v3.25.2
Income Taxes (Tables)
 12 Months Ended
Jul. 02, 2025
Sep. 30, 2024
Schedule of Deferred Tax Assets and Liabilities

The Company’s net deferred tax assets are as follows:

 

   July 2, 2025 
Deferred tax asset:     
Organizational costs/startup expenses  $509 
Total deferred tax asset   509 
Valuation allowance   (509)
Deferred tax asset, net of allowance  $— 
  
Sonnet BioTherapeutics Holdings, Inc. [Member]    
Schedule of Deferred Tax Assets and Liabilities  

The tax effects of the temporary differences that gave rise to deferred taxes were as follows:

  

   2024   2023 
   September 30, 
   2024   2023 
Deferred tax assets:          
Net operating loss carryforwards  $26,754,767   $27,996,751 
Research and development credit carryforwards   3,129,222    3,106,675 
Amortization   5,791,883    4,692,227 
Share-based compensation   19,357    226 
Operating lease liability   36,786    57,319 
Accrued expenses and other   26,977    546,612 
Section 163(j) disallowed interest expense   761,450    763,172 
Gross deferred tax assets   36,520,442    37,162,982 
Less: valuation allowance   (36,480,967)   (37,100,582)
Deferred tax assets   39,475    62,400 
Deferred tax liabilities:          
Property and equipment   (4,782)   (7,954)
Operating lease right-of-use asset   (34,693)   (54,446)
Net deferred tax assets  $—   $— 
Schedule of Effective Income Tax Rate Reconciliation  

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:

 

   2024   2023 
   Years ended September 30, 
   2024   2023 
U.S. federal statutory rate   (21.0)%   (21.0)%
State taxes, net of federal benefit   (5.8)   (7.1)
Change in valuation allowance   (8.3)   30.8 
Research and development credit   (4.6)   (5.1)
Permanent differences   2.7    (1.6)
Foreign tax rate differential   0.1    0.3 
State net operating losses   —    3.7 
Sale of state net operating losses and research and development credits   51.5    — 
Other   (14.6)   — 
Effective income tax rate   —%   —%