercial product license fee unless the parties mutually agree to terminate the agreement. The Company incurred $<span id="xdx_905_ecustom--LicenseFees_c20231001__20240930__us-gaap--TypeOfArrangementAxis__custom--TheBrinkAgreementMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--InProcessResearchAndDevelopmentMember_zyBjZGASzzng" title="License fee"><span id="xdx_903_ecustom--LicenseFees_c20221001__20230930__us-gaap--TypeOfArrangementAxis__custom--TheBrinkAgreementMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--InProcessResearchAndDevelopmentMember_z8q7aHljwo6l" title="License fee">12,000 in license fees during each of the years ended September 30, 2024 and 2023, which were recorded as acquired in-process research and development and included in research and development expenses in the consolidated statements of operations. In February 2022, the Company entered into a Biological Materials License Agreement (the “InvivoGen Agreement”) with InvivoGen SAS (“InvivoGen”), pursuant to which InvivoGen has granted the Company a worldwide, non-exclusive license to use certain reporter cells for research, development and/or quality control purposes. The InvivoGen Agreement has an initial term of three years and may be extended for two additional three-year periods upon written notice by the Company and payment of an approximately €<span id="xdx_90C_ecustom--PaymentForAnnualLicenseFeeObligation_iI_pn5n6_uEuro_c20240930__us-gaap--TypeOfArrangementAxis__custom--InvivoGenAgreementMember_zG82t59Lpolb" title="Payment for annual license fee obligation">0.1 million fee per extension (approximately $<span id="xdx_90B_ecustom--PaymentForAnnualLicenseFeeObligation_iI_pn5n6_c20240930__us-gaap--TypeOfArrangementAxis__custom--InvivoGenAgreementMember_zDUBOmRAgbHk" title="Payment for annual license fee obligation">0.1 million as of September 30, 2024). No license fees were incurred for the years ended September 30, 2024 and 2023. In March 2022, the Company entered into a Material Transfer and License Agreement (the “ProteoNic Agreement”) with ProteoNic B.V. (“ProteoNic”), pursuant to which ProteoNic has granted to the Company a non-exclusive, non-transferable, non-sublicensable (except as provided for in the ProteoNic Agreement) license for certain materials, including plasmids and DNA sequences used to generate the vectors used in the Company’s cell lines, for the Company’s use in research, development and commercialization of product. The Company incurred a $<span id="xdx_903_ecustom--LicenseFees_c20220301__20220331__us-gaap--TypeOfArrangementAxis__custom--ProteoNicAgreementMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--InProcessResearchAndDevelopmentMember_zmZW8LYHmIrf" title="Annual license fee">24,600 license fee upon obtaining the license. No license fees were incurred during the years ended September 30, 2024 and 2023. In January 2024, the Company terminated the ProteoNic Agreement and has no further obligations under the arrangement. Sonnet BioTherapeutics Holdings, Inc. Notes to Consolidated Financial Statements Collaboration Agreement In August 2024, the Company entered into a Master Clinical Collaboration Agreement (the “SOC Agreement”) with the Sarcoma Oncology Center (“SOC”) to advance the development of SON-1210. An Innovative Immuno Oncology Center funded by the SOC will conduct an investigator-initiated Phase 1/2a study of SON-1210 in pancreatic cancer. The Company will provide the study drug and provide support services for the study. If the Company establishes a partnership with a third party prior to the initiation of the initial efficacy combination trial under this collaboration, the Company will incur to the SOC a one-time fee equal to the greater of 5% or $1.5 million from the first upfront payment received from such third-party partnership. Research and development agreement In December 2021, the Company entered into a Research and Development Agreement (the “Navigo Agreement”) with Navigo Proteins GmbH (“Navigo”), pursuant to which Navigo will perform specified evaluation and development procedures to evaluate certain materials to determine their commercial potential. Under the terms of the Navigo Agreement, the Company has granted Navigo a royalty-free, non-exclusive, worldwide, non-sublicensable, non-transferable right and license to use certain technology to perform the evaluation and development activities, and Navigo has granted the Company (i) an exclusive, worldwide, perpetual, irrevocable, sublicensable, transferable, royalty-free right and license to research, develop, use, sell, have sold, distribute, import or otherwise commercially exploit certain materials, and (ii) a non-exclusive, worldwide, perpetual, sublicensable, non-transferable right and license to make or have made such materials. The Company incurred a $<span id="xdx_90F_eus-gaap--PaymentsToAcquireInProcessResearchAndDevelopment_pn5n6_c20231001__20240930__us-gaap--TypeOfArrangementAxis__custom--NavigoAgreementMember__dei--LegalEntityAxis__custom--NavigoProteinsGmbHMember__srt--ProductOrServiceAxis__us-gaap--TechnologyServiceMember_zExg3Jkw5f0d" title="Payment to acquire in process research and development">0.1 million technology access fee upon execution of the Navigo Agreement, at which time it was recorded as acquired in-process research. The Company is obligated to make contingent milestone payments to Navigo, as amended in March 2023, totaling up to $<span id="xdx_902_ecustom--MilestonePayments_iI_pn5n6_c20230331__us-gaap--TypeOfArrangementAxis__custom--NavigoAgreementMember__dei--LegalEntityAxis__custom--NavigoProteinsGmbHMember__srt--ProductOrServiceAxis__us-gaap--TechnologyServiceMember_zg1lVpcvs4k5" title="Milestone payments">1.0 million upon the achievement of certain evaluation and development milestones as outlined in the Navigo Agreement. Certain evaluation milestones were achieved in 2023, totaling $<span id="xdx_909_ecustom--LicenseFees_pn5n6_c20221001__20230930__us-gaap--TypeOfArrangementAxis__custom--NavigoAgreementMember__dei--LegalEntityAxis__custom--NavigoProteinsGmbHMember__srt--ProductOrServiceAxis__us-gaap--TechnologyServiceMember__us-gaap--IncomeStatementLocationAxis__us-gaap--ResearchAndDevelopmentExpenseMember_z9GDQ6F4AQsb" title="LicenseFee">0.3 million in license fees, which were recorded as acquired in-process research and development and included as research and development expenses in the consolidated statement of operations for the year ended September 30, 2023. <span id="xdx_902_ecustom--MilestonePayments_iI_pn5n6_do_c20240930__us-gaap--TypeOfArrangementAxis__custom--NavigoAgreementMember__dei--LegalEntityAxis__custom--NavigoProteinsGmbHMember__srt--ProductOrServiceAxis__us-gaap--TechnologyServiceMember_zNOM3RVwX5I8" title="Milestone payments">No milestones were achieved and <span id="xdx_90C_ecustom--LicenseFees_do_c20231001__20240930__us-gaap--TypeOfArrangementAxis__custom--NavigoAgreementMember__dei--LegalEntityAxis__custom--NavigoProteinsGmbHMember__srt--ProductOrServiceAxis__us-gaap--TechnologyServiceMember__us-gaap--IncomeStatementLocationAxis__us-gaap--ResearchAndDevelopmentExpenseMember_zyrWrjWCf314" title="License fees">no license fees were incurred during the year ended September 30, 2024. Employment agreements The Company has entered into employment contracts with its officers and certain employees that provide for severance and continuation of benefits in the event of termination of employment either by the Company without cause or by the employee for good reason, both as defined in the contract. In addition, in the event of termination of employment following a change in control, as defined, either by the Company without cause or by the employee for good reason, any unvested portion of the employee’s initial stock option grant becomes immediately vested.

3800000 500000 0 0 The Company is obligated to make milestone payments to Cellca totaling up to $0.7 million upon the achievement of certain development and approval milestones if the Buy-Out Option is not exercised. 700000 100000 600000 600000 100000 0 0 100000 12000 100000 100000 12000 12000 100000 100000 0 0 24600 0 0

100000

1000000.0 300000 0 0

<p id="xdx_80E_eus-gaap--CollaborativeArrangementDisclosureTextBlock_zPoKiLim8CK8" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: left">6. Collaboration Revenue Under the New Life Agreement, the Company granted New Life an exclusive license (with the right to sublicense) to develop and commercialize pharmaceutical preparations containing a specific recombinant human IL-6, SON-080 (the “Compound”) (such preparations, the “Products”) for the prevention, treatment or palliation of diabetic peripheral neuropathy (“DPN”) in humans (the “DPN Field”) in Malaysia, Singapore, Indonesia, Thailand, Philippines, Vietnam, Brunei, Myanmar, Lao PDR and Cambodia (the “Exclusive Territory”). New Life had the option to expand (1) the field of the exclusive license to include the prevention, treatment or palliation of chemotherapy-induced peripheral neuropathy in humans (the “CIPN Field”), which option was non-exclusive and expired on December 31, 2021; and/or (2) the territorial scope of the license to include the People’s Republic of China, Hong Kong and/or India, which option was exclusive and expired on December 31, 2021. The Company will retain all rights to manufacture Compounds and Products anywhere in the world. The Company and New Life shall enter into a follow-on supply agreement pursuant to which the Company shall supply to New Life Products for development and commercialization thereof in the DPN Field in the Exclusive Territory on terms to be negotiated by the parties. The Company will also assist in transferring certain preclinical and clinical development know-how that is instrumental in New Life’s ability to benefit from the license. New Life will bear the cost of, and be responsible for, among other things, conducting clinical studies and additional non-clinical studies and other developmental and regulatory activities for and commercializing Products in the DPN Field in the Exclusive Territory. Sonnet BioTherapeutics Holdings, Inc. Notes to Consolidated Financial Statements New Life paid the Company a $<span id="xdx_90E_ecustom--ProceedsforNegotiateLicenseAgreement_pn5n6_c20200801__20200831__us-gaap--TypeOfArrangementAxis__custom--LicenseAgreementMember_zmHWW4SnJpii" title="Proceeds for negotiate license agreement">0.5 million non-refundable upfront cash payment in August 2020 upon executing a letter of intent to negotiate a license agreement and a $<span id="xdx_90E_ecustom--ProceedsforNegotiateLicenseAgreement_pn5n6_c20210601__20210630__us-gaap--TypeOfArrangementAxis__custom--NewLifeAgreementMember_zlRMlhSPlME" title="Proceeds for negotiate license agreement">0.5 million non-refundable upfront cash payment in June 2021 in connection with the execution of the New Life Agreement. New Life is also obligated to pay a non-refundable deferred license fee of an additional $<span id="xdx_90C_ecustom--DeferredLicenseFeeAmountForFutureMilestonePayments_iI_pn5n6_c20240930__us-gaap--TypeOfArrangementAxis__custom--NewLifeAgreementMember_z4hEaH5xLqYj" title="Future milestone payments">1.0 million at the time of the satisfaction of certain milestones, as well as potential additional milestone payments to the Company of up to $19.0 million subject to the achievement of certain development and commercialization milestones. In addition, during the Royalty Term (as defined below), New Life is obligated to pay the Company tiered double-digit royalties ranging from <span id="xdx_901_ecustom--RoyaltiesPercentage_iI_pid_dp_uPure_c20240930__us-gaap--TypeOfArrangementAxis__custom--NewLifeAgreementMember__srt--RangeAxis__srt--MinimumMember_zTO0iD2kvW91" title="Royalties, percentage">12% to <span id="xdx_904_ecustom--RoyaltiesPercentage_iI_pid_dp_uPure_c20240930__us-gaap--TypeOfArrangementAxis__custom--NewLifeAgreementMember__srt--RangeAxis__srt--MaximumMember_zYyrpSqcqz6i" title="Royalties, percentage">30% based on annual net sales of Products in the Exclusive Territory. The “Royalty Term” means, on a Product-by-Product and a country-by-country basis in the Exclusive Territory, the period commencing on the date of the first commercial sale (subject to certain conditions) of such Product in such country in the Exclusive Territory and continuing until New Life ceases commercialization of such Product in the DIPN Field. The New Life Agreement will remain in effect on a Product-by-Product, country-by-country basis and will expire upon the expiration of the Royalty Term for the last-to-expire Product in the last-to-expire country, subject to (i) each party’s early termination rights including for material breach or insolvency or bankruptcy of the other party and (ii) the Company’s Buy Back Option and New Life’s Give Back Option (as defined below). In addition, New Life granted to the Company an exclusive option to buy back the rights granted by the Company to New Life (the “Buy Back Option”) and the Company granted New Life the right to give back the rights with respect to Products in the DPN Field in one or more countries in the Exclusive Territory on terms to be agreed upon (the “Give Back Option”), which options will expire upon the initiation of a Phase III Trial for the applicable Product. On December 2, 2024, New Life provided the Company with written notice of its intention to exercise its Give Back Option pursuant to the New Life Agreement. The Company is negotiating the terms of the Give Back Option with New Life. If the Company and New Life are unable to reach a mutual agreement on such terms, the Give Back Option will expire unexercised, New Life will retain the rights granted subject to the terms and conditions of the New Life Agreement and the New Life Agreement will remain in effect unless otherwise terminated by either the Company or New Life pursuant to the terms and conditions of the New Life Agreement. Revenue recognition The Company first assessed the New Life Agreement under ASC 808, Collaborative Arrangements (“ASC 808”), to determine whether the New Life Agreement or units of accounts within the New Life Agreement represent a collaborative arrangement based on the risks and rewards and activities of the parties. The Company applied relevant guidance from ASC 606, Revenue from Contracts with Customers (“ASC 606”), to evaluate the appropriate accounting for the collaborative arrangement with New Life. In accordance with this guidance, the Company identified the following obligations under the arrangement: (i) License to develop, market, import, use and commercialize the Product in the Field in the Exclusive Territory (the “License”); and (ii) transfer of know-how and clinical development and regulatory activities (“R&D Activities”). The options to expand the CIPN Field and territory as well as the future supply agreement represent optional purchases, which are accounted for as separate contracts. The Company evaluated these separate contracts and did not identify any material right to be present. The Company determined that License and the R&D services are not distinct from each other and therefore combined these material promises into a single performance obligation. The Company determined the initial transaction price of the single performance obligation to be $1.0 million, as the future development and commercialization milestones, which represent variable consideration, are subject to constraint at inception. At the end of each subsequent reporting period, the Company will reevaluate the probability of achievement of the future development and commercialization milestones subject to constraint and, if necessary, will adjust its estimate of the overall transaction price. Any such adjustments will be recorded on a cumulative catch-up basis. For the sales-based royalties, the Company will recognize revenue when the related sales occur. Sonnet BioTherapeutics Holdings, Inc. Notes to Consolidated Financial Statements Collaboration revenue from the single performance obligation is being recognized over the estimated performance of the R&D services. The Company recognized $18,626 and $0.1 million of collaboration revenue for the years ended September 30, 2024 and 2023, respectively. Subsequent to September 30, 2024, New Life informed the Company that it will exercise its Give Back Option under the New Life Agreement. The Company and New Life are currently negotiating the terms under which New Life will give back its license rights.

500000 500000

New Life is also obligated to pay a non-refundable deferred license fee of an additional $1.0 million at the time of the satisfaction of certain milestones, as well as potential additional milestone payments to the Company of up to $19.0 million subject to the achievement of certain development and commercialization milestones. In addition, during the Royalty Term (as defined below), New Life is obligated to pay the Company tiered double-digit royalties ranging from 12% to 30% based on annual net sales of Products in the Exclusive Territory. The “Royalty Term” means, on a Product-by-Product and a country-by-country basis in the Exclusive Territory, the period commencing on the date of the first commercial sale (subject to certain conditions) of such Product in such country in the Exclusive Territory and continuing until New Life ceases commercialization of such Product in the DIPN Field.

1000000.0 19000000.0 0.12 0.30 1000000.0

18626

100000

7. Stockholders’ Deficit 2024 events On May 2, 2024, the Company entered into a ChEF Purchase Agreement (the “Purchase Agreement”) and a Registration Rights Agreement (the “Registration Rights Agreement”), each with Chardan Capital Markets LLC (“Chardan”) related to a “ChEF,” Chardan’s committed equity facility (the “Facility”). Pursuant to the Purchase Agreement, the Company has the right from time to time at its option to sell to Chardan up to the lesser of (i) $<span id="xdx_901_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pn5n6_c20240502__20240502__us-gaap--TypeOfArrangementAxis__custom--PurchaseAndRegistrationRightsAgreementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_ze9ujRDPtL87" title="Issuance of share, value">25.0 million in aggregate gross purchase price of newly issued shares of the Company’s common stock and (ii) <span id="xdx_900_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20240502__20240502__us-gaap--TypeOfArrangementAxis__custom--PurchaseAndRegistrationRightsAgreementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zrljiZJX32f" title="Issuance of shares">77,771 shares of the Company’s common stock, which is equal to <span id="xdx_90F_eus-gaap--SaleOfStockPercentageOfOwnershipBeforeTransaction_pid_dp_uPure_c20240502__20240502__us-gaap--TypeOfArrangementAxis__custom--PurchaseAndRegistrationRightsAgreementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_z9XB3SVECNzk" title="Sale of stock, percentage">19.99% of the shares of common stock outstanding immediately prior to the execution of the Purchase Agreement (the “Exchange Cap”), unless (i) the average price of such shares sold to Chardan under the Facility equals or exceeds the base price set forth in the Purchase Agreement, so that the Exchange Cap limitation would not apply to such issuances and sales pursuant to the Purchase Agreement under the rules of the Nasdaq Stock Market or (ii) the Company’s stockholders approve the issuance of common stock pursuant to the Purchase Agreement in excess of the Exchange Cap. As of September 30, 2024, the Company’s stockholders had voted to approve the issuance of common stock pursuant to the Purchase Agreement in excess of the Exchange Cap, and there is no limitation on the Company’s right to sell up to $<span id="xdx_902_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_pn5n6_c20240930__20240930__us-gaap--TypeOfArrangementAxis__custom--PurchaseAndRegistrationRightsAgreementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--RangeAxis__srt--MaximumMember_zCTrqUKae2K3" title="Issuance of share, value">25.0 million of shares of its common stock. The Facility will allow the Company to raise primary equity on a periodic basis at its sole discretion depending on a variety of factors including, among other things, market conditions, the trading price of the common stock, and determinations by the Company regarding the use of proceeds of such common stock. The purchase price of the shares of common stock will be determined by reference to the Volume Weighted Average Price (“VWAP”) of the common stock during the applicable purchase period, less a fixed <span id="xdx_906_ecustom--VolumeWeightedAveragePriceDiscountPercentage_iI_pid_dp_c20240502__us-gaap--TypeOfArrangementAxis__custom--PurchaseAndRegistrationRightsAgreementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zkUUq9BxilRl" title="Volume weighted average price discount percentage">4% discount to such VWAP, and the total shares to be purchased on any day may not exceed 20% of the trading volume of the Company’s common stock during the applicable purchase period. The Purchase Agreement will be effective for a 36-month period ending May 16, 2027. Due to certain pricing and settlement provisions, the Purchase Agreement qualifies as a standby purchase equity agreement and includes an embedded put option and an embedded forward contract. The Company will account for the Purchase Agreement as a derivative measured at fair value, with changes in fair value recognized in the consolidated statement of operations. The derivative associated with the Purchase Agreement has been deemed de minimus. As a result, the Company will expense the difference between the discounted purchase price of the settled forward and the fair value of the shares on the date of settlement as a non-cash financing cost. During the year ended September 30, 2024, the Company sold <span id="xdx_900_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20231001__20240930__us-gaap--TypeOfArrangementAxis__custom--PurchaseAndRegistrationRightsAgreementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zJcS3Ock7hO6" title="Sold shares">4,706 shares of common stock pursuant to the Purchase Agreement for net proceeds of $<span id="xdx_907_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_pn5n6_c20231001__20240930__us-gaap--TypeOfArrangementAxis__custom--PurchaseAndRegistrationRightsAgreementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zw2O2BLr5sb7" title="Net proceeds">0.1 million. The Company incurred $<span id="xdx_904_eus-gaap--PaymentsOfFinancingCosts_pn5n6_c20231001__20240930__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementMember_zmSyKjPmzTck" title="Financing costs incurred">0.4 million of costs in connection with the Purchase Agreement during the year ended September 30, 2024, which are included in general and administrative expenses in the consolidated statement of operations. On October 26, 2023, the Company closed a public offering of common stock and certain warrants through Chardan Capital Markets LLC and Ladenburg Thalmann & Co. Inc. as underwriters, for net proceeds of $<span id="xdx_902_eus-gaap--ProceedsFromIssuanceOfCommonStock_pn5n6_c20231026__20231026__us-gaap--SubsidiarySaleOfStockAxis__custom--OctoberOfferingMember__srt--TitleOfIndividualAxis__custom--UnderwritersMember_zU1wiRc6ZPoh" title="Proceeds from sale of common stock">3.9 million through the issuance and sale of <span id="xdx_901_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pid_c20231026__20231026__us-gaap--SubsidiarySaleOfStockAxis__custom--OctoberOfferingMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--UnderwritersMember_z1rfajQHSmJl" title="Sale of common stock, shares">163,281 shares of its common stock and, to certain investors, pre-funded warrants to purchase <span id="xdx_902_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pid_c20231026__us-gaap--SubsidiarySaleOfStockAxis__custom--OctoberOfferingMember__us-gaap--StatementEquityComponentsAxis__custom--PrefundedWarrantMember__srt--TitleOfIndividualAxis__custom--UnderwritersMember_zyyUSW7NqZy8" title="Purchase of warrants">192,187 shares of common stock, and accompanying common warrants to purchase up to an aggregate of <span id="xdx_909_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20231026__us-gaap--SubsidiarySaleOfStockAxis__custom--OctoberOfferingMember__us-gaap--StatementEquityComponentsAxis__custom--CommonWarrantMember__srt--TitleOfIndividualAxis__custom--UnderwritersMember_z0YGadBI3sk" title="Purchase of warrants">710,931 shares of its common stock (the “October Offering”). Each share of common stock and pre-funded warrant to purchase one share of common stock was sold together with a common warrant to purchase two shares of common stock. The public offering price of each share of common stock and accompanying common warrant was $<span id="xdx_906_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20231026__us-gaap--SubsidiarySaleOfStockAxis__custom--OctoberOfferingMember__us-gaap--StatementEquityComponentsAxis__custom--CommonWarrantMember__srt--TitleOfIndividualAxis__custom--UnderwritersMember_z6cEQOB67LSi" title="Sale price">12.80 and the public offering price of each pre-funded warrant and accompanying common warrant was $<span id="xdx_90B_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20231026__us-gaap--SubsidiarySaleOfStockAxis__custom--OctoberOfferingMember__us-gaap--StatementEquityComponentsAxis__custom--PrefundedWarrantMember__srt--TitleOfIndividualAxis__custom--UnderwritersMember_zNx7ueJ0Rzc4" title="Sale price">12.7992. The common warrants were immediately exercisable at a price of $<span id="xdx_907_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20231026__us-gaap--SubsidiarySaleOfStockAxis__custom--OctoberOfferingMember__us-gaap--StatementEquityComponentsAxis__custom--CommonWarrantMember__srt--TitleOfIndividualAxis__custom--UnderwritersMember_zRbmYPXquBa4" title="Exercisable price">12.80 per share of common stock, expire <span id="xdx_90B_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dc_c20231026__us-gaap--SubsidiarySaleOfStockAxis__custom--OctoberOfferingMember__us-gaap--StatementEquityComponentsAxis__custom--CommonWarrantMember__srt--TitleOfIndividualAxis__custom--UnderwritersMember_z5gCPtbUM4jf" title="Warrant term">five years from the date of issuance and contain an alternative cashless exercise provision. In connection with the June 2024 inducement offer discussed further below, the exercise price was decreased to $<span id="xdx_901_eus-gaap--WarrantExercisePriceDecrease_pid_c20240601__20240630__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockWarrantsOctoberTwoThousandTwentyThreeMember_zbYXDzSmcHyd" title="Warrants exercise price decrease">9.60 per share of common stock for common warrants that remained unexercised at the time of the offer. The pre-funded warrants were immediately exercisable at any time, until exercised in full, at a price of $<span id="xdx_902_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20231026__us-gaap--SubsidiarySaleOfStockAxis__custom--OctoberOfferingMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--UnderwritersMember_zsRUo8GXjt17" title="Exercisable price">0.0001 per share of common stock. In addition, warrants to purchase <span id="xdx_906_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20231026__us-gaap--SubsidiarySaleOfStockAxis__custom--OctoberOfferingMember__srt--TitleOfIndividualAxis__custom--UnderwritersMember_zFtZZeKydmQb" title="Purchase of warrants">10,664 shares of common stock were issued to the underwriters as compensation for their services related to the offering. These common stock warrants have an exercise price of $<span id="xdx_907_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20231026__us-gaap--SubsidiarySaleOfStockAxis__custom--OctoberOfferingMember__srt--TitleOfIndividualAxis__custom--UnderwritersMember_zJsUKteFxhx" title="Exercisable price">16.00 per share and expire <span id="xdx_902_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dc_c20231026__us-gaap--SubsidiarySaleOfStockAxis__custom--OctoberOfferingMember__srt--TitleOfIndividualAxis__custom--UnderwritersMember_zNlClP1VLEh1" title="Warrant term">five years from the date of issuance. Sonnet BioTherapeutics Holdings, Inc. Notes to Consolidated Financial Statements 2023 events The Company entered into an At-the-Market Sales Agreement with BTIG, LLC (“BTIG”) on August 15, 2022 (the “2022 Sales Agreement”). Pursuant to the 2022 Sales Agreement, the Company could offer and sell, from time to time, through BTIG, as sales agent and/or principal, shares of its common stock having an aggregate offering price of up to $<span id="xdx_902_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pn5n6_c20220815__20220815__us-gaap--TypeOfArrangementAxis__custom--SalesAgreementMember__dei--LegalEntityAxis__custom--BTIGLLCMember_zOespaFT12F5" title="Offering price for common stock">25.0 million, subject to certain limitations on the amount of common stock that may be offered and sold by the Company set forth in the 2022 Sales Agreement. Due to the offering limitations applicable to the Company, the Company filed prospectus supplements for the sale of shares of its common stock for an aggregate offering price of up to $<span id="xdx_905_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pn5n6_c20220815__20220815__us-gaap--TypeOfArrangementAxis__custom--SalesAgreementMember_zquFBKbpYYbg" title="Offering price for common stock">7.8 million pursuant to the 2022 Sales Agreement. During the year ended September 30, 2023, the Company sold an aggregate of <span id="xdx_909_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20221001__20230930__us-gaap--TypeOfArrangementAxis__custom--SalesAgreementMember__dei--LegalEntityAxis__custom--BTIGLLCMember_zf52wFeqJw03" title="Sale of stock, shares">17,087 shares of common stock pursuant to the 2022 Sales Agreement with BTIG for gross proceeds of $<span id="xdx_900_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_pn5n6_c20221001__20230930__us-gaap--TypeOfArrangementAxis__custom--SalesAgreementMember__dei--LegalEntityAxis__custom--BTIGLLCMember_zRgvvXadunN1" title="Gross proceeds from sale agreement">5.7 million and net proceeds of $<span id="xdx_90B_eus-gaap--ProceedsFromIssuanceOfCommonStock_pn5n6_c20221001__20230930__us-gaap--TypeOfArrangementAxis__custom--SalesAgreementMember__dei--LegalEntityAxis__custom--BTIGLLCMember_zsdMiamM9In4" title="Proceeds from sale of common stock">5.5 million. There are no registered shares remaining to be sold under the 2022 Sales Agreement. On February 10, 2023, the Company closed a public offering of common stock and certain warrants through Chardan Capital Markets LLC and EF Hutton, division of Benchmark Investments LLC as underwriters, for gross proceeds of $<span id="xdx_905_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_pn5n6_c20230210__20230210__us-gaap--SubsidiarySaleOfStockAxis__custom--PublicOfferingMember_z8UGUGTiFWG7" title="Gross proceeds from sale agreement">15.0 million and net proceeds of $<span id="xdx_90D_eus-gaap--ProceedsFromIssuanceOfCommonStock_pn5n6_c20230210__20230210__us-gaap--SubsidiarySaleOfStockAxis__custom--PublicOfferingMember_zLDFVsbAv5Qg" title="Proceeds from sale of common stock">13.6 million through the issuance and sale of <span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20230210__20230210__us-gaap--SubsidiarySaleOfStockAxis__custom--PublicOfferingMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ChardanCapitalMarketsLLCMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zZ4lcQ1blbx9" title="Number of shares issued">66,277 shares of its common stock and, to certain investors, pre-funded warrants to purchase <span id="xdx_90C_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20230210__us-gaap--SubsidiarySaleOfStockAxis__custom--PublicOfferingMember__us-gaap--StatementEquityComponentsAxis__custom--PrefundedWarrantMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ChardanCapitalMarketsLLCMember_zAOLNoQZHfT2" title="Purchase of warrants">12,636 shares of common stock, and accompanying common warrants to purchase up to an aggregate of <span id="xdx_909_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20230210__us-gaap--SubsidiarySaleOfStockAxis__custom--PublicOfferingMember__us-gaap--StatementEquityComponentsAxis__custom--CommonWarrantMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ChardanCapitalMarketsLLCMember_z3Uu9TDKHXgg" title="Purchase of warrants">157,818 shares of its common stock (the “February Offering”). Each share of common stock and pre-funded warrant to purchase one share of common stock was sold together with a common warrant to purchase two shares of common stock. The public offering price of each share of common stock and accompanying common warrant was $<span id="xdx_90C_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20230210__us-gaap--SubsidiarySaleOfStockAxis__custom--PublicOfferingMember__us-gaap--StatementEquityComponentsAxis__custom--CommonWarrantMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ChardanCapitalMarketsLLCMember_zm2qmW3xercb" title="Sales price, per share">190.08 and the public offering price of each pre-funded warrant and accompanying common warrant was $<span id="xdx_907_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20230210__us-gaap--SubsidiarySaleOfStockAxis__custom--PublicOfferingMember__us-gaap--StatementEquityComponentsAxis__custom--PrefundedWarrantMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ChardanCapitalMarketsLLCMember_zsXm4ty7ixj8" title="Sales price, per share">190.0624. The common stock warrants are immediately exercisable at a price of $<span id="xdx_907_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20230210__us-gaap--SubsidiarySaleOfStockAxis__custom--PublicOfferingMember__us-gaap--StatementEquityComponentsAxis__custom--CommonWarrantMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ChardanCapitalMarketsLLCMember_zNyYvcwSqB81" title="Warrant exercise price">190.08 per share of common stock, expire <span id="xdx_901_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dc_c20230210__us-gaap--SubsidiarySaleOfStockAxis__custom--PublicOfferingMember__us-gaap--StatementEquityComponentsAxis__custom--CommonWarrantMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ChardanCapitalMarketsLLCMember_zfIEBKIK0X75" title="Warrant expire date">five years from the date of issuance and contain an alternative cashless exercise provision whereby, subject to certain conditions, a warrant may be exercised in a cashless transaction for shares of common stock at the rate of half a share of common stock per full share otherwise issuable upon a cash exercise. The pre-funded warrants were immediately exercisable at any time, until exercised in full, at a price of $<span id="xdx_901_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20230210__us-gaap--SubsidiarySaleOfStockAxis__custom--PublicOfferingMember__us-gaap--StatementEquityComponentsAxis__custom--PrefundedWarrantMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ChardanCapitalMarketsLLCMember_ztKuAVeBelSg" title="Exercisable price">0.02 per share of common stock. All of the pre-funded warrants have been exercised. In addition, warrants to purchase <span id="xdx_90B_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20230210__us-gaap--TypeOfArrangementAxis__custom--SalesAgreementMember__us-gaap--ClassOfWarrantOrRightAxis__custom--UnderwriterWarrantsMember_zjRrZIViYdNh" title="Purchase of warrants">5,523 shares of common stock were issued to the underwriters as compensation for their services related to the offering. These common stock warrants have an exercise price of $<span id="xdx_90C_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20230210__us-gaap--TypeOfArrangementAxis__custom--SalesAgreementMember__us-gaap--ClassOfWarrantOrRightAxis__custom--UnderwriterWarrantsMember_z3jirua3G86k" title="Exercisable price">237.60 per share and expire <span id="xdx_903_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dc_c20230210__us-gaap--TypeOfArrangementAxis__custom--SalesAgreementMember__us-gaap--ClassOfWarrantOrRightAxis__custom--UnderwriterWarrantsMember_zvpFymzGCE3l" title="Warrant expire date">five years from the date of issuance. On June 30, 2023, the Company closed a registered direct offering of common stock (and common stock equivalents in lieu thereof) and a concurrent private placement of certain common stock warrants through Chardan Capital Markets LLC as placement agent, for gross proceeds of $<span id="xdx_904_eus-gaap--ProceedsFromIssuanceOfPrivatePlacement_pn5n6_c20230601__20230630__dei--LegalEntityAxis__custom--ChardanCapitalMarketsLLCMember_zFAKqZ7zQqP1" title="Gross proceeds from private placement">2.3 million and net proceeds of $<span id="xdx_905_ecustom--ProceedsFromIssuanceOfPrivatePlacementNet_pn5n6_c20230601__20230630__dei--LegalEntityAxis__custom--ChardanCapitalMarketsLLCMember_zdEBZTuLBYy" title="Proceeds from issuance of private placement">1.9 million through the issuance and sale of <span id="xdx_909_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20230630__20230630__dei--LegalEntityAxis__custom--ChardanCapitalMarketsLLCMember_zAwECvASMAJ7" title="Stock issued during period, shares, new issues">20,795 shares of its common stock and, to certain investors, pre-funded warrants to purchase <span id="xdx_902_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20230630__us-gaap--TypeOfArrangementAxis__custom--SalesAgreementMember__us-gaap--StatementEquityComponentsAxis__custom--PrefundedWarrantMember__srt--TitleOfIndividualAxis__custom--ChardanCapitalMarketsLLCMember_zKxzhZnNKLVb" title="Purchase of warrants">7,613 shares of common stock, and accompanying common warrants to purchase up to an aggregate of <span id="xdx_90E_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20230630__dei--LegalEntityAxis__custom--ChardanCapitalMarketsLLCMember_zcrDxZOp2gle" title="Class of warrant or right number of securities called by warrants or rights">28,409 shares of its common stock (the “June Offering”). Each share of common stock and pre-funded warrant to purchase one share of common stock was sold together with a common warrant to purchase one share of common stock. The public offering price of each share of common stock and accompanying common warrant was $<span id="xdx_903_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20230630__dei--LegalEntityAxis__custom--ChardanCapitalMarketsLLCMember_z786TIvjuZt9" title="Offering price of common stock">79.20. The common stock warrants were exercisable beginning December 30, 2023 at a price of $<span id="xdx_902_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20231230__us-gaap--TypeOfArrangementAxis__custom--SalesAgreementMember__us-gaap--StatementEquityComponentsAxis__custom--CommonWarrantMember__srt--TitleOfIndividualAxis__custom--ChardanCapitalMarketsLLCMember_zvX23r1MMbB5" title="Warrant exercise price">118.78 per share of common stock, had an original expiration of three and a half years from the date of issuance and contain an alternative cashless exercise provision. In connection with the June 2024 inducement offer discussed further below, the exercise price was decreased to $<span id="xdx_90F_eus-gaap--WarrantExercisePriceDecrease_c20240601__20240630__us-gaap--TypeOfArrangementAxis__custom--SalesAgreementMember__us-gaap--StatementEquityComponentsAxis__custom--CommonWarrantMember__srt--TitleOfIndividualAxis__custom--ChardanCapitalMarketsLLCMember_zDU2DaxBPWD7" title="Warrant exercise price decrease">12.40 per share of common stock for common warrants and the expiration date was extended by approximately two and a half years. The pre-funded warrants were immediately exercisable at any time, until exercised in full, at a price of $<span id="xdx_90A_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20230930__us-gaap--TypeOfArrangementAxis__custom--SalesAgreementMember__us-gaap--StatementEquityComponentsAxis__custom--CommonWarrantMember__srt--TitleOfIndividualAxis__custom--ChardanCapitalMarketsLLCMember_zfleGzuUyN9i" title="Warrant exercise price">0.02 per share of common stock. All of the pre-funded warrants have been exercised. In addition, warrants to purchase <span id="xdx_90D_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20230930__us-gaap--TypeOfArrangementAxis__custom--SalesAgreementMember__us-gaap--ClassOfWarrantOrRightAxis__custom--UnderwriterWarrantsMember_zYzIIRLKvL9c" title="Purchase of warrants">852 shares of common stock were issued to the placement agent as compensation for its services related to the offering. These common stock warrants have an exercise price of $<span id="xdx_90C_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20231230__us-gaap--TypeOfArrangementAxis__custom--SalesAgreementMember__us-gaap--ClassOfWarrantOrRightAxis__custom--UnderwriterWarrantsMember_zJYsUobkQ9b8" title="Exercisable price">118.78 per share and expire three and a half years from the date of issuance. Sonnet BioTherapeutics Holdings, Inc. Notes to Consolidated Financial Statements Common stock warrants <p id="xdx_89B_eus-gaap--ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock_z5TzcTAeMLF6" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">As of September 30, 2024, the following equity-classified warrants and related terms were outstanding: Schedule of Warrants Outstanding <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Warrants Outstanding</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Exercise Price</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">Expiration Date</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 46%; text-align: left">Common stock warrants August 2021</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td id="xdx_98B_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockWarrantsAugustTwoThousandTwentyOneMember_zNn7Hd4yNnsc" style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right" title="Number of Warrants, Outstanding">14,031</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td id="xdx_98F_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockWarrantsAugustTwoThousandTwentyOneMember_z5oT0d9nWedd" style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right" title="Exercise Price">2,094.40</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 16%; text-align: center"><span id="xdx_90A_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_dd_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockWarrantsAugustTwoThousandTwentyOneMember_znGMNvgw3Cr" title="Expiration Date">August 24, 2026</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Underwriter warrants August 2021</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_987_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--UnderwriterWarrantsAugustTwoThousandTwentyOneMember_zmPBzR7XQwD5" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Number of warrants, outstanding">284</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_98F_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--UnderwriterWarrantsAugustTwoThousandTwentyOneMember_zSCzmk1Adrf" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Exercise Price">2,618</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span id="xdx_905_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_dd_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--UnderwriterWarrantsAugustTwoThousandTwentyOneMember_zcXLGlnTuSXd" title="Expiration date">August 19, 2026</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Chanticleer warrants</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_980_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--ChanticleerWarrantsMember_zfM1bPzqp6Rf" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Number of warrants, outstanding">6</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_908_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--ChanticleerWarrantsMember__srt--RangeAxis__srt--MinimumMember_zCUSS6JGF1fj" title="Exercise price, lower limit">144,144.00 - $<span id="xdx_90E_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--ChanticleerWarrantsMember__srt--RangeAxis__srt--MaximumMember_zrzpHWFARNhf" title="Exercise price, lower limit">224,224.00</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><span id="xdx_906_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_dd_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--ChanticleerWarrantsMember__srt--RangeAxis__srt--MinimumMember_zSdCBoShQook" title="Expiration date">April 30, 2027 - <span id="xdx_90F_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_dd_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--ChanticleerWarrantsMember__srt--RangeAxis__srt--MaximumMember_z45IKPbQnRv1" title="Expiration date">December 17, 2028</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Series C warrants</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_980_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--SeriesCWarrantsMember_zcwMoBQFcBdi" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Number of warrants, outstanding">2,297</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_989_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--SeriesCWarrantsMember_z8oMDgaox8wc" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Exercise Price">7,860.16</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">October 16, 2025</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Series 3 warrants</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_983_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--SeriesThreeWarrantsMember_zfuIGOYvRMJ1" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Number of warrants, outstanding">1,566</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_982_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--SeriesThreeWarrantsMember_zItRa7oZiWUl" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Exercise Price">717.024</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">August 15, 2027</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Common stock warrants February 2023</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_985_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockWarrantsFebruaryTwoThousandTwentyThreeMember_zLYQFXTWG0g6" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Number of warrants, outstanding">33,982</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_98C_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockWarrantsFebruaryTwoThousandTwentyThreeMember_zV05bgL1R7ul" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Exercise Price">190.08</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span id="xdx_90A_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_dd_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockWarrantsFebruaryTwoThousandTwentyThreeMember_z9lVgARS6dtg" title="Expiration date">February 10, 2028</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Underwriter warrants February 2023</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_980_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--UnderwriterWarrantFebruaryTwoThousandTwentyThreeMember_zg2TQMroRyej" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Number of warrants, outstanding">1,933</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_983_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--UnderwriterWarrantFebruaryTwoThousandTwentyThreeMember_zpwDGCizcqfd" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Exercise Price">237.60</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span id="xdx_90D_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_dd_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--UnderwriterWarrantFebruaryTwoThousandTwentyThreeMember_zRAwjb2EFHG4" title="Expiration date">February 8, 2028</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Common stock private placement warrants June 2023</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_984_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockPrivatePlacementWarrantsJuneTwoThousandTwentyThreeMember_zIku8JKj5Q86" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Number of warrants, outstanding">28,409</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_986_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockPrivatePlacementWarrantsJuneTwoThousandTwentyThreeMember_zk6azZcEJdU2" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Exercise Price">12.4000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span id="xdx_905_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_dd_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockPrivatePlacementWarrantsJuneTwoThousandTwentyThreeMember_zyzQLCWKhKZ5" title="Expiration date">June 21, 2029</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Placement agent warrants June 2023</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_986_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--PlacementAgentWarrantsJuneTwoThousandTwentyThreeMember_z1lBPKGubXnc" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Number of warrants, outstanding">852</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_984_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--PlacementAgentWarrantsJuneTwoThousandTwentyThreeMember_zHDbZV2RiSOb" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Exercise Price">118.7824</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span id="xdx_904_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_dd_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--PlacementAgentWarrantsJuneTwoThousandTwentyThreeMember_za8rnn1sm2zb" title="Expiration date">December 30, 2026</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Common stock warrants October 2023</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98A_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockWarrantsOctoberTwoThousandTwentyThreeMember_zsTvEBeTzSWj" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Number of warrants, outstanding">354,994</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_98B_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockWarrantsOctoberTwoThousandTwentyThreeMember_zLoVZxmj7jd4" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Exercise Price">9.6000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span id="xdx_90F_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_dd_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockWarrantsOctoberTwoThousandTwentyThreeMember_zqd1RG6FbiW5" title="Expiration date">October 27, 2028</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Pre-funded warrants October 2023</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98F_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--PrefundedWarrantsOctoberTwoThousandTwentyThreeMember_z2UqSZD2FONk" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Number of warrants, outstanding">99,687</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_98E_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--PrefundedWarrantsOctoberTwoThousandTwentyThreeMember_zXx07lyWVX9c" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Exercise Price">0.0008</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">—</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Underwriter warrants October 2023</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98C_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--UnderwriterWarrantsOctoberTwoThousandTwentyThreeMember_zujqhE1i27u7" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Number of warrants, outstanding">10,664</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_989_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--UnderwriterWarrantsOctoberTwoThousandTwentyThreeMember_zVg6ZjnbfYvb" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Exercise Price">16.0000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span id="xdx_900_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_dd_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--UnderwriterWarrantsOctoberTwoThousandTwentyThreeMember_z51Pl6WOVAX1" title="Expiration date">October 24, 2028</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Placement agent warrants June 2024</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_985_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--PlacementAgentWarrantsJuneTwoThousandTwentyFourMember_zPDyUMDeS6li" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Number of warrants, outstanding">14,142</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_981_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--PlacementAgentWarrantsJuneTwoThousandTwentyFourMember_z0uxX31HDtWd" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Exercise Price">14.8800</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span id="xdx_90B_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_dd_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--PlacementAgentWarrantsJuneTwoThousandTwentyFourMember_zc6m3S03Uvy5" title="Expiration date">June 19, 2029</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Common stock warrants June 2024</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_987_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockWarrantsJuneTwoThousandTwentyFourMember_zNmaovC9YVqf" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Number of Warrants, Outstanding">703,125</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_981_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockWarrantsJuneTwoThousandTwentyFourMember_zb6oekpQRlPf" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Exercise Price">12.4000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span id="xdx_902_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_dd_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockWarrantsJuneTwoThousandTwentyFourMember_zFgqCqXcAzNk" title="Expiration Date">June 21, 2029</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Total</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98E_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20240930_z9n1OpgGFjGc" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Number of Warrants, Outstanding">1,265,972</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"> </td></tr> </table> On June 19, 2024, the Company entered into inducement offer letter agreements with holders of certain existing warrants issued in October 2023 having an original exercise price of $12.80 per share to purchase up to an aggregate of <span id="xdx_904_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight_iI_c20231031__us-gaap--TypeOfArrangementAxis__custom--InducementOfferLetterAgreementsMember_zPy5IqYZxldh" title="Aggregate number of shares issued">353,562 shares of the Company’s common stock at a reduced exercise price of $9.60 per share. The transaction closed on June 21, 2024, resulting in net proceeds of the Company of $<span id="xdx_906_eus-gaap--ProceedsFromIssuanceOfWarrants_pn5n6_c20240621__20240621__us-gaap--TypeOfArrangementAxis__custom--InducementOfferLetterAgreementsMember_zVvF0pd7F782" title="Proceeds from issuance of warrants">2.9 million. Due to beneficial ownership limitations, 187,500 shares of common stock related to the exercise of warrants in this transaction are being held in abeyance as of September 30, 2024. Also in connection with this inducement offer, the Company (i) issued to holders who participated in the transaction new common stock warrants to purchase an aggregate of <span id="xdx_90E_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20240619__us-gaap--TypeOfArrangementAxis__custom--InducementOfferLetterAgreementsMember__us-gaap--StatementEquityComponentsAxis__custom--NewCommonStockMember_zywamlj4Y4j7">703,125 shares of common stock, (ii) reduced the exercise price of existing warrants to purchase <span id="xdx_903_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pp3d_c20240619__us-gaap--TypeOfArrangementAxis__custom--InducementOfferLetterAgreementsMember__us-gaap--StatementEquityComponentsAxis__custom--ExistingWarrantMember_zLOlYe5mlTd1">354.994 shares of common stock for those holders who did not exercise warrants in the transaction from $<span id="xdx_90F_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20231031__us-gaap--TypeOfArrangementAxis__custom--InducementOfferLetterAgreementsMember__us-gaap--StatementEquityComponentsAxis__custom--ExistingWarrantMember_zhSAqH3BAkbl">12.80 per share to $<span id="xdx_909_eus-gaap--WarrantExercisePriceDecrease_pid_c20240619__20240619__us-gaap--TypeOfArrangementAxis__custom--InducementOfferLetterAgreementsMember__us-gaap--StatementEquityComponentsAxis__custom--ExistingWarrantMember_zKCz7MZUJbzg">9.60 per share for the remaining term of the warrants, and (iii) reduced the exercise price of certain existing warrants issued in June 2023 to purchase <span id="xdx_900_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20230630__us-gaap--TypeOfArrangementAxis__custom--InducementOfferLetterAgreementsMember__us-gaap--StatementEquityComponentsAxis__custom--ExistingWarrantIssuedInJuneTwoThousandTwentyThreeMember_zUbxJraZnXTg">28,409 shares of common stock from $<span id="xdx_900_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20230630__us-gaap--TypeOfArrangementAxis__custom--InducementOfferLetterAgreementsMember__us-gaap--StatementEquityComponentsAxis__custom--ExistingWarrantIssuedInJuneTwoThousandTwentyThreeMember__srt--RangeAxis__srt--MaximumMember_zee36SPMFV12">118.78 per share to $<span id="xdx_906_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20230630__us-gaap--TypeOfArrangementAxis__custom--InducementOfferLetterAgreementsMember__us-gaap--StatementEquityComponentsAxis__custom--ExistingWarrantIssuedInJuneTwoThousandTwentyThreeMember__srt--RangeAxis__srt--MinimumMember_zfHYIFXKrU6k">12.40 per share and extended the expiration date of these warrants from <span id="xdx_903_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_dd_c20230630__us-gaap--TypeOfArrangementAxis__custom--InducementOfferLetterAgreementsMember__us-gaap--StatementEquityComponentsAxis__custom--ExistingWarrantIssuedInJuneTwoThousandTwentyThreeMember__srt--RangeAxis__srt--MinimumMember_zyNvC3jdBeH8">December 30, 2026 to <span id="xdx_90D_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_dd_c20230630__us-gaap--TypeOfArrangementAxis__custom--InducementOfferLetterAgreementsMember__us-gaap--StatementEquityComponentsAxis__custom--ExistingWarrantIssuedInJuneTwoThousandTwentyThreeMember__srt--RangeAxis__srt--MaximumMember_zMBIS4mJCxjf" title="Expiration date">June 21, 2029. The new common stock warrants are immediately exercisable at a price of $<span id="xdx_901_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20240619__us-gaap--TypeOfArrangementAxis__custom--InducementOfferLetterAgreementsMember__us-gaap--StatementEquityComponentsAxis__custom--NewCommonStockWarrantMember_zAPfTkyRAGj8">12.40 per share and expire <span id="xdx_901_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dc_c20240619__us-gaap--TypeOfArrangementAxis__custom--InducementOfferLetterAgreementsMember__us-gaap--StatementEquityComponentsAxis__custom--NewCommonStockWarrantMember_zdSK0cy8bpph">five years from the date of issuance. Warrants to purchase <span id="xdx_907_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20240619__us-gaap--TypeOfArrangementAxis__custom--InducementOfferLetterAgreementsMember__srt--TitleOfIndividualAxis__custom--PlacementAgentMember_zfmCxsSXeZ4j">14,142 shares of common stock were issued to the placement agent as compensation for its services related to the offering. These common stock warrants are immediately exercisable at a price of $<span id="xdx_902_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20240619__us-gaap--TypeOfArrangementAxis__custom--InducementOfferLetterAgreementsMember__srt--TitleOfIndividualAxis__custom--PlacementAgentMember_zuVCJNGJW7Yf">14.88 per share and expire <span id="xdx_90F_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dc_c20240619__us-gaap--TypeOfArrangementAxis__custom--InducementOfferLetterAgreementsMember__srt--TitleOfIndividualAxis__custom--PlacementAgentMember_zGbakAl72DIf">five years from the date of issuance. The incremental fair value associated with the modification of certain existing June and October 2023 warrants to purchase common stock has been accounted for in additional paid-in capital as an equity cost because the modification was done in order to raise equity by inducing the exercise of warrants. During the year ended September 30, 2024, an aggregate of <span id="xdx_906_ecustom--StockIssuedDuringPeriodSharesNetShareSettlementOfWarrants_c20231001__20240930__us-gaap--StatementEquityComponentsAxis__custom--CommonStockWarrantsMember_zZlUX5kVJlZk" title="Net share settlement of warrants, shares">96,090 warrants were net share settled, resulting in the issuance of <span id="xdx_908_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20231001__20240930__us-gaap--StatementEquityComponentsAxis__custom--CommonStockWarrantsMember_z6orQjCatsRg" title="Sale of common stock, net of issuance costs, shares">94,288 shares of common stock, <span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_c20231001__20240930__us-gaap--StatementEquityComponentsAxis__custom--CommonStockWarrantsMember_z4EsTfXQSjp9" title="Number of warrant exercised">355,937 warrants were exercised on a cash basis (including 187,500 warrants for which the related shares are being held in abeyance as of September 30, 2024 due to beneficial ownership limitations), resulting in proceeds of $<span id="xdx_902_eus-gaap--ProceedsFromWarrantExercises_pn5n6_c20231001__20240930__us-gaap--StatementEquityComponentsAxis__custom--CommonStockWarrantsMember_zHNVWsNDm4E5" title="Proceeds from warrant exercises">3.0 million, and <span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_c20231001__20240930__srt--TitleOfIndividualAxis__custom--HolderMember__us-gaap--StatementEquityComponentsAxis__custom--CommonStockWarrantsMember_zBf69jVrjPP4" title="Forfeited warrants, shares">4,302 warrants were abandoned by the warrant holder. During the year ended September 30, 2023, <span id="xdx_905_ecustom--StockIssuedDuringPeriodSharesNetShareSettlementOfWarrants_c20221001__20230930__us-gaap--StatementEquityComponentsAxis__custom--CommonStockWarrantsMember_zEvmXjhZfaP3" title="Net share settlement of warrants, shares">126,583 warrants were net share settled, resulting in the issuance of <span id="xdx_906_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20221001__20230930__us-gaap--StatementEquityComponentsAxis__custom--CommonStockWarrantsMember_z4iqGI2wIN2d" title="Number of shares issued">64,928 shares of common stock. During the year ended September 30, 2023, <span id="xdx_905_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_c20221001__20230930__us-gaap--StatementEquityComponentsAxis__custom--CommonStockWarrantsMember_zFKrbFAwdgc7" title="Number of warrant exercised">17,249 warrants were exercised on a cash basis. The Company received de minimus proceeds in exchange for the issuance of common stock. During the year ended September 30, 2023, <span id="xdx_902_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresAndExpirationsInPeriod_c20221001__20230930__us-gaap--StatementEquityComponentsAxis__custom--CommonStockWarrantsMember_zqjvs2ct2Os8" title="Number of warrant expired">33 private warrants expired.

25000000.0

77771

0.1999

25000000.0

0.04

4706

100000

400000

3900000

163281

192187

710931

12.80

12.7992

12.80

P5Y

9.60

0.0001

10664

16.00

P5Y

25000000.0

7800000

17087

5700000

5500000

15000000.0

13600000

66277

12636

157818

190.08

190.0624

190.08

P5Y

0.02

5523

237.60

P5Y

2300000

1900000

20795

7613

28409

79.20

118.78

12.40

0.02

852

118.78

<p id="xdx_89B_eus-gaap--ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock_z5TzcTAeMLF6" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">As of September 30, 2024, the following equity-classified warrants and related terms were outstanding: Schedule of Warrants Outstanding <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Warrants Outstanding</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Exercise Price</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">Expiration Date</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 46%; text-align: left">Common stock warrants August 2021</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td id="xdx_98B_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockWarrantsAugustTwoThousandTwentyOneMember_zNn7Hd4yNnsc" style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right" title="Number of Warrants, Outstanding">14,031</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td id="xdx_98F_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockWarrantsAugustTwoThousandTwentyOneMember_z5oT0d9nWedd" style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right" title="Exercise Price">2,094.40</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; width: 16%; text-align: center"><span id="xdx_90A_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_dd_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockWarrantsAugustTwoThousandTwentyOneMember_znGMNvgw3Cr" title="Expiration Date">August 24, 2026</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Underwriter warrants August 2021</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_987_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--UnderwriterWarrantsAugustTwoThousandTwentyOneMember_zmPBzR7XQwD5" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Number of warrants, outstanding">284</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_98F_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--UnderwriterWarrantsAugustTwoThousandTwentyOneMember_zSCzmk1Adrf" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Exercise Price">2,618</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span id="xdx_905_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_dd_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--UnderwriterWarrantsAugustTwoThousandTwentyOneMember_zcXLGlnTuSXd" title="Expiration date">August 19, 2026</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Chanticleer warrants</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_980_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--ChanticleerWarrantsMember_zfM1bPzqp6Rf" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Number of warrants, outstanding">6</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_908_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--ChanticleerWarrantsMember__srt--RangeAxis__srt--MinimumMember_zCUSS6JGF1fj" title="Exercise price, lower limit">144,144.00 - $<span id="xdx_90E_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--ChanticleerWarrantsMember__srt--RangeAxis__srt--MaximumMember_zrzpHWFARNhf" title="Exercise price, lower limit">224,224.00</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"><span id="xdx_906_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_dd_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--ChanticleerWarrantsMember__srt--RangeAxis__srt--MinimumMember_zSdCBoShQook" title="Expiration date">April 30, 2027 - <span id="xdx_90F_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_dd_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--ChanticleerWarrantsMember__srt--RangeAxis__srt--MaximumMember_z45IKPbQnRv1" title="Expiration date">December 17, 2028</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Series C warrants</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_980_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--SeriesCWarrantsMember_zcwMoBQFcBdi" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Number of warrants, outstanding">2,297</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_989_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--SeriesCWarrantsMember_z8oMDgaox8wc" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Exercise Price">7,860.16</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">October 16, 2025</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Series 3 warrants</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_983_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--SeriesThreeWarrantsMember_zfuIGOYvRMJ1" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Number of warrants, outstanding">1,566</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_982_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--SeriesThreeWarrantsMember_zItRa7oZiWUl" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Exercise Price">717.024</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">August 15, 2027</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Common stock warrants February 2023</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_985_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockWarrantsFebruaryTwoThousandTwentyThreeMember_zLYQFXTWG0g6" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Number of warrants, outstanding">33,982</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_98C_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockWarrantsFebruaryTwoThousandTwentyThreeMember_zV05bgL1R7ul" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Exercise Price">190.08</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span id="xdx_90A_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_dd_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockWarrantsFebruaryTwoThousandTwentyThreeMember_z9lVgARS6dtg" title="Expiration date">February 10, 2028</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Underwriter warrants February 2023</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_980_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--UnderwriterWarrantFebruaryTwoThousandTwentyThreeMember_zg2TQMroRyej" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Number of warrants, outstanding">1,933</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_983_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--UnderwriterWarrantFebruaryTwoThousandTwentyThreeMember_zpwDGCizcqfd" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Exercise Price">237.60</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span id="xdx_90D_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_dd_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--UnderwriterWarrantFebruaryTwoThousandTwentyThreeMember_zRAwjb2EFHG4" title="Expiration date">February 8, 2028</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Common stock private placement warrants June 2023</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_984_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockPrivatePlacementWarrantsJuneTwoThousandTwentyThreeMember_zIku8JKj5Q86" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Number of warrants, outstanding">28,409</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_986_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockPrivatePlacementWarrantsJuneTwoThousandTwentyThreeMember_zk6azZcEJdU2" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Exercise Price">12.4000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span id="xdx_905_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_dd_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockPrivatePlacementWarrantsJuneTwoThousandTwentyThreeMember_zyzQLCWKhKZ5" title="Expiration date">June 21, 2029</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Placement agent warrants June 2023</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_986_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--PlacementAgentWarrantsJuneTwoThousandTwentyThreeMember_z1lBPKGubXnc" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Number of warrants, outstanding">852</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_984_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--PlacementAgentWarrantsJuneTwoThousandTwentyThreeMember_zHDbZV2RiSOb" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Exercise Price">118.7824</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span id="xdx_904_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_dd_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--PlacementAgentWarrantsJuneTwoThousandTwentyThreeMember_za8rnn1sm2zb" title="Expiration date">December 30, 2026</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Common stock warrants October 2023</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98A_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockWarrantsOctoberTwoThousandTwentyThreeMember_zsTvEBeTzSWj" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Number of warrants, outstanding">354,994</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_98B_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockWarrantsOctoberTwoThousandTwentyThreeMember_zLoVZxmj7jd4" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Exercise Price">9.6000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span id="xdx_90F_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_dd_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockWarrantsOctoberTwoThousandTwentyThreeMember_zqd1RG6FbiW5" title="Expiration date">October 27, 2028</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Pre-funded warrants October 2023</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98F_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--PrefundedWarrantsOctoberTwoThousandTwentyThreeMember_z2UqSZD2FONk" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Number of warrants, outstanding">99,687</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_98E_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--PrefundedWarrantsOctoberTwoThousandTwentyThreeMember_zXx07lyWVX9c" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Exercise Price">0.0008</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center">—</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Underwriter warrants October 2023</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98C_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--UnderwriterWarrantsOctoberTwoThousandTwentyThreeMember_zujqhE1i27u7" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Number of warrants, outstanding">10,664</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_989_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--UnderwriterWarrantsOctoberTwoThousandTwentyThreeMember_zVg6ZjnbfYvb" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Exercise Price">16.0000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span id="xdx_900_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_dd_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--UnderwriterWarrantsOctoberTwoThousandTwentyThreeMember_z51Pl6WOVAX1" title="Expiration date">October 24, 2028</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Placement agent warrants June 2024</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_985_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--PlacementAgentWarrantsJuneTwoThousandTwentyFourMember_zPDyUMDeS6li" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Number of warrants, outstanding">14,142</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_981_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--PlacementAgentWarrantsJuneTwoThousandTwentyFourMember_z0uxX31HDtWd" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Exercise Price">14.8800</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span id="xdx_90B_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_dd_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--PlacementAgentWarrantsJuneTwoThousandTwentyFourMember_zc6m3S03Uvy5" title="Expiration date">June 19, 2029</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Common stock warrants June 2024</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_987_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockWarrantsJuneTwoThousandTwentyFourMember_zNmaovC9YVqf" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Number of Warrants, Outstanding">703,125</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_981_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockWarrantsJuneTwoThousandTwentyFourMember_zb6oekpQRlPf" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Exercise Price">12.4000</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; text-align: center"><span id="xdx_902_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_dd_c20240930__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockWarrantsJuneTwoThousandTwentyFourMember_zFgqCqXcAzNk" title="Expiration Date">June 21, 2029</td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Total</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98E_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20240930_z9n1OpgGFjGc" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Number of Warrants, Outstanding">1,265,972</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: center; vertical-align: bottom"> </td></tr> </table>

14031

2094.40

2026-08-24

284

2618

2026-08-19

144144.00

224224.00

2027-04-30

2028-12-17

2297

7860.16

2025-10-16

1566

717.024

2027-08-15

33982

190.08

2028-02-10

1933

237.60

2028-02-08

28409

12.4000

2029-06-21

852

118.7824

2026-12-30

354994

9.6000

2028-10-27

99687

0.0008

10664

16.0000

2028-10-24

14142

14.8800

2029-06-19

703125

12.4000

2029-06-21

1265972

12.80

353562

9.60

2900000

187500

703125

354.994

12.80

9.60

28409

118.78

12.40

2026-12-30

2029-06-21

12.40

P5Y

14142

14.88

P5Y

96090

94288

355937

187500

3000000.0

4302

126583

64928

17249

<p id="xdx_80B_eus-gaap--DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock_zQpxXlZ8fq6l" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: left">8. Share-Based Compensation In April 2020, the Company adopted the 2020 Omnibus Equity Incentive Plan (the “Plan”). On January 1, 2024, the total number of shares authorized under the Plan increased to <span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_iI_c20240101__us-gaap--PlanNameAxis__custom--TwoThousandTwentyOmnibusEquityIncentivePlanMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zU0Sa2SrMNPh" title="Number of shares available for issuance">17,157. There were <span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_iI_c20240930__us-gaap--PlanNameAxis__custom--TwoThousandTwentyOmnibusEquityIncentivePlanMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zz3o2fw3ww56" title="Number of shares available for issuance">5 shares available for issuance under the Plan as of September 30, 2024. The Plan increases the amount of shares issuable under the Plan by four percent of the outstanding shares of common stock at each January 1, each year. The Plan permits the granting of share-based awards, including stock options, restricted stock units and awards, stock appreciation rights and other types of awards as deemed appropriate, in each case, in accordance with the terms of the Plan. The terms of the awards are determined by the Company’s Board of Directors. Sonnet BioTherapeutics Holdings, Inc. Notes to Consolidated Financial Statements Restricted stock units and awards On January 1, 2024, <span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_c20240101__20240101__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zu5XS6PA6fWd" title="Number of shares granted">9,175 restricted stock units (“RSUs”) and <span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_c20240101__20240101__us-gaap--AwardTypeAxis__custom--RestrictedStockAwardsMember_zN3E24DdxJ1k" title="Number of shares granted">7,977 restricted stock awards (“RSAs”) were granted, <span id="xdx_90A_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage_pid_dp_uPure_c20250101__20250101__srt--StatementScenarioAxis__srt--ScenarioForecastMember_zObY4mMQXJf9" title="Vesting percentage">100% of which vest on January 1, 2025. Any unvested RSUs or RSAs will be forfeited upon termination of services. The fair value of an RSU or RSA is equal to the fair market value of the Company’s common stock on the date of grant. RSU and RSA expense is amortized straight-line over the vesting period. <span id="xdx_904_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardDescription_c20210301__20210331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zesxFa7T3i9k" title="Restricted stock units and vesting rights, description">In March of 2021, an additional <span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted_c20210301__20210331__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zCbYdKlUpHE3" title="Number of restricted stock units">19 RSUs were granted, 50% of which vested on March 25, 2022 and the remaining 50% vested on March 25, 2023. <span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardDescription_c20211201__20211231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zg2c0Ie9DfId" title="Restricted stock units and vesting rights, description">In December of 2021, <span id="xdx_900_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted_c20211201__20211231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zUJmTAwt7id2" title="Number of shares granted">259 RSUs were granted, 100% of which vested on January 1, 2023. <span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardDescription_c20221201__20221231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_z6Ygoc056Opa" title="Restricted stock units and vesting rights, description">In December of 2022, <span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsGranted_c20221201__20221231__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_ziDs5SJftdYh" title="Number of shares granted">976 RSUs were granted, 100% of which vested on January 1, 2024. In January 2023, <span id="xdx_903_eus-gaap--StockIssuedDuringPeriodSharesRestrictedStockAwardGross_pid_c20230101__20230131__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zGOGBdw7Hj1l" title="Restricted stock, shares issued">688 of the RSUs granted in December 2022 were cancelled and subsequently reissued as restricted shares of the Company’s common stock (“Restricted Stock Awards” or “RSAs”). The RSAs have the same vesting conditions as the original RSUs issued in December 2022. The Company accounted for this as a stock compensation modification resulting in $<span id="xdx_90B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardPlanModificationIncrementalCompensationCost_c20230101__20230131__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_z5UBz04wqCMj" title="Stock compensation modification, incremental expense">38,837 of incremental expense which was recognized over the remaining vesting period. Any unvested RSUs or RSAs will be forfeited upon termination of services. The fair value of an RSU or RSA is equal to the fair market value of the Company’s common stock on the date of grant. RSU and RSA expense is amortized straight-line over the vesting period. <p id="xdx_890_eus-gaap--ScheduleOfShareBasedCompensationActivityTableTextBlock_zt7WT98NXyGe" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Company recorded share-based compensation expense associated with the RSUs and RSAs in its accompanying consolidated statements of operations as follows: Schedule of Share-based Compensation Expense <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" id="xdx_49A_20231001__20240930_zg25iBzL0Hb7" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center">2024</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" id="xdx_495_20221001__20230930_zPTBx9InRopa" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center">2023</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Years ended September 30,</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2024</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2023</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr id="xdx_407_eus-gaap--ShareBasedCompensation_hus-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__us-gaap--IncomeStatementLocationAxis__us-gaap--ResearchAndDevelopmentExpenseMember_zz2RYFroZIQl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 64%; text-align: left">Research and development</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">109,356</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">121,265</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--ShareBasedCompensation_hus-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__us-gaap--IncomeStatementLocationAxis__us-gaap--GeneralAndAdministrativeExpenseMember_zkwnZT1IJLac" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">General and administrative</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">121,834</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">127,361</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--ShareBasedCompensation_zH0FFYolGeA8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif">Share-based compensation</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">231,190</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">248,626</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> </table> <p id="xdx_897_eus-gaap--ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock_zKD9mK5OdWue" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The following table summarizes RSU activity under the Plan: Schedule of Restricted Stock Units Activity <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Weighted</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Average Grant</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">RSU</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Date Fair Value</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 64%">Unvested balance at October 1, 2022</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_c20221001__20230930__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zdhq079yXgU2" style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right" title="Unvested beginning balance">266</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_c20221001__20230930__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zLb946QcEkYa" style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right" title="Unvested weighted average grant fair value, beginning balance">1,507.76</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Granted</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_c20221001__20230930__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zk1E0I4RoOg1" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Restricted stock unit, granted">976</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_c20221001__20230930__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zyUDAh7Rec33" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Weighted average grant fair value, granted">171.77</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Vested</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_di_c20221001__20230930__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zDRwXPrTrwtc" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Restricted stock unit, Vested">(266</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_c20221001__20230930__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zhi8CsaMR0Qa" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Weighted average grant fair value, Vested">1,507.76</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Forfeited</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_iN_di_c20221001__20230930__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zCr5x44eFRf4" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Restricted stock unit, Forfeited">(688</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_c20221001__20230930__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zuh3pyGW2dk9" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Weighted average grant fair value, Forfeited">170.72</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Unvested balance at September 30, 2023</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_c20231001__20240930__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zvDeofkNr4If" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Unvested beginning balance">288</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_c20231001__20240930__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zct0wHRLMW0f" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Unvested weighted average grant fair value, beginning balance">174.26</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Granted</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_c20231001__20240930__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zTwhToKIqzji" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Restricted stock unit, granted">9,175</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_c20231001__20240930__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zOpdIwNvuwo7" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Weighted average grant fair value, granted">14.08</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Vested</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_di_c20231001__20240930__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zCzrdq5ZE7ec" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Restricted stock unit, vested">(288</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_c20231001__20240930__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zGVqbFFX34A6" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Weighted average grant fair value, vested">174.26</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Forfeited</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_iN_di_c20231001__20240930__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zWCyRBLBfvOj" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Restricted stock unit, forfeited">—</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_c20231001__20240930__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zx6vgwSpDEEg" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Weighted average grant fair value, forfeited">—</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Unvested balance at September 30, 2024</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_c20231001__20240930__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zxs2rrdIA0oa" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Unvested ending balance">9,175</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_c20231001__20240930__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zlTtlm9uSpRc" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Unvested weighted average grant fair value, ending balance">14.08</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> </table> As of September 30, 2024, total unrecognized compensation expense relating to unvested RSUs granted was $<span id="xdx_903_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions_iI_c20240930__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zl2CRwmetWHl" title="Unrecognized compensation expense">32,314, which is expected to be recognized over a weighted-average period of <span id="xdx_903_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_dc_c20231001__20240930__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__srt--RangeAxis__srt--MaximumMember_zJC3pgGKNRuh" title="Weighted average period">three months. <p id="xdx_89A_ecustom--ScheduleOfNonvestedRestrictedStockAwardsActivityTableTextBlock_zp1iJP8vOVsb" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The following table summarizes RSA activity under the Plan: Schedule of Restricted Stock Awards Activity <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Weighted</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Average Grant</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">RSA</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Date Fair Value</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Unvested balance at October 1, 2022</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_c20221001__20230930__us-gaap--AwardTypeAxis__custom--RestrictedStockAwardsMember_zDrsdUIYAVba" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Unvested beginning balance">—</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_c20221001__20230930__us-gaap--AwardTypeAxis__custom--RestrictedStockAwardsMember_zS4F6Bnl4Y5c" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Unvested weighted average grant fair value, beginning balance">—</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 64%">Granted</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_c20221001__20230930__us-gaap--AwardTypeAxis__custom--RestrictedStockAwardsMember_zhVheN2cr52a" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right" title="Restricted stock unit, granted">688</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_c20221001__20230930__us-gaap--AwardTypeAxis__custom--RestrictedStockAwardsMember_ztbhJ8FdBlF9" style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right" title="Weighted average grant fair value, granted">226.16</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Unvested balance at September 30, 2023</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_c20231001__20240930__us-gaap--AwardTypeAxis__custom--RestrictedStockAwardsMember_zccFVUp3Jgdj" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Unvested ending balance">688</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_c20231001__20240930__us-gaap--AwardTypeAxis__custom--RestrictedStockAwardsMember_zAIlS2UEWW09" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Unvested weighted average grant fair value, ending balance">226.16</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Granted</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_c20231001__20240930__us-gaap--AwardTypeAxis__custom--RestrictedStockAwardsMember_z3KvtRWVT719" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Restricted stock unit, granted">7,977</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_c20231001__20240930__us-gaap--AwardTypeAxis__custom--RestrictedStockAwardsMember_zpC5BaL4ePWj" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Weighted average grant fair value, granted">14.08</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Vested</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_di_c20231001__20240930__us-gaap--AwardTypeAxis__custom--RestrictedStockAwardsMember_zTRJro8cVDkj" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Restricted stock awards, vested">(688</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_c20231001__20240930__us-gaap--AwardTypeAxis__custom--RestrictedStockAwardsMember_zSUoNOvwXG8i" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Weighted average grant fair value, vested">226.16</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Unvested balance at September 30, 2024</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_c20231001__20240930__us-gaap--AwardTypeAxis__custom--RestrictedStockAwardsMember_zkl6dv8NvqV" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Unvested ending balance">7,977</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_c20231001__20240930__us-gaap--AwardTypeAxis__custom--RestrictedStockAwardsMember_zxjQBH7aEhA2" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Unvested weighted average grant fair value, ending balance">14.08</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> </table> As of September 30, 2024, total unrecognized compensation expense relating to unvested RSAs granted was $<span id="xdx_90F_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions_iI_c20240930__us-gaap--AwardTypeAxis__custom--RestrictedStockAwardsMember_zje04tAoVswa" title="Unrecognized compensation expense">28,080, which is expected to be recognized over a weighted-average period of <span id="xdx_909_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedPeriodForRecognition1_dc_c20231001__20240930__us-gaap--AwardTypeAxis__custom--RestrictedStockAwardsMember__srt--RangeAxis__srt--MaximumMember_zZjqC5aVKQt9" title="Weighted average period">three months. Sonnet BioTherapeutics Holdings, Inc. Notes to Consolidated Financial Statements

17157

9175

7977

In March of 2021, an additional 19 RSUs were granted, 50% of which vested on March 25, 2022 and the remaining 50% vested on March 25, 2023.

In December of 2021, 259 RSUs were granted, 100% of which vested on January 1, 2023.

259

In December of 2022, 976 RSUs were granted, 100% of which vested on January 1, 2024.

976

688

38837

<p id="xdx_890_eus-gaap--ScheduleOfShareBasedCompensationActivityTableTextBlock_zt7WT98NXyGe" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Company recorded share-based compensation expense associated with the RSUs and RSAs in its accompanying consolidated statements of operations as follows: Schedule of Share-based Compensation Expense <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" id="xdx_49A_20231001__20240930_zg25iBzL0Hb7" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center">2024</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" id="xdx_495_20221001__20230930_zPTBx9InRopa" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center">2023</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Years ended September 30,</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2024</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2023</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr id="xdx_407_eus-gaap--ShareBasedCompensation_hus-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__us-gaap--IncomeStatementLocationAxis__us-gaap--ResearchAndDevelopmentExpenseMember_zz2RYFroZIQl" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 64%; text-align: left">Research and development</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">109,356</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">121,265</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--ShareBasedCompensation_hus-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__us-gaap--IncomeStatementLocationAxis__us-gaap--GeneralAndAdministrativeExpenseMember_zkwnZT1IJLac" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">General and administrative</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">121,834</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">127,361</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--ShareBasedCompensation_zH0FFYolGeA8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif">Share-based compensation</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">231,190</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">248,626</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> </table>

109356

121265

121834

127361

231190

248626

<p id="xdx_897_eus-gaap--ScheduleOfNonvestedRestrictedStockUnitsActivityTableTextBlock_zKD9mK5OdWue" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The following table summarizes RSU activity under the Plan: Schedule of Restricted Stock Units Activity <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Weighted</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Average Grant</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">RSU</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Date Fair Value</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 64%">Unvested balance at October 1, 2022</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_c20221001__20230930__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zdhq079yXgU2" style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right" title="Unvested beginning balance">266</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_c20221001__20230930__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zLb946QcEkYa" style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right" title="Unvested weighted average grant fair value, beginning balance">1,507.76</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Granted</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_c20221001__20230930__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zk1E0I4RoOg1" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Restricted stock unit, granted">976</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_c20221001__20230930__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zyUDAh7Rec33" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Weighted average grant fair value, granted">171.77</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Vested</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_di_c20221001__20230930__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zDRwXPrTrwtc" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Restricted stock unit, Vested">(266</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_c20221001__20230930__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zhi8CsaMR0Qa" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Weighted average grant fair value, Vested">1,507.76</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Forfeited</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_iN_di_c20221001__20230930__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zCr5x44eFRf4" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Restricted stock unit, Forfeited">(688</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_c20221001__20230930__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zuh3pyGW2dk9" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Weighted average grant fair value, Forfeited">170.72</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Unvested balance at September 30, 2023</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_c20231001__20240930__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zvDeofkNr4If" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Unvested beginning balance">288</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_c20231001__20240930__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zct0wHRLMW0f" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Unvested weighted average grant fair value, beginning balance">174.26</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Granted</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_c20231001__20240930__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zTwhToKIqzji" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Restricted stock unit, granted">9,175</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_c20231001__20240930__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zOpdIwNvuwo7" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Weighted average grant fair value, granted">14.08</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Vested</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_di_c20231001__20240930__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zCzrdq5ZE7ec" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Restricted stock unit, vested">(288</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_c20231001__20240930__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zGVqbFFX34A6" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Weighted average grant fair value, vested">174.26</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Forfeited</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_iN_di_c20231001__20240930__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zWCyRBLBfvOj" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Restricted stock unit, forfeited">—</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue_c20231001__20240930__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zx6vgwSpDEEg" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Weighted average grant fair value, forfeited">—</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Unvested balance at September 30, 2024</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_989_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_c20231001__20240930__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zxs2rrdIA0oa" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Unvested ending balance">9,175</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_c20231001__20240930__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zlTtlm9uSpRc" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Unvested weighted average grant fair value, ending balance">14.08</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> </table>

266

1507.76

976

171.77

266

1507.76

688

170.72

288

174.26

9175

14.08

288

174.26

9175

14.08

32314

P3M

<p id="xdx_89A_ecustom--ScheduleOfNonvestedRestrictedStockAwardsActivityTableTextBlock_zp1iJP8vOVsb" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The following table summarizes RSA activity under the Plan: Schedule of Restricted Stock Awards Activity <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Weighted</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: 10pt Times New Roman, Times, Serif; text-align: center"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center">Average Grant</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">RSA</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Date Fair Value</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Unvested balance at October 1, 2022</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98D_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_c20221001__20230930__us-gaap--AwardTypeAxis__custom--RestrictedStockAwardsMember_zDrsdUIYAVba" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Unvested beginning balance">—</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_c20221001__20230930__us-gaap--AwardTypeAxis__custom--RestrictedStockAwardsMember_zS4F6Bnl4Y5c" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Unvested weighted average grant fair value, beginning balance">—</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left; width: 64%">Granted</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_c20221001__20230930__us-gaap--AwardTypeAxis__custom--RestrictedStockAwardsMember_zhVheN2cr52a" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right" title="Restricted stock unit, granted">688</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_c20221001__20230930__us-gaap--AwardTypeAxis__custom--RestrictedStockAwardsMember_ztbhJ8FdBlF9" style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right" title="Weighted average grant fair value, granted">226.16</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Unvested balance at September 30, 2023</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_c20231001__20240930__us-gaap--AwardTypeAxis__custom--RestrictedStockAwardsMember_zccFVUp3Jgdj" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Unvested ending balance">688</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_c20231001__20240930__us-gaap--AwardTypeAxis__custom--RestrictedStockAwardsMember_zAIlS2UEWW09" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Unvested weighted average grant fair value, ending balance">226.16</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Granted</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_c20231001__20240930__us-gaap--AwardTypeAxis__custom--RestrictedStockAwardsMember_z3KvtRWVT719" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Restricted stock unit, granted">7,977</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_980_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue_c20231001__20240930__us-gaap--AwardTypeAxis__custom--RestrictedStockAwardsMember_zpC5BaL4ePWj" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Weighted average grant fair value, granted">14.08</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Vested</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_di_c20231001__20240930__us-gaap--AwardTypeAxis__custom--RestrictedStockAwardsMember_zTRJro8cVDkj" style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Restricted stock awards, vested">(688</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_c20231001__20240930__us-gaap--AwardTypeAxis__custom--RestrictedStockAwardsMember_zSUoNOvwXG8i" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Weighted average grant fair value, vested">226.16</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Unvested balance at September 30, 2024</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_c20231001__20240930__us-gaap--AwardTypeAxis__custom--RestrictedStockAwardsMember_zkl6dv8NvqV" style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right" title="Unvested ending balance">7,977</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td id="xdx_98E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_c20231001__20240930__us-gaap--AwardTypeAxis__custom--RestrictedStockAwardsMember_zxjQBH7aEhA2" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Unvested weighted average grant fair value, ending balance">14.08</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> </table>

688

226.16

688

226.16

7977

14.08

688

226.16

7977

14.08

28080

P3M

9. Income Taxes As of September 30, 2024, the Company had $107.5 million, $24.4 million and $16.0 million of federal, state and foreign net operating losses, respectively. The federal net operating losses will begin to expire in 2030, the state net operating losses will begin to expire in 2039 and the foreign net operating losses begin to expire in 2027. As of September 30, 2024, the Company has federal and state research and development tax credit carryforwards of $2.6 million and $<span id="xdx_902_eus-gaap--DeferredTaxAssetsTaxCreditCarryforwardsResearch_iI_pn5n6_c20240930__us-gaap--IncomeTaxAuthorityAxis__us-gaap--StateAndLocalJurisdictionMember_zBz3BzBHvyRd" title="Tax credit carryforwards">0.5 million available to reduce future tax liabilities which will begin to expire in 2035 and 2032, respectively. Realization of the deferred tax asset is contingent on future taxable income and based upon the level of historical losses, management has concluded that the deferred tax asset does not meet the more-likely-than-not threshold for realizability. Accordingly, a full valuation allowance continues to be recorded against the Company’s deferred tax assets as of September 30, 2024 and 2023. The valuation allowance decreased $0.6 million during the year ended September 30, 2024 and increased $5.8 million during the year ended September 30, 2023. Due to the change in ownership provisions of the Internal Revenue Code, the availability of the Company’s net operating loss carryforwards may be subject to annual limitations, against taxable income in future periods, which could substantially limit the eventual utilization of such carryforwards. The Company has not analyzed the historical or potential impact of its equity financings on beneficial ownership and therefore no determination has been made whether the net operating loss carryforwards are subject to any Internal Revenue Code Section 382 limitation. To the extent there is a limitation, there would be a reduction in the deferred tax assets with an offsetting reduction in the valuation allowance. When uncertain tax positions exist, the Company recognizes the tax benefit of tax positions to the extent that the benefit will more likely-than-not be realized. The determination as to whether the tax benefit will more-likely-than-not be realized is based upon the technical merits of the tax position as well as consideration of the available facts and circumstances. The Company recognizes interest and penalties accrued on any unrecognized tax benefits within the provision for income taxes in its consolidated statements of operations. No unrecognized tax benefits have been recorded. <p id="xdx_899_eus-gaap--ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_zJIVJXO08m32" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The tax effects of the temporary differences that gave rise to deferred taxes were as follows: Schedule of Deferred Tax Assets and Liabilities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" id="xdx_490_20240930_zEHsgO3R3QW" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center">2024</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" id="xdx_498_20230930_zBJ8GQO9rPke" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center">2023</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">September 30,</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2024</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2023</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Deferred tax assets:</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_iI_maDTAGzLsS_zoqwMsEtwqi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; width: 64%; text-align: left">Net operating loss carryforwards</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">26,754,767</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">27,996,751</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--DeferredTaxAssetsTaxCreditCarryforwardsResearch_iI_maDTAGzLsS_z6FITaMjtqjc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Research and development credit carryforwards</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3,129,222</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3,106,675</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_400_ecustom--DeferredTaxAssetsAmortization_iI_maDTAGzLsS_zqOADmZnjRhf" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Amortization</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">5,791,883</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">4,692,227</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost_iI_maDTAGzLsS_zJPdY3CKvDe3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Share-based compensation</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">19,357</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">226</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_409_ecustom--DeferredTaxAssetsOpertingLeaseLiability_iI_maDTAGzLsS_zH23gVYGfDw5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Operating lease liability</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">36,786</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">57,319</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsOther_iI_maDTAGzLsS_zkdRyx4q5ztj" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Accrued expenses and other</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">26,977</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">546,612</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_408_ecustom--DeferredTaxAssetsTaxDeferredExpenseSectionDisallowedInterestExpense_iI_maDTAGzLsS_z59G5dRUTTVg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">Section 163(j) disallowed interest expense</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">761,450</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">763,172</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--DeferredTaxAssetsGross_iTI_mtDTAGzLsS_maDTANz9WH_zDLxlHvIA4g" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Gross deferred tax assets</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">36,520,442</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">37,162,982</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--DeferredTaxAssetsValuationAllowance_iNI_di_msDTANz9WH_zCBu0wU0esf7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Less: valuation allowance</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(36,480,967</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(37,100,582</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr> <tr id="xdx_401_eus-gaap--DeferredTaxAssetsNet_iTI_mtDTANz9WH_maDTALNzjni_zDI32k43AC84" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Deferred tax assets</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">39,475</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">62,400</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Deferred tax liabilities:</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--DeferredTaxLiabilitiesPropertyPlantAndEquipment_iNI_di_msDTALNzjni_zd8YRfNtSTed" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Property and equipment</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(4,782</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(7,954</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr> <tr id="xdx_40D_ecustom--DeferredTaxLiabilitiesRightOfUseAsset_iI_maDTALNzjni_zKdpPKCywBw1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Operating lease right-of-use asset</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(34,693</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(54,446</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr> <tr id="xdx_40D_eus-gaap--DeferredTaxAssetsLiabilitiesNet_iTI_mtDTALNzjni_zOjcv3xUwUg3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Net deferred tax assets</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">—</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">—</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> </table> Sonnet BioTherapeutics Holdings, Inc. Notes to Consolidated Financial Statements During the year ended September 30, 2024, the Company sold New Jersey state net operating losses in the amount of $<span id="xdx_906_ecustom--ProceedsFromSaleOfStateNetOperatingLosses_pn5n6_c20231001__20240930__us-gaap--IncomeTaxAuthorityNameAxis__us-gaap--NewJerseyDivisionOfTaxationMember_zkzWtTmnKtP1" title="Sale of net operating losses">49.4 million and unused New Jersey state research and development tax credits in the amount of $<span id="xdx_901_ecustom--ProceedsFromSaleOfUnusedResearchAndDevelopmentTaxCredits_pn5n6_c20231001__20240930__us-gaap--IncomeTaxAuthorityNameAxis__us-gaap--NewJerseyDivisionOfTaxationMember_zb5CcNyg9D1b" title="Sale of unused research and development tax credits">0.3 million, resulting in the recognition of other income of $4.4 million in the consolidated statement of operations. There were <span id="xdx_904_ecustom--ProceedsFromSaleOfStateNetOperatingLosses_do_c20221001__20230930__us-gaap--IncomeTaxAuthorityNameAxis__us-gaap--NewJerseyDivisionOfTaxationMember_zzOdxWc1QEHg" title="State of net operating losses">no such sales during the year ended September 30, 2023. <p id="xdx_89E_eus-gaap--ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_zTHbfdaCc9Kj" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Company recorded no income tax expense or benefit for the years ended September 30, 2024 and 2023. A reconciliation of income tax (expense) benefit at the statutory federal income tax rate and income taxes as reflected in the consolidated financial statements is as follows: Schedule of Effective Income Tax Rate Reconciliation <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" id="xdx_494_20231001__20240930_zDiOHYQwNE8j" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center">2024</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" id="xdx_49E_20221001__20230930_zZ18CHLBBIWd" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center">2023</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Years ended September 30,</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2024</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2023</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr id="xdx_401_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_iN_pid_dpi_uPure_maITR_z0gMmc8H5nY8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 64%; text-align: left">U.S. federal statutory rate</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">(21.0</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">)%</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">(21.0</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">)%</td></tr> <tr id="xdx_409_eus-gaap--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_pid_dp_uPure_maITR_zA6UCs6jNS7b" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">State taxes, net of federal benefit</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(5.8</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(7.1</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr> <tr id="xdx_400_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_pid_dp_uPure_maITR_z4FvNhksN2Z8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Change in valuation allowance</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(8.3</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">30.8</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--EffectiveIncomeTaxRateReconciliationTaxCreditsResearch_iN_pid_dpi_uPure_msITR_zunjEKZ8dOSg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Research and development credit</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(4.6</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(5.1</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr> <tr id="xdx_40C_ecustom--EffectiveIncomeTaxRateReconciliationPermanentDifferences_iN_pid_dpi_uPure_msITR_zHCMrcn7fcjj" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Permanent differences</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2.7</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(1.6</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr> <tr id="xdx_407_eus-gaap--EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential_pid_dp_uPure_maITR_zVsdlb3eP9s6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Foreign tax rate differential</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.1</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.3</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_401_ecustom--EffectiveIncomeTaxRateReconciliationStateNetOperatingLosses_pid_dp_uPure_maITR_z985iYDlf4Ka" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">State net operating losses</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">—</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3.7</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_401_ecustom--EffectiveIncomeTaxRateReconciliationSaleOfStateNetOperatingLossesAndResearchAndDevelopmentCredits_pid_dp_uPure_maITR_ztEGiCpA6su4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Sale of state net operating losses and research and development credits</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">51.5</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">—</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--EffectiveIncomeTaxRateReconciliationOtherAdjustments_pid_dp_uPure_maITR_zwL8EUewWSD6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Other</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(14.6</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">—</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_iT_pid_dp_uPure_mtITR_zTE7MvGNqa1l" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Effective income tax rate</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">—</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">—</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> </table> In August 2022, the U.S. enacted the Inflation Reduction Act of 2022 (“IRA”). The IRA contains a number of tax-related provisions that will be effective for tax years beginning after December 31, 2022, including a corporate alternative minimum tax of 15% on certain large corporations and an excise tax of 1% on corporate stock repurchases. The Company is currently evaluating the various provisions of the IRA and does not anticipate a material impact on its consolidated financial statements.

107500000

24400000

16000000.0

2600000

500000

-600000

5800000

<p id="xdx_899_eus-gaap--ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock_zJIVJXO08m32" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The tax effects of the temporary differences that gave rise to deferred taxes were as follows: Schedule of Deferred Tax Assets and Liabilities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" id="xdx_490_20240930_zEHsgO3R3QW" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center">2024</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" id="xdx_498_20230930_zBJ8GQO9rPke" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center">2023</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">September 30,</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2024</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2023</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Deferred tax assets:</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_409_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_iI_maDTAGzLsS_zoqwMsEtwqi" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; width: 64%; text-align: left">Net operating loss carryforwards</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">26,754,767</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">$</td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">27,996,751</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--DeferredTaxAssetsTaxCreditCarryforwardsResearch_iI_maDTAGzLsS_z6FITaMjtqjc" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Research and development credit carryforwards</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3,129,222</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3,106,675</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_400_ecustom--DeferredTaxAssetsAmortization_iI_maDTAGzLsS_zqOADmZnjRhf" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Amortization</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">5,791,883</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">4,692,227</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--DeferredTaxAssetsTaxDeferredExpenseCompensationAndBenefitsShareBasedCompensationCost_iI_maDTAGzLsS_zJPdY3CKvDe3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Share-based compensation</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">19,357</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">226</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_409_ecustom--DeferredTaxAssetsOpertingLeaseLiability_iI_maDTAGzLsS_zH23gVYGfDw5" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Operating lease liability</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">36,786</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">57,319</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--DeferredTaxAssetsTaxDeferredExpenseReservesAndAccrualsOther_iI_maDTAGzLsS_zkdRyx4q5ztj" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Accrued expenses and other</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">26,977</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">546,612</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_408_ecustom--DeferredTaxAssetsTaxDeferredExpenseSectionDisallowedInterestExpense_iI_maDTAGzLsS_z59G5dRUTTVg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left">Section 163(j) disallowed interest expense</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">761,450</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">763,172</td><td style="font: 10pt Times New Roman, Times, Serif; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40C_eus-gaap--DeferredTaxAssetsGross_iTI_mtDTAGzLsS_maDTANz9WH_zDLxlHvIA4g" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Gross deferred tax assets</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">36,520,442</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">37,162,982</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--DeferredTaxAssetsValuationAllowance_iNI_di_msDTANz9WH_zCBu0wU0esf7" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Less: valuation allowance</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(36,480,967</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(37,100,582</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr> <tr id="xdx_401_eus-gaap--DeferredTaxAssetsNet_iTI_mtDTANz9WH_maDTALNzjni_zDI32k43AC84" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Deferred tax assets</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">39,475</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">62,400</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Deferred tax liabilities:</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--DeferredTaxLiabilitiesPropertyPlantAndEquipment_iNI_di_msDTALNzjni_zd8YRfNtSTed" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Property and equipment</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(4,782</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(7,954</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr> <tr id="xdx_40D_ecustom--DeferredTaxLiabilitiesRightOfUseAsset_iI_maDTALNzjni_zKdpPKCywBw1" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Operating lease right-of-use asset</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(34,693</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(54,446</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr> <tr id="xdx_40D_eus-gaap--DeferredTaxAssetsLiabilitiesNet_iTI_mtDTALNzjni_zOjcv3xUwUg3" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Net deferred tax assets</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">—</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">—</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> </table>

26754767

27996751

3129222

3106675

5791883 4692227

19357

226

36786 57319

26977

546612

761450 763172

36520442

37162982

36480967

37100582

39475

62400

4782

7954

-34693 -54446 49400000 300000

4400000

<p id="xdx_89E_eus-gaap--ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock_zTHbfdaCc9Kj" style="font: 10pt Times New Roman, Times, Serif; margin-right: 0pt; margin-top: 0pt; margin-bottom: 0pt; text-align: justify">The Company recorded no income tax expense or benefit for the years ended September 30, 2024 and 2023. A reconciliation of income tax (expense) benefit at the statutory federal income tax rate and income taxes as reflected in the consolidated financial statements is as follows: Schedule of Effective Income Tax Rate Reconciliation <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="font: 10pt Times New Roman, Times, Serif; display: none; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" id="xdx_494_20231001__20240930_zDiOHYQwNE8j" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center">2024</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" id="xdx_49E_20221001__20230930_zZ18CHLBBIWd" style="font: bold 10pt Times New Roman, Times, Serif; text-align: center">2023</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">Years ended September 30,</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2024</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; text-align: center">2023</td><td style="font: bold 10pt Times New Roman, Times, Serif"> </td></tr> <tr id="xdx_401_eus-gaap--EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate_iN_pid_dpi_uPure_maITR_z0gMmc8H5nY8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; width: 64%; text-align: left">U.S. federal statutory rate</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">(21.0</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">)%</td><td style="font: 10pt Times New Roman, Times, Serif; width: 2%"> </td> <td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; width: 14%; text-align: right">(21.0</td><td style="font: 10pt Times New Roman, Times, Serif; width: 1%; text-align: left">)%</td></tr> <tr id="xdx_409_eus-gaap--EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes_pid_dp_uPure_maITR_zA6UCs6jNS7b" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">State taxes, net of federal benefit</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(5.8</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(7.1</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr> <tr id="xdx_400_eus-gaap--EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance_pid_dp_uPure_maITR_z4FvNhksN2Z8" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Change in valuation allowance</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(8.3</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">30.8</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--EffectiveIncomeTaxRateReconciliationTaxCreditsResearch_iN_pid_dpi_uPure_msITR_zunjEKZ8dOSg" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Research and development credit</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(4.6</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(5.1</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr> <tr id="xdx_40C_ecustom--EffectiveIncomeTaxRateReconciliationPermanentDifferences_iN_pid_dpi_uPure_msITR_zHCMrcn7fcjj" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Permanent differences</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">2.7</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">(1.6</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td></tr> <tr id="xdx_407_eus-gaap--EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential_pid_dp_uPure_maITR_zVsdlb3eP9s6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Foreign tax rate differential</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.1</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">0.3</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_401_ecustom--EffectiveIncomeTaxRateReconciliationStateNetOperatingLosses_pid_dp_uPure_maITR_z985iYDlf4Ka" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">State net operating losses</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">—</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">3.7</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_401_ecustom--EffectiveIncomeTaxRateReconciliationSaleOfStateNetOperatingLossesAndResearchAndDevelopmentCredits_pid_dp_uPure_maITR_ztEGiCpA6su4" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Sale of state net operating losses and research and development credits</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">51.5</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">—</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--EffectiveIncomeTaxRateReconciliationOtherAdjustments_pid_dp_uPure_maITR_zwL8EUewWSD6" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Other</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">(14.6</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">)</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; text-align: right">—</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr id="xdx_400_eus-gaap--EffectiveIncomeTaxRateContinuingOperations_iT_pid_dp_uPure_mtITR_zTE7MvGNqa1l" style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: White"> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left">Effective income tax rate</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">—</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; font: 10pt Times New Roman, Times, Serif; text-align: right">—</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left">%</td></tr> </table>

0.210

-0.058

-0.071

-0.083

0.308

0.046

0.051

-0.027 0.016

0.001

0.003

0.037 0.515

-0.146

0.15 0.01

10. Subsequent Events The Company has evaluated subsequent events from the balance sheet date through December 17, 2024, the date at which the consolidated financial statements were available to be issued. On October 8, 2024, the Company entered into a License Agreement (the “Alkem Agreement”) with Alkem Laboratories Limited (“Alkem”) to develop and commercialize SON-080 for DPN in India. Under the terms of the Alkem Agreement, Alkem will pay Sonnet $<span id="xdx_907_ecustom--UpfrontPaymentReceivable_iI_pn5n6_c20241008__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--AlkemAgreementMember_z5zS1BxwA9xb" title="Upfront payment receivable">1.0 million in upfront payments and up to an additional $<span id="xdx_904_ecustom--MilestonePaymentReceivable_iI_pn5n6_c20241008__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--AlkemAgreementMember_zQAvwYsTLmcj" title="Milestone payment receivable">1.0 million in milestone payments. Additionally, the Company is entitled to receive a royalty equal to a percentage in the low double digits of the net sales of the product upon commercialization of SON-080 in India, less certain expenses as set forth in the Alkem Agreement. Alkem will conduct all clinical trials that it believes appropriate to obtain regulatory approval in India for SON-080 for the treatment of DPN. Upon payment of a clinical data access fee for Phase 2 and Phase 3 clinical trials, Sonnet will be able to use this data for partnering in any geography outside of India. In October 2024, the Company received $<span id="xdx_905_ecustom--UpfrontPaymentReceivable_iI_pn5n6_c20241031__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--AlkemAgreementMember_zMah1sKDdOE9" title="Upfront payment receivable">0.5 million as an upfront payment related to the Alkem Agreement, which after tax withholdings resulted in a net payment of $<span id="xdx_909_ecustom--NetPaymentAfterTaxWithholdings_iI_pn5n6_c20241031__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--AlkemAgreementMember_zJTOrdGKfkfg">0.4 million. On November 6, 2024, the Company entered into an underwriting agreement with Chardan Capital Markets LLC, pursuant to which the Company sold, in a firm commitment underwritten public offering, an aggregate of (i) <span id="xdx_90D_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20241106__20241106__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--UnderwritingAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ChardanCapitalMarketsLLCMember_zRQ7Tbc5edm5">155,000 shares of its common stock, (ii) pre-funded warrants to purchase up to <span id="xdx_901_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20241106__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--UnderwritingAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ChardanCapitalMarketsLLCMember__us-gaap--StatementEquityComponentsAxis__custom--PrefundedWarrantMember_zlCZAzobe5lj">956,111 shares of common stock, and (iii) accompanying warrants to purchase up to <span id="xdx_906_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20241106__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--UnderwritingAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ChardanCapitalMarketsLLCMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zIzA5Gj7Ix85">2,222,222 shares of common stock, at the combined public offering price of $<span id="xdx_900_eus-gaap--SaleOfStockPricePerShare_iI_c20241106__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--UnderwritingAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ChardanCapitalMarketsLLCMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zJY9cJkzoE5k">4.50 per share and accompanying warrant and $<span id="xdx_900_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20241106__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--UnderwritingAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ChardanCapitalMarketsLLCMember__us-gaap--StatementEquityComponentsAxis__custom--PrefundedWarrantMember_z3MxgiDJgX02">4.4999 per pre-funded warrant and accompanying common warrant, in each case less underwriting discounts and commissions. The Company raised net proceeds of approximately $<span id="xdx_90D_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_pn5n6_c20241106__20241106__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--UnderwritingAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ChardanCapitalMarketsLLCMember_zh7jZXivbEpk">4.2 million from the underwritten public offering. On December 9, 2024, the Company entered into a definitive agreement with institutional investors for the sale of <span id="xdx_90A_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pid_c20241209__20241209__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--DefinitiveAgreementMember__us-gaap--SubsidiarySaleOfStockAxis__custom--RegisteredDirectOfferingMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_z4h2JVKBa6sl" title="Shares for sale">1,085,325 shares of its common stock and warrants to purchase up to an aggregate <span id="xdx_909_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pid_c20241209__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--DefinitiveAgreementMember__us-gaap--SubsidiarySaleOfStockAxis__custom--RegisteredDirectOfferingMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zCy7RP8icHic" title="Warrants to purchase common stock">1,085,325 shares of common stock in a registered direct offering. Each share of common stock (or pre-funded warrant in lieu thereof) was sold in the registered direct offering together with one common warrant at a combined offering price of $<span id="xdx_909_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20241209__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--DefinitiveAgreementMember__us-gaap--SubsidiarySaleOfStockAxis__custom--RegisteredDirectOfferingMember_z88j2D42xSub" title="Offering price per share">2.23, priced at-the-market under the rules of the Nasdaq Stock Market. The registered direct warrants have an exercise price of $<span id="xdx_90A_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20241209__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--DefinitiveAgreementMember__us-gaap--SubsidiarySaleOfStockAxis__custom--RegisteredDirectOfferingMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zfj9SX43vRK6" title="Warrants exercise price">2.10 per share, are immediately exercisable and will expire <span id="xdx_90C_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dc_c20241209__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--DefinitiveAgreementMember__us-gaap--SubsidiarySaleOfStockAxis__custom--RegisteredDirectOfferingMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_z0zWKtZ44gtk" title="Warrants term">five years from the date of issuance. The Company has also entered into a definitive agreement with an existing investor, in a concurrent private placement, for the sale of an aggregate of <span id="xdx_904_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pid_c20241209__20241209__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--DefinitiveAgreementMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zvgyydLWgrKc" title="Number of shares sold">673,000 shares of common stock and warrants to purchase up to an aggregate <span id="xdx_902_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pid_c20241209__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--DefinitiveAgreementMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zh1EFc2rFsy2" title="Warrants to purchase common stock">673,000 shares of common stock. Each share of common stock (or pre-funded warrant in lieu thereof) was sold in the private placement (“PIPE”) offering together with one common warrant at a combined offering price of $<span id="xdx_900_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20241209__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--DefinitiveAgreementMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember_zX45Mgxzp93e" title="Offering price per share">2.23, priced at-the-market under the rules of the Nasdaq Stock Market. The PIPE warrants had an exercise price of $<span id="xdx_908_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20241210__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--DefinitiveAgreementMember__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zRYaXemDK9v" title="Warrants exercise price">2.10 per share, were immediately exercisable and were exercised in full as of December 10, 2024. The Company raised net proceeds of approximately $<span id="xdx_905_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_pn5n6_c20241209__20241209__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--DefinitiveAgreementMember_zpH9RCRH4UYe" title="Proceeds from offering">3.5 million from the registered direct and PIPE offering.

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1. Organization and Description of Business Description of business Sonnet BioTherapeutics, Inc. (“Prior Sonnet”) was incorporated as a New Jersey corporation on April 6, 2015. Prior Sonnet completed a merger with publicly-held Chanticleer Holdings, Inc. (“Chanticleer”) on April 1, 2020. After the merger, Chanticleer changed its name to Sonnet BioTherapeutics Holdings, Inc. (“Sonnet” or the “Company”). Sonnet is a clinical stage, oncology-focused biotechnology company with a proprietary platform for innovating biologic medicines of single or bifunctional action. Known as FHAB™ (Fully Human Albumin Binding), the technology utilizes a fully human single chain antibody fragment (scFv) that binds to and “hitch-hikes” on human serum albumin (“HSA”) for transport to target tissues. Sonnet designed the FHAB construct to improve drug accumulation in solid tumors, as well as to extend the duration of activity in the body. FHAB development candidates can be produced in mammalian cell culture, which enables glycosylation of the interleukins, thereby reducing the risk of immunogenicity, as well as E. coli. Sonnet believes its FHAB technology, for which it received a U.S. patent in June 2021, is a distinguishing feature of its biopharmaceutical platform. The approach is well suited for future drug development across a range of human disease areas, including in oncology, autoimmune, pathogenic, inflammatory, and hematological conditions. Sonnet’s lead proprietary asset, SON-1010, is a fully human version of Interleukin 12 (“IL-12”), covalently linked to the FHAB construct, for which Sonnet is pursuing clinical development in solid tumor indications, including ovarian cancer, soft tissue sarcoma, colorectal cancer, and breast cancer. In March 2022, the U.S. Food and Drug Administration (the “FDA”) cleared Sonnet’s Investigational New Drug (“IND”) application for SON-1010. This allowed the Company to initiate a U.S. clinical trial (SB101) in oncology patients with solid tumors during the second calendar quarter of 2022. In September 2021, the Company created a wholly-owned Australian subsidiary, SonnetBio Pty Ltd (“Subsidiary”), for the purpose of conducting certain clinical trials. Sonnet received approval and initiated an Australian clinical study (SB102) of SON-1010 in healthy volunteers during the third calendar quarter of 2022 and published the final results of that study in February 2024. Interim safety, tolerability, and efficacy data from the SB101 study was most recently reported in March 2025, following successful completion of dose escalation in December 2024. In January 2023, Sonnet announced a collaboration agreement with Roche for the clinical evaluation of SON-1010 with atezolizumab (Tecentriq®). The companies have entered into a Master Clinical Supply Agreement (“MCSA”), along with ancillary Quality and Safety Agreements, to study the safety and efficacy of the combination of SON-1010 and atezolizumab in a platinum-resistant ovarian cancer (“PROC”) patient setting. Further, the companies have provided SON-1010 and atezolizumab, respectively, for use in the Phase 1b/Phase 2a combination safety, dose-escalation, and proof-of-concept (“POC”) study (SB221). Part 1 of this 2-part study was approved in June 2023 by the local Human Research Ethics Committee in Australia under CT-2023-CTN-01399-1 and the Therapeutic Goods Administration has been notified. In August 2023, the FDA accepted the IND for SB221. The trial consists of a modified 3+3 dose-escalation design in Part 1 to establish a maximum tolerated dose (“MTD”) of SON-1010 with a fixed dose of atezolizumab. Clinical benefit in PROC will be confirmed in an expansion group. Since the highest dose has been well tolerated, the Safety Review Committee recommended adding a seventh cohort using a maintenance dose that was 25% higher to study its safety and effect before proceeding to the randomized Phase 2a portion in patients with PROC at one of the two highest doses. Part 2 of the study will then investigate SON-1010 in combination with atezolizumab, or the standard of care (“SOC”) for PROC in a randomized comparison to show POC. Interim safety, tolerability, and efficacy data from the SB221 study was most recently reported in April 2025, following completion of the initial dose escalation series. In January 2025, Sonnet announced an expansion of its Phase 1 SB101 clinical study of SON-1010 to add a new cohort to evaluate its effect in combination with trabectedin (Yondelis®), following the successful completion of monotherapy dose escalation. Trabectedin is an alkylating DNA-binding agent that was approved in the U.S. as a second-line treatment in early 2024 for patients with undetectable, metastatic liposarcoma or leiomyosarcoma who have received a prior anthracycline-containing regimen. It is also known to activate tumor macrophages toward a pro-inflammatory phenotype. The Company believes that SON-1010 has the potential to complement that activity by activating the NK and T cells in the TME to secrete more interferon-gamma (IFNγ), which is considered to be important for anti-tumor control. The initial safety and tolerability of this approach was reported in March 2025 and top line data is expected by the end of calendar 2025. This cohort is also fully enrolled, bringing the total number of people exposed to SON-1010 to 99 to date, including 45 with soft tissue sarcoma and 30 with PROC. Partial responses have been seen in both indications at the highest dose. Sonnet BioTherapeutics Holdings, Inc. Notes to Unaudited Interim Consolidated Financial Statements The Company acquired the global development rights to its most advanced compound, SON-080, a fully human version of Interleukin 6 (“IL-6”), in April 2020 through its acquisition of the outstanding shares of Relief Therapeutics SA. Sonnet is advancing SON-080 in target indications of Chemotherapy-Induced Peripheral Neuropathy (“CIPN”) and Diabetic Peripheral Neuropathy (“DPN”). Sonnet received approval to initiate an ex-U.S. Phase 1b/2a study with SON-080 in CIPN (SB211) during the third quarter of 2022. The Data Safety Monitoring Board (“DSMB”) overseeing the study met during the first calendar quarter of 2024 and cleared the trial to proceed to Part 2. Following the completion of the DSMB review, Sonnet announced initial safety data from the CIPN study. The objective was to consider completing the Phase 2 study, pending the outcome of any partnering activity; given the business priorities at the time, the SB211 study was put on hold. On October 8, 2024, the Company entered into a License Agreement (the “Alkem Agreement”) with Alkem Laboratories Limited (“Alkem”) to develop and commercialize SON-080 for DPN in India initially, and potentially CIPN as well as autonomic neuropathy. Alkem will conduct all clinical trials that it believes appropriate to obtain regulatory approval in India for SON-080 for the treatment of DPN. SON-1210 (IL12-FHAB-IL15), Sonnet’s lead bifunctional construct, combines FHAB with single-chain human IL-12 and human Interleukin 15 (“IL-15”). This compound is being developed for solid tumor indications, including colorectal and pancreatic cancer. In February 2023, Sonnet announced the successful completion of two IND-enabling toxicology studies with SON-1210 in non-human primates. In August 2024, the Company entered into a Master Clinical Collaboration Agreement (the “SOC Agreement”) with the Sarcoma Oncology Center (“SOC”) to advance the development of SON-1210. An Innovative Immuno Oncology Consortium (“IIOC”) that is funded by the SOC will conduct an investigator-initiated Phase 1b/2a study of SON-1210 in pancreatic cancer. The IIOC submitted a pre-IND package to the FDA in November 2024. Based on the FDA feedback, preparations for the full IND submission package are underway. SON-1411 (IL18-FHAB-IL12) is a bifunctional combination of human Interleukin 18 (“IL-18”), which was modified to resist the inhibitory binding interaction with the IL-18 binding protein, and single-chain human IL-12 for solid tumor cancers. Cell line development and titer/bioactivity assessments are underway. The SON-1411 development program has been re-engaged with a focus on cell line development and in vivo evaluation in an appropriate humanized mouse model. Sonnet has completed sequence confirmation for SON-3015 (anti-IL6-FHAB-anti-TGFβ). Early-stage bifunctional drug has been generated and is being stored for future use in in vivo mice studies. The Company has elected to place the SON-3015 development program on hold for expense reduction purposes. As discussed more fully in Note 8, the Company entered into a business combination agreement in July 2025. Subject to the terms and conditions in the agreement, upon closing of the transaction Sonnet will become a wholly owned subsidiary of Hyperliquid Strategies, Inc. and will continue to focus on the development of its existing biotech assets. Liquidity The Company has incurred recurring losses and negative cash flows from operations since inception and it expects to generate losses from operations for the foreseeable future primarily due to research and development costs for its potential product candidates. The Company believes its cash at June 30, 2025 of $0.3 million, in addition to $10.5 million raised in July 2025 through the through the sale of convertible notes, preferred stock and warrants and the exercise of certain outstanding warrants (see Note 8), will fund the Company’s projected operations into February 2026. Substantial additional financing will be needed by the Company to fund its operations. These factors raise substantial doubt about the Company’s ability to continue as a going concern. The accompanying unaudited interim consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. However, substantial doubt about the Company’s ability to continue as a going concern exists. The unaudited interim consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty. Sonnet BioTherapeutics Holdings, Inc. Notes to Unaudited Interim Consolidated Financial Statements The Company plans to secure additional capital in the future through equity or debt financings, including sales pursuant to its ChEF Purchase Agreement (the “Purchase Agreement”) with Chardan Capital Markets, LLC (“Chardan”), related to a “ChEF,” Chardan’s committed equity facility (the “Facility”); partnerships; collaborations; or other sources to carry out the Company’s planned development activities. If additional capital is not available when required, the Company may need to delay or curtail its operations until such funding is received. Various internal and external factors will affect whether and when the Company’s product candidates become approved for marketing and successful commercialization. The regulatory approval and market acceptance of the Company’s product candidates, length of time and cost of developing and commercializing these product candidates and/or failure of them at any stage of the approval process will materially affect the Company’s financial condition and future operations. Operations since inception have consisted primarily of organizing the Company, securing financing, developing technologies through research and development and conducting preclinical and clinical first in human (“FIH”) studies. The Company faces risks associated with companies whose products are in development. These risks include the need for additional financing to complete its research and development, achieving its research and development objectives, defending its intellectual property rights, retaining skilled personnel, and dependence on key members of management.

300000

10500000

2. Summary of Significant Accounting Policies a. Basis of presentation The accompanying unaudited interim consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (ASUs”) of the Financial Accounting Standards Board (“FASB”). In the opinion of management, the accompanying unaudited interim consolidated financial statements include all normal and recurring adjustments (which consist primarily of accruals, estimates and assumptions that impact the unaudited interim consolidated financial statements) considered necessary to present fairly the Company’s financial position as of June 30, 2025 and its results of operations and cash flows for the three and nine months ended June 30, 2025 and 2024. The unaudited interim consolidated financial statements presented herein do not contain all of the required disclosures under U.S. GAAP for annual financial statements and should be read in conjunction with the annual audited consolidated financial statements and related notes of Sonnet as of and for the year ended September 30, 2024 included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2024. The results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for the full year. b. Consolidation The unaudited interim consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. c. Use of estimates The preparation of the unaudited interim consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Significant estimates and assumptions reflected in these unaudited interim consolidated financial statements include the accrual of research and development expenses. Estimates and assumptions are periodically reviewed in-light of changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from management’s estimates. Sonnet BioTherapeutics Holdings, Inc. Notes to Unaudited Interim Consolidated Financial Statements d. Incentive tax receivable Subsidiary is eligible to participate in an Australian research and development tax incentive program. As part of this program, Subsidiary is eligible to receive a cash refund from the Australian Taxation Office for a percentage of the research and development costs expended by Subsidiary in Australia. The cash refund is available to eligible companies with annual aggregate revenues of less than $20.0 million (Australian) during the reimbursable period. The Company estimates the amount of cash refund it expects to receive related to the Australian research and development tax incentive program and records the incentive when it is probable (i) the Company will comply with relevant conditions of the program and (ii) the incentive will be received. As of June 30, 2025, the Company’s estimate of the amount of cash refund it expects to receive for eligible spending related to the Australian research and development tax incentive program was $0.6 million. For the three months ended June 30, 2025 and 2024, $0.3 million million and $0.1 million for the expected net cash refund related to the tax incentive program was included as a reduction in research and development expenses. For the nine months ended June 30, 2025 and 2024, $0.6 million and $0.5 million, respectively, for the expected net cash refund related to the tax incentive program was included as a reduction in research and development expenses. In November 2024, the Company received $0.7 million from the Australian government related to eligible research and development expenses for the year ended September 30, 2024. In December 2023, the Company received $0.8 million from the Australian government related to eligible research and development expenses for the year ended September 30, 2023. e. Property and equipment Property and equipment are recorded at cost and depreciated using the straight-line method over the estimated useful lives of the assets. Expenditures for repairs and maintenance that do not extend the estimated useful life or improve an asset are expensed as incurred. Upon retirement or sale, the cost and related accumulated depreciation and amortization of assets disposed of are removed from the accounts, and any resulting gain or loss is included in the consolidated statement of operations. f. Deferred offering costs Legal and other costs incurred in relation to equity offerings are capitalized as deferred offering costs and charged against the proceeds from equity offerings when received. If a financing is abandoned, deferred offering costs are expensed. g. Derivative liability The Company evaluates all features contained in financing agreements to determine if there are any embedded derivatives that require separate accounting from the underlying agreement. An embedded derivative that requires separation is accounted for as a separate asset or liability from the host agreement. The derivative asset or liability is accounted for at fair value, with changes in fair value recognized in the consolidated statement of operations. The Company determined that certain features under the Purchase Agreement (see Note 6) qualified as embedded derivatives. The derivative liability is accounted for separately from the Purchase Agreement at fair value, which has been deemed de minimis. h. Collaboration revenue Collaboration arrangements may contain multiple components, which may include (i) licenses; (ii) research and development activities; and (iii) the manufacturing and supply of certain materials. Payments pursuant to these arrangements may include non-refundable payments, upfront payments, milestone payments upon the achievement of significant regulatory and development events, sales milestones and royalties on product sales. The amount of variable consideration is constrained until it is probable that the revenue is not at a significant risk of reversal in a future period. In determining the appropriate amount of revenue to be recognized as the Company fulfills its obligations under a collaboration arrangement, the Company performs the following steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations, including whether they are capable of being distinct; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue as the Company satisfies each performance obligation. Sonnet BioTherapeutics Holdings, Inc. Notes to Unaudited Interim Consolidated Financial Statements The Company applies significant judgment when evaluating whether contractual obligations represent distinct performance obligations, allocating transaction price to performance obligations within a contract, determining when performance obligations have been met, and assessing the recognition of variable consideration. When consideration is received prior to the Company completing its performance obligation under the terms of a contract, a contract liability is recorded as deferred income. Deferred income expected to be recognized as revenue within the 12 months following the balance sheet date is classified as a current liability. In May 2021, the Company entered into a License Agreement (the “New Life Agreement”) with New Life Therapeutics Pte, Ltd. (“New Life”). In October 2024, the Company entered into the Alkem Agreement. See Note 5 for further discussion of these agreements. i. Research and development expense Research and development expenses include all direct and indirect costs associated with the development of the Company’s biopharmaceutical products. These expenses include personnel costs, consulting fees, and payments to third parties for research, development, and manufacturing services. These costs are charged to expense as incurred. At the end of the reporting period, the Company compares payments made to third-party service providers to the estimated progress toward completion of the related project, based on the measure of progress as defined in the contract. Factors the Company considers in preparing the estimates include costs incurred by the service provider, milestones achieved, and other criteria related to the efforts of its service providers. Such estimates are subject to change as additional information becomes available. Depending on the timing of payment to the service providers and the progress that the Company estimates has been made as a result of the service provided, the Company will record a prepaid expense or accrued liability relating to these costs. Upfront milestone payments made to third parties who perform research and development services on the Company’s behalf are expensed as services are rendered. Contingent development or regulatory milestone payments are recognized upon the related resolution of such contingencies. j. Other income The Company has participated in the State of New Jersey’s Technology Business Tax Certificate Transfer Program (the “Program”) sponsored by the New Jersey Economic Development Authority. The Program enables approved biotechnology companies with unused net operating losses and unused research and development credits to sell these tax benefits for at least <span id="xdx_908_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpenseResearchAndDevelopment_pid_dp_uPure_c20241001__20250630__srt--RangeAxis__srt--MinimumMember_z5YfU2H08vO8" title="Research and development credits tax benefits">80% of the value of the tax benefits to unaffiliated, profitable corporate taxpayers in the state of New Jersey. The Company received net proceeds of $0.7 million and $4.3 million during the nine months ended June 30, 2025 and 2024, respectively, from the sale of New Jersey state net operating losses through the Program, which is included in other income in the unaudited interim consolidated statements of operations. Sonnet BioTherapeutics Holdings, Inc. Notes to Unaudited Interim Consolidated Financial Statements k. Foreign currency Transaction gains and losses resulting from exchange rate changes on transactions denominated in currencies other than the U.S. dollar are included in operations in the period in which the transaction occurs and reported within the foreign exchange gain (loss) line item in the consolidated statements of operations. l. Reverse stock split On September 30, 2024, the Company filed a Certificate of Amendment to its Certificate of Incorporation, as amended, with the Secretary of State of the State of Delaware, which effected a 1-for-8 reverse stock split of the Company’s issued and outstanding shares of common stock. As a result of the reverse stock split, every eight shares of common stock issued and outstanding was converted into one share of common stock. The reverse stock split affected all stockholders uniformly and did not alter any stockholder’s percentage interest in the Company’s equity. No fractional shares were issued in connection with the reverse stock split. Stockholders who would otherwise be entitled to a fractional share of common stock were instead entitled to receive a proportional cash payment. The reverse stock split did not change the par value or authorized number of shares of common stock. All common share and per share amounts presented in the unaudited interim consolidated financial statements and accompanying notes have been retroactively adjusted to reflect the reverse stock split. m. Net loss per share Basic net loss per share of common stock is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during each period (and potential shares of common stock that are exercisable for little or no consideration). Included in basic weighted-average number of shares of common stock outstanding during the three and nine months ended June 30, 2025 are pre-funded October 2023 warrants to purchase <span id="xdx_907_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20250630__us-gaap--StatementEquityComponentsAxis__custom--PrefundedOctoberTwoThousandTwentyThreeWarrantsMember_zd94NLSUiL5" title="Warrants to purchase">99,687 shares of common stock with an exercise price of $<span id="xdx_90F_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20250630__us-gaap--StatementEquityComponentsAxis__custom--PrefundedOctoberTwoThousandTwentyThreeWarrantsMember_zrouKXJeubQk" title="Exercise price">0.0008 per share and pre-funded December 2024 warrants to purchase <span id="xdx_902_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20250630__us-gaap--StatementEquityComponentsAxis__custom--PrefundedDecemberTwoThousandTwentyFourWarrantsMember_zHancukOuhIe" title="Warrant, shares">545,500 shares of common stock with an exercise price of $<span id="xdx_90C_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20250630__us-gaap--StatementEquityComponentsAxis__custom--PrefundedDecemberTwoThousandTwentyFourWarrantsMember_z6U6sLJjOrOe" title="Exercise price">0.0001 per share. Included in basic weighted-average number of shares of common stock outstanding during the three and nine months ended June 30, 2024 are pre-funded October 2023 warrants to purchase <span id="xdx_904_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20240630__us-gaap--StatementEquityComponentsAxis__custom--PrefundedOctoberTwoThousandTwentyThreeWarrantsMember_zY2tqY39qT4e" title="Warrants to purchase common stock">99,687 shares of common stock with an exercise price of $<span id="xdx_902_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20240630__us-gaap--StatementEquityComponentsAxis__custom--PrefundedOctoberTwoThousandTwentyThreeWarrantsMember_z6yztiYgnaNc" title="Exercise price">0.0008 per share and warrants exercised through the June 2024 inducement offer for 187,500 shares of common stock that were being held in abeyance as of June 30, 2024 (see Note 6). Diluted loss per share includes the effect, if any, from the potential exercise or conversion of securities such as common stock warrants and stock options which would result in the issuance of incremental shares of common stock. For diluted net loss per share, the weighted-average number of shares of common stock is the same for basic net loss per share due to the fact that when a net loss exists, dilutive securities are not included in the calculation as the impact is anti-dilutive. Sonnet BioTherapeutics Holdings, Inc. Notes to Unaudited Interim Consolidated Financial Statements <p id="xdx_89D_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_zznsxYtnXTn8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The following potentially dilutive securities have been excluded from the computation of diluted shares of common stock outstanding as they would be anti-dilutive: Schedule of Potentially Dilutive Securities Excluded from Computation of Diluted Shares <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20241001__20250630_znEtMQaa124h" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20231001__20240630_zjaaqgz2cO68" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_402_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonStockWarrantsAugustTwoThousandTwentyOneMember_zKrcpeeCNgh7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Common stock warrants August 2021</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">14,031</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">14,031</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--UnderwriterWarrantsAugustTwoThousandTwentyOneMember_zsvqku2Tb211" style="vertical-align: bottom; background-color: White"> <td>Underwriter warrants August 2021</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">284</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">284</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--ChanticleerWarrantsMember_zLlSeVkI0jDj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Chanticleer warrants</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--SeriesCWarrantsMember_zUcg0oUn68Ib" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Series C warrants</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,297</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,297</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--SeriesThreeWarrantsMember_zZRTmGqXYJL7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Series 3 warrants</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,566</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,566</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--UnvestedRestrictedStockUnitsAndAwardsMember_zZqifLbtSkBd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Unvested restricted stock units and awards</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,152</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonStockWarrantsFebruaryTwoThousandTwentyThreeMember_zv0nOT4HmvTh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Common stock warrants February 2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">31,563</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">33,982</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--UnderwriterWarrantsFebruaryTwoThousandTwentyThreeMember_zlgEsJzqnwJ" style="vertical-align: bottom; background-color: White"> <td>Underwriter warrants February 2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,933</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,933</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonStockPrivatePlacementWarrantsJuneTwoThousandTwentyThreeMember_zAaWfEoeVbX9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Common stock private placement warrants June 2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28,409</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28,409</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--PlacementAgentWarrantsJuneTwoThousandTwentyThreeMember_zJW1G6qIVq0h" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Placement agent warrants June 2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">852</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">852</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonStockWarrantsOctoberTwoThousandTwentyThreeMember_zV2mtLhUUcCb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Common stock warrants October 2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">354,994</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">354,994</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--UnderwriterWarrantsOctoberTwoThousandTwentyThreeMember_zkybH9tuTADa" style="vertical-align: bottom; background-color: White"> <td>Underwriter warrants October 2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,664</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,664</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--PlacementAgentWarrantsJuneTwoThousandTwentyFourMember_zKiNj4iMrpNk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Placement agent warrants June 2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,142</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,142</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonStockWarrantsJuneTwoThousandTwentyFourMember_zpMkyjdAz13e" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Common stock warrants June 2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">703,125</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">703,125</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonStockWarrantsNovemberTwoThousandTwentyFourMember_zDhhslWJr2f9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Common stock warrants November 2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,222,222</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonStockRegisteredDirectWarrantsDecemberTwoThousandTwentyFourMember_ziYQ3sCxFAP4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Common stock registered direct warrants December 2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,085,325</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonStockPIPEWarrantsDecemberTwoThousandTwentyFourMember_zuOX1ZmzCi9c" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Common stock PIPE warrants December 2024</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">673,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_zXGZccOcTMc3" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Total anti-dilutive weighted average shares </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">5,144,413</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1,183,437</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> n. Recent accounting pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07, which is applicable to entities with a single reportable segment, will primarily require enhanced disclosures about significant segment expenses and enhanced disclosures in interim periods. The guidance in ASU 2023-07 will be applied retrospectively and is effective for annual reporting periods in fiscal years beginning after December 15, 2023 and interim reporting periods in fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact that the adoption of ASU 2023-07 will have on its consolidated financial statements and disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 is intended to improve income tax disclosure requirements by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) the disaggregation of income taxes paid by jurisdiction. The guidance makes several other changes to the income tax disclosure requirements. The guidance in ASU 2023-09 will be effective for annual reporting periods in fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact that the adoption of ASU 2023-09 will have on its consolidated financial statements and disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, as subsequently amended by ASU 2025-01 to clarify the effective date, which is intended to provide more detailed information about specified categories of expenses (purchases of inventory, employee compensation, depreciation and amortization) included in certain expense captions presented in the consolidated statement of operations. The guidance in this ASU is effective for annual reporting periods in fiscal years beginning after December 15, 2026, and interim periods in fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either (1) prospectively to financial statements issued for periods after the effective date of this ASU or (2) retrospectively to all prior periods presented in the consolidated financial statements. The Company is currently evaluating the impact that the adoption of ASU 2024-03 will have on its consolidated financial statements and disclosures. Sonnet BioTherapeutics Holdings, Inc. Notes to Unaudited Interim Consolidated Financial Statements

a. Basis of presentation The accompanying unaudited interim consolidated financial statements have been prepared in conformity with U.S. generally accepted accounting principles (“U.S. GAAP”) for interim financial information as found in the Accounting Standards Codification (“ASC”) and Accounting Standards Updates (ASUs”) of the Financial Accounting Standards Board (“FASB”). In the opinion of management, the accompanying unaudited interim consolidated financial statements include all normal and recurring adjustments (which consist primarily of accruals, estimates and assumptions that impact the unaudited interim consolidated financial statements) considered necessary to present fairly the Company’s financial position as of June 30, 2025 and its results of operations and cash flows for the three and nine months ended June 30, 2025 and 2024. The unaudited interim consolidated financial statements presented herein do not contain all of the required disclosures under U.S. GAAP for annual financial statements and should be read in conjunction with the annual audited consolidated financial statements and related notes of Sonnet as of and for the year ended September 30, 2024 included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2024. The results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for the full year.

b. Consolidation The unaudited interim consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation.

c. Use of estimates The preparation of the unaudited interim consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Significant estimates and assumptions reflected in these unaudited interim consolidated financial statements include the accrual of research and development expenses. Estimates and assumptions are periodically reviewed in-light of changes in circumstances, facts and experience. Changes in estimates are recorded in the period in which they become known. Actual results could differ from management’s estimates. Sonnet BioTherapeutics Holdings, Inc. Notes to Unaudited Interim Consolidated Financial Statements

d. Incentive tax receivable Subsidiary is eligible to participate in an Australian research and development tax incentive program. As part of this program, Subsidiary is eligible to receive a cash refund from the Australian Taxation Office for a percentage of the research and development costs expended by Subsidiary in Australia. The cash refund is available to eligible companies with annual aggregate revenues of less than $20.0 million (Australian) during the reimbursable period. The Company estimates the amount of cash refund it expects to receive related to the Australian research and development tax incentive program and records the incentive when it is probable (i) the Company will comply with relevant conditions of the program and (ii) the incentive will be received. As of June 30, 2025, the Company’s estimate of the amount of cash refund it expects to receive for eligible spending related to the Australian research and development tax incentive program was $0.6 million. For the three months ended June 30, 2025 and 2024, $0.3 million million and $0.1 million for the expected net cash refund related to the tax incentive program was included as a reduction in research and development expenses. For the nine months ended June 30, 2025 and 2024, $0.6 million and $0.5 million, respectively, for the expected net cash refund related to the tax incentive program was included as a reduction in research and development expenses. In November 2024, the Company received $0.7 million from the Australian government related to eligible research and development expenses for the year ended September 30, 2024. In December 2023, the Company received $0.8 million from the Australian government related to eligible research and development expenses for the year ended September 30, 2023.

The cash refund is available to eligible companies with annual aggregate revenues of less than $20.0 million (Australian) during the reimbursable period.

600000 300000 100000 600000 500000

700000

800000

e. Property and equipment Property and equipment are recorded at cost and depreciated using the straight-line method over the estimated useful lives of the assets. Expenditures for repairs and maintenance that do not extend the estimated useful life or improve an asset are expensed as incurred. Upon retirement or sale, the cost and related accumulated depreciation and amortization of assets disposed of are removed from the accounts, and any resulting gain or loss is included in the consolidated statement of operations.

f. Deferred offering costs Legal and other costs incurred in relation to equity offerings are capitalized as deferred offering costs and charged against the proceeds from equity offerings when received. If a financing is abandoned, deferred offering costs are expensed.

g. Derivative liability The Company evaluates all features contained in financing agreements to determine if there are any embedded derivatives that require separate accounting from the underlying agreement. An embedded derivative that requires separation is accounted for as a separate asset or liability from the host agreement. The derivative asset or liability is accounted for at fair value, with changes in fair value recognized in the consolidated statement of operations. The Company determined that certain features under the Purchase Agreement (see Note 6) qualified as embedded derivatives. The derivative liability is accounted for separately from the Purchase Agreement at fair value, which has been deemed de minimis.

h. Collaboration revenue Collaboration arrangements may contain multiple components, which may include (i) licenses; (ii) research and development activities; and (iii) the manufacturing and supply of certain materials. Payments pursuant to these arrangements may include non-refundable payments, upfront payments, milestone payments upon the achievement of significant regulatory and development events, sales milestones and royalties on product sales. The amount of variable consideration is constrained until it is probable that the revenue is not at a significant risk of reversal in a future period. In determining the appropriate amount of revenue to be recognized as the Company fulfills its obligations under a collaboration arrangement, the Company performs the following steps: (i) identification of the promised goods or services in the contract; (ii) determination of whether the promised goods or services are performance obligations, including whether they are capable of being distinct; (iii) measurement of the transaction price, including the constraint on variable consideration; (iv) allocation of the transaction price to the performance obligations; and (v) recognition of revenue as the Company satisfies each performance obligation. Sonnet BioTherapeutics Holdings, Inc. Notes to Unaudited Interim Consolidated Financial Statements The Company applies significant judgment when evaluating whether contractual obligations represent distinct performance obligations, allocating transaction price to performance obligations within a contract, determining when performance obligations have been met, and assessing the recognition of variable consideration. When consideration is received prior to the Company completing its performance obligation under the terms of a contract, a contract liability is recorded as deferred income. Deferred income expected to be recognized as revenue within the 12 months following the balance sheet date is classified as a current liability. In May 2021, the Company entered into a License Agreement (the “New Life Agreement”) with New Life Therapeutics Pte, Ltd. (“New Life”). In October 2024, the Company entered into the Alkem Agreement. See Note 5 for further discussion of these agreements.

i. Research and development expense Research and development expenses include all direct and indirect costs associated with the development of the Company’s biopharmaceutical products. These expenses include personnel costs, consulting fees, and payments to third parties for research, development, and manufacturing services. These costs are charged to expense as incurred. At the end of the reporting period, the Company compares payments made to third-party service providers to the estimated progress toward completion of the related project, based on the measure of progress as defined in the contract. Factors the Company considers in preparing the estimates include costs incurred by the service provider, milestones achieved, and other criteria related to the efforts of its service providers. Such estimates are subject to change as additional information becomes available. Depending on the timing of payment to the service providers and the progress that the Company estimates has been made as a result of the service provided, the Company will record a prepaid expense or accrued liability relating to these costs. Upfront milestone payments made to third parties who perform research and development services on the Company’s behalf are expensed as services are rendered. Contingent development or regulatory milestone payments are recognized upon the related resolution of such contingencies.

j. Other income The Company has participated in the State of New Jersey’s Technology Business Tax Certificate Transfer Program (the “Program”) sponsored by the New Jersey Economic Development Authority. The Program enables approved biotechnology companies with unused net operating losses and unused research and development credits to sell these tax benefits for at least <span id="xdx_908_eus-gaap--EffectiveIncomeTaxRateReconciliationNondeductibleExpenseResearchAndDevelopment_pid_dp_uPure_c20241001__20250630__srt--RangeAxis__srt--MinimumMember_z5YfU2H08vO8" title="Research and development credits tax benefits">80% of the value of the tax benefits to unaffiliated, profitable corporate taxpayers in the state of New Jersey. The Company received net proceeds of $0.7 million and $4.3 million during the nine months ended June 30, 2025 and 2024, respectively, from the sale of New Jersey state net operating losses through the Program, which is included in other income in the unaudited interim consolidated statements of operations. Sonnet BioTherapeutics Holdings, Inc. Notes to Unaudited Interim Consolidated Financial Statements

0.80

700000

4300000

k. Foreign currency Transaction gains and losses resulting from exchange rate changes on transactions denominated in currencies other than the U.S. dollar are included in operations in the period in which the transaction occurs and reported within the foreign exchange gain (loss) line item in the consolidated statements of operations.

l. Reverse stock split On September 30, 2024, the Company filed a Certificate of Amendment to its Certificate of Incorporation, as amended, with the Secretary of State of the State of Delaware, which effected a 1-for-8 reverse stock split of the Company’s issued and outstanding shares of common stock. As a result of the reverse stock split, every eight shares of common stock issued and outstanding was converted into one share of common stock. The reverse stock split affected all stockholders uniformly and did not alter any stockholder’s percentage interest in the Company’s equity. No fractional shares were issued in connection with the reverse stock split. Stockholders who would otherwise be entitled to a fractional share of common stock were instead entitled to receive a proportional cash payment. The reverse stock split did not change the par value or authorized number of shares of common stock. All common share and per share amounts presented in the unaudited interim consolidated financial statements and accompanying notes have been retroactively adjusted to reflect the reverse stock split.

1-for-8 reverse stock split

m. Net loss per share Basic net loss per share of common stock is computed by dividing net loss by the weighted-average number of shares of common stock outstanding during each period (and potential shares of common stock that are exercisable for little or no consideration). Included in basic weighted-average number of shares of common stock outstanding during the three and nine months ended June 30, 2025 are pre-funded October 2023 warrants to purchase <span id="xdx_907_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20250630__us-gaap--StatementEquityComponentsAxis__custom--PrefundedOctoberTwoThousandTwentyThreeWarrantsMember_zd94NLSUiL5" title="Warrants to purchase">99,687 shares of common stock with an exercise price of $<span id="xdx_90F_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20250630__us-gaap--StatementEquityComponentsAxis__custom--PrefundedOctoberTwoThousandTwentyThreeWarrantsMember_zrouKXJeubQk" title="Exercise price">0.0008 per share and pre-funded December 2024 warrants to purchase <span id="xdx_902_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20250630__us-gaap--StatementEquityComponentsAxis__custom--PrefundedDecemberTwoThousandTwentyFourWarrantsMember_zHancukOuhIe" title="Warrant, shares">545,500 shares of common stock with an exercise price of $<span id="xdx_90C_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20250630__us-gaap--StatementEquityComponentsAxis__custom--PrefundedDecemberTwoThousandTwentyFourWarrantsMember_z6U6sLJjOrOe" title="Exercise price">0.0001 per share. Included in basic weighted-average number of shares of common stock outstanding during the three and nine months ended June 30, 2024 are pre-funded October 2023 warrants to purchase <span id="xdx_904_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20240630__us-gaap--StatementEquityComponentsAxis__custom--PrefundedOctoberTwoThousandTwentyThreeWarrantsMember_zY2tqY39qT4e" title="Warrants to purchase common stock">99,687 shares of common stock with an exercise price of $<span id="xdx_902_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20240630__us-gaap--StatementEquityComponentsAxis__custom--PrefundedOctoberTwoThousandTwentyThreeWarrantsMember_z6yztiYgnaNc" title="Exercise price">0.0008 per share and warrants exercised through the June 2024 inducement offer for 187,500 shares of common stock that were being held in abeyance as of June 30, 2024 (see Note 6). Diluted loss per share includes the effect, if any, from the potential exercise or conversion of securities such as common stock warrants and stock options which would result in the issuance of incremental shares of common stock. For diluted net loss per share, the weighted-average number of shares of common stock is the same for basic net loss per share due to the fact that when a net loss exists, dilutive securities are not included in the calculation as the impact is anti-dilutive. Sonnet BioTherapeutics Holdings, Inc. Notes to Unaudited Interim Consolidated Financial Statements <p id="xdx_89D_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_zznsxYtnXTn8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The following potentially dilutive securities have been excluded from the computation of diluted shares of common stock outstanding as they would be anti-dilutive: Schedule of Potentially Dilutive Securities Excluded from Computation of Diluted Shares <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20241001__20250630_znEtMQaa124h" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20231001__20240630_zjaaqgz2cO68" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_402_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonStockWarrantsAugustTwoThousandTwentyOneMember_zKrcpeeCNgh7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Common stock warrants August 2021</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">14,031</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">14,031</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--UnderwriterWarrantsAugustTwoThousandTwentyOneMember_zsvqku2Tb211" style="vertical-align: bottom; background-color: White"> <td>Underwriter warrants August 2021</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">284</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">284</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--ChanticleerWarrantsMember_zLlSeVkI0jDj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Chanticleer warrants</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--SeriesCWarrantsMember_zUcg0oUn68Ib" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Series C warrants</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,297</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,297</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--SeriesThreeWarrantsMember_zZRTmGqXYJL7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Series 3 warrants</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,566</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,566</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--UnvestedRestrictedStockUnitsAndAwardsMember_zZqifLbtSkBd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Unvested restricted stock units and awards</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,152</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonStockWarrantsFebruaryTwoThousandTwentyThreeMember_zv0nOT4HmvTh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Common stock warrants February 2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">31,563</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">33,982</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--UnderwriterWarrantsFebruaryTwoThousandTwentyThreeMember_zlgEsJzqnwJ" style="vertical-align: bottom; background-color: White"> <td>Underwriter warrants February 2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,933</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,933</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonStockPrivatePlacementWarrantsJuneTwoThousandTwentyThreeMember_zAaWfEoeVbX9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Common stock private placement warrants June 2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28,409</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28,409</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--PlacementAgentWarrantsJuneTwoThousandTwentyThreeMember_zJW1G6qIVq0h" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Placement agent warrants June 2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">852</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">852</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonStockWarrantsOctoberTwoThousandTwentyThreeMember_zV2mtLhUUcCb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Common stock warrants October 2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">354,994</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">354,994</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--UnderwriterWarrantsOctoberTwoThousandTwentyThreeMember_zkybH9tuTADa" style="vertical-align: bottom; background-color: White"> <td>Underwriter warrants October 2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,664</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,664</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--PlacementAgentWarrantsJuneTwoThousandTwentyFourMember_zKiNj4iMrpNk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Placement agent warrants June 2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,142</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,142</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonStockWarrantsJuneTwoThousandTwentyFourMember_zpMkyjdAz13e" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Common stock warrants June 2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">703,125</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">703,125</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonStockWarrantsNovemberTwoThousandTwentyFourMember_zDhhslWJr2f9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Common stock warrants November 2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,222,222</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonStockRegisteredDirectWarrantsDecemberTwoThousandTwentyFourMember_ziYQ3sCxFAP4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Common stock registered direct warrants December 2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,085,325</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonStockPIPEWarrantsDecemberTwoThousandTwentyFourMember_zuOX1ZmzCi9c" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Common stock PIPE warrants December 2024</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">673,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_zXGZccOcTMc3" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Total anti-dilutive weighted average shares </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">5,144,413</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1,183,437</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

99687

0.0008

545500

0.0001

99687

0.0008

187500

<p id="xdx_89D_eus-gaap--ScheduleOfAntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareTextBlock_zznsxYtnXTn8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">The following potentially dilutive securities have been excluded from the computation of diluted shares of common stock outstanding as they would be anti-dilutive: Schedule of Potentially Dilutive Securities Excluded from Computation of Diluted Shares <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20241001__20250630_znEtMQaa124h" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_492_20231001__20240630_zjaaqgz2cO68" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_402_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonStockWarrantsAugustTwoThousandTwentyOneMember_zKrcpeeCNgh7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Common stock warrants August 2021</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">14,031</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right">14,031</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--UnderwriterWarrantsAugustTwoThousandTwentyOneMember_zsvqku2Tb211" style="vertical-align: bottom; background-color: White"> <td>Underwriter warrants August 2021</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">284</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">284</td><td style="text-align: left"> </td></tr> <tr id="xdx_401_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--ChanticleerWarrantsMember_zLlSeVkI0jDj" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Chanticleer warrants</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">6</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--SeriesCWarrantsMember_zUcg0oUn68Ib" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Series C warrants</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,297</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,297</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--SeriesThreeWarrantsMember_zZRTmGqXYJL7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Series 3 warrants</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,566</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,566</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--UnvestedRestrictedStockUnitsAndAwardsMember_zZqifLbtSkBd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Unvested restricted stock units and awards</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">17,152</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonStockWarrantsFebruaryTwoThousandTwentyThreeMember_zv0nOT4HmvTh" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Common stock warrants February 2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">31,563</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">33,982</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--UnderwriterWarrantsFebruaryTwoThousandTwentyThreeMember_zlgEsJzqnwJ" style="vertical-align: bottom; background-color: White"> <td>Underwriter warrants February 2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,933</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,933</td><td style="text-align: left"> </td></tr> <tr id="xdx_408_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonStockPrivatePlacementWarrantsJuneTwoThousandTwentyThreeMember_zAaWfEoeVbX9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Common stock private placement warrants June 2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28,409</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">28,409</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--PlacementAgentWarrantsJuneTwoThousandTwentyThreeMember_zJW1G6qIVq0h" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Placement agent warrants June 2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">852</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">852</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonStockWarrantsOctoberTwoThousandTwentyThreeMember_zV2mtLhUUcCb" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Common stock warrants October 2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">354,994</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">354,994</td><td style="text-align: left"> </td></tr> <tr id="xdx_40E_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--UnderwriterWarrantsOctoberTwoThousandTwentyThreeMember_zkybH9tuTADa" style="vertical-align: bottom; background-color: White"> <td>Underwriter warrants October 2023</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,664</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">10,664</td><td style="text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--PlacementAgentWarrantsJuneTwoThousandTwentyFourMember_zKiNj4iMrpNk" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Placement agent warrants June 2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,142</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">14,142</td><td style="text-align: left"> </td></tr> <tr id="xdx_40B_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonStockWarrantsJuneTwoThousandTwentyFourMember_zpMkyjdAz13e" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Common stock warrants June 2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">703,125</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">703,125</td><td style="text-align: left"> </td></tr> <tr id="xdx_403_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonStockWarrantsNovemberTwoThousandTwentyFourMember_zDhhslWJr2f9" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Common stock warrants November 2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">2,222,222</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonStockRegisteredDirectWarrantsDecemberTwoThousandTwentyFourMember_ziYQ3sCxFAP4" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Common stock registered direct warrants December 2024</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">1,085,325</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr id="xdx_40D_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_hus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareByAntidilutiveSecuritiesAxis__custom--CommonStockPIPEWarrantsDecemberTwoThousandTwentyFourMember_zuOX1ZmzCi9c" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 1pt">Common stock PIPE warrants December 2024</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">673,000</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount_zXGZccOcTMc3" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 2.5pt">Total anti-dilutive weighted average shares </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">5,144,413</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td style="border-bottom: Black 2.5pt double; text-align: right">1,183,437</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

14031

284

2297

1566

17152

31563

33982

1933

28409

852

354994

10664

14142

703125

2222222

1085325

673000

5144413

1183437

n. Recent accounting pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. ASU 2023-07, which is applicable to entities with a single reportable segment, will primarily require enhanced disclosures about significant segment expenses and enhanced disclosures in interim periods. The guidance in ASU 2023-07 will be applied retrospectively and is effective for annual reporting periods in fiscal years beginning after December 15, 2023 and interim reporting periods in fiscal years beginning after December 15, 2024, with early adoption permitted. The Company is currently evaluating the impact that the adoption of ASU 2023-07 will have on its consolidated financial statements and disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. ASU 2023-09 is intended to improve income tax disclosure requirements by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) the disaggregation of income taxes paid by jurisdiction. The guidance makes several other changes to the income tax disclosure requirements. The guidance in ASU 2023-09 will be effective for annual reporting periods in fiscal years beginning after December 15, 2024. The Company is currently evaluating the impact that the adoption of ASU 2023-09 will have on its consolidated financial statements and disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, as subsequently amended by ASU 2025-01 to clarify the effective date, which is intended to provide more detailed information about specified categories of expenses (purchases of inventory, employee compensation, depreciation and amortization) included in certain expense captions presented in the consolidated statement of operations. The guidance in this ASU is effective for annual reporting periods in fiscal years beginning after December 15, 2026, and interim periods in fiscal years beginning after December 15, 2027. Early adoption is permitted. The amendments may be applied either (1) prospectively to financial statements issued for periods after the effective date of this ASU or (2) retrospectively to all prior periods presented in the consolidated financial statements. The Company is currently evaluating the impact that the adoption of ASU 2024-03 will have on its consolidated financial statements and disclosures.

<p id="xdx_803_eus-gaap--AccountsPayableAccruedLiabilitiesAndOtherLiabilitiesDisclosureCurrentTextBlock_zksIWyZoCNv8" style="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0pt 0pt 0; text-align: justify">3. Accrued Expenses and Other Current Liabilities Accrued expenses and other current liabilities consisted of the following: Schedule of Accrued Expenses and Other Current Liabilities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20250630_zmyyzHvYKrlc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20240930_zX0TREcCvKz1" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">September 30, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40E_ecustom--AccruedCompensationAndBenefitsCurrent_iI_pp0p0_maALCzUHN_zIHEmQ5EqF7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Compensation and benefits</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">168,281</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">149,802</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--AccruedResearchAndDevelopmentCurrent_iI_pp0p0_maALCzUHN_zSGetGMB8pQd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Research and development</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">777,846</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">617,545</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--AccruedProfessionalFeesCurrent_iI_pp0p0_maALCzUHN_zqwQ1kxNd321" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Professional fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">334,821</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">173,319</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--OtherAccruedLiabilitiesCurrent_iI_pp0p0_maALCzUHN_zcbhK8YadRs" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,958</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,823</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--AccountsPayableAndOtherAccruedLiabilitiesCurrent_iTI_pp0p0_mtALCzUHN_zAR5aMifdSok" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"> Accrued expenses and other current liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,282,906</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">942,489</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

Accrued expenses and other current liabilities consisted of the following: Schedule of Accrued Expenses and Other Current Liabilities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_493_20250630_zmyyzHvYKrlc" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">June 30, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_497_20240930_zX0TREcCvKz1" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">September 30, 2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_40E_ecustom--AccruedCompensationAndBenefitsCurrent_iI_pp0p0_maALCzUHN_zIHEmQ5EqF7" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 60%; text-align: left">Compensation and benefits</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">168,281</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 16%; text-align: right">149,802</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40C_ecustom--AccruedResearchAndDevelopmentCurrent_iI_pp0p0_maALCzUHN_zSGetGMB8pQd" style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Research and development</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">777,846</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">617,545</td><td style="text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--AccruedProfessionalFeesCurrent_iI_pp0p0_maALCzUHN_zqwQ1kxNd321" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Professional fees</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">334,821</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">173,319</td><td style="text-align: left"> </td></tr> <tr id="xdx_404_eus-gaap--OtherAccruedLiabilitiesCurrent_iI_pp0p0_maALCzUHN_zcbhK8YadRs" style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Other</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,958</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">1,823</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--AccountsPayableAndOtherAccruedLiabilitiesCurrent_iTI_pp0p0_mtALCzUHN_zAR5aMifdSok" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt"> Accrued expenses and other current liabilities</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">1,282,906</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">942,489</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

168281 149802 777846 617545

334821

173319

1958

1823

1282906

942489

4. Commitments and Contingencies Legal proceedings From time to time, the Company is a party to various lawsuits, claims, and other legal proceedings that arise in the ordinary course of its business. While the outcomes of these matters are uncertain, management does not expect that the ultimate costs to resolve these matters will have a material adverse effect on the Company’s consolidated financial position, results of operations, or cash flows. License agreements In July 2012, the Company entered into a Discovery Collaboration Agreement (the “Collaboration Agreement”) with XOMA (US) LLC (“XOMA”), pursuant to which XOMA granted to the Company a non-exclusive, non-transferable license and/or right to use certain materials, technologies and related information related to discovery, optimization and development of antibodies and related proteins and to develop and commercialize products thereunder. The Company is obligated to make contingent milestone payments to XOMA totaling $<span id="xdx_902_ecustom--MilestonePayments_iI_pn5n6_c20120731__us-gaap--TypeOfArrangementAxis__custom--DiscoveryCollaborationAgreementsMember__dei--LegalEntityAxis__custom--XOMAMember_zwLaRQcpMJx7" title="Milestone payments">3.8 million on a product-by-product basis upon the achievement of certain development and approval milestones related to a product. The Company has also agreed to pay XOMA low single-digit royalties on net sales of products sold by the Company. Royalties on each product are payable on a country-by-country basis until the later of (i) a specified period of time after the first commercial sale, and (ii) the date of expiration of the last valid claim in the last-to-expire of the issued patents covered by the Collaboration Agreement. The first milestone was achieved in April 2022, at which time the Company incurred a $<span id="xdx_90A_ecustom--LicenseFees_pn5n6_c20220401__20220430__us-gaap--TypeOfArrangementAxis__custom--DiscoveryCollaborationAgreementsMember__dei--LegalEntityAxis__custom--XOMAMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--InProcessResearchAndDevelopmentMember_z9Mx9ddm7duk" title="License fees">0.5 million license fee which was recorded as acquired in-process research and development. <span id="xdx_90F_ecustom--LicenseFees_do_c20250401__20250630__us-gaap--TypeOfArrangementAxis__custom--DiscoveryCollaborationAgreementsMember__dei--LegalEntityAxis__custom--XOMAMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--InProcessResearchAndDevelopmentMember_zBTdSkwUcymg" title="License fee"><span id="xdx_907_ecustom--LicenseFees_do_c20240401__20240630__us-gaap--TypeOfArrangementAxis__custom--DiscoveryCollaborationAgreementsMember__dei--LegalEntityAxis__custom--XOMAMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--InProcessResearchAndDevelopmentMember_zBddWiM3WP4c" title="License fee"><span id="xdx_902_ecustom--LicenseFees_do_c20241001__20250630__us-gaap--TypeOfArrangementAxis__custom--DiscoveryCollaborationAgreementsMember__dei--LegalEntityAxis__custom--XOMAMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--InProcessResearchAndDevelopmentMember_zruKB26Odlf5" title="License fee"><span id="xdx_90B_ecustom--LicenseFees_do_c20231001__20240630__us-gaap--TypeOfArrangementAxis__custom--DiscoveryCollaborationAgreementsMember__dei--LegalEntityAxis__custom--XOMAMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--InProcessResearchAndDevelopmentMember_zvWEMfWHfVt7" title="License fee">No license fees were incurred during the three and nine months ended June 30, 2025 and 2024. In August 2015, the Company entered into a License Agreement (the “ARES License Agreement”) with Ares Trading (“ARES”), a wholly-owned subsidiary of Merck KGaA. Under the terms of the ARES License Agreement, as subsequently amended in October 2021, ARES has granted the Company a sublicensable, exclusive, worldwide, royalty-bearing license on proprietary patents to research, develop, use and commercialize products using atexakin alfa (“Atexakin”), a low dose formulation of human IL-6 in peripheral neuropathies and vascular complications. Pursuant to the ARES License Agreement, the Company will pay ARES high single-digit royalties on net sales of products sold by the Company. Royalties are payable on a product-by-product and country-by-country basis until the later of (i) a specified period of time after the first commercial sale in such country, and (ii) the last date on which such product is covered by a valid claim in such country. Additionally, the Company will pay ARES a percentage of all revenue received through sublicensing the IL-6 compound, including revenue from any upfront, milestone, royalty, maintenance and similar payments, net of certain full time equivalent (“FTE”) costs incurred by the Company pursuant to such sublicense. The percentage rate owed to ARES on sublicense revenue decreases depending on the point in time of execution of the relevant sublicense agreement and the development progress accomplished by the Company to that point in time. The upfront cash payments received by the Company pursuant to the New Life Agreement (see Note 5) were specifically excluded from the scope of the amended ARES License Agreement. The Company owes ARES $0.1 million in license fees related to sublicense revenue received pursuant to the Alkem Agreement (see Note 5), which is included in research and development expenses in the unaudited interim consolidated statement of operations for the nine months ended June 30, 2025. No license fees were incurred during the three months ended June 30, 2025 and the three and nine months ended June 30, 2024. Sonnet BioTherapeutics Holdings, Inc. Notes to Unaudited Interim Consolidated Financial Statements In January 2019, the Company entered into a Frame Services and License Agreement (the “Cellca Agreement”) with Sartorius Stedim Cellca GMBH (“Cellca”), pursuant to which Cellca has granted the Company a worldwide, non-exclusive, perpetual, non-transferable license to develop, manufacture or have manufactured, use, sell, import, export and/or otherwise commercialize product based on Cellca’s work to generate a specified transfected cell line and develop an upstream production process for such cell line. The Cellca Agreement is effective unless terminated by either party by giving six months notice, or by giving 14 days notice if terminated for good cause. The Company is obligated to make milestone payments to Cellca totaling up to $0.7 million upon the achievement of certain development and approval milestones if the Buy-Out Option is not exercised. The Company has a Buy-Out Option that will be effective between the time of completion of a clinical trial and the receipt of regulatory approval for commercialization of product. The cost to exercise the Buy-Out Option increases on each anniversary of the commencement date of the Buy-Out Option Period, and ranges from $<span id="xdx_90E_ecustom--PaymentForAnnualLicenseFeeObligation_iI_pn5n6_c20250630__us-gaap--TypeOfArrangementAxis__custom--CellcaAgreementMember__srt--RangeAxis__srt--MinimumMember_zwK94dg2jDq8" title="Payment for annual license fee obligation">0.1 million to $<span id="xdx_90D_ecustom--PaymentForAnnualLicenseFeeObligation_iI_pn5n6_c20250630__us-gaap--TypeOfArrangementAxis__custom--CellcaAgreementMember__srt--RangeAxis__srt--MaximumMember_zizWkOZ59cp" title="Payment for annual license fee obligation">0.6 million. The cost to exercise the Buy-Out Option will replace the $0.6 million contingent milestone payment due upon final regulatory approval. The first milestone was achieved in April 2022, at which time the Company incurred a $<span id="xdx_905_ecustom--CommericalProductLicenseFeePaymentObligation_iI_pn5n6_c20220430__us-gaap--TypeOfArrangementAxis__custom--CellcaAgreementMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--InProcessResearchAndDevelopmentMember_zpq0Bdu1w4z8" title="Commercial product license fee payment obligation">0.1 million license fee which was recorded as acquired in-process research and development. <span id="xdx_908_ecustom--LicenseFees_do_c20250401__20250630__us-gaap--TypeOfArrangementAxis__custom--CellcaAgreementMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--InProcessResearchAndDevelopmentMember_zAYqUKDWFfbi" title="License fees"><span id="xdx_902_ecustom--LicenseFees_do_c20240401__20240630__us-gaap--TypeOfArrangementAxis__custom--CellcaAgreementMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--InProcessResearchAndDevelopmentMember_zBxRkEBvXWxb" title="License fees"><span id="xdx_905_ecustom--LicenseFees_do_c20241001__20250630__us-gaap--TypeOfArrangementAxis__custom--CellcaAgreementMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--InProcessResearchAndDevelopmentMember_zx2UziJBXSJb" title="License fees"><span id="xdx_909_ecustom--LicenseFees_do_c20231001__20240630__us-gaap--TypeOfArrangementAxis__custom--CellcaAgreementMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--InProcessResearchAndDevelopmentMember_zwG24Lsrqafi" title="License fees">No license fees were incurred during the three and nine months ended June 30, 2025 and 2024. In October 2021, the Company entered into a Non-Exclusive License Agreement (the “Brink Agreement”) with Brink Biologics Inc. (“Brink”), pursuant to which Brink has granted the Company a non-exclusive, non-transferable license and limited right to sublicense certain materials and related information to develop cell-based assays for batch, quality control, stability, efficacy, potency or any other type of assay required for production and commercialization of products. During the product development phase, the Company was obligated to make annual product development license fee payments of approximately $<span id="xdx_907_ecustom--DevelopmentLicenseFeePaymentObligation_iI_pn5n6_c20250630__us-gaap--TypeOfArrangementAxis__custom--TheBrinkAgreementMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--InProcessResearchAndDevelopmentMember_ztHu5tT4A3f" title="Development license fee">0.1 million. In April 2023, the Brink Agreement was amended, effective November 2022, to reduce the annual license fee payments to $12,000 for storage of the licensed cell line. If materials are removed from storage during the product development phase, the annual product development license fee of approximately $<span id="xdx_90C_ecustom--DevelopmentLicenseFeePaymentObligation_iI_pn5n6_c20250630__us-gaap--TypeOfArrangementAxis__custom--TheBrinkAgreementMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--InProcessResearchAndDevelopmentMember_z3CJhaQPzlCh" title="Development license fee">0.1 million will apply. If a product achieves commercial status, the Company is obligated to make a commercial product license fee payment of approximately $<span id="xdx_90D_ecustom--CommericalProductLicenseFeePaymentObligation_iI_pn5n6_c20250630__us-gaap--TypeOfArrangementAxis__custom--TheBrinkAgreementMember_zojmt3bAx6yb" title="Commercial product license fee">0.1 million per commercial product. The amended agreement has an initial term of one year and will automatically renew for one additional year unless terminated or converted to a product development license. After the second year, the license will automatically convert to a full license requiring a product development or a commercial product license fee unless the parties mutually agree to terminate the agreement or extend the cell line storage fee of $12,000. The Company incurred $12,000 in license fees during the nine months ended June 30, 2025 and 2024, which were recorded as acquired in-process research and development and included in research and development expenses in the unaudited interim consolidated statements of operations. No license fees were incurred during the three months ended June 30, 2025 and 2024. In February 2022, the Company entered into a Biological Materials License Agreement (the “InvivoGen Agreement”) with InvivoGen SAS (“InvivoGen”), pursuant to which InvivoGen has granted the Company a worldwide, non-exclusive license to use certain reporter cells for research, development and/or quality control purposes. The InvivoGen Agreement has an initial term of three years and may be extended for two additional three-year periods upon written notice by the Company and payment of an approximately €<span id="xdx_90F_ecustom--PaymentForAnnualLicenseFeeObligation_iI_pn5n6_uEuro_c20250630__us-gaap--TypeOfArrangementAxis__custom--InvivoGenAgreementMember_zhOaGHmWvhr1" title="Payment for annual license fee obligation">0.1 million fee per extension (approximately $<span id="xdx_900_ecustom--PaymentForAnnualLicenseFeeObligation_iI_pn5n6_c20250630__us-gaap--TypeOfArrangementAxis__custom--InvivoGenAgreementMember_zrlXh1iXNxvl" title="Payment for annual license fee obligation">0.1 million as of June 30, 2025). In July 2025, the Company exercised its first option to extend the InvivoGen Agreement for an additional three-year term, extending the agreement through February 2028. In connection with the extension, the Company incurred $<span id="xdx_90D_ecustom--LicenseFees_pn5n6_c20250401__20250630__us-gaap--TypeOfArrangementAxis__custom--InvivoGenAgreementMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--InProcessResearchAndDevelopmentMember_zNBPrvynI608" title="License fee"><span id="xdx_901_ecustom--LicenseFees_pn5n6_c20241001__20250630__us-gaap--TypeOfArrangementAxis__custom--InvivoGenAgreementMember__us-gaap--FiniteLivedIntangibleAssetsByMajorClassAxis__us-gaap--InProcessResearchAndDevelopmentMember_zFYw4QRzez2b" title="License fee">0.1 million in license fees during the three and nine months ended June 30, 2025, which were recorded as acquired in-process research and development and included in research and development expenses in the unaudited interim consolidated statements of operations. No license fees were incurred during the three and nine months ended June 30, 2024. Sonnet BioTherapeutics Holdings, Inc. Notes to Unaudited Interim Consolidated Financial Statements In May 2025, the Company entered into a Material Transfer and License Agreement (the “ProteoNic Agreement”) with ProteoNic B.V. (“ProteoNic”), pursuant to which ProteoNic has granted to the Company a non-exclusive, non-transferable, non-sublicensable (except as provided for in the ProteoNic Agreement) license for certain materials, including plasmids and DNA sequences used to generate the vectors used in the Company’s cell lines, for the Company’s use in research, development and commercialization of product. The license will continue until terminated by either party. The Company is obligated to make contingent milestone payments to ProteoNic of €0.2 million (approximately $0.2 million as of June 30, 2025) upon the initial submission of an IND or clinical trial application to a regulatory authority for each distinct product. No license fees were incurred during the three and nine months ended June 30, 2025. Collaboration agreement In August 2024, the Company entered into the SOC Agreement to advance the development of SON-1210 (see Note 1). An IIOC that is funded by the SOC will conduct an investigator-initiated Phase 1b/2a study of SON-1210 in pancreatic cancer. The Company will provide the study drug and provide support services for the study. If the Company establishes a partnership with a third party prior to the initiation of the initial efficacy combination trial under this collaboration, the Company will incur, payable to the SOC, a one-time fee equal to the greater of 5% or $1.5 million from the first upfront payment received from such third party partnership. Research and development agreement In December 2021, the Company entered into a Research and Development Agreement (the “Navigo Agreement”) with Navigo Proteins GmbH (“Navigo”), pursuant to which Navigo will perform specified evaluation and development procedures to evaluate certain materials to determine their commercial potential. Under the terms of the Navigo Agreement, the Company has granted Navigo a royalty-free, non-exclusive, worldwide, non-sublicensable, non-transferable right and license to use certain technology to perform the evaluation and development activities, and Navigo has granted the Company (i) an exclusive, worldwide, perpetual, irrevocable, sublicensable, transferable, royalty-free right and license to research, develop, use, sell, have sold, distribute, import or otherwise commercially exploit certain materials, and (ii) a non-exclusive, worldwide, perpetual, sublicensable, non-transferable right and license to make or have made such materials. The Company incurred a $<span id="xdx_906_eus-gaap--PaymentsToAcquireInProcessResearchAndDevelopment_pn5n6_c20211201__20211231__us-gaap--TypeOfArrangementAxis__custom--NavigoAgreementMember__dei--LegalEntityAxis__custom--NavigoProteinsGmbHMember__srt--ProductOrServiceAxis__us-gaap--TechnologyServiceMember_zpT74UULOg69" title="Acquired in-process research">0.1 million technology access fee upon execution of the Navigo Agreement, at which time it was recorded as acquired in-process research. The Company is obligated to make contingent milestone payments to Navigo totaling up to $<span id="xdx_900_ecustom--MilestonePayments_iI_pn5n6_c20211231__us-gaap--TypeOfArrangementAxis__custom--NavigoAgreementMember__dei--LegalEntityAxis__custom--NavigoProteinsGmbHMember__srt--ProductOrServiceAxis__us-gaap--TechnologyServiceMember_zL2AOm63GMd1" title="MilestonePayments">1.0 million upon the achievement of certain evaluation and development milestones as outlined in the Navigo Agreement, of which $<span id="xdx_90A_ecustom--EvaluationMilestoneRecognized_iI_pn5n6_c20211231__us-gaap--TypeOfArrangementAxis__custom--NavigoAgreementMember__dei--LegalEntityAxis__custom--NavigoProteinsGmbHMember__srt--ProductOrServiceAxis__us-gaap--TechnologyServiceMember_zVXigGEi6Yhh" title="Evaluation milestone recognized">0.3 million of evaluation milestones have been previously recognized. <span id="xdx_90D_ecustom--MilestonePayments_iI_pn5n6_do_c20250630__us-gaap--TypeOfArrangementAxis__custom--NavigoAgreementMember__dei--LegalEntityAxis__custom--NavigoProteinsGmbHMember__srt--ProductOrServiceAxis__us-gaap--TechnologyServiceMember_z2xMxJxz5eG6" title="MilestonePayments"><span id="xdx_908_ecustom--MilestonePayments_iI_pn5n6_do_c20240630__us-gaap--TypeOfArrangementAxis__custom--NavigoAgreementMember__dei--LegalEntityAxis__custom--NavigoProteinsGmbHMember__srt--ProductOrServiceAxis__us-gaap--TechnologyServiceMember_zDDKQEHnEnee" title="MilestonePayments">No milestones were achieved and <span id="xdx_908_ecustom--LicenseFees_do_c20250401__20250630__us-gaap--TypeOfArrangementAxis__custom--NavigoAgreementMember__dei--LegalEntityAxis__custom--NavigoProteinsGmbHMember__srt--ProductOrServiceAxis__us-gaap--TechnologyServiceMember__us-gaap--IncomeStatementLocationAxis__us-gaap--ResearchAndDevelopmentExpenseMember_zIMzvCU4rNbe" title="License fees"><span id="xdx_906_ecustom--LicenseFees_do_c20240401__20240630__us-gaap--TypeOfArrangementAxis__custom--NavigoAgreementMember__dei--LegalEntityAxis__custom--NavigoProteinsGmbHMember__srt--ProductOrServiceAxis__us-gaap--TechnologyServiceMember__us-gaap--IncomeStatementLocationAxis__us-gaap--ResearchAndDevelopmentExpenseMember_zwGKVJw1ldU6" title="License fees"><span id="xdx_900_ecustom--LicenseFees_do_c20241001__20250630__us-gaap--TypeOfArrangementAxis__custom--NavigoAgreementMember__dei--LegalEntityAxis__custom--NavigoProteinsGmbHMember__srt--ProductOrServiceAxis__us-gaap--TechnologyServiceMember__us-gaap--IncomeStatementLocationAxis__us-gaap--ResearchAndDevelopmentExpenseMember_zPTQoqyLz0j6" title="License fees"><span id="xdx_903_ecustom--LicenseFees_do_c20231001__20240630__us-gaap--TypeOfArrangementAxis__custom--NavigoAgreementMember__dei--LegalEntityAxis__custom--NavigoProteinsGmbHMember__srt--ProductOrServiceAxis__us-gaap--TechnologyServiceMember__us-gaap--IncomeStatementLocationAxis__us-gaap--ResearchAndDevelopmentExpenseMember_zOw0M1WYFo4d" title="License fees">no license fees were incurred during the three and nine months ended June 30, 2025 and 2024. Employment agreements The Company has entered into employment contracts with its officers and certain employees that provide for severance and continuation of benefits in the event of termination of employment either by the Company without cause or by the employee for good reason, both as defined in the contract. In addition, in the event of termination of employment following a change in control, as defined, either by the Company without cause or by the employee for good reason, any unvested portion of the employee’s initial stock option grant becomes immediately vested. Sonnet BioTherapeutics Holdings, Inc. Notes to Unaudited Interim Consolidated Financial Statements

3800000 500000 0 0 0 0 100000 0 0 0 0 The Company is obligated to make milestone payments to Cellca totaling up to $0.7 million upon the achievement of certain development and approval milestones if the Buy-Out Option is not exercised. 700000 100000 600000 600000 100000 0 0 0 0 100000 12000 100000 100000 12000 12000 12000 0 0 100000 100000 100000 100000 0 0 200000 200000 0 0 the Company establishes a partnership with a third party prior to the initiation of the initial efficacy combination trial under this collaboration, the Company will incur, payable to the SOC, a one-time fee equal to the greater of 5% or $1.5 million from the first upfront payment received from such third party partnership.

100000

1000000.0 300000 0 0 0 0 0 0

5. Collaboration Revenue New Life Agreement Under the New Life Agreement, the Company granted New Life an exclusive license (with the right to sublicense) to develop and commercialize pharmaceutical preparations containing a specific recombinant human IL-6, SON-080 (the “Compound”) (such preparations, the “Products”) for the prevention, treatment or palliation of DPN in humans (the “DPN Field”) in Malaysia, Singapore, Indonesia, Thailand, Philippines, Vietnam, Brunei, Myanmar, Lao PDR and Cambodia (the “Exclusive Territory”). New Life paid the Company an aggregate of $<span id="xdx_90E_ecustom--ProceedsforNegotiateLicenseAgreement_pn5n6_c20241001__20250630__us-gaap--TypeOfArrangementAxis__custom--LicenseAgreementMember_zOZnx6o2V6Vd" title="Proceeds for negotiate license agreement">1.0 million in non-refundable upfront cash payments in connection with the execution of the New Life Agreement. The related collaboration revenue was fully recognized by December 31, 2023, as the Company had completed its performance obligations under the New Life Agreement. In December 2024, New Life informed the Company that it has elected to move its business in a different direction and provided the Company with written notice of its intention to exercise its Give Back Option, which is the right to give back the rights with respect to Products in the DPN Field in one or more countries in the Exclusive Territory. The exercise of the Give Back Option is subject to the negotiation and mutual agreement of terms between the Company and New Life. Alkem Agreement Under the Alkem Agreement entered into on October 8, 2024 (see Note 1), the <span id="xdx_909_eus-gaap--CollaborativeArrangementRightsAndObligations_c20241008__20241008__us-gaap--TypeOfArrangementAxis__custom--AlkemAgreementMember_zX5arZBF1uGb" title="Collavorative arrangement right and obligation">Company granted Alkem an exclusive license (with the right to sublicense) to research, develop, manufacture, import, export, market, use and commercialize pharmaceutical products containing its IL-6 (SON-080) asset (or any derivatives, fragments or conjugates thereof) (the “Compounds”) (such products, the “Products”) for the treatment of DPN (the “DPN Field”) and to manufacture, import, export, market, use and commercialize Products for the treatment of CIPN and autonomic neuropathy (together with the DPN Field, the “Fields”) in India. Except as provided for in the Alkem Agreement, the Company agreed not to develop, use, sell, offer or otherwise commercialize any Compounds or Products for use in the DPN Field in India during the term of the Alkem Agreement. The Company retains all rights to manufacture Compounds and Products anywhere in the world. The Company and Alkem will enter into a follow-on supply agreement pursuant to which the Company will manufacture for Alkem Compounds and Products for post-Phase 2 clinical development and commercialization in accordance with the Alkem Agreement on terms to be negotiated by the parties. Pursuant to the terms of the Alkem Agreement, Alkem will bear the cost of, and be responsible for, among other things, conducting clinical studies and additional non-clinical studies (if any, subject to both parties’ approval), preparing and filing applications for regulatory approval and undertaking other developmental and regulatory activities for commercializing Products in the DPN Field in India. Alkem will own and maintain all regulatory filings and approvals for Products in India. Upon payment of a Clinical Data Access Fee (as defined in the Alkem Agreement), the Company will have rights to access and use the data generated by the clinical trials conducted in connection with the Alkem Agreement. Under the terms of the Alkem Agreement, Alkem paid the Company $<span id="xdx_902_ecustom--ProceedsforNegotiateLicenseAgreement_pn5n6_c20241001__20250630__us-gaap--TypeOfArrangementAxis__custom--AlkemAgreementMember_z4efqN2q9uc2" title="Proceeds for negotiate license agreement">1.0 million in upfront payments and will pay up to an additional $1.0 million in milestone payments. Additionally, the Company is entitled to receive a royalty equal to a percentage in the low double digits of the net sales of the Product upon commercialization of SON-080 in India, less certain expenses as set forth in the Alkem Agreement. Revenue recognition The Company first assessed the Alkem Agreement under ASC 808, Collaborative Arrangements (“ASC 808”), to determine whether the Alkem Agreement or units of accounts within the Alkem Agreement represent a collaborative arrangement based on the risks and rewards and activities of the parties. The Company applied relevant guidance from ASC 606, Revenue from Contracts with Customers (“ASC 606”), to evaluate the appropriate accounting for the collaborative arrangement with Alkem. In accordance with this guidance, the Company identified the following obligations under the Alkem arrangement: (i) License to research, develop, market, import, use and commercialize the Product in the DPN field in India (the “License”); and (ii) supply of Compound for a Phase 2 clinical trial (“Supply”). The future supply agreement for post-Phase 2 clinical development represents an optional purchase, which will be accounted for as a separate contract, and the Company did not identify any material right to be present. The Company determined that the License and Supply are not distinct from each other and therefore combined these material promises into a single performance obligation. The Company determined the initial transaction price of the single performance obligation to be $1.0 million, as the future development and commercialization milestones, which represent variable consideration, are subject to constraint at inception. At the end of each subsequent reporting period, the Company will reevaluate the probability of achievement of the future development and commercialization milestones subject to constraint and, if necessary, will adjust its estimate of the overall transaction price. Any such adjustments will be recorded on a cumulative catch-up basis. For the sales-based royalties, the Company will recognize revenue when the related sales occur. Sonnet BioTherapeutics Holdings, Inc. Notes to Unaudited Interim Consolidated Financial Statements Collaboration revenue from the single performance obligation related to the Alkem Agreement was recognized at the point-in-time at which the Company transferred the License and Supply to Alkem. Collaboration revenue from the single performance obligation related to the New Life Agreement was recognized over the estimated performance of the research and development activities. The Company recognized $1.0 million and $18,626 of collaboration revenue for the nine months ended June 30, 2025 and 2024, respectively. No collaboration revenue was recognized for the three months ended June 30, 2025 and 2024.

1000000.0

Company granted Alkem an exclusive license (with the right to sublicense) to research, develop, manufacture, import, export, market, use and commercialize pharmaceutical products containing its IL-6 (SON-080) asset (or any derivatives, fragments or conjugates thereof) (the “Compounds”) (such products, the “Products”) for the treatment of DPN (the “DPN Field”) and to manufacture, import, export, market, use and commercialize Products for the treatment of CIPN and autonomic neuropathy (together with the DPN Field, the “Fields”) in India. Except as provided for in the Alkem Agreement, the Company agreed not to develop, use, sell, offer or otherwise commercialize any Compounds or Products for use in the DPN Field in India during the term of the Alkem Agreement. The Company retains all rights to manufacture Compounds and Products anywhere in the world.

1000000.0 1000000.0 1000000.0

1000000.0

18626

6. Stockholders’ Equity (Deficit) Stockholders’ Deficit October 2023 underwritten public offering On October 26, 2023, the Company closed a public offering of common stock and certain warrants through Chardan and Ladenburg Thalmann & Co. Inc. as underwriters, for net proceeds of $<span id="xdx_907_eus-gaap--ProceedsFromIssuanceOfCommonStock_pn5n6_c20231026__20231026__us-gaap--SubsidiarySaleOfStockAxis__custom--OctoberOfferingMember__srt--TitleOfIndividualAxis__custom--UnderwritersMember_z6Pml20DgfQ6" title="Proceeds from sale of common stock">3.9 million through the issuance and sale of <span id="xdx_901_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pid_c20231026__20231026__us-gaap--SubsidiarySaleOfStockAxis__custom--OctoberOfferingMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__srt--TitleOfIndividualAxis__custom--UnderwritersMember_znVxJbCfb4P1" title="Sale of common stock, shares">163,281 shares of its common stock and, to certain investors, pre-funded warrants to purchase <span id="xdx_908_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pid_c20231026__us-gaap--SubsidiarySaleOfStockAxis__custom--OctoberOfferingMember__us-gaap--StatementEquityComponentsAxis__custom--PrefundedWarrantMember__srt--TitleOfIndividualAxis__custom--UnderwritersMember_zrNEGKgUQny8" title="Purchase of warrants">192,187 shares of common stock, and accompanying common warrants to purchase up to an aggregate of <span id="xdx_903_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20231026__us-gaap--SubsidiarySaleOfStockAxis__custom--OctoberOfferingMember__us-gaap--StatementEquityComponentsAxis__custom--CommonWarrantMember__srt--TitleOfIndividualAxis__custom--UnderwritersMember_zQpR2velIarh" title="Purchase of warrants">710,931 shares of its common stock. Each share of common stock and pre-funded warrant to purchase one share of common stock was sold together with a common warrant to purchase two shares of common stock. The public offering price of each share of common stock and accompanying common warrant was $<span id="xdx_906_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20231026__us-gaap--SubsidiarySaleOfStockAxis__custom--OctoberOfferingMember__us-gaap--StatementEquityComponentsAxis__custom--CommonWarrantMember__srt--TitleOfIndividualAxis__custom--UnderwritersMember_znYjcsvRWG5d" title="Sale price">12.80 and the public offering price of each pre-funded warrant and accompanying common warrant was $<span id="xdx_90B_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20231026__us-gaap--SubsidiarySaleOfStockAxis__custom--OctoberOfferingMember__us-gaap--StatementEquityComponentsAxis__custom--PrefundedWarrantMember__srt--TitleOfIndividualAxis__custom--UnderwritersMember_zQ8E62YTybf5" title="Sale price">12.7992. The common warrants were immediately exercisable at a price of $<span id="xdx_907_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20231026__us-gaap--SubsidiarySaleOfStockAxis__custom--OctoberOfferingMember__us-gaap--StatementEquityComponentsAxis__custom--CommonWarrantMember__srt--TitleOfIndividualAxis__custom--UnderwritersMember_zqcKpicFfxyj" title="Exercisable price">12.80 per share of common stock, expire <span id="xdx_90C_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dc_c20231026__us-gaap--SubsidiarySaleOfStockAxis__custom--OctoberOfferingMember__srt--TitleOfIndividualAxis__custom--UnderwritersMember__us-gaap--StatementEquityComponentsAxis__custom--CommonWarrantMember_zYiQ0OOhacY6" title="Warrant term">five years from the date of issuance and contain an alternative cashless exercise provision. In connection with the June 2024 inducement offer, the exercise price was decreased to $<span id="xdx_90C_eus-gaap--WarrantExercisePriceDecrease_pid_c20231026__20231026__us-gaap--SubsidiarySaleOfStockAxis__custom--OctoberOfferingMember__srt--TitleOfIndividualAxis__custom--UnderwritersMember__us-gaap--StatementEquityComponentsAxis__custom--JuneTwentyTwentyFourInducementOfferMember_zSO4oC0jpTAl" title="Warrants exercise price decrease">9.60 per share of common stock for common warrants that remained unexercised at the time of the offer. The pre-funded warrants were immediately exercisable at any time, until exercised in full, at a price of $<span id="xdx_905_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20231026__us-gaap--SubsidiarySaleOfStockAxis__custom--OctoberOfferingMember__us-gaap--StatementEquityComponentsAxis__custom--PrefundedWarrantMember__srt--TitleOfIndividualAxis__custom--UnderwritersMember_zirGoVpLekS5" title="Exercisable price">0.0008 per share of common stock. In addition, warrants to purchase <span id="xdx_906_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20231026__us-gaap--SubsidiarySaleOfStockAxis__custom--OctoberOfferingMember__srt--TitleOfIndividualAxis__custom--UnderwritersMember_zF0kNxllCZxi" title="Purchase of warrants">10,664 shares of common stock were issued to the underwriters as compensation for their services related to the offering. These common stock warrants have an exercise price of $<span id="xdx_907_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20231026__us-gaap--SubsidiarySaleOfStockAxis__custom--OctoberOfferingMember__srt--TitleOfIndividualAxis__custom--UnderwritersMember_zkUiTN2qFNC8" title="Exercisable price">16.00 per share and expire five years from the date of issuance. Committed equity facility On May 2, 2024, the Company entered into the Purchase Agreement and a Registration Rights Agreement (the “Registration Rights Agreement”), each with Chardan, related to a “ChEF,” Chardan’s committed equity facility, or the Facility (see Note 1). Pursuant to the Purchase Agreement, the Company has the right from time to time at its option to sell to Chardan up to $<span id="xdx_90A_eus-gaap--StockIssuedDuringPeriodValueNewIssues_pn5n6_c20240502__20240502__us-gaap--TypeOfArrangementAxis__custom--PurchaseAndRegistrationRightsAgreementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zNs1DFY3cNdb" title="Issuance of share, value">25.0 million in aggregate gross purchase price of newly issued shares of the Company’s common stock, of which $<span id="xdx_90C_ecustom--CommonStockAvialableToBeSold_iI_pn5n6_c20250630__us-gaap--TypeOfArrangementAxis__custom--PurchaseAndRegistrationRightsAgreementMember_zlQ9GNLBugI9" title="Common stock avialable to be sold">24.7 million is available to be sold as of June 30, 2025. The Facility will allow the Company to raise primary equity on a periodic basis at its sole discretion depending on a variety of factors including, among other things, market conditions, the trading price of the common stock, and determinations by the Company regarding the use of proceeds of such common stock. The purchase price of the shares of common stock will be determined by reference to the Volume Weighted Average Price (“VWAP”) of the common stock during the applicable purchase period, less a fixed <span id="xdx_906_ecustom--VolumeWeightedAveragePriceDiscountPercentage_iI_pid_dp_c20240502__us-gaap--TypeOfArrangementAxis__custom--PurchaseAndRegistrationRightsAgreementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zOi1WMeB67hc" title="Volume weighted average price discount percentage">4% discount to such VWAP, and the total shares to be purchased on any day may not exceed 20% of the trading volume of the Company’s common stock during the applicable purchase period. The Purchase Agreement will be effective for a 36-month period ending May 16, 2027. Due to certain pricing and settlement provisions, the Purchase Agreement qualifies as a standby equity purchase agreement and includes an embedded put option and an embedded forward contract. The Company accounts for the embedded features in the Purchase Agreement as derivatives measured at fair value, with changes in fair value recognized in the consolidated statement of operations. The derivatives associated with the Purchase Agreement have been deemed de minimis. The Company sold <span id="xdx_90D_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20241001__20250630__us-gaap--TypeOfArrangementAxis__custom--PurchaseAndRegistrationRightsAgreementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zfzysV3Hyor3" title="Sold shares">153,020 shares of common stock pursuant to the Purchase Agreement for net proceeds of approximately $<span id="xdx_908_eus-gaap--SaleOfStockConsiderationReceivedOnTransaction_pn5n6_c20241001__20250630__us-gaap--TypeOfArrangementAxis__custom--PurchaseAndRegistrationRightsAgreementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zCEyCtGXELic" title="Net proceeds">0.2 million during the nine months ended June 30, 2025. The Company incurred $<span id="xdx_906_eus-gaap--PaymentsOfFinancingCosts_pn5n6_c20241001__20250630__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember__us-gaap--TypeOfArrangementAxis__custom--PurchaseAgreementMember_zp5ySceubrW3" title="Financing costs incurred">0.5 million of costs in connection with the Purchase Agreement during the nine months ended June 30, 2025, which are included in general and administrative expenses in the unaudited interim consolidated statement of operations. November 2024 underwritten public offering On November 7, 2024, the Company closed a public offering of common stock and certain warrants through Chardan, as underwriter, for net proceeds of $<span id="xdx_90F_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_pn5n6_c20241107__20241107__us-gaap--TypeOfArrangementAxis__custom--UnderwritingAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ChardanCapitalMarketsLLCMember_zRhElkFJQBMd" title="Net proceeds">4.2 million through the issuance and sale of <span id="xdx_900_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_c20241107__20241107__us-gaap--TypeOfArrangementAxis__custom--UnderwritingAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ChardanCapitalMarketsLLCMember_zWRcJmbQfStl" title="Sale of stock">155,000 shares of its common stock, pre-funded warrants to purchase up to <span id="xdx_901_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20241107__us-gaap--TypeOfArrangementAxis__custom--UnderwritingAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ChardanCapitalMarketsLLCMember__us-gaap--StatementEquityComponentsAxis__custom--PrefundedWarrantMember_z4FpIZV05fFa" title="Warrants to purchase">956,111 shares of common stock, and accompanying common warrants to purchase up to an aggregate of <span id="xdx_90B_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20241107__us-gaap--TypeOfArrangementAxis__custom--UnderwritingAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ChardanCapitalMarketsLLCMember__us-gaap--StatementEquityComponentsAxis__custom--CommonWarrantMember_z65hFcfVP4Ae" title="Warrants to purchase">2,222,222 shares of its common stock. Each share of common stock and pre-funded warrant to purchase one share of common stock was sold together with a common warrant to purchase two shares of common stock. The public offering price of each share of common stock and accompanying common warrant was $<span id="xdx_90B_eus-gaap--SaleOfStockPricePerShare_iI_c20241107__us-gaap--TypeOfArrangementAxis__custom--UnderwritingAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ChardanCapitalMarketsLLCMember__us-gaap--StatementEquityComponentsAxis__custom--CommonWarrantMember_ziQ2KMH205K2" title="Sale of stock per share">4.50 and the public offering price of each pre-funded warrant and accompanying common warrant was $<span id="xdx_907_eus-gaap--SaleOfStockPricePerShare_iI_c20241107__us-gaap--TypeOfArrangementAxis__custom--UnderwritingAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ChardanCapitalMarketsLLCMember__us-gaap--StatementEquityComponentsAxis__custom--PrefundedWarrantMember_zEMze7A4pyCj" title="Sale of stock per share">4.4999. The common warrants were immediately exercisable at a price of $<span id="xdx_900_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20241107__us-gaap--TypeOfArrangementAxis__custom--UnderwritingAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ChardanCapitalMarketsLLCMember__us-gaap--StatementEquityComponentsAxis__custom--CommonWarrantMember_zSxi6x5ODx12" title="Sale of stock per share">4.50 per share of common stock, expire <span id="xdx_900_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dc_c20241107__us-gaap--TypeOfArrangementAxis__custom--UnderwritingAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ChardanCapitalMarketsLLCMember__us-gaap--StatementEquityComponentsAxis__custom--CommonWarrantMember_zP02cYnR4fx4" title="Warrant term">five years from the date of issuance and contain an alternative cashless exercise provision. The pre-funded warrants were immediately exercisable at any time, until exercised in full, at a price of $<span id="xdx_905_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20241107__us-gaap--TypeOfArrangementAxis__custom--UnderwritingAgreementMember__us-gaap--RelatedPartyTransactionsByRelatedPartyAxis__custom--ChardanCapitalMarketsLLCMember__us-gaap--StatementEquityComponentsAxis__custom--PrefundedWarrantMember_z2zIo3DfEcE" title="Exercisable price">0.0001 per share of common stock. All of the pre-funded warrants have been exercised as of June 30, 2025. December 2024 registered direct and PIPE offering On December 10, 2024, the Company closed a registered direct offering with institutional investors for the issuance and sale of <span id="xdx_901_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pid_c20241210__20241210__us-gaap--SubsidiarySaleOfStockAxis__custom--RegisteredDirectOfferingMember__us-gaap--StatementEquityComponentsAxis__custom--PrefundedWarrantMember_z26N46rhmuMc" title="Shares for sale">768,000 shares of its common stock, pre-funded warrants to purchase up to <span id="xdx_904_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pid_c20241210__us-gaap--SubsidiarySaleOfStockAxis__custom--RegisteredDirectOfferingMember__us-gaap--StatementEquityComponentsAxis__custom--PrefundedWarrantMember_zsWfbUiaDUP2" title="Warrants to purchase common stock">317,325 shares of common stock, and accompanying warrants to purchase up to an aggregate of <span id="xdx_900_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pid_c20241210__us-gaap--SubsidiarySaleOfStockAxis__custom--RegisteredDirectOfferingMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zEitI6yHk9l7" title="Warrants to purchase common stock">1,085,325 shares of its common stock. Each share of common stock and pre-funded warrant to purchase one share of common stock was sold together with a common warrant to purchase one share of common stock. The offering price of each share of common stock and accompanying common warrant was $2.23 and the offering price of each pre-funded warrant and accompanying common warrant was $<span id="xdx_90E_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20241210__us-gaap--SubsidiarySaleOfStockAxis__custom--RegisteredDirectOfferingMember__us-gaap--ClassOfWarrantOrRightAxis__custom--PrefundedWarrantMember_z3Z5PnEy4XKa" title="Offering price per share">2.2299, priced at-the-market under the rules of the Nasdaq Stock Market. The registered direct warrants were immediately exercisable at a price of $<span id="xdx_903_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20241210__us-gaap--SubsidiarySaleOfStockAxis__custom--RegisteredDirectOfferingMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zMeHJReubSug" title="Warrants exercise price">2.10 per share, expire <span id="xdx_909_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dc_c20241210__us-gaap--SubsidiarySaleOfStockAxis__custom--RegisteredDirectOfferingMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_z5ve6ZGpnU2j" title="Warrants term">five years from the date of issuance and contain an alternative cashless exercise provision. The pre-funded warrants were immediately exercisable at any time, until exercised in full, at a price of $<span id="xdx_90F_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20241210__us-gaap--SubsidiarySaleOfStockAxis__custom--RegisteredDirectOfferingMember__us-gaap--StatementEquityComponentsAxis__custom--PrefundedWarrantMember_zOU8fx1A5eV4" title="Exercisable price">0.0001 per share of common stock. All of the pre-funded warrants have been exercised as of June 30, 2025. Sonnet BioTherapeutics Holdings, Inc. Notes to Unaudited Interim Consolidated Financial Statements The Company closed a concurrent private placement with an existing investor for the issuance and sale of <span id="xdx_900_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pid_c20241210__20241210__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--StatementEquityComponentsAxis__custom--PrefundedWarrantMember_zDTlru0vtrJl" title="Shares for sale">127,500 shares of its common stock, pre-funded warrants to purchase up to <span id="xdx_900_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pid_c20241210__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--StatementEquityComponentsAxis__custom--PrefundedWarrantMember_zz4wpxAGNoo9" title="Warrants to purchase common stock">545,500 shares of common stock, and accompanying warrants to purchase up to an aggregate <span id="xdx_906_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pid_c20241210__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zxyBGaLAt8X6" title="Warrants to purchase common stock">673,000 shares of its common stock. Each share of common stock and pre-funded warrant to purchase one share of common stock was sold in the private placement (“PIPE”) together with a common warrant to purchase one share of common stock. The PIPE offering price of each share of common stock and accompanying common warrant was $2.23 and the PIPE offering price of each pre-funded warrant and accompanying common warrant was $<span id="xdx_90A_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20241210__us-gaap--SubsidiarySaleOfStockAxis__custom--RegisteredDirectOfferingMember__us-gaap--ClassOfWarrantOrRightAxis__custom--PrefundedWarrantMember_zjApTnKcHOad" title="Offering price per share">2.2299, priced at-the-market under the rules of the Nasdaq Stock Market. The PIPE warrants were immediately exercisable at a price of $<span id="xdx_901_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20241210__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zBrk6ISzZda9" title="Warrants exercise price">2.10 per share, expire <span id="xdx_908_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dc_c20241210__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--WarrantMember_zDug7UVC3ds1" title="Warrants term">five years from the date of issuance and contain an alternative cashless exercise provision. The pre-funded warrants are immediately exercisable at any time, until exercised in full, at a price of $<span id="xdx_908_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20241210__us-gaap--SubsidiarySaleOfStockAxis__us-gaap--PrivatePlacementMember__us-gaap--StatementEquityComponentsAxis__custom--PrefundedWarrantMember_zmpGgeQLjkO1" title="Exercisable price">0.0001 per share of common stock. The Company raised net proceeds of approximately $<span id="xdx_904_eus-gaap--ProceedsFromIssuanceOrSaleOfEquity_pn5n6_c20241210__20241210__us-gaap--SubsidiarySaleOfStockAxis__custom--RegisteredDirectOfferingMember_z6GquxbJEec3" title="Proceeds from offering">3.4 million from the registered direct and PIPE offerings. Common stock warrants As of June 30, 2025, the following equity-classified warrants and related terms were outstanding: Schedule of Warrants Outstanding <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Warrants Outstanding</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Exercise Price</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Expiration Date</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 42%; text-align: left">Common stock warrants August 2021</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_985_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockWarrantsAugustTwoThousandTwentyOneMember_zqocn5Xdx3Y3" style="width: 14%; text-align: right" title="Number of Warrants, Outstanding">14,031</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockWarrantsAugustTwoThousandTwentyOneMember_zQ7zUlPzFAOg" style="width: 16%; text-align: right" title="Exercise Price">2,094.4000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_909_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_dd_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockWarrantsAugustTwoThousandTwentyOneMember_zfjoTgcSYQNi" title="Expiration Date">August 24, 2026</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Underwriter warrants August 2021</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--UnderwriterWarrantsAugustTwoThousandTwentyOneMember_zRIGIjKwre6e" style="text-align: right" title="Number of warrants, outstanding">284</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98F_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--UnderwriterWarrantsAugustTwoThousandTwentyOneMember_zOCuNqAf4yE7" style="text-align: right" title="Exercise Price">2,618.0000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_909_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_dd_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--UnderwriterWarrantsAugustTwoThousandTwentyOneMember_zDXB6DGZQAK7" title="Expiration date">August 19, 2026</td><td style="text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">Chanticleer warrants</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_981_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--ChanticleerWarrantsMember_zCxpu88QiVD1" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Number of warrants, outstanding">6</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">$<span id="xdx_90E_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--ChanticleerWarrantsMember__srt--RangeAxis__srt--MinimumMember_z2P1ctBY4gmj" title="Exercise price, lower limit">144,144.00 - $<span id="xdx_90B_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--ChanticleerWarrantsMember__srt--RangeAxis__srt--MaximumMember_zmHR9xlqnwfe" title="Exercise price, lower limit">224,224.00</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_903_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_dd_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--ChanticleerWarrantsMember__srt--RangeAxis__srt--MinimumMember_zSLTWHrdoUa" title="Expiration date">April 30, 2027 - <span id="xdx_903_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_dd_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--ChanticleerWarrantsMember__srt--RangeAxis__srt--MaximumMember_zWPBMO1O7um6" title="Expiration date">December 17, 2028</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Series C warrants</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--SeriesCWarrantsMember_zdpTg4M6uju6" style="text-align: right" title="Number of warrants, outstanding">2,297</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_989_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--SeriesCWarrantsMember_zSkh6GPhMToa" style="text-align: right" title="Exercise Price">7,860.1600</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">October 16, 2025</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Series 3 warrants</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--SeriesThreeWarrantsMember_zSkIQiM7j5Xi" style="text-align: right" title="Number of warrants, outstanding">1,566</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_986_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--SeriesThreeWarrantsMember_zL9yMCXPlUrf" style="text-align: right" title="Exercise Price">717.0240</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">August 15, 2027</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Common stock warrants February 2023</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockWarrantsFebruaryTwoThousandTwentyThreeMember_zYyph998ilo8" style="text-align: right" title="Number of warrants, outstanding">31,563</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_987_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockWarrantsFebruaryTwoThousandTwentyThreeMember_zQ1wrhTYXTWj" style="text-align: right" title="Exercise Price">190.0800</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90D_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_dd_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockWarrantsFebruaryTwoThousandTwentyThreeMember_zmEJVnofD2Wg" title="Expiration date">February 10, 2028</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Underwriter warrants February 2023</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--UnderwriterWarrantFebruaryTwoThousandTwentyThreeMember_z4rNdmPdD3L8" style="text-align: right" title="Number of warrants, outstanding">1,933</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98C_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--UnderwriterWarrantFebruaryTwoThousandTwentyThreeMember_zDgu7S8JaXGb" style="text-align: right" title="Exercise Price">237.6000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_dd_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--UnderwriterWarrantFebruaryTwoThousandTwentyThreeMember_zQPJU0kzbtK3" title="Expiration date">February 8, 2028</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Common stock private placement warrants June 2023</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockPrivatePlacementWarrantsJuneTwoThousandTwentyThreeMember_zJ0syQ5QBNd4" style="text-align: right" title="Number of warrants, outstanding">28,409</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_989_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockPrivatePlacementWarrantsJuneTwoThousandTwentyThreeMember_zXHYqmfhts98" style="text-align: right" title="Exercise Price">12.4000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90E_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_dd_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockPrivatePlacementWarrantsJuneTwoThousandTwentyThreeMember_zkYUxl1j5mx2" title="Expiration date">June 21, 2029</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Placement agent warrants June 2023</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--PlacementAgentWarrantsJuneTwoThousandTwentyThreeMember_znmBE28RrILf" style="text-align: right" title="Number of warrants, outstanding">852</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98A_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--PlacementAgentWarrantsJuneTwoThousandTwentyThreeMember_zXRBCKJN11Lk" style="text-align: right" title="Exercise Price">118.7824</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_905_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_dd_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--PlacementAgentWarrantsJuneTwoThousandTwentyThreeMember_zugfLO9KOqTi" title="Expiration date">December 30, 2026</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Common stock warrants October 2023</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockWarrantsOctoberTwoThousandTwentyThreeMember_zUMFfQpUObci" style="text-align: right" title="Number of warrants, outstanding">354,994</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_982_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockWarrantsOctoberTwoThousandTwentyThreeMember_zojIa4jjWdCb" style="text-align: right" title="Exercise Price">9.6000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90F_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_dd_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockWarrantsOctoberTwoThousandTwentyThreeMember_zjXejYXeYMRk" title="Expiration date">October 27, 2028</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Pre-funded warrants October 2023</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--PrefundedWarrantsOctoberTwoThousandTwentyThreeMember_zPMLFWvKreIl" style="text-align: right" title="Number of warrants, outstanding">99,687</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_988_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--PrefundedWarrantsOctoberTwoThousandTwentyThreeMember_zSlQ6xPSdmv6" style="text-align: right" title="Exercise Price">0.0008</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Underwriter warrants October 2023</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--UnderwriterWarrantsOctoberTwoThousandTwentyThreeMember_zJjDjbgcIIl4" style="text-align: right" title="Number of warrants, outstanding">10,664</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_981_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--UnderwriterWarrantsOctoberTwoThousandTwentyThreeMember_z2x1qcKVZjIg" style="text-align: right" title="Exercise Price">16.0000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_908_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_dd_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--UnderwriterWarrantsOctoberTwoThousandTwentyThreeMember_zpPfumvfS3a2" title="Expiration date">October 24, 2028</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Placement agent warrants June 2024</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--PlacementAgentWarrantsJuneTwoThousandTwentyFourMember_zXdMc5Jv9jbd" style="text-align: right" title="Number of warrants, outstanding">14,142</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_988_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--PlacementAgentWarrantsJuneTwoThousandTwentyFourMember_zrV6IWpo0U6h" style="text-align: right" title="Exercise Price">14.8800</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_909_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_dd_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--PlacementAgentWarrantsJuneTwoThousandTwentyFourMember_zLlq1YJDUK09" title="Expiration date">June 19, 2029</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Common stock warrants June 2024</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockWarrantsJuneTwoThousandTwentyFourMember_zUzLicbgGjh5" style="text-align: right" title="Number of Warrants, Outstanding">703,125</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98A_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockWarrantsJuneTwoThousandTwentyFourMember_z9f9Be5lHeeh" style="text-align: right" title="Exercise Price">12.4000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_906_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_dd_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockWarrantsJuneTwoThousandTwentyFourMember_zipNuSUnWDe2" title="Expiration Date">June 21, 2029</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Common stock warrants November 2024</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockWarrantsNovemberTwoThousandTwentyFourMember_zu7lnYZHi8X5" style="text-align: right" title="Number of Warrants, Outstanding">2,222,222</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98E_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockWarrantsNovemberTwoThousandTwentyFourMember_zZuaqAqCF5Da" style="text-align: right" title="Exercise Price">4.5000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90A_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_dd_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockWarrantsNovemberTwoThousandTwentyFourMember_zS28KHWpWTu" title="Expiration Date">November 7, 2029</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Common stock registered direct warrants December 2024</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockWarrantsRegisteredDirectWarrantsDecemberTwoThousandTwentyFourMember_zqyq2MlYfJf5" style="text-align: right" title="Number of Warrants, Outstanding">1,085,325</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_981_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockWarrantsRegisteredDirectWarrantsDecemberTwoThousandTwentyFourMember_zyA83kEMt2Mf" style="text-align: right" title="Exercise Price">2.1000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_909_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_dd_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockWarrantsRegisteredDirectWarrantsDecemberTwoThousandTwentyFourMember_zSHQcxxGBi4f" title="Expiration Date">December 9, 2029</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Common stock PIPE warrants December 2024</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockPIPEWarrantsDecemberTwoThousandTwentyFourMember_z3b4Xe38yRKi" style="text-align: right" title="Number of Warrants, Outstanding">673,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98C_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockPIPEWarrantsDecemberTwoThousandTwentyFourMember_zu9RLcLOV9m2" style="text-align: right" title="Exercise Price">2.1000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90F_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_dd_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockPIPEWarrantsDecemberTwoThousandTwentyFourMember_zxdWFkT6I9A7" title="Expiration Date">December 9, 2029</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Pre-funded warrants December 2024</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--PreFundedWarrantsDecemberTwoThousandTwentyFourMember_zg0mRsuaz415" style="border-bottom: Black 1pt solid; text-align: right" title="Number of Warrants, Outstanding">545,500</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left">$</td><td id="xdx_982_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--PreFundedWarrantsDecemberTwoThousandTwentyFourMember_zjv0jT3Gn2Ri" style="padding-bottom: 1pt; text-align: right" title="Exercise Price">0.0001</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98E_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20250630_z8Roax97iGa3" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Warrants, Outstanding">5,789,600</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> During the nine months ended June 30, 2025, <span id="xdx_903_ecustom--StockIssuedDuringPeriodSharesNetShareSettlementOfWarrants_c20241001__20250630__us-gaap--StatementEquityComponentsAxis__custom--CommonStockWarrantsMember_zq259SFSxGx7" title="Net share settlement of warrants, shares">2,419 warrants were net share settled, resulting in the issuance of <span id="xdx_904_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20241001__20250630__us-gaap--StatementEquityComponentsAxis__custom--CommonStockWarrantsMember_z0PCkK3VRhmj" title="Sale of common stock, net of issuance costs, shares">1,209 shares of common stock, and <span id="xdx_906_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_c20241001__20250630__us-gaap--StatementEquityComponentsAxis__custom--PreFundedWarrantsMember_z9sNEA3ZCt94" title="Number of warrant exercised">1,273,436 pre-funded warrants were exercised on a cash basis for de minimis proceeds. On June 19, 2024, the Company entered into inducement offer letter agreements with holders of certain existing warrants issued in October 2023 having an original exercise price of $<span id="xdx_900_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20231031__us-gaap--TypeOfArrangementAxis__custom--InducementOfferLetterAgreementsMember_zr6XT2ICueul" title="Class of warrant">12.80 per share to purchase up to an aggregate of <span id="xdx_903_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByEachWarrantOrRight_iI_c20231031__us-gaap--TypeOfArrangementAxis__custom--InducementOfferLetterAgreementsMember_z53X2782DYEf" title="Aggregate number of shares issued">353,562 shares of the Company’s common stock at a reduced exercise price of $<span id="xdx_906_eus-gaap--WarrantExercisePriceDecrease_pid_c20231001__20231031__us-gaap--TypeOfArrangementAxis__custom--InducementOfferLetterAgreementsMember_zoBZUMkhtaCe" title="Warrant exercise price decrease">9.60 per share. The transaction closed on June 21, 2024, resulting in net proceeds of the Company of $<span id="xdx_906_eus-gaap--ProceedsFromIssuanceOfWarrants_pn5n6_c20240621__20240621__us-gaap--TypeOfArrangementAxis__custom--InducementOfferLetterAgreementsMember_zHZphffqAk18" title="Proceeds from issuance of warrants">2.9 million. Due to beneficial ownership limitations, <span id="xdx_90A_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pid_c20250630__us-gaap--TypeOfArrangementAxis__custom--InducementOfferLetterAgreementsMember_zFS5p27h5QM9" title="Class of warrant or right outstanding">187,500 shares of common stock related to the exercise of warrants in this transaction were initially held in abeyance. All <span id="xdx_90E_ecustom--StockIssuedDuringPeriodValueSharesReleasedFromAbeyance_pid_c20241001__20250630__us-gaap--TypeOfArrangementAxis__custom--InducementOfferLetterAgreementsMember_zBiK7VsnveX5" title="Shares released from abeyance, shares">187,500 shares of common stock were released from abeyance during the nine months ended June 30, 2025. Also in connection with this inducement offer, the Company (i) issued to holders who participated in the transaction new common stock warrants to purchase an aggregate of <span id="xdx_909_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20240619__us-gaap--TypeOfArrangementAxis__custom--InducementOfferLetterAgreementsMember__us-gaap--StatementEquityComponentsAxis__custom--NewCommonStockMember_zv4LMbXZBNUi" title="Class of warrants">703,125 shares of common stock, (ii) reduced the exercise price of existing warrants to purchase <span id="xdx_900_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_pp3d_c20240619__us-gaap--TypeOfArrangementAxis__custom--InducementOfferLetterAgreementsMember__us-gaap--StatementEquityComponentsAxis__custom--ExistingWarrantMember_z7AjbJShzj68" title="Class of warrants">354.994 shares of common stock for those holders who did not exercise warrants in the transaction from $<span id="xdx_90B_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20231031__us-gaap--TypeOfArrangementAxis__custom--InducementOfferLetterAgreementsMember__us-gaap--StatementEquityComponentsAxis__custom--ExistingWarrantMember_zJeBTBDGa253" title="Warrant exercise price decrease">12.80 per share to $<span id="xdx_902_eus-gaap--WarrantExercisePriceDecrease_pid_c20240619__20240619__us-gaap--TypeOfArrangementAxis__custom--InducementOfferLetterAgreementsMember__us-gaap--StatementEquityComponentsAxis__custom--ExistingWarrantMember_zswNR2rK5xN4" title="Warrant exercise price decrease">9.60 per share for the remaining term of the warrants, and (iii) reduced the exercise price of certain existing warrants issued in June 2023 to purchase <span id="xdx_90D_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20230630__us-gaap--TypeOfArrangementAxis__custom--InducementOfferLetterAgreementsMember__us-gaap--StatementEquityComponentsAxis__custom--ExistingWarrantIssuedInJuneTwoThousandTwentyThreeMember_z4eqOvQNKtPl" title="Class of warrants">28,409 shares of common stock from $<span id="xdx_906_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20230630__us-gaap--TypeOfArrangementAxis__custom--InducementOfferLetterAgreementsMember__us-gaap--StatementEquityComponentsAxis__custom--ExistingWarrantIssuedInJuneTwoThousandTwentyThreeMember__srt--RangeAxis__srt--MaximumMember_z7TydbYmXc3e" title="Exercise price">118.78 per share to $<span id="xdx_905_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20230630__us-gaap--TypeOfArrangementAxis__custom--InducementOfferLetterAgreementsMember__us-gaap--StatementEquityComponentsAxis__custom--ExistingWarrantIssuedInJuneTwoThousandTwentyThreeMember__srt--RangeAxis__srt--MinimumMember_zY1B4lOK8td4" title="Exercise price">12.40 per share and extended the expiration date of these warrants from <span id="xdx_903_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_dd_c20230630__us-gaap--TypeOfArrangementAxis__custom--InducementOfferLetterAgreementsMember__us-gaap--StatementEquityComponentsAxis__custom--ExistingWarrantIssuedInJuneTwoThousandTwentyThreeMember__srt--RangeAxis__srt--MinimumMember_z2g6X7YMXps8">December 30, 2026 to <span id="xdx_909_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_dd_c20230630__us-gaap--TypeOfArrangementAxis__custom--InducementOfferLetterAgreementsMember__us-gaap--StatementEquityComponentsAxis__custom--ExistingWarrantIssuedInJuneTwoThousandTwentyThreeMember__srt--RangeAxis__srt--MaximumMember_zY6F5Oj7K4Yb" title="Expiration date">June 21, 2029. The new common stock warrants were immediately exercisable at a price of $<span id="xdx_90A_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_pid_c20240619__us-gaap--TypeOfArrangementAxis__custom--InducementOfferLetterAgreementsMember__us-gaap--StatementEquityComponentsAxis__custom--NewCommonStockWarrantMember_zObXBtDgigLf" title="Exercise price">12.40 per share and expire <span id="xdx_90C_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dc_c20240619__us-gaap--TypeOfArrangementAxis__custom--InducementOfferLetterAgreementsMember__us-gaap--StatementEquityComponentsAxis__custom--NewCommonStockWarrantMember_zV6jTRtnIgB5" title="Warrants term">five years from the date of issuance. Warrants to purchase <span id="xdx_90D_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20240619__us-gaap--TypeOfArrangementAxis__custom--InducementOfferLetterAgreementsMember__srt--TitleOfIndividualAxis__custom--PlacementAgentMember_zDYhoFgYeOxa" title="Warrants to purchase shares">14,142 shares of common stock were issued to the placement agent as compensation for its services related to the offering. These common stock warrants were immediately exercisable at a price of $<span id="xdx_909_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20240619__us-gaap--TypeOfArrangementAxis__custom--InducementOfferLetterAgreementsMember__srt--TitleOfIndividualAxis__custom--PlacementAgentMember_zAeA1QRtn267" title="Exercise price">14.88 per share and expire <span id="xdx_903_eus-gaap--WarrantsAndRightsOutstandingTerm_iI_dc_c20240619__us-gaap--TypeOfArrangementAxis__custom--InducementOfferLetterAgreementsMember__srt--TitleOfIndividualAxis__custom--PlacementAgentMember_zfhi9xQLLpE8" title="Warrants term">five years from the date of issuance. The incremental fair value associated with the modification of certain existing June and October 2023 warrants to purchase common stock was accounted for in additional paid-in capital as an equity cost because the modification was done in order to raise equity by inducing the exercise of warrants. Sonnet BioTherapeutics Holdings, Inc. Notes to Unaudited Interim Consolidated Financial Statements During the nine months ended June 30, 2024, <span id="xdx_905_ecustom--StockIssuedDuringPeriodSharesNetShareSettlementOfWarrants_c20231001__20240630__us-gaap--StatementEquityComponentsAxis__custom--CommonStockWarrantsMember_z5iFAQyVxUW5" title="Net share settlement of warrants, shares">96,090 warrants were net share settled, resulting in the issuance of <span id="xdx_90F_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_c20231001__20240630__us-gaap--StatementEquityComponentsAxis__custom--CommonStockWarrantsMember_zae3Vy2GLKD" title="Sale of common stock, net of issuance costs, shares">94,288 shares of common stock, <span id="xdx_90F_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNonOptionEquityInstrumentsExercised_c20231001__20240630__us-gaap--StatementEquityComponentsAxis__custom--CommonStockWarrantsMember_zMWwZR3AJXK2" title="Number of warrant exercised">355,937 warrants were exercised on a cash basis (including 187,500 warrants for which the related shares were held in abeyance as of June 30, 2024 due to ownership limitations), resulting in proceeds of $<span id="xdx_90C_eus-gaap--ProceedsFromWarrantExercises_pn5n6_c20231001__20240630__us-gaap--StatementEquityComponentsAxis__custom--CommonStockWarrantsMember_zQWPZ40uf2B1" title="Proceeds from warrant exercises">3.0 million, and <span id="xdx_908_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod_c20231001__20240630__srt--TitleOfIndividualAxis__custom--HolderMember__us-gaap--StatementEquityComponentsAxis__custom--CommonStockWarrantsMember_zkBwqgPwtx38" title="Forfeited warrants, shares">4,302 warrants were abandoned by the warrant holder.

3900000

163281

192187

710931

12.80

12.7992

12.80

P5Y

9.60

0.0008

10664

16.00

25000000.0

24700000 0.04

153020

200000

500000

4200000

155000

956111

2222222

4.50

4.4999

4.50

P5Y

0.0001

768000

317325

1085325

2.23

2.2299

2.10

P5Y

0.0001

127500

545500

673000

2.23

2.2299

2.10

P5Y

0.0001

3400000

As of June 30, 2025, the following equity-classified warrants and related terms were outstanding: Schedule of Warrants Outstanding <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Warrants Outstanding</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Exercise Price</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Expiration Date</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 42%; text-align: left">Common stock warrants August 2021</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_985_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockWarrantsAugustTwoThousandTwentyOneMember_zqocn5Xdx3Y3" style="width: 14%; text-align: right" title="Number of Warrants, Outstanding">14,031</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_98B_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockWarrantsAugustTwoThousandTwentyOneMember_zQ7zUlPzFAOg" style="width: 16%; text-align: right" title="Exercise Price">2,094.4000</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td style="width: 16%; text-align: right"><span id="xdx_909_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_dd_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockWarrantsAugustTwoThousandTwentyOneMember_zfjoTgcSYQNi" title="Expiration Date">August 24, 2026</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Underwriter warrants August 2021</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--UnderwriterWarrantsAugustTwoThousandTwentyOneMember_zRIGIjKwre6e" style="text-align: right" title="Number of warrants, outstanding">284</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98F_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--UnderwriterWarrantsAugustTwoThousandTwentyOneMember_zOCuNqAf4yE7" style="text-align: right" title="Exercise Price">2,618.0000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_909_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_dd_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--UnderwriterWarrantsAugustTwoThousandTwentyOneMember_zDXB6DGZQAK7" title="Expiration date">August 19, 2026</td><td style="text-align: left"> </td></tr> <tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="font: 10pt Times New Roman, Times, Serif; vertical-align: top; text-align: left">Chanticleer warrants</td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td id="xdx_981_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--ChanticleerWarrantsMember_zCxpu88QiVD1" style="font: 10pt Times New Roman, Times, Serif; text-align: right" title="Number of warrants, outstanding">6</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right">$<span id="xdx_90E_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--ChanticleerWarrantsMember__srt--RangeAxis__srt--MinimumMember_z2P1ctBY4gmj" title="Exercise price, lower limit">144,144.00 - $<span id="xdx_90B_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--ChanticleerWarrantsMember__srt--RangeAxis__srt--MaximumMember_zmHR9xlqnwfe" title="Exercise price, lower limit">224,224.00</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif"> </td> <td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td><td style="font: 10pt Times New Roman, Times, Serif; text-align: right"><span id="xdx_903_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_dd_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--ChanticleerWarrantsMember__srt--RangeAxis__srt--MinimumMember_zSLTWHrdoUa" title="Expiration date">April 30, 2027 - <span id="xdx_903_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_dd_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--ChanticleerWarrantsMember__srt--RangeAxis__srt--MaximumMember_zWPBMO1O7um6" title="Expiration date">December 17, 2028</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Series C warrants</td><td> </td> <td style="text-align: left"> </td><td id="xdx_984_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--SeriesCWarrantsMember_zdpTg4M6uju6" style="text-align: right" title="Number of warrants, outstanding">2,297</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_989_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--SeriesCWarrantsMember_zSkh6GPhMToa" style="text-align: right" title="Exercise Price">7,860.1600</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">October 16, 2025</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Series 3 warrants</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--SeriesThreeWarrantsMember_zSkIQiM7j5Xi" style="text-align: right" title="Number of warrants, outstanding">1,566</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_986_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--SeriesThreeWarrantsMember_zL9yMCXPlUrf" style="text-align: right" title="Exercise Price">717.0240</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">August 15, 2027</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Common stock warrants February 2023</td><td> </td> <td style="text-align: left"> </td><td id="xdx_988_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockWarrantsFebruaryTwoThousandTwentyThreeMember_zYyph998ilo8" style="text-align: right" title="Number of warrants, outstanding">31,563</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_987_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockWarrantsFebruaryTwoThousandTwentyThreeMember_zQ1wrhTYXTWj" style="text-align: right" title="Exercise Price">190.0800</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90D_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_dd_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockWarrantsFebruaryTwoThousandTwentyThreeMember_zmEJVnofD2Wg" title="Expiration date">February 10, 2028</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Underwriter warrants February 2023</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98F_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--UnderwriterWarrantFebruaryTwoThousandTwentyThreeMember_z4rNdmPdD3L8" style="text-align: right" title="Number of warrants, outstanding">1,933</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98C_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--UnderwriterWarrantFebruaryTwoThousandTwentyThreeMember_zDgu7S8JaXGb" style="text-align: right" title="Exercise Price">237.6000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90C_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_dd_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--UnderwriterWarrantFebruaryTwoThousandTwentyThreeMember_zQPJU0kzbtK3" title="Expiration date">February 8, 2028</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Common stock private placement warrants June 2023</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockPrivatePlacementWarrantsJuneTwoThousandTwentyThreeMember_zJ0syQ5QBNd4" style="text-align: right" title="Number of warrants, outstanding">28,409</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_989_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockPrivatePlacementWarrantsJuneTwoThousandTwentyThreeMember_zXHYqmfhts98" style="text-align: right" title="Exercise Price">12.4000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90E_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_dd_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockPrivatePlacementWarrantsJuneTwoThousandTwentyThreeMember_zkYUxl1j5mx2" title="Expiration date">June 21, 2029</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Placement agent warrants June 2023</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--PlacementAgentWarrantsJuneTwoThousandTwentyThreeMember_znmBE28RrILf" style="text-align: right" title="Number of warrants, outstanding">852</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98A_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--PlacementAgentWarrantsJuneTwoThousandTwentyThreeMember_zXRBCKJN11Lk" style="text-align: right" title="Exercise Price">118.7824</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_905_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_dd_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--PlacementAgentWarrantsJuneTwoThousandTwentyThreeMember_zugfLO9KOqTi" title="Expiration date">December 30, 2026</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Common stock warrants October 2023</td><td> </td> <td style="text-align: left"> </td><td id="xdx_986_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockWarrantsOctoberTwoThousandTwentyThreeMember_zUMFfQpUObci" style="text-align: right" title="Number of warrants, outstanding">354,994</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_982_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockWarrantsOctoberTwoThousandTwentyThreeMember_zojIa4jjWdCb" style="text-align: right" title="Exercise Price">9.6000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90F_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_dd_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockWarrantsOctoberTwoThousandTwentyThreeMember_zjXejYXeYMRk" title="Expiration date">October 27, 2028</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td>Pre-funded warrants October 2023</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98B_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--PrefundedWarrantsOctoberTwoThousandTwentyThreeMember_zPMLFWvKreIl" style="text-align: right" title="Number of warrants, outstanding">99,687</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_988_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--PrefundedWarrantsOctoberTwoThousandTwentyThreeMember_zSlQ6xPSdmv6" style="text-align: right" title="Exercise Price">0.0008</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">—</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td>Underwriter warrants October 2023</td><td> </td> <td style="text-align: left"> </td><td id="xdx_987_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--UnderwriterWarrantsOctoberTwoThousandTwentyThreeMember_zJjDjbgcIIl4" style="text-align: right" title="Number of warrants, outstanding">10,664</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_981_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--UnderwriterWarrantsOctoberTwoThousandTwentyThreeMember_z2x1qcKVZjIg" style="text-align: right" title="Exercise Price">16.0000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_908_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_dd_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--UnderwriterWarrantsOctoberTwoThousandTwentyThreeMember_zpPfumvfS3a2" title="Expiration date">October 24, 2028</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Placement agent warrants June 2024</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98A_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--PlacementAgentWarrantsJuneTwoThousandTwentyFourMember_zXdMc5Jv9jbd" style="text-align: right" title="Number of warrants, outstanding">14,142</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_988_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--PlacementAgentWarrantsJuneTwoThousandTwentyFourMember_zrV6IWpo0U6h" style="text-align: right" title="Exercise Price">14.8800</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_909_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_dd_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--PlacementAgentWarrantsJuneTwoThousandTwentyFourMember_zLlq1YJDUK09" title="Expiration date">June 19, 2029</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Common stock warrants June 2024</td><td> </td> <td style="text-align: left"> </td><td id="xdx_980_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockWarrantsJuneTwoThousandTwentyFourMember_zUzLicbgGjh5" style="text-align: right" title="Number of Warrants, Outstanding">703,125</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98A_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockWarrantsJuneTwoThousandTwentyFourMember_z9f9Be5lHeeh" style="text-align: right" title="Exercise Price">12.4000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_906_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_dd_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockWarrantsJuneTwoThousandTwentyFourMember_zipNuSUnWDe2" title="Expiration Date">June 21, 2029</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Common stock warrants November 2024</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockWarrantsNovemberTwoThousandTwentyFourMember_zu7lnYZHi8X5" style="text-align: right" title="Number of Warrants, Outstanding">2,222,222</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98E_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockWarrantsNovemberTwoThousandTwentyFourMember_zZuaqAqCF5Da" style="text-align: right" title="Exercise Price">4.5000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90A_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_dd_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockWarrantsNovemberTwoThousandTwentyFourMember_zS28KHWpWTu" title="Expiration Date">November 7, 2029</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="text-align: left">Common stock registered direct warrants December 2024</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98D_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockWarrantsRegisteredDirectWarrantsDecemberTwoThousandTwentyFourMember_zqyq2MlYfJf5" style="text-align: right" title="Number of Warrants, Outstanding">1,085,325</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_981_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockWarrantsRegisteredDirectWarrantsDecemberTwoThousandTwentyFourMember_zyA83kEMt2Mf" style="text-align: right" title="Exercise Price">2.1000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_909_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_dd_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockWarrantsRegisteredDirectWarrantsDecemberTwoThousandTwentyFourMember_zSHQcxxGBi4f" title="Expiration Date">December 9, 2029</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Common stock PIPE warrants December 2024</td><td> </td> <td style="text-align: left"> </td><td id="xdx_98E_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockPIPEWarrantsDecemberTwoThousandTwentyFourMember_z3b4Xe38yRKi" style="text-align: right" title="Number of Warrants, Outstanding">673,000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left">$</td><td id="xdx_98C_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockPIPEWarrantsDecemberTwoThousandTwentyFourMember_zu9RLcLOV9m2" style="text-align: right" title="Exercise Price">2.1000</td><td style="text-align: left"> </td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"><span id="xdx_90F_eus-gaap--WarrantsAndRightsOutstandingMaturityDate_iI_dd_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--CommonStockPIPEWarrantsDecemberTwoThousandTwentyFourMember_zxdWFkT6I9A7" title="Expiration Date">December 9, 2029</td><td style="text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Pre-funded warrants December 2024</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--PreFundedWarrantsDecemberTwoThousandTwentyFourMember_zg0mRsuaz415" style="border-bottom: Black 1pt solid; text-align: right" title="Number of Warrants, Outstanding">545,500</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left">$</td><td id="xdx_982_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20250630__us-gaap--ClassOfWarrantOrRightAxis__custom--PreFundedWarrantsDecemberTwoThousandTwentyFourMember_zjv0jT3Gn2Ri" style="padding-bottom: 1pt; text-align: right" title="Exercise Price">0.0001</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Total</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98E_eus-gaap--ClassOfWarrantOrRightOutstanding_iI_c20250630_z8Roax97iGa3" style="border-bottom: Black 2.5pt double; text-align: right" title="Number of Warrants, Outstanding">5,789,600</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt; text-align: right"> </td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

14031

2094.4000

2026-08-24

284

2618.0000

2026-08-19

144144.00

224224.00

2027-04-30

2028-12-17

2297

7860.1600

2025-10-16

1566

717.0240

2027-08-15

31563

190.0800

2028-02-10

1933

237.6000

2028-02-08

28409

12.4000

2029-06-21

852

118.7824

2026-12-30

354994

9.6000

2028-10-27

99687

0.0008

10664

16.0000

2028-10-24

14142

14.8800

2029-06-19

703125

12.4000

2029-06-21

2222222

4.5000

2029-11-07

1085325

2.1000

2029-12-09

673000

2.1000

2029-12-09

545500

0.0001

5789600

2419

1209

1273436

12.80

353562

9.60

2900000

187500

703125

354.994

12.80

9.60

28409

118.78

12.40

2026-12-30

2029-06-21

12.40

P5Y

14142

14.88

P5Y

96090

94288

355937

187500

3000000.0

4302

7. Share-Based Compensation In April 2020, the Company adopted the 2020 Omnibus Equity Incentive Plan (the “Plan”). There were <span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAuthorized_iI_c20250630__us-gaap--PlanNameAxis__custom--TwoThousandTwentyOmnibusEquityIncentivePlanMember_zvvNeWYl2PPb" title="Number of shares available for issuance">120,302 shares available for issuance under the Plan as of June 30, 2025. The Plan increases the amount of shares issuable under the Plan by four percent of the outstanding shares of common stock at each January 1, each year. The Plan permits the granting of share-based awards, including stock options, restricted stock units and awards, stock appreciation rights and other types of awards as deemed appropriate, in each case, in accordance with the terms of the Plan. The terms of the awards are determined by the Company’s Board of Directors. Restricted stock units and awards On January 1, 2024, <span id="xdx_90E_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_c20240101__20240101__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zt5H1fBjtKub" title="Number of shares granted">9,175 restricted stock units (“RSUs”) and <span id="xdx_90A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_c20240101__20240101__us-gaap--AwardTypeAxis__custom--RestrictedStockAwardsMember_zM0ucLtooPjh" title="Number of shares granted">7,977 restricted stock awards (“RSAs”) were granted, 100% of which vested on January 1, 2025. Any unvested RSUs or RSAs will be forfeited upon termination of services. The fair value of an RSU or RSA is equal to the fair market value of the Company’s common stock on the date of grant. RSU and RSA expense is amortized straight-line over the vesting period. The Company recorded share-based compensation expense associated with the RSUs and RSAs in its accompanying unaudited interim consolidated statements of operations as follows: Schedule of Share-based Compensation Expense <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20250401__20250630_zadw1RlvniGd" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20240401__20240630_zj7YHJ7guQUa" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20241001__20250630_zJyyLBhR18T6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20231001__20240630_z8FH0JZezuf5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three Months Ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Nine Months Ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_407_eus-gaap--ShareBasedCompensation_hus-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__us-gaap--IncomeStatementLocationAxis__us-gaap--ResearchAndDevelopmentExpenseMember_z4A5vBBsXh03" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left">Research and development</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">28,268</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">28,268</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">81,089</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--ShareBasedCompensation_hus-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__us-gaap--IncomeStatementLocationAxis__us-gaap--GeneralAndAdministrativeExpenseMember_zg490MAwVMuk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">General and administrative</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">32,127</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">32,127</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">89,706</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--ShareBasedCompensation_zmRzyxhW9b9b" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Share-based compensation</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">60,395</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">60,395</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">170,795</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> The following table summarizes RSU activity under the Plan: Schedule of Restricted Stock Units Activity <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Weighted</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Average Grant</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RSU</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Date Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">Unvested balance at October 1, 2024</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_c20241001__20250630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zAHneGx4OOK4" style="width: 14%; text-align: right" title="RSU. Unvested balance">9,175</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_c20241001__20250630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zZB96qG6sLDh" style="width: 14%; text-align: right" title="Weighted Average Grant Date Fair Value, Unvested balance">14.08</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Vested</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_di_c20241001__20250630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zFJvE5OmYzU9" style="border-bottom: Black 1pt solid; text-align: right" title="RSU, Vested">(9,175</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left">$</td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_c20241001__20250630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zhqa9xZHI5J3" style="padding-bottom: 1pt; text-align: right" title="Weighted Average Grant Date Fair Value, Vested">14.08</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Unvested balance at June 30, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_c20241001__20250630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zIrRRk8Zxurd" style="border-bottom: Black 2.5pt double; text-align: right" title="RSU. Unvested balance">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_c20241001__20250630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zgK8aBgx3Ulj" style="padding-bottom: 2.5pt; text-align: right" title="Weighted Average Grant Date Fair Value, Unvested balance">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> During the nine months ended June 30, 2025, there were no RSUs granted or forfeited. As of June 30, 2025, there was <span id="xdx_90B_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions_iI_do_c20250630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zkoFma76wyK1" title="Unrecognized compensation expense">no unrecognized compensation expense relating to unvested RSUs granted. On July 9, 2025, the Company issued <span id="xdx_909_eus-gaap--SharesIssued_iI_c20250709__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zvA728i98rE" title="Shares issued">120,000 RSUs, <span id="xdx_908_eus-gaap--SharebasedCompensationArrangementBySharebasedPaymentAwardAwardVestingRightsPercentage_pid_dp_uPure_c20260708__20260708__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zlLGTZgAsp16" title="Vesting percentage">100% of which vest on July 8, 2026. Sonnet BioTherapeutics Holdings, Inc. Notes to Unaudited Interim Consolidated Financial Statements The following table summarizes RSA activity under the Plan: Schedule of Restricted Stock Awards Activity <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Weighted</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Average Grant</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RSA</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Date Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">Unvested balance at October 1, 2024</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_c20241001__20250630__us-gaap--AwardTypeAxis__custom--RestrictedStockAwardsMember_zINj0HybXZP3" style="width: 14%; text-align: right" title="RSU. Unvested balance">7,977</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_c20241001__20250630__us-gaap--AwardTypeAxis__custom--RestrictedStockAwardsMember_z1epdqlRxyXd" style="width: 14%; text-align: right" title="Weighted Average Grant Date Fair Value, Unvested balance">14.08</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Vested</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_di_c20241001__20250630__us-gaap--AwardTypeAxis__custom--RestrictedStockAwardsMember_zWO8PSgxBus8" style="border-bottom: Black 1pt solid; text-align: right" title="RSU, Vested">(7,977</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left">$</td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_c20241001__20250630__us-gaap--AwardTypeAxis__custom--RestrictedStockAwardsMember_zSiltk4NY5ol" style="padding-bottom: 1pt; text-align: right" title="Weighted Average Grant Date Fair Value, Vested">14.08</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Unvested balance at June 30, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_c20241001__20250630__us-gaap--AwardTypeAxis__custom--RestrictedStockAwardsMember_zg9KEYz7AvF7" style="border-bottom: Black 2.5pt double; text-align: right" title="RSU. Unvested balance">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_c20241001__20250630__us-gaap--AwardTypeAxis__custom--RestrictedStockAwardsMember_z5Jb8z2gTY0b" style="padding-bottom: 2.5pt; text-align: right" title="Weighted Average Grant Date Fair Value, Unvested balance">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> During the nine months ended June 30, 2025, there were no RSAs granted or forfeited. As of June 30, 2025, there was <span id="xdx_905_eus-gaap--EmployeeServiceShareBasedCompensationNonvestedAwardsTotalCompensationCostNotYetRecognizedShareBasedAwardsOtherThanOptions_iI_do_c20250630__us-gaap--AwardTypeAxis__custom--RestrictedStockAwardsMember_zM2EZI1TNs9c" title="Unrecognized compensation expense">no unrecognized compensation expense relating to unvested RSAs granted.

120302

9175

7977

The Company recorded share-based compensation expense associated with the RSUs and RSAs in its accompanying unaudited interim consolidated statements of operations as follows: Schedule of Share-based Compensation Expense <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="display: none; vertical-align: bottom"> <td style="text-align: center"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_491_20250401__20250630_zadw1RlvniGd" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_496_20240401__20240630_zj7YHJ7guQUa" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49E_20241001__20250630_zJyyLBhR18T6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td><td style="text-align: center; font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20231001__20240630_z8FH0JZezuf5" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center"> </td><td style="text-align: center; padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Three Months Ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="6" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Nine Months Ended June 30,</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">2024</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr id="xdx_407_eus-gaap--ShareBasedCompensation_hus-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__us-gaap--IncomeStatementLocationAxis__us-gaap--ResearchAndDevelopmentExpenseMember_z4A5vBBsXh03" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 40%; text-align: left">Research and development</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">—</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">28,268</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">28,268</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td style="width: 11%; text-align: right">81,089</td><td style="width: 1%; text-align: left"> </td></tr> <tr id="xdx_40A_eus-gaap--ShareBasedCompensation_hus-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember__us-gaap--IncomeStatementLocationAxis__us-gaap--GeneralAndAdministrativeExpenseMember_zg490MAwVMuk" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">General and administrative</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">—</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">32,127</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">32,127</td><td style="padding-bottom: 1pt; text-align: left"> </td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">89,706</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_406_eus-gaap--ShareBasedCompensation_zmRzyxhW9b9b" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Share-based compensation</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">60,395</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">60,395</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">170,795</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

28268

81089

32127

89706

60395

170795

The following table summarizes RSU activity under the Plan: Schedule of Restricted Stock Units Activity <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Weighted</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Average Grant</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RSU</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Date Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">Unvested balance at October 1, 2024</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_986_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iS_c20241001__20250630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zAHneGx4OOK4" style="width: 14%; text-align: right" title="RSU. Unvested balance">9,175</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_c20241001__20250630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zZB96qG6sLDh" style="width: 14%; text-align: right" title="Weighted Average Grant Date Fair Value, Unvested balance">14.08</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Vested</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_di_c20241001__20250630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zFJvE5OmYzU9" style="border-bottom: Black 1pt solid; text-align: right" title="RSU, Vested">(9,175</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left">$</td><td id="xdx_985_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_c20241001__20250630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zhqa9xZHI5J3" style="padding-bottom: 1pt; text-align: right" title="Weighted Average Grant Date Fair Value, Vested">14.08</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Unvested balance at June 30, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_98B_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_c20241001__20250630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zIrRRk8Zxurd" style="border-bottom: Black 2.5pt double; text-align: right" title="RSU. Unvested balance">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_98C_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_c20241001__20250630__us-gaap--AwardTypeAxis__us-gaap--RestrictedStockUnitsRSUMember_zgK8aBgx3Ulj" style="padding-bottom: 2.5pt; text-align: right" title="Weighted Average Grant Date Fair Value, Unvested balance">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

9175

14.08

9175

14.08

120000

The following table summarizes RSA activity under the Plan: Schedule of Restricted Stock Awards Activity <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; border-collapse: collapse; width: 100%"> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Weighted</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td> </td> <td colspan="2"> </td><td> </td><td style="font-weight: bold"> </td> <td colspan="2" style="font-weight: bold; text-align: center">Average Grant</td><td style="font-weight: bold"> </td></tr> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">RSA</td><td style="padding-bottom: 1pt; font-weight: bold"> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">Date Fair Value</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="width: 64%">Unvested balance at October 1, 2024</td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left"> </td><td id="xdx_987_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod_c20241001__20250630__us-gaap--AwardTypeAxis__custom--RestrictedStockAwardsMember_zINj0HybXZP3" style="width: 14%; text-align: right" title="RSU. Unvested balance">7,977</td><td style="width: 1%; text-align: left"> </td><td style="width: 2%"> </td> <td style="width: 1%; text-align: left">$</td><td id="xdx_982_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iS_c20241001__20250630__us-gaap--AwardTypeAxis__custom--RestrictedStockAwardsMember_z1epdqlRxyXd" style="width: 14%; text-align: right" title="Weighted Average Grant Date Fair Value, Unvested balance">14.08</td><td style="width: 1%; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: White"> <td style="padding-bottom: 1pt">Vested</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td id="xdx_981_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod_iN_di_c20241001__20250630__us-gaap--AwardTypeAxis__custom--RestrictedStockAwardsMember_zWO8PSgxBus8" style="border-bottom: Black 1pt solid; text-align: right" title="RSU, Vested">(7,977</td><td style="padding-bottom: 1pt; text-align: left">)</td><td style="padding-bottom: 1pt"> </td> <td style="padding-bottom: 1pt; text-align: left">$</td><td id="xdx_984_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriodWeightedAverageGrantDateFairValue_c20241001__20250630__us-gaap--AwardTypeAxis__custom--RestrictedStockAwardsMember_zSiltk4NY5ol" style="padding-bottom: 1pt; text-align: right" title="Weighted Average Grant Date Fair Value, Vested">14.08</td><td style="padding-bottom: 1pt; text-align: left"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="padding-bottom: 2.5pt">Unvested balance at June 30, 2025</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left"> </td><td id="xdx_988_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber_iE_c20241001__20250630__us-gaap--AwardTypeAxis__custom--RestrictedStockAwardsMember_zg9KEYz7AvF7" style="border-bottom: Black 2.5pt double; text-align: right" title="RSU. Unvested balance">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td><td style="padding-bottom: 2.5pt"> </td> <td style="padding-bottom: 2.5pt; text-align: left">$</td><td id="xdx_98A_eus-gaap--ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue_iE_c20241001__20250630__us-gaap--AwardTypeAxis__custom--RestrictedStockAwardsMember_z5Jb8z2gTY0b" style="padding-bottom: 2.5pt; text-align: right" title="Weighted Average Grant Date Fair Value, Unvested balance">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

7977

14.08

7977

14.08

8. Subsequent Events The Company has evaluated subsequent events from the balance sheet date through August 13, 2025, the date at which the unaudited interim consolidated financial statements were available to be issued. Convertible note and warrant private placements In July 2025, the Company completed a private placement of zero-interest convertible notes, raising $2.0 million in gross proceeds. The notes mature on June 30, 2026, and are convertible at any time into up to <span id="xdx_903_eus-gaap--StockIssuedDuringPeriodSharesNewIssues_pid_c20250701__20250731__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zl2TnTPAHcAg" title="Issuance of shares">1,730,104 shares of common stock at a fixed price of $1.156 per share. If, at any time while the convertible notes remain outstanding, the Company issues shares of common stock or common stock equivalents in an offering for gross proceeds of at least $<span id="xdx_908_eus-gaap--ProceedsFromIssuanceInitialPublicOffering_pn5n6_c20250701__20250731__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z46hlbZXcbj" title="Gross proceeds offerings">5.0 million (a “Subsequent Issuance”), the entire unpaid principal amount of the convertible notes will convert automatically into the same securities issued pursuant to the Subsequent Issuance. In connection with the notes, investors also received five-year warrants to purchase <span id="xdx_90E_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20250731__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zy6ZCFO5QIAl" title="Warrants to purchase shares">865,052 shares of common stock at the same $<span id="xdx_904_eus-gaap--ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1_iI_c20250731__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zXQ5b0bUILge" title="Exercise price">1.156 exercise price, providing approximately $50,000 in additional cash proceeds. These notes were subsequently converted into shares of non-voting convertible preferred stock and warrants in connection with the private placement described below. The Company’s Chief Medical Officer, Dr. Richard Kenney, participated in the private placement and purchased notes for a principal amount of $<span id="xdx_90F_eus-gaap--ProceedsFromIssuanceOfPrivatePlacement_pn5n6_c20250701__20250731__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__srt--TitleOfIndividualAxis__custom--DrRichardKenneyMember_zIYVuPbbyQy9" title="Private placement">0.2 million and warrants to purchase up to an aggregate of <span id="xdx_908_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20250731__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__srt--TitleOfIndividualAxis__custom--DrRichardKenneyMember_z5gwj0OGeZn1" title="Warrants to purchase shares">86,505 shares of common stock. As described below, the notes converted into shares of non-voting convertible preferred stock, which are convertible into an aggregate of <span id="xdx_90E_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pid_c20250701__20250731__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__srt--TitleOfIndividualAxis__custom--DrRichardKenneyMember_zu4mg54t7jl4" title="Number of shares sold">160,000 shares of common stock and warrants to purchase up to an aggregate of <span id="xdx_908_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pid_c20250731__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__srt--TitleOfIndividualAxis__custom--DrRichardKenneyMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_z4FfRTYqKONg" title="Warrants to purchase">320,000 shares of common stock. Business combination On July 11, 2025, the Company entered into a definitive Business Combination Agreement (the “BCA”) with Rorschach I LLC (“Rorschach”), Hyperliquid Strategies Inc. (“HSI”), TBS Merger Sub Inc., and Rorschach Merger Sub, LLC, pursuant to which, subject to the terms and conditions contained in the BCA, Rorschach Merger Sub, LLC, will merge with and into Rorschach with Rorschach surviving as a direct wholly owned subsidiary of HSI and TBS Merger Sub Inc. will merge with and into Sonnet, with Sonnet surviving as a direct wholly owned subsidiary of HSI. Following the closing, the Company will operate as a wholly owned subsidiary of HSI and will continue to focus on the development of its existing biotech assets, including SON-1010, while disposing of other assets. The transaction is subject to customary closing conditions, including approval by the Company’s stockholders, and is expected to close in the second half of calendar 2025. In connection with the transaction, legacy Sonnet stockholders and certain other equity holders of record will receive contingent value rights (CVRs) tied to the potential future value of the Company’s biotech assets. Preferred stock and warrant private placement Concurrently with the signing of the BCA, the Company raised an aggregate of $<span id="xdx_90A_eus-gaap--ProceedsFromIssuanceOfPrivatePlacement_pn5n6_c20250701__20250731__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--BusinessCombinationAgreementMember_zLRDZYNWHgle" title="Private placement">5.5 million in a private placement to accredited investors through the issuance and sale of an aggregate of <span id="xdx_909_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pid_c20250701__20250731__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--BusinessCombinationAgreementMember__us-gaap--StatementClassOfStockAxis__us-gaap--ConvertiblePreferredStockMember_zMWZMj0Kg6Pd" title="Number of shares sold">5,500 shares of non-voting convertible preferred stock, convertible into up to an aggregate of <span id="xdx_90F_eus-gaap--SaleOfStockNumberOfSharesIssuedInTransaction_pid_c20250701__20250731__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--BusinessCombinationAgreementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_znxZilcMe57e" title="Number of shares sold">4,400,000 shares of common stock, and warrants to purchase up to an aggregate of <span id="xdx_903_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_pid_c20250731__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--BusinessCombinationAgreementMember__us-gaap--StatementEquityComponentsAxis__us-gaap--CommonStockMember_zwVq2gL7AZlf" title="Warrants to purchase shares">8,800,000 shares of common stock. At the closing of the PIPE, the $<span id="xdx_903_eus-gaap--ConvertibleNotesPayable_iI_pn5n6_c20250731__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember__us-gaap--TypeOfArrangementAxis__custom--BusinessCombinationAgreementMember_zRGPNfSNsZll" title="Convertible notes">2.0 million principal amount of convertible notes issued in July 2025 automatically converted into shares of convertible preferred stock and warrants on the same terms as the PIPE investors. Exercise of warrants In July 2025, holders exercised outstanding warrants to purchase <span id="xdx_904_eus-gaap--ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights_iI_c20250731__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zog2hJecR8da" title="Warrants to purchase shares">3,421,624 shares of common stock, resulting in gross proceeds of $10.5 million to the Company. In accordance with the BCA, any cash proceeds in excess of $3.0 million received from the exercise of warrants may not be spent by the Company without the prior written consent of Rorschach.

2000000.0

1730104

1.156

5000000.0

865052

1.156

50000

200000

86505

160000

320000

5500000

5500

4400000

8800000

2000000.0

3421624

10500000

3000000.0

596667

-596667

596667

-596667

596667

NOTE 1 — ORGANIZATION, BUSINESS OPERATIONS AND LIQUIDITY Organization and Description of Business Organization and General Rorschach I LLC (the “Company”) is a shell company incorporated on June 13, 2025, as a Delaware corporation. The Company was formed for the purpose of receiving contributions of cash and HYPE Tokens in coordination with the terms of a proposed Merger (See Note 4). As of June 30, 2025, the Company had not commenced any operations. All activity from June 13, 2025 (inception) through June 30, 2025, relates to the Company’s formation and completion of the proposed Merger (See Note 4). The Company will not generate any operating revenues until after the completion of the proposed Merger, at the earliest. Liquidity and Going Concern Considerations As of June 30, 2025, the Company had no cash available for working capital purposes. The Company currently has insufficient funds to pay its liabilities, absent any additional funding, while obtaining such funding is uncertain. On July 11, 2025, the Company, Sonnet BioTherapeutics Holdings, Inc. (“Sonnet”), Hyperliquid Strategies Inc, a Delaware corporation (“Pubco”), TBS Merger Sub Inc, a Delaware corporation and wholly owned subsidiary of Pubco (“Sonnet Merger Sub”) and Rorschach Merger Sub, LLC, a Delaware limited liability company and wholly owned subsidiary of Pubco (“Rorschach Merger Sub”), entered into a Business Combination Agreement (the “Transaction Agreement”) pursuant to which, subject to the terms and conditions contained in the Transaction Agreement, (i) Rorschach Merger Sub will merge with and into the Company, with the Company surviving the Rorschach Merger as a direct wholly owned subsidiary of Hyperliquid Strategies Inc and (ii) immediately following the Rorschach Merger, Sonnet Merger Sub will merge with and into Sonnet (the “Sonnet Merger” and, together with the Rorschach Merger, the “Mergers”), with Sonnet surviving the Sonnet Merger as a direct wholly owned subsidiary of Pubco. The Company may have insufficient funds available to operate our business prior to completing the Mergers. Moreover, the Company may need to obtain additional financing to complete the Mergers. In addition, following the Mergers, if cash on hand is insufficient, the Company may need to obtain additional financing in order to meet its obligations. The Company has until July 11, 2026 (the “Outside Date”), provided that the Outside Date may be extended by either party for up to 60 days in the event that the SEC has not declared effective a registration statement by the date which is 60 days prior to the Outside Date, or by Sonnet or the Company if the requisite stockholder approval shall fail to have been obtained. Upon termination of the Transaction Agreement under specified circumstances, Sonnet may be required to pay the Company a termination fee of $<span id="xdx_901_ecustom--TerminationFee_pn5n6_c20260711__20260711__us-gaap--TypeOfArrangementAxis__custom--TransactionAgreementMember__srt--StatementScenarioAxis__srt--ScenarioForecastMember_zCP6xP3OzUHd" title="Termination fee">2.5 million (the “Termination Fee”) or up to $<span id="xdx_90C_eus-gaap--ReimbursementFromLimitedPartnershipInvestment_pn6n6_c20250613__20250630__us-gaap--TypeOfArrangementAxis__custom--TransactionAgreementMember_ztBgtOoJ0WM" title="Reimbursement expenses">1 million to reimburse the Company for any expenses incurred in connection with the transaction Agreement and the transactions contemplated thereby (the “Expense Reimbursement”). In no event will Sonnet be required to pay both the Termination Fee and the Expense Reimbursement. Although the Company intends to consummate the Mergers on or before July 11, 2026, it is uncertain whether the Company will be able to consummate the Mergers by this time. In connection with the Company’s assessment of going concern considerations in accordance with ASC Subtopic 205-40, “Presentation of Financial Statements – Going Concern”, Management has determined that should the Mergers not occur and any potential subsequent dissolution, as well as the potential for the Company to have insufficient funds available to operate its business prior to completing the Mergers, raise substantial doubt about the Company’s ability to continue as a going concern. No adjustments have been made to the carrying amounts and classification of assets or liabilities should the Company liquidate after July 11, 2026. Risks and Uncertainties The continuing military conflict between the Russian Federation and Ukraine, the military actions between Hamas and Israel and the risk of escalations of other military conflicts have created and are expected to create global economic consequences. The specific impact on the Company’s financial condition, results of operations, cash flows and completion of the Mergers is not determinable as of the date of these financial statements.

2500000

1000000

NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Summary of Significant Accounting Policies Basis of Presentation The accompanying balance sheet is presented in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) and pursuant to the rules and regulations of the SEC. Segment Reporting The Company complies with ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07), which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses among other disclosure requirements. The Company initially adopted ASU 2023-07 in its financial statements for the period from June 13, 2025 (inception) through June 30, 2025 (see Note 3). Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. Income Taxes As a limited liability company, the tax consequences of the Company’s operations all pass through to the members. Accordingly, the Company’s financial statements do not include a provision for income taxes. GAAP requires management to evaluate tax positions taken by the Company and recognize a tax liability (or asset) if the Company has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. Management has analyzed the tax positions taken by the Company and has concluded that as of June 30 2025, there were no uncertain tax positions taken or expected to be taken that would require recognition of a liability or asset or disclosure in the Company’s financial statements. The Company has recognized no interest or penalties related to uncertain tax positions. The Company is subject to routine audits by taxing jurisdictions since inception; however, there are currently no audits for any tax periods in progress.

Basis of Presentation The accompanying balance sheet is presented in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) and pursuant to the rules and regulations of the SEC.

Segment Reporting The Company complies with ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07), which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses among other disclosure requirements. The Company initially adopted ASU 2023-07 in its financial statements for the period from June 13, 2025 (inception) through June 30, 2025 (see Note 3).

Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.

Income Taxes As a limited liability company, the tax consequences of the Company’s operations all pass through to the members. Accordingly, the Company’s financial statements do not include a provision for income taxes. GAAP requires management to evaluate tax positions taken by the Company and recognize a tax liability (or asset) if the Company has taken an uncertain position that more likely than not would not be sustained upon examination by the IRS. Management has analyzed the tax positions taken by the Company and has concluded that as of June 30 2025, there were no uncertain tax positions taken or expected to be taken that would require recognition of a liability or asset or disclosure in the Company’s financial statements. The Company has recognized no interest or penalties related to uncertain tax positions. The Company is subject to routine audits by taxing jurisdictions since inception; however, there are currently no audits for any tax periods in progress.

NOTE 3. SEGMENT INFORMATION Segment Information ASC Topic 280, “Segment Reporting,” establishes standards for companies to report in their financial statements information about operating segments, products, services, geographic areas, and major customers. Operating segments are defined as components of an enterprise for which separate financial information is available that is regularly evaluated by the Company’s chief operating decision maker (“CODM”), or group, in deciding how to allocate resources and assess performance. The Company is a shell company formed for the purpose of receiving contributions of cash and HYPE Tokens in coordination with the terms of the Mergers. As of June 30, 2025, the Company had not commenced any operations. The Company will not generate any operating revenues until after the completion of the Mergers, at the earliest. The Company’s CODM has been identified as the Chief Executive Officer, who reviews the operating results for the Company as a whole to make decisions about allocating resources and assessing financial performance. Accordingly, management has determined that the Company only has one operating segment. The CODM does not review assets in evaluating the results of the Company, and therefore, such information is not presented. When evaluating the Company’s primary measure of performance and making key decisions regarding resource allocation, the CODM reviews in the manner presented in the statement of operations. Formation and operating costs from June 13, 2025 (inception) through June 30, 2025, relates to the Company’s formation and completion of the proposed Merger.

NOTE 4. SUBSEQUENT EVENTS Subsequent Events The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements were issued. Based upon this review, other than stated below, the Company did not identify any subsequent events that would have required adjustment or disclosure in the financial statements. Sonnet BioTherapeutics Holdings, Inc. Business Combination Agreement On July 11, 2025, Sonnet, the Company, Pubco, Sonnet Merger Sub, and Rorschach Merger Sub, entered into the Transaction Agreement pursuant to which, subject to the terms and conditions contained in the Transaction Agreement, (i) Rorschach Merger Sub will merge with and into the Company with the Company surviving the Rorschach Merger as a direct wholly owned subsidiary of Pubco and (ii) immediately following the Rorschach Merger, Sonnet Merger Sub will merge with and into Sonnet, with Sonnet surviving the Sonnet Merger as a direct wholly owned subsidiary of Pubco. Subject to the terms and conditions of the Transaction Agreement, at the effective time of the Mergers (the “Effective Time”), <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">(i)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">each share of non-dissenting Company Common Stock, issued and outstanding immediately prior to the Effective Time shall be canceled and converted into the right to receive (a) one share of Pubco Common Stock, and (b) one contractual contingent value right (a “CVR”) representing the right to receive Pubco Common Stock on the terms and subject to the conditions set forth in the CVR Agreement (as defined below) (together, the “Per Share Merger Consideration”),</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">(ii)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">each Sonnet unvested RSA outstanding immediately prior to the Effective Time, together with the award agreement representing each such Company Unvested RSA, shall be assumed by Pubco and be converted into the right to receive (a) one restricted share of Pubco Common Stock, subject to the same terms and conditions (including applicable vesting, expiration and forfeiture provisions) that applied to the corresponding Unvested RSA immediately prior to the Effective Time and (b) one CVR,</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">(iii)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">each Sonnet vested RSU outstanding immediately prior to the Effective Time shall be canceled and converted into the right to receive the Per Share Merger Consideration,</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">(iv)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">each Sonnet unvested RSU issued and outstanding immediately prior to the Effective Time shall be assumed by Pubco and converted into a restricted share unit representing the right to receive (a) one share of Pubco Common Stock, having the same terms and conditions as the Sonnet Unvested RSUs, including the applicable vesting and issuance schedule as in effect on the date of the Transaction Agreement and (b) one CVR,</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">(v)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">each Sonnet in-the-money warrant outstanding immediately prior to the Effective Time shall be (a) canceled and converted into the right to receive, for each share of Company Common Stock the holder of such Sonnet in-the-money warrant would have received had such Sonnet in-the-money warrant been exercised in full in accordance with its terms immediately prior to the Effective Time, the per share merger consideration or (b) entitle the holder of such Sonnet in-the-money warrant to such other consideration that such holder is entitled to receive pursuant to the terms of such holder’s Sonnet in-the-money warrant,</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">(vi)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">each Sonnet out-of-the-money warrant outstanding and unexercised immediately prior to the Effective Time shall (a) cease to represent a Sonnet out-of-the-money warrant in respect of shares of Company Common Stock and shall be assumed by Pubco and automatically converted into a warrant to acquire the same number of shares of Pubco Common Stock, subject to the same terms and conditions as were applicable to the applicable Sonnet out-of-the-money warrant immediately prior to the Effective Time, with the right to receive, for each share of Company Common Stock the holder of such Sonnet out-of-the-money warrant would have received had such Sonnet out-of-the-money warrant been exercised in full in accordance with its terms immediately prior to the Effective Time, the Per Share Merger Consideration or (b) entitle the holder of such Sonnet out-of-the-money warrant to such other consideration that such holder is entitled to receive pursuant to the terms of such holder’s out-of-the-money warrant, and</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">(vii)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">all shares of Company Common Stock held in the treasury of the Company shall be canceled without any conversion thereof and no payment or distribution shall be made with respect thereto.</td></tr></table> Pursuant to the Transaction Agreement, at or prior to the closing of the Mergers (the “Closing” and the date on which the Closing occurs, the “Closing Date”), certain investors shall enter into contribution agreements (the “Contribution Agreements”) with the Company to contribute at least $<span id="xdx_900_eus-gaap--CashAcquiredFromAcquisition_pn5n6_c20250711__20250711__us-gaap--TypeOfArrangementAxis__custom--TransactionAgreementMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z9FgJESkUKIi">200.0 million in HYPE Tokens Value (as defined in the Transaction Agreement), and certain investors may contribute cash to the Company (collectively, the “Contribution”). Subject to the terms and conditions of the Transaction Agreement, at the effective time of the Rorschach Merger, the equity holders of the Company immediately prior to the Closing will receive, in the aggregate, that number of shares of Pubco Common Stock equal to the aggregate amount of the Contribution divided by $<span id="xdx_907_eus-gaap--DividendsPayableAmountPerShare_iI_pid_c20250711__us-gaap--TypeOfArrangementAxis__custom--TransactionAgreementMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z8Q9ywLQdqG8">1.25. In addition, pursuant to the Subscription Agreements (as defined below), certain investors have agreed to purchase, immediately prior to the Closing, shares of Company Common Stock at a purchase price of $<span id="xdx_903_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20250711__us-gaap--TypeOfArrangementAxis__custom--TransactionAgreementMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zGPmKwj7YNJl">1.25 per share, which shares of Company Common Stock will convert into shares of Pubco Common Stock on a one-for-one basis at the effective time of the Sonnet Merger. <span id="xdx_90C_ecustom--SubscriptionAgreementDescription_c20250711__20250711__us-gaap--TypeOfArrangementAxis__custom--TransactionAgreementMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zPY1lG5MVDa1" title="Subscription agreement description">Pursuant to the terms of the Transaction Agreement, the amount of cash proceeds to Sonnet at the Closing from the Subscription Agreements, the Contribution Agreements and the Initial PIPE Offering (as defined below) must equal at least $50 million. Concurrently with the signing of the Transaction Agreement, the Company received commitments from investors to contribute $305 million in cash and 12.6 million of HYPE tokens. Of these commitments, affiliates of the Company committed $41 million of cash and 46,500 of HYPE tokens. <span id="xdx_90B_ecustom--TransactionAgreementDescription_c20250711__20250711__us-gaap--TypeOfArrangementAxis__custom--TransactionAgreementMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zvXpPXrc754f" title="Transaction agreement description">Also pursuant to the terms of the Transaction Agreement, at the Closing Pubco shall issue to the Advisor (as defined below) (i) that number of shares of Pubco Common Stock equal to 5% of the shares of Pubco Common Stock issued and outstanding, on a fully-diluted, as converted basis, immediately following the Effective Time and (ii) warrants to purchase a number of shares of Pubco Common Stock equal to, in the aggregate, 15% of the fully diluted number of outstanding shares of Pubco Common Stock immediately after Closing. The Advisor Warrants will be exercisable for five years following the Closing, at an exercise price equal to (i) for one-third of the Advisor Warrants, $1.875, (ii) for one-third of the Advisor Warrants, $2.50 and (iii) for one-third of the Advisor Warrants, $3.75. The Closing is subject to certain closing conditions, including, among other things, (i) the completion of the Contribution, (ii) obtaining the Sonnet required stockholder approval, (ii) adoption and approval of the Transaction Agreement and the transactions contemplated thereby by the requisite equity holders of the Rorschach Parties, including Pubco requisite approval, (iii) the effectiveness of a registration statement and (iv) the listing of the Pubco Common Stock issuable in connection with the Mergers on Nasdaq. Each party’s obligation to consummate the Mergers is also subject to other specified customary conditions, including regarding the accuracy of the representations and warranties of the other party, subject to the applicable materiality standard, and the performance in all material respects by the other party of its obligations under the Transaction Agreement required to be performed on or prior to the Closing Date The Transaction Agreement contains certain termination rights for both the Company and Sonnet. Upon termination of the Transaction Agreement under specified circumstances, Sonnet may be required to pay the Company a termination fee of $<span id="xdx_901_ecustom--TerminationFee_pn5n6_c20260711__20260711__us-gaap--TypeOfArrangementAxis__custom--TransactionAgreementMember__srt--StatementScenarioAxis__srt--ScenarioForecastMember_z4LOybQysA76" title="Termination fee">2.5 million (the “Termination Fee”) or up to $<span id="xdx_90C_eus-gaap--ReimbursementFromLimitedPartnershipInvestment_pn6n6_c20250613__20250630__us-gaap--TypeOfArrangementAxis__custom--TransactionAgreementMember_zxX0TNwwB6Rk" title="Reimbursement expenses">1 million to reimburse the Company for any expenses incurred in connection with the Transaction Agreement and the transactions contemplated thereby (the “Expense Reimbursement”). In no event will Sonnet be required to pay both the Termination Fee and the Expense Reimbursement. Chardan acted as the SONN’s and Rorschach’s exclusive advisor with respect to the Closing PIPE and is entitled to receive a fee, payable in cash or equity at Chardan’s option, equal to <span id="xdx_901_ecustom--AggregateGrossProceedsPercentage_pid_dp_c20250613__20250630__us-gaap--TypeOfArrangementAxis__custom--TransactionAgreementMember_zf2lqtAjNfNc" title="Aggregate gross proceeds percentage">7.0% of the aggregate gross proceeds raised in connection with the Closing PIPE. Acquisition of Hyperliquid Strategies Inc On July 2, 2025, the Company acquired all of the issued and outstanding stock in Hyperliquid Strategies Inc for no consideration.

200000000.0

1.25

Pursuant to the terms of the Transaction Agreement, the amount of cash proceeds to Sonnet at the Closing from the Subscription Agreements, the Contribution Agreements and the Initial PIPE Offering (as defined below) must equal at least $50 million. Concurrently with the signing of the Transaction Agreement, the Company received commitments from investors to contribute $305 million in cash and 12.6 million of HYPE tokens. Of these commitments, affiliates of the Company committed $41 million of cash and 46,500 of HYPE tokens. Also pursuant to the terms of the Transaction Agreement, at the Closing Pubco shall issue to the Advisor (as defined below) (i) that number of shares of Pubco Common Stock equal to 5% of the shares of Pubco Common Stock issued and outstanding, on a fully-diluted, as converted basis, immediately following the Effective Time and (ii) warrants to purchase a number of shares of Pubco Common Stock equal to, in the aggregate, 15% of the fully diluted number of outstanding shares of Pubco Common Stock immediately after Closing. The Advisor Warrants will be exercisable for five years following the Closing, at an exercise price equal to (i) for one-third of the Advisor Warrants, $1.875, (ii) for one-third of the Advisor Warrants, $2.50 and (iii) for one-third of the Advisor Warrants, $3.75. 2500000

1000000

0.070

2425

0.01

1000

-2425

NOTE 1 — ORGANIZATION, BUSINESS OPERATIONS AND LIQUIDITY Organization and Description of Business Organization and General Hyperliquid Strategies Inc (the “Company”) is a shell company incorporated on July 2, 2025, as a Delaware corporation. The Company was formed for the purpose of effecting a proposed Merger (See Note 4). As of July 2, 2025, the Company had not commenced any operations. All activity as of July 2, 2025 (inception), relates to the Company’s formation. The Company will not generate any operating revenues until after the proposed Merger, at the earliest. Liquidity and Going Concern Considerations As of July 2, 2025, the Company had no cash available for working capital purposes. The Company currently has insufficient funds to pay its liabilities, absent any additional funding, which obtaining such funding is uncertain. On July 11, 2025, Rorschach I LLC, a Delaware corporation (“Rorschach”), Sonnet BioTherapeutics Holdings, Inc. (“Sonnet”), the Company, TBS Merger Sub Inc, a Delaware corporation and wholly owned subsidiary of the Company (“Sonnet Merger Sub”) and Rorschach Merger Sub, LLC, a Delaware limited liability company and wholly owned subsidiary of the Company (“Rorschach Merger Sub”), entered into a entered into a Business Combination Agreement (the “Transaction Agreement”) pursuant to which, subject to the terms and conditions contained in the Transaction Agreement, (i) Rorschach Merger Sub will merge with and into Rorschach, with Rorschach surviving the Rorschach Merger as a direct wholly owned subsidiary of the Company and (ii) immediately following the Rorschach Merger, Sonnet Merger Sub will merge with and into Sonnet (the “Sonnet Merger” and, together with the Rorschach Merger, the “Mergers”), with Sonnet surviving the Sonnet Merger as a direct wholly owned subsidiary of the Company. The Company may have insufficient funds available to operate the business prior to completing the Mergers. Moreover, the Company may need to obtain additional financing to complete the Mergers. In addition, following the Mergers, if cash on hand is insufficient, the Company may need to obtain additional financing in order to meet its obligations. The Company has until July 11, 2026 (the “Outside Date”), provided that the Outside Date may be extended by either party for up to 60 days in the event that the SEC has not declared effective a registration statement by the date which is 60 days prior to the Outside Date, or by Sonnet or the Company if the requisite stockholder approval shall fail to have been obtained. Upon termination of the Transaction Agreement under specified circumstances, Sonnet may be required to pay Rorschach a termination fee of $<span id="xdx_901_ecustom--TerminationFee_pn5n6_c20260711__20260711__us-gaap--TypeOfArrangementAxis__custom--TransactionAgreementMember__srt--StatementScenarioAxis__srt--ScenarioForecastMember_znQQYVNhwWd" title="Termination fee">2.5 million (the “Termination Fee”) or up to $<span id="xdx_90E_eus-gaap--ReimbursementFromLimitedPartnershipInvestment_pn5n6_c20260711__20260711__us-gaap--TypeOfArrangementAxis__custom--TransactionAgreementMember__srt--StatementScenarioAxis__srt--ScenarioForecastMember_zn3R9KB8PUk5" title="Reimburse expensess">1 million to reimburse Rorschach for any expenses incurred in connection with the Transaction Agreement and the transactions contemplated thereby (the “Expense Reimbursement”). In no event will Sonnet be required to pay both the Termination Fee and the Expense Reimbursement. Although the Company intends to consummate the Mergers on or before July 11, 2026, it is uncertain whether the Company will be able to consummate the Mergers by this time. In connection with the Company’s assessment of going concern considerations in accordance with ASC Subtopic 205-40, “Presentation of Financial Statements – Going Concern”, Management has determined that should the Mergers not occur and any potential subsequent dissolution, as well as the potential for the Company to have insufficient funds available to operate its business prior to completing the Mergers, raise substantial doubt about the Company’s ability to continue as a going concern. No adjustments have been made to the carrying amounts and classification of assets or liabilities should the Company liquidate after July 11, 2026. Risks and Uncertainties The continuing military conflict between the Russian Federation and Ukraine, the military actions between Hamas and Israel and the risk of escalations of other military conflicts have created and are expected to create global economic consequences. The specific impact on the Company’s financial condition, results of operations, cash flows and completion of the Mergers is not determinable as of the date of these financial statements.

2500000

1000000

NOTE 2 — SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Summary of Significant Accounting Policies Basis of Presentation The accompanying balance sheet is presented in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) and pursuant to the rules and regulations of the SEC. Principles of Consolidation The accompanying consolidated balance sheet include the accounts of the Company and its wholly-owned subsidiaries, Rorschach Merger Sub LLC and TBS Merger Sub Inc. All intercompany transactions have been eliminated. Segment Reporting The Company complies with ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07), which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses among other disclosure requirements. The Company initially adopted ASU 2023-07 in its financial statements effective July 2, 2025. The Company’s CODM has been identified as the Chief Executive Officer, who reviews the operating results for the Company as a whole to make decisions about allocating resources and assessing financial performance. Accordingly, management has determined that the Company only has one operating segment. The CODM does not review assets in evaluating the results of the Company, and therefore, such information is not presented. Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates. Income Taxes The Company accounts for income taxes under ASC 740 Income Taxes (“ASC 740”). ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statement and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized. ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim period, disclosure and transition. The Company recognizes accrued interest and penalties related to unrecognized tax benefits. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of July 2, 2025. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company has identified the United States as its only “major” tax jurisdiction. The Company is subject to income tax examinations by major taxing authorities since inception. These examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with federal and state tax laws. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months.

Basis of Presentation The accompanying balance sheet is presented in conformity with accounting principles generally accepted in the United States of America (“US GAAP”) and pursuant to the rules and regulations of the SEC.

Principles of Consolidation The accompanying consolidated balance sheet include the accounts of the Company and its wholly-owned subsidiaries, Rorschach Merger Sub LLC and TBS Merger Sub Inc. All intercompany transactions have been eliminated.

Segment Reporting The Company complies with ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (ASU 2023-07), which improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses among other disclosure requirements. The Company initially adopted ASU 2023-07 in its financial statements effective July 2, 2025. The Company’s CODM has been identified as the Chief Executive Officer, who reviews the operating results for the Company as a whole to make decisions about allocating resources and assessing financial performance. Accordingly, management has determined that the Company only has one operating segment. The CODM does not review assets in evaluating the results of the Company, and therefore, such information is not presented.

Use of Estimates The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. Actual results could differ from those estimates.

Income Taxes The Company accounts for income taxes under ASC 740 Income Taxes (“ASC 740”). ASC 740 requires the recognition of deferred tax assets and liabilities for both the expected impact of differences between the financial statement and tax basis of assets and liabilities and for the expected future tax benefit to be derived from tax loss and tax credit carry forwards. ASC 740 additionally requires a valuation allowance to be established when it is more likely than not that all or a portion of deferred tax assets will not be realized. ASC 740 also clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements and prescribes a recognition threshold and measurement process for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. For those benefits to be recognized, a tax position must be more-likely-than-not to be sustained upon examination by taxing authorities. ASC 740 also provides guidance on derecognition, classification, interest and penalties, accounting in interim period, disclosure and transition. The Company recognizes accrued interest and penalties related to unrecognized tax benefits. There were no unrecognized tax benefits and no amounts accrued for interest and penalties as of July 2, 2025. The Company is currently not aware of any issues under review that could result in significant payments, accruals or material deviation from its position. The Company has identified the United States as its only “major” tax jurisdiction. The Company is subject to income tax examinations by major taxing authorities since inception. These examinations may include questioning the timing and amount of deductions, the nexus of income among various tax jurisdictions and compliance with federal and state tax laws. The Company’s management does not expect that the total amount of unrecognized tax benefits will materially change over the next twelve months.

NOTE 3. INCOME TAXES Income Taxes The Company’s net deferred tax assets are as follows: Schedule of Deferred Tax Assets and Liabilities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 90%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20250702_zm21zLXlqHY2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">July 2, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deferred tax asset:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_iI_zu1dJ2HDOvHl" style="vertical-align: bottom; background-color: White"> <td style="width: 80%; text-align: left; padding-bottom: 1pt">Organizational costs/startup expenses</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 16%; text-align: right">509</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--DeferredTaxAssetsGross_iTI_zBjvs8CWjOf5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total deferred tax asset</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">509</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--DeferredTaxAssetsValuationAllowance_iNI_di_zGRTnZ1bDwF3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(509</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--DeferredTaxAssetsLiabilitiesNet_iTI_z91CV1E4JvSe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Deferred tax asset, net of allowance</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table> In assessing the realization of the deferred tax assets, management considers whether it is more likely than not that some portion of all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income during the periods in which temporary differences representing net future deductible amounts become deductible. Management considers the scheduled reversal of deferred tax liabilities, if any, projected future taxable income and tax planning strategies in making this assessment. After consideration of all of the information available, management believes that significant uncertainty exists with respect to future realization of the deferred tax assets and has therefore established a full valuation allowance. As of July 2, 2025, the Company had no federal Net Operating Losses (“NOLs”).

The Company’s net deferred tax assets are as follows: Schedule of Deferred Tax Assets and Liabilities <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; margin-left: auto; border-collapse: collapse; width: 90%; margin-right: auto"> <tr style="vertical-align: bottom"> <td> </td><td style="font-weight: bold; padding-bottom: 1pt"> </td> <td colspan="2" id="xdx_49F_20250702_zm21zLXlqHY2" style="border-bottom: Black 1pt solid; font-weight: bold; text-align: center">July 2, 2025</td><td style="padding-bottom: 1pt; font-weight: bold"> </td></tr> <tr style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Deferred tax asset:</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right"> </td><td style="text-align: left"> </td></tr> <tr id="xdx_402_eus-gaap--DeferredTaxAssetsOperatingLossCarryforwards_iI_zu1dJ2HDOvHl" style="vertical-align: bottom; background-color: White"> <td style="width: 80%; text-align: left; padding-bottom: 1pt">Organizational costs/startup expenses</td><td style="width: 2%; padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; width: 1%; text-align: left">$</td><td style="border-bottom: Black 1pt solid; width: 16%; text-align: right">509</td><td style="width: 1%; padding-bottom: 1pt; text-align: left"> </td></tr> <tr id="xdx_40F_eus-gaap--DeferredTaxAssetsGross_iTI_zBjvs8CWjOf5" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left">Total deferred tax asset</td><td> </td> <td style="text-align: left"> </td><td style="text-align: right">509</td><td style="text-align: left"> </td></tr> <tr id="xdx_405_eus-gaap--DeferredTaxAssetsValuationAllowance_iNI_di_zGRTnZ1bDwF3" style="vertical-align: bottom; background-color: White"> <td style="text-align: left; padding-bottom: 1pt">Valuation allowance</td><td style="padding-bottom: 1pt"> </td> <td style="border-bottom: Black 1pt solid; text-align: left"> </td><td style="border-bottom: Black 1pt solid; text-align: right">(509</td><td style="padding-bottom: 1pt; text-align: left">)</td></tr> <tr id="xdx_40F_eus-gaap--DeferredTaxAssetsLiabilitiesNet_iTI_z91CV1E4JvSe" style="vertical-align: bottom; background-color: rgb(204,238,255)"> <td style="text-align: left; padding-bottom: 2.5pt">Deferred tax asset, net of allowance</td><td style="padding-bottom: 2.5pt"> </td> <td style="border-bottom: Black 2.5pt double; text-align: left">$</td><td style="border-bottom: Black 2.5pt double; text-align: right">—</td><td style="padding-bottom: 2.5pt; text-align: left"> </td></tr> </table>

509

NOTE 4. SUBSEQUENT EVENTS Subsequent Events The Company evaluated subsequent events and transactions that occurred after the balance sheet date up to the date that the financial statements were issued. Based upon this review, other than stated below, the Company did not identify any subsequent events that would have required adjustment or disclosure in the consolidated financial statements. Issuance of Company shares On July 8, 2025, the Company issued 100 shares of common stock to Rorschach I LLC for no consideration. Sonnet BioTherapeutics Holdings, Inc. Business Combination Agreement On July 11, 2025, Sonnet, the Company, Rorschach, Sonnet Merger Sub, and Rorschach Merger Sub, entered into the Transaction Agreement pursuant to which, subject to the terms and conditions contained in the Transaction Agreement, (i) Rorschach Merger Sub will merge with and into Rorschach with the Company surviving the Rorschach Merger as a direct wholly owned subsidiary the Company and (ii) immediately following the Rorschach Merger, Sonnet Merger Sub will merge with and into Sonnet, with Sonnet surviving the Sonnet Merger as a direct wholly owned subsidiary of the Company. Subject to the terms and conditions of the Transaction Agreement, at the effective time of the Mergers (the “Effective Time”), <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">(i)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">each share of non-dissenting common stock of Company Common Stock, issued and outstanding immediately prior to the Effective Time shall be canceled and converted into the right to receive (a) one share of Pubco Common Stock, and (b) one contractual contingent value right (a “CVR”) representing the right to receive Pubco Common Stock on the terms and subject to the conditions set forth in the CVR Agreement (as defined below) (together, the “Per Share Merger Consideration”),</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">(ii)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">each Sonnet unvested RSA outstanding immediately prior to the Effective Time, together with the award agreement representing each such Company Unvested RSA, shall be assumed by the Company and be converted into the right to receive (a) one restricted share of Pubco Common Stock, subject to the same terms and conditions (including applicable vesting, expiration and forfeiture provisions) that applied to the corresponding Unvested RSA immediately prior to the Effective Time and (b) one CVR,</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">(iii)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">each Sonnet vested RSU outstanding immediately prior to the Effective Time shall be canceled and converted into the right to receive the Per Share Merger Consideration,</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">(iv)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">each Sonnet unvested RSU issued and outstanding immediately prior to the Effective Time shall be assumed by the Company and converted into a restricted share unit representing the right to receive (a) one share of Pubco Common Stock, having the same terms and conditions as the Sonnet Unvested RSUs, including the applicable vesting and issuance schedule as in effect on the date of the Transaction Agreement and (b) one CVR,</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">(v)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">each Sonnet in-the-money warrant outstanding immediately prior to the Effective Time shall be (a) canceled and converted into the right to receive, for each share of Company Common Stock the holder of such Sonnet in-the-money warrant would have received had such Sonnet in-the-money warrant been exercised in full in accordance with its terms immediately prior to the Effective Time, the per share merger Consideration or (b) entitle the holder of such Sonnet in-the-money warrant to such other consideration that such holder is entitled to receive pursuant to the terms of such holder’s Sonnet in-the-money warrant,</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">(vi)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">each Sonnet out-of-the-money warrant outstanding and unexercised immediately prior to the Effective Time shall (a) cease to represent a Sonnet out-of-the-money warrant in respect of shares of Company Common Stock and shall be assumed by the Company and automatically converted into a warrant to acquire the same number of shares of Pubco Common Stock, subject to the same terms and conditions as were applicable to the applicable Sonnet out-of-the-money warrant immediately prior to the Effective Time, with the right to receive, for each share of Company Common Stock the holder of such Sonnet out-of-the-money warrant would have received had such Sonnet out-of-the-money warrant been exercised in full in accordance with its terms immediately prior to the Effective Time, the Per Share Merger Consideration or (b) entitle the holder of such Sonnet out-of-the-money warrant to such other consideration that such holder is entitled to receive pursuant to the terms of such holder’s out-of-the-money warrant, and</td></tr></table> <table cellpadding="0" cellspacing="0" style="font: 10pt Times New Roman, Times, Serif; width: 100%; margin-top: 0; margin-bottom: 0"><tr style="font: 10pt Times New Roman, Times, Serif; vertical-align: top"> <td style="font: 10pt Times New Roman, Times, Serif; width: 0.25in"></td><td style="font: 10pt Times New Roman, Times, Serif; width: 0.5in">(vii)</td><td style="font: 10pt Times New Roman, Times, Serif; text-align: justify">all shares of Company Common Stock held in the treasury of the Company shall be canceled without any conversion thereof and no payment or distribution shall be made with respect thereto.</td></tr></table> Pursuant to the Transaction Agreement, at or prior to the closing of the Mergers (the “Closing” and the date on which the Closing occurs, the “Closing Date”), certain investors shall enter into contribution agreements (the “Contribution Agreements”) with Rorschach to contribute at least $<span id="xdx_900_eus-gaap--CashAcquiredFromAcquisition_pn5n6_c20250711__20250711__us-gaap--TypeOfArrangementAxis__custom--TransactionAgreementMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_z3xGpn2TjHT5">200.0 million in HYPE Tokens Value (as defined in the Transaction Agreement), and certain investors may contribute cash to Rorschach (collectively, the “Contribution”). Subject to the terms and conditions of the Transaction Agreement, at the effective time of the Rorschach Merger, the equity holders of Rorschach immediately prior to the Closing will receive, in the aggregate, that number of shares of Pubco Common Stock equal to the aggregate amount of the Contribution divided by $<span id="xdx_907_eus-gaap--DividendsPayableAmountPerShare_iI_pid_c20250711__us-gaap--TypeOfArrangementAxis__custom--TransactionAgreementMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zQr0TJrHZGI9">1.25. In addition, pursuant to the Subscription Agreements (as defined below), certain investors have agreed to purchase, immediately prior to the Closing, shares of Company Common Stock at a purchase price of $<span id="xdx_903_eus-gaap--SaleOfStockPricePerShare_iI_pid_c20250711__us-gaap--TypeOfArrangementAxis__custom--TransactionAgreementMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zJ1OzUxbTU7i">1.25 per share, which shares of Company Common Stock will convert into shares of Pubco Common Stock on a one-for-one basis at the effective time of the Sonnet Merger. <span id="xdx_901_ecustom--SubscriptionAgreementDescription_c20250711__20250711__us-gaap--TypeOfArrangementAxis__custom--TransactionAgreementMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zxAtGcxV1E0k" title="Subscription agreement description">Pursuant to the terms of the Transaction Agreement, the amount of cash proceeds to Sonnet at the Closing from the Subscription Agreements, the Contribution Agreements and the Initial PIPE Offering (as defined below) must equal at least $50 million. Concurrently with the signing of the Transaction Agreement, the Company received commitments from investors to contribute $305 million in cash and 12.6 million of HYPE tokens. Of these commitments, affiliates of the Company committed $41 million of cash and 46,500 of HYPE tokens. <span id="xdx_90B_ecustom--TransactionAgreementDescription_c20250711__20250711__us-gaap--TypeOfArrangementAxis__custom--TransactionAgreementMember__us-gaap--SubsequentEventTypeAxis__us-gaap--SubsequentEventMember_zxmEU0RpDpL7" title="Transaction agreement description">Also pursuant to the terms of the Transaction Agreement, at the Closing the Company shall issue to the Advisor (as defined below) (i) that number of shares of Pubco Common Stock equal to 5% of the shares of Pubco Common Stock issued and outstanding, on a fully-diluted, as converted basis, immediately following the Effective Time and (ii) warrants (the “Advisor Warrants”) to purchase a number of shares of Pubco Common Stock equal to, in the aggregate, 15% of the fully diluted number of outstanding shares of Pubco Common Stock immediately after Closing. The Advisor Warrants will be exercisable for five years following the Closing, at an exercise price equal to (i) for one-third of the Advisor Warrants, $1.875, (ii) for one-third of the Advisor Warrants, $2.50 and (iii) for one-third of the Advisor Warrants, $3.75. The Closing is subject to certain closing conditions, including, among other things, (i) the completion of the Contribution, (ii) obtaining the Sonnet required stockholder approval, (ii) adoption and approval of the Transaction Agreement and the transactions contemplated thereby by the requisite equity holders of the Rorschach Parties, including the Company requisite approval, (iii) the effectiveness of a registration statement and (iv) the listing of the Pubco Common Stock issuable in connection with the Mergers on Nasdaq. Each party’s obligation to consummate the Mergers is also subject to other specified customary conditions, including regarding the accuracy of the representations and warranties of the other party, subject to the applicable materiality standard, and the performance in all material respects by the other party of its obligations under the Transaction Agreement required to be performed on or prior to the Closing Date.

200000000.0

1.25

Pursuant to the terms of the Transaction Agreement, the amount of cash proceeds to Sonnet at the Closing from the Subscription Agreements, the Contribution Agreements and the Initial PIPE Offering (as defined below) must equal at least $50 million. Concurrently with the signing of the Transaction Agreement, the Company received commitments from investors to contribute $305 million in cash and 12.6 million of HYPE tokens. Of these commitments, affiliates of the Company committed $41 million of cash and 46,500 of HYPE tokens. Also pursuant to the terms of the Transaction Agreement, at the Closing the Company shall issue to the Advisor (as defined below) (i) that number of shares of Pubco Common Stock equal to 5% of the shares of Pubco Common Stock issued and outstanding, on a fully-diluted, as converted basis, immediately following the Effective Time and (ii) warrants (the “Advisor Warrants”) to purchase a number of shares of Pubco Common Stock equal to, in the aggregate, 15% of the fully diluted number of outstanding shares of Pubco Common Stock immediately after Closing. The Advisor Warrants will be exercisable for five years following the Closing, at an exercise price equal to (i) for one-third of the Advisor Warrants, $1.875, (ii) for one-third of the Advisor Warrants, $2.50 and (iii) for one-third of the Advisor Warrants, $3.75.