v3.25.2
Consolidated Statements of Cash Flows - USD ($)
1 Months Ended 9 Months Ended 12 Months Ended
Jun. 30, 2025
Jun. 30, 2025
Jun. 30, 2024
Sep. 30, 2024
Sep. 30, 2023
Sonnet BioTherapeutics Holdings, Inc. [Member]          
Cash flows from operating activities:          
Net loss   $ (10,427,632) $ (4,308,639) $ (7,437,232) $ (18,832,694)
Adjustments to reconcile net loss to net cash used in operating activities:          
Acquired in-process research and development   114,399 12,000 12,000 282,000
Depreciation   7,669 9,633 12,843 12,845
Amortization of operating lease right-of-use asset   58,777 51,876 70,272 62,905
Share-based compensation   60,395 170,795 231,190 248,626
Financing costs related to ChEF Purchase Agreement   520,200 370,426 370,426
Non-cash financing costs   3,044 1,732 1,732
Changes in operating assets and liabilities:          
Prepaid expenses and other current assets   805,527 623,566 470,987 (33,653)
Incentive tax receivable   164,685 266,964 24,496 (69,269)
Other assets   7,766 (74,274) (79,941) (414,206)
Accounts payable   1,540,535 (455,038) 48,423 (2,631,215)
Accrued expenses and other current liabilities   66,118 (2,034,243) (2,241,246) 231,953
Deferred income   (18,626) (18,626) (147,805)
Operating lease liability   (62,027) (53,725) (73,047) (51,329)
Net cash flows from operating activities   (7,140,544) (5,437,553) (8,607,723) (21,341,842)
Cash flows from investing activities:          
Purchases of in-process research and development   (12,000) (12,000) (12,000) (443,250)
Net cash used in investing activities   (12,000) (12,000) (12,000) (443,250)
Cash flows from financing activities:          
Proceeds from issuance of common stock, net of issuance costs   7,803,453 3,899,157 3,896,577 21,006,371
Payment of deferred offering costs   (15,000) (15,000)
Payment of financing costs related to ChEF Purchase Agreement   (465,200) (157,500) (370,426)
Proceeds from exercise of warrants, net of issuance costs       2,983,769 849
Repayments of related party notes       (748)
Net cash provided by financing activities   7,324,385 6,729,625 6,494,920 21,006,472
Net change in cash   171,841 1,280,072 (2,124,803) (778,620)
Cash, June 13, 2025 (inception)   149,456 2,274,259 2,274,259 3,052,879
Cash, June 30, 2025 $ 321,297 321,297 3,554,331 149,456 2,274,259
Supplemental disclosure of non-cash operating, investing and financing activities:          
Deferred offering costs charged against proceeds from sale of common stock       32,340
Deferred offering costs in accounts payable and accrued expenses   171,900 49,988
Net settlement of warrants       9 52
Common stock and warrant issuance costs in accounts payable and accrued expenses       $ 13,868 $ 78,073
Proceeds from exercise and modification of warrants, net of issuance costs   (13,868) 3,002,968    
Net settlement of warrants   75    
In-process research and development in accrued expenses   102,399    
ChEF Purchase Agreement financing costs in accounts payable   40,000 $ 212,926    
RORSCHACH I LLC [Member]          
Cash flows from operating activities:          
Net loss (596,667)        
Changes in operating assets and liabilities:          
Accounts payable and accrued expenses 596,667        
Net cash flows from operating activities        
Cash flows from financing activities:          
Net change in cash        
Cash, June 13, 2025 (inception)        
Cash, June 30, 2025