Sonnet BioTherapeutics (SONN) S-1/A 4 Nov 24 IPO registration (amended) Financial data

Cover

Cover	9 Months Ended
	Jun. 30, 2024
Entity Addresses [Line Items]
Document Type	S-1/A
Amendment Flag	true
Amendment Description	Amendment No. 1
Entity Registrant Name	SONNET BIOTHERAPEUTICS HOLDINGS, INC.
Entity Central Index Key	0001106838
Entity Tax Identification Number	20-2932652
Entity Incorporation, State or Country Code	DE
Entity Address, Address Line One	100 Overlook Center
Entity Address, Address Line Two	Suite 102
Entity Address, City or Town	Princeton
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	08540
City Area Code	609
Local Phone Number	375-2227
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Business Contact [Member]
Entity Addresses [Line Items]
Entity Address, Address Line One	100 Overlook Center
Entity Address, Address Line Two	Suite 102
Entity Address, City or Town	Princeton
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	08540
City Area Code	(609)
Local Phone Number	375-2227
Contact Personnel Name	Sonnet BioTherapeutics Holdings, Inc.

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($)	Jun. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Current assets:
Cash and cash equivalents	$ 3,554,331	$ 2,274,259	$ 3,052,879
Prepaid expenses and other current assets	1,053,830	1,677,396	1,643,743
Incentive tax receivable	519,610	786,574	717,305
Total current assets	5,127,771	4,738,229	5,413,927
Property and equipment, net	23,733	33,366	46,211
Operating lease right-of-use asset	141,813	193,689	256,594
Deferred offering costs	15,000	49,988	113,280
Other assets	488,480	414,206
Total assets	5,796,797	5,429,478	5,830,012
Current liabilities:
Accounts payable	1,879,013	2,201,999	4,752,340
Accrued expenses and other current liabilities	1,149,492	3,230,922	3,193,972
Current portion of operating lease liability	81,349	73,048	51,328
Deferred income		18,626	166,431
Total current liabilities	3,109,854	5,524,595	8,164,819
Operating lease liability, net of current portion	68,837	130,863	203,912
Total liabilities	3,178,691	5,655,458	8,368,731
Commitments and contingencies (Note 4)
Stockholders’ equity (deficit):
Common stock, $0.0001 par value: 125,000,000 shares authorized; 1,750,426 and 251,955 issued and outstanding at September 30, 2023 and 2022, respectively	522	175	25
Additional paid-in capital	117,169,976	110,017,598	88,872,315
Accumulated deficit	(114,552,392)	(110,243,753)	(91,411,059)
Total stockholders’ deficit	2,618,106	(225,980)	(2,538,719)
Total liabilities and stockholders’ deficit	5,796,797	5,429,478	5,830,012
Related Party [Member]
Current liabilities:
Related party notes			$ 748

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Statement of Financial Position [Abstract]
Common stock, par value	$ 0.0001	$ 0.0001	$ 0.0001
Common stock, shares authorized	125,000,000	125,000,000	125,000,000
Common stock, shares issued	5,218,505	1,750,426	251,955
Common stock, shares outstanding	5,218,505	1,750,426	251,955

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2023	Sep. 30, 2022
Income Statement [Abstract]
Collaboration revenue		$ 36,850	$ 18,626	$ 110,550	$ 147,805	$ 349,943
Operating expenses:
Research and development	1,727,033	2,409,471	4,538,363	9,972,055	11,814,690	21,444,019
General and administrative	1,801,632	1,542,689	4,156,360	5,330,967	7,125,732	8,575,283
Total operating expense	3,528,665	3,952,160	8,694,723	15,303,022	18,940,422	30,019,302
Loss from operations	(3,528,665)	(3,915,310)	(8,676,097)	(15,192,472)	(18,792,617)	(29,669,359)
Other income			4,327,946
Foreign exchange loss	23,110	(31,432)	39,512	36,517	(40,077)	(52,482)
Net loss	$ (3,505,555)	$ (3,946,742)	$ (4,308,639)	$ (15,155,955)	$ (18,832,694)	$ (29,721,841)
Per share information:
Net loss per share, basic	$ (0.70)	$ (2.95)	$ (0.96)	$ (18.98)	$ (18.14)	$ (150.52)
Net loss per share, diluted	$ (0.70)	$ (2.95)	$ (0.96)	$ (18.98)	$ (18.14)	$ (150.52)
Weighted average shares outstanding, basic	5,037,508	1,335,872	4,481,803	798,711	1,038,188	197,462
Weighted average shares outstanding, diluted	5,037,508	1,335,872	4,481,803	798,711	1,038,188	197,462

Consolidated Statements of Chan

Consolidated Statements of Changes in Stockholders' Equity (Deficit) - USD ($)	Preferred Stock [Member]	Common Stock [Member]	Additional Paid-in Capital [Member]	Retained Earnings [Member]	Total
Balance at Sep. 30, 2021		$ 19	$ 83,949,046	$ (61,689,218)	$ 22,259,847
Balance, shares at Sep. 30, 2021		195,579
Sale of common stock, net of issuance costs		$ 3	1,908,690		1,908,693
Sale of common stock, net of issuance costs, shares		30,206
Share-based compensation			876,368		876,368
Net loss				(29,721,841)	(29,721,841)
Issuance of common stock on vesting of restricted stock units
Issuance of common stock on vesting of restricted stock units, shares		1,087
Sale of preferred stock and common stock warrants, net of issuance costs	$ 1,540,640		597,574		2,138,214
Sale of preferred stock and common stock warrants, net of issuance costs, shares	22,500
Conversion of preferred stock into common stock	$ (1,540,640)	$ 3	1,540,637
Conversion of preferred stock into common stock, shares	(22,500)	25,101
Balance at Sep. 30, 2022		$ 25	88,872,315	(91,411,059)	(2,538,719)
Balance, shares at Sep. 30, 2022		251,973
Sale of common stock, net of issuance costs		$ 11	4,452,001		4,452,012
Sale of common stock, net of issuance costs, shares		109,841
Net share settlement of warrants
Net share settlement of warrants, shares		137
Share-based compensation			91,617		91,617
Net loss				(5,542,142)	(5,542,142)
Balance at Dec. 31, 2022		$ 36	93,415,933	(96,953,201)	(3,537,232)
Balance, shares at Dec. 31, 2022		361,951
Balance at Sep. 30, 2022		$ 25	88,872,315	(91,411,059)	(2,538,719)
Balance, shares at Sep. 30, 2022		251,973
Net loss					(15,155,955)
Balance at Jun. 30, 2023		$ 175	109,985,291	(106,567,014)	3,418,452
Balance, shares at Jun. 30, 2023		1,744,913
Balance at Sep. 30, 2022		$ 25	88,872,315	(91,411,059)	(2,538,719)
Balance, shares at Sep. 30, 2022		251,973
Sale of common stock, net of issuance costs		$ 83	20,895,875		20,895,958
Sale of common stock, net of issuance costs, shares		833,287
Net share settlement of warrants		$ 52	(52)
Net share settlement of warrants, shares		519,492
Share-based compensation			248,626		248,626
Net loss				(18,832,694)	(18,832,694)
Issuance of common stock on vesting of restricted stock units		$ 1	(1)
Issuance of common stock on vesting of restricted stock units, shares		7,676
Exercise of warrants		$ 14	835		849
Exercise of warrants, shares		137,998
Balance at Sep. 30, 2023		$ 175	110,017,598	(110,243,753)	(225,980)
Balance, shares at Sep. 30, 2023		1,750,426
Balance at Dec. 31, 2022		$ 36	93,415,933	(96,953,201)	(3,537,232)
Balance, shares at Dec. 31, 2022		361,951
Sale of common stock, net of issuance costs		$ 56	14,515,912		14,515,968
Sale of common stock, net of issuance costs, shares		557,083
Net share settlement of warrants		$ 1	(1)
Net share settlement of warrants, shares		10,521
Share-based compensation			56,998		56,998
Net loss				(5,667,071)	(5,667,071)
Issuance of common stock on vesting of restricted stock units
Issuance of common stock on vesting of restricted stock units, shares		2,127
Balance at Mar. 31, 2023		$ 93	107,988,842	(102,620,272)	5,368,663
Balance, shares at Mar. 31, 2023		931,682
Sale of common stock, net of issuance costs		$ 17	1,945,660		1,945,677
Sale of common stock, net of issuance costs, shares		166,364
Net share settlement of warrants		$ 51	(51)
Net share settlement of warrants, shares		508,834
Share-based compensation			50,005		50,005
Net loss				(3,946,742)	(3,946,742)
Issuance of common stock on vesting of restricted stock units
Issuance of common stock on vesting of restricted stock units, shares		35
Exercise of warrants		$ 14	835		849
Exercise of warrants, shares		137,998
Balance at Jun. 30, 2023		$ 175	109,985,291	(106,567,014)	3,418,452
Balance, shares at Jun. 30, 2023		1,744,913
Balance at Sep. 30, 2023		$ 175	110,017,598	(110,243,753)	(225,980)
Balance, shares at Sep. 30, 2023		1,750,426
Sale of common stock, net of issuance costs		$ 131	3,916,812		3,916,943
Sale of common stock, net of issuance costs, shares		1,306,250
Retirement of shares in connection with reverse stock split
Retirement of shares in connection with reverse stock split, shares		(1,522)
Net share settlement of warrants		$ 1	(1)
Net share settlement of warrants, shares		14,362
Share-based compensation			50,005		50,005
Net loss				(1,168,509)	(1,168,509)
Balance at Dec. 31, 2023		$ 307	113,984,414	(111,412,262)	2,572,459
Balance, shares at Dec. 31, 2023		3,069,516
Balance at Sep. 30, 2023		$ 175	110,017,598	(110,243,753)	(225,980)
Balance, shares at Sep. 30, 2023		1,750,426
Net loss					(4,308,639)
Balance at Jun. 30, 2024		$ 522	117,169,976	(114,552,392)	2,618,106
Balance, shares at Jun. 30, 2024		5,218,505
Balance at Dec. 31, 2023		$ 307	113,984,414	(111,412,262)	2,572,459
Balance, shares at Dec. 31, 2023		3,069,516
Share-based compensation			60,395		60,395
Net loss				365,425	365,425
Issuance of common stock on vesting of restricted stock units
Issuance of common stock on vesting of restricted stock units, shares		7,885
Exercise of warrants		$ 4	55,996		56,000
Exercise of warrants, shares		35,000
Balance at Mar. 31, 2024		$ 311	114,100,805	(111,046,837)	3,054,279
Balance, shares at Mar. 31, 2024		3,112,401
Sale of common stock, net of issuance costs		$ 4	62,015		62,019
Sale of common stock, net of issuance costs, shares		37,654
Net share settlement of warrants		$ 74	(74)
Net share settlement of warrants, shares		739,950
Share-based compensation			60,395		60,395
Net loss				(3,505,555)	(3,505,555)
Exercise and modification of warrants, net of issuance costs		$ 133	2,946,835		2,946,968
Exercise and modification of warrants, net of issuance costs, shares		1,328,500
Balance at Jun. 30, 2024		$ 522	$ 117,169,976	$ (114,552,392)	$ 2,618,106
Balance, shares at Jun. 30, 2024		5,218,505

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($)	9 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2023	Sep. 30, 2022
Cash flows from operating activities:
Net loss	$ (4,308,639)	$ (15,155,955)	$ (18,832,694)	$ (29,721,841)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation	9,633	9,634	12,845	12,845
Acquired in-process research and development	12,000	282,000	282,000	971,477
Amortization of operating lease right-of-use asset	51,876	46,650	62,905	80,412
Share-based compensation	170,795	198,620	248,626	876,368
Financing costs related to ChEF Purchase Agreement	370,426
Non-cash financing costs	1,732
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	623,566	(218,940)	(33,653)	(454,269)
Incentive tax receivable	266,964	(31,864)
Other assets	(74,274)	(155,366)	(414,206)
Accounts payable	(455,038)	(1,877,222)	(2,631,215)	971,041
Accrued expenses and other current liabilities	(2,034,243)	264,872	231,953	641,372
Income tax receivable			(69,269)	(717,305)
Operating lease liability	(53,725)	(34,609)	(51,329)	(83,685)
Deferred income	(18,626)	(110,549)	(147,805)	(349,943)
Net cash used in operating activities	(5,437,553)	(16,782,729)	(21,341,842)	(27,773,528)
Cash flows from investing activities:
Purchases of in-process research and development	(12,000)	(273,250)	(443,250)	(810,227)
Net cash used in investing activities	(12,000)	(273,250)	(443,250)	(810,227)
Cash flows from financing activities:
Proceeds from sale of preferred stock and common stock warrants, net of issuance costs				2,172,649
Proceeds from sale of common stock, net of issuance costs	3,899,157	21,024,070	21,006,371	1,841,918
Payment of deferred offering costs	(15,000)
Payment of financing costs related to ChEF Purchase Agreement	(157,500)
Proceeds from exercise of warrants, net of issuance costs	3,002,968	849	849
Repayments of related party notes		(748)	(748)
Net cash provided by financing activities	6,729,625	21,024,171	21,006,472	4,014,567
Net decrease in cash	1,280,072	3,968,192	(778,620)	(24,569,188)
Cash, beginning of year	2,274,259	3,052,879	3,052,879	27,622,067
Cash, end of year	3,554,331	7,021,071	2,274,259	3,052,879
Supplemental disclosure of non-cash operating, investing and financing activities:
Net settlement of warrants	75	1,142	52
ChEF Purchase Agreement financing costs in accounts payable	212,926
In-process research and development in accrued expenses		170,000		161,250
Deferred offering costs charged against proceeds from sale of common stock		32,340	32,340
Issuance of common stock on vesting of restricted stock units		5
Common stock issuance costs in accounts payable and accrued expenses		$ 78,073	78,073
Change in operating lease right-of-use asset and liability due to amended lease				213,793
Deferred offering costs in accounts payable and accrued expenses			$ 49,988	$ 80,940

Organization and Description of

Organization and Description of Business	9 Months Ended	12 Months Ended
	Jun. 30, 2024	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Organization and Description of Business	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 F H H H Sonnet’s lead proprietary asset, SON-1010, is a fully human version of Interleukin 12 (“IL-12”), covalently linked to the F H 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 will be 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-F H H SON-1411 (IL18-F H Sonnet has completed sequence confirmation for SON-3015 (anti-IL6-F H Liquidity The Company has incurred recurring losses and negative cash flows from operations since inception and it expects to incur losses from operations for the foreseeable future primarily due to research and development costs for its potential product candidates. The Company believes its cash of $ 3.6 The Company plans to secure additional capital in the future through equity and/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 or cease 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 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.	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 F H Sonnet’s lead proprietary asset, SON-1010, is a fully human version of Interleukin 12 (“IL-12”), covalently linked to the F H 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 efficacy 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 monotherapy, its use 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 evaluations, 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 is expected to meet during the first calendar quarter of 2024. Following the completion of the DSMB review, Sonnet anticipates announcing 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 will be jointly responsible for developing SON-080 in DPN. The objective will be to analyze the data and to consider initiating a Phase 2 study once the CIPN safety data has been evaluated. SON-1210 (IL12-F H H Sonnet BioTherapeutics Holdings, Inc. Notes to Consolidated Financial Statements SON-1410 (IL18-F H The Company has completed sequence confirmation for SON-3015 (anti-IL6-F H in vivo 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 of $ 2.3 4.1 0.8 4.8 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 $ 4.1 1,306,250 1,537,500 5,687,500 1.60 1.5999 1.60 0.0001 85,312 2.00 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. Sonnet BioTherapeutics Holdings, Inc. Notes to Consolidated Financial Statements

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended	12 Months Ended
	Jun. 30, 2024	Sep. 30, 2023
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	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, 2024 and its results of operations and cash flows for the three and nine months ended June 30, 2024 and 2023. 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, 2023 included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2023. 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. 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 0.5 0.1 0.3 0.5 0.8 0.8 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. 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. 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 5 for further discussion of the New Life Agreement. g. 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. h. 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 80 4.3 i. Reverse stock split On August 31, 2023, 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-22 reverse stock split j. 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, 2024 are the pre-funded October 2023 warrants to purchase 797,500 0.0001 1,500,000 137 0.0308 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. 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 2024 2023 June 30, 2024 2023 Common stock warrants August 2021 112,429 128,500 Underwriter warrants August 2021 2,287 2,287 Chanticleer warrants 57 57 Series C warrants 18,391 36,778 Series 3 warrants 12,548 12,548 Unvested restricted stock units and awards 137,259 7,840 Common stock warrants February 2023 271,883 271,883 Underwriter warrants February 2023 15,466 44,190 Common stock private placement warrants June 2023 227,272 227,272 Placement agent warrants June 2023 6,818 6,818 Common stock warrants October 2023 2,840,000 — Underwriter warrants October 2023 85,312 — Placement agent warrants June 2024 113,140 — Common stock warrants June 2024 5,625,000 — Total anti-dilutive weighted average shares 9,467,862 738,173 k. Recent accounting pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures	2. Summary of Significant Accounting Policies 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”). 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. d. Reclassifications Certain amounts from the prior period have been reclassified to conform with the current period presentation. e. 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. f. 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. g. 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 h. 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 i. 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, 2023, the Company had $ 49,988 0.1 j. 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 both September 30, 2023 and 2022, 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 $ 0.8 million. For each of the years ended September 30, 2023 and 2022, $ 0.8 million for the expected net cash refund related to the tax incentive program was included in research and development expenses. In January 2023, the Company received $ 1.1 million from the Australian government related to eligible research and development expenses for the year ended September 30, 2022. In April 2023, the Company refunded the Australian government for $ 0.2 million due to new information on the Company’s clinical trial studies. 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. 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. 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. n. Share-based compensation The Company measures equity classified share-based awards granted to employees and nonemployees 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. Sonnet BioTherapeutics Holdings, Inc. Notes to Consolidated Financial Statements o. 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. p. Reverse stock split On August 31, 2023, 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 -22 reverse stock split of the Company’s issued and outstanding shares of common stock. As a result of the reverse stock split, every 22 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. q. Net loss per share Basic net loss per share 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). 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 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 2023 2022 September 30, 2023 2022 Common stock warrants August 2021 128,500 128,500 Underwriter warrants August 2021 2,287 2,287 Private warrants — 332 Chanticleer warrants 57 57 Series C warrants 36,778 36,778 Series 3 warrants 12,548 12,548 Unvested restricted stock units and awards 2,326 2,162 Common stock warrants February 2023 271,883 — Underwriter warrants February 2023 44,190 — Common stock private placement warrants June 2023 227,272 — Placement agent warrants June 2023 6,818 — Total anti-dilutive weighted average shares 732,659 182,664 r. Recent accounting pronouncements Recently adopted In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt-Modifications and Extinguishments (Subtopic 470-50), Compensation-Stock Compensation (Topic 718), and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options In November 2021, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update No. 2021-10, Government Assistance (Topic 832): Disclosure by Business Entities about Government Assistance, or ASU 2021-10, which improves the transparency of government assistance received by most business entities by requiring the disclosure of: (1) the types of government assistance received; (2) the accounting for such assistance; and (3) the effect of the assistance on a business entity’s financial statements. This guidance is effective for financial statements issued for annual periods beginning after 15 December 2021. The adoption of the guidance on October 1, 2022 did not have a material impact on our consolidated financial statements. Sonnet BioTherapeutics Holdings, Inc. Notes to Consolidated Financial Statements

Accrued Expenses and Other Curr

Accrued Expenses and Other Current Liabilities	9 Months Ended	12 Months Ended
	Jun. 30, 2024	Sep. 30, 2023
Payables and Accruals [Abstract]
Accrued Expenses and Other Current Liabilities	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 June 30, 2024 September 30, 2023 Compensation and benefits $ 189,095 $ 2,091,196 Research and development 753,497 913,145 Professional fees 204,344 224,031 Other 2,556 2,550 Accrued expenses and other current liabilities $ 1,149,492 $ 3,230,922 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 0.9	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 2023 2022 September 30, 2023 2022 Compensation and benefits $ 2,091,196 $ 1,218,530 Research and development 913,145 1,593,922 Professional fees 224,031 378,890 Other 2,550 2,630 Accrued expenses and other current liabilities $ 3,230,922 $ 3,193,972

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended	12 Months Ended
	Jun. 30, 2024	Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	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 $ 3.8 0.5 No 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 0.1 0.6 0.6 0.1 No 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 $ 0.1 12,000 0.1 0.1 No 12,000 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 € 0.1 0.1 No 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 $ 24,600 No Research and development agreement In December 2021, the Company entered into a Research and Development Agreement (the “Navigo Agreement”), as subsequently amended, 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 $ 0.1 1.0 0.2 0.3 No no 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.	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 $ 3.8 0.5 No 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 0.1 0.6 0.6 0.1 No 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 $ 0.1 12,000 0.1 0.1 12,000 0.2 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 € 0.1 0.1 0.1 No 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 license will continue until terminated by either party. The Company incurred a $ 24,600 1.2 1.3 24,600 No Sonnet BioTherapeutics Holdings, Inc. Notes to Consolidated Financial Statements 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 $ 0.1 1.0 0.3 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.

Collaboration Revenue

Collaboration Revenue	9 Months Ended	12 Months Ended
	Jun. 30, 2024	Sep. 30, 2023
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Collaboration Revenue	5. 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 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. New Life paid the Company a $ 0.5 0.5 New Life is also obligated to pay a non-refundable deferred license fee of an additional $ 1.0 19.0 12 30 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 Right and New Life’s Give Back Right (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 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, which options will expire upon the initiation of a Phase III Trial for the applicable Product. Revenue recognition The Company first assessed the New Life Agreement under ASC 808, Collaborative Arrangements Revenue from Contracts with Customers The Company determined the initial transaction price of the single performance obligation to be $ 1.0 Collaboration revenue from the single performance obligation is being recognized over the estimated performance of the R&D Activities. There was no 36,850 18,626 0.1	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 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. Sonnet BioTherapeutics Holdings, Inc. Notes to Consolidated Financial Statements 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. New Life paid the Company a $ 0.5 0.5 New Life is also obligated to pay a non-refundable deferred license fee of an additional $ 1.0 19.0 12% 30% 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 Right and New Life’s Give Back Right (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 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, which options will expire upon the initiation of a Phase III Trial for the applicable Product. Revenue recognition The Company first assessed the New Life Agreement under ASC 808, Collaborative Arrangements Revenue from Contracts with Customers The Company determined the initial transaction price of the single performance obligation to be $ 1.0 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 $ 0.1 0.3

Stockholders_ Equity (Deficit)

Stockholders’ Equity (Deficit)	9 Months Ended	12 Months Ended
	Jun. 30, 2024	Sep. 30, 2023
Equity [Abstract]
Stockholders’ Equity (Deficit)	6. Stockholders’ Equity (Deficit) 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) $ 25.0 million in aggregate gross purchase price of newly issued shares of the Company’s common stock and (ii) 622,168 shares of the Company’s common stock, which is equal to 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. 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 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. During the three and nine months ended June 30, 2024, the Company sold 37,654 shares of common stock pursuant to the Purchase Agreement for net proceeds of $ 0.1 million. The Company incurred $ 0.4 million of costs in connection with the Purchase Agreement during the three and nine months ended June 30, 2024, which are included in general and administrative expenses in the unaudited interim consolidated statements 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 $ 3.9 1,306,250 1,537,500 5,687,500 1.60 1.5999 1.60 1.20 0.0001 85,312 2.00 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 $ 2.3 1.9 166,363 60,909 227,272 9.90 14.8478 1.55 0.0022 6,818 14.8478 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 $ 15.0 13.6 530,222 101,090 1,262,618 23.76 23.7578 23.76 0.0022 44,190 29.70 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 $ 25.0 7.8 136,702 5.7 5.5 Common stock warrants As of June 30, 2024, the following equity-classified warrants and related terms were outstanding: Schedule of Warrants Outstanding Warrants Outstanding Exercise Price Expiration Date Common stock warrants August 2021 112,429 $ 261.80 August 24, 2026 Underwriter warrants August 2021 2,287 $ 327.25 August 19, 2026 Chanticleer warrants 57 $ 18,018.00 28,028.00 April 30, 2027 December 17, 2028 Series C warrants 18,391 $ 982.52 October 16, 2025 Series 3 warrants 12,548 $ 89.628 August 15, 2027 Common stock warrants February 2023 271,883 $ 23.76 February 10, 2028 Underwriter warrants February 2023 15,466 $ 29.70 February 8, 2028 Common stock private placement warrants June 2023 227,272 $ 1.55 June 21, 2029 Placement agent warrants June 2023 6,818 $ 14.8478 December 30, 2026 Common stock warrants October 2023 2,840,000 $ 1.20 October 27, 2028 Pre-funded warrants October 2023 797,500 $ 0.0001 — Underwriter warrants October 2023 85,312 $ 2.00 October 24, 2028 Placement agent warrants June 2024 113,140 $ 1.86 June 19, 2029 Common stock warrants June 2024 5,625,000 $ 1.55 June 21, 2029 Total 10,128,103 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 $ 1.60 2,828,500 1.20 3.4 2.9 1,500,000 5,625,000 2,840,000 1.60 1.20 227,272 14.8478 1.55 December 30, 2026 June 21, 2029 1.55 five years 113,140 1.86 five years During the nine months ended June 30, 2024, an aggregate of 768,724 754,312 2,863,500 1,500,000 3.0 34,458 During the nine months ended June 30, 2023, an aggregate of 1,014,872 519,492 137,998 332	7. Stockholders’ Deficit Stockholders’ Equity (Deficit) 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 $ 25.0 7.8 136,702 5.7 5.5 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 $ 15.0 13.6 530,222 101,090 1,262,618 23.76 23.7578 The common stock warrants are immediately exercisable at a price of $ 23.76 0.0022 In addition, warrants to purchase 44,190 29.70 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 $ 2.3 1.9 166,363 60,909 227,272 9.90 Sonnet BioTherapeutics Holdings, Inc. Notes to Consolidated Financial Statements The common stock warrants are exercisable beginning December 30, 2023 at a price of $ 14.8478 0.0022 In addition, warrants to purchase 6,818 14.8478 2022 events In August 2022, the Company entered into a securities purchase agreement (the “Preferred SPA”) with several accredited investors for the issuance and sale of (i) an aggregate of 22,275 100 225 100 12,548 2.3 0.1 2.1 24,850 251 89.628 89.628 The shares of the Series 3 and Series 4 Convertible Preferred Stock had no voting rights other than the right to vote with common stockholders, as a single class, on a proposed amendment to the Company’s Certificate of Incorporation, as amended, to effect a reverse split of the outstanding shares of common stock. Each share of Series 3 Convertible Preferred Stock was entitled to vote on an as-converted basis, and each share of Series 4 Convertible Preferred Stock was entitled to 811,688 votes per share The private placement closed on August 15, 2022, and the stockholders voted to approve a 1-for-14 reverse stock split 25,101 no During the year ended September 30, 2022, the Company sold an aggregate of 30,206 2.0 1.9 Also during the year ended September 30, 2022, the Company issued 1,087 Sonnet BioTherapeutics Holdings, Inc. Notes to Consolidated Financial Statements Common stock warrants As of September 30, 2023, the following equity-classified warrants and related terms were outstanding: Schedule of Warrants Outstanding Warrants Outstanding Exercise Price Expiration Date Common stock warrants August 2021 128,500 $ 261.80 August 24, 2024 Underwriter warrants August 2021 2,287 $ 327.25 August 19, 2024 Chanticleer warrants 57 18,018.00 28,028.00 April 30, 2027 December 17, 2028 Series C warrants 36,778 $ 982.52 October 16, 2025 Series 3 warrants 12,548 $ 89.628 August 15, 2027 Common stock warrants February 2023 271,883 $ 23.76 February 10, 2028 Underwriter warrants February 2023 44,190 $ 29.70 February 8, 2028 Common stock private placement warrants June 2023 227,272 $ 14.8478 December 30, 2026 Placement agent warrants June 2023 6,818 $ 14.8478 December 30, 2026 Total 730,333 During the year ended September 30, 2023, 1,014,872 519,492 During the year ended September 30, 2023, 137,999 137,998 During the year ended September 30, 2023, 332

Share-Based Compensation

Share-Based Compensation	9 Months Ended	12 Months Ended
	Jun. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Share-Based Compensation	7. 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 137,260 one Restricted stock units and awards On January 1, 2024, 73,440 63,819 100 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 2024 2023 2024 2023 Three Months Ended June 30, Nine Months Ended June 30, 2024 2023 2024 2023 Research and development $ 28,268 $ 24,554 $ 81,089 $ 102,807 General and administrative 32,127 25,451 89,706 95,813 Share Based Compensation $ 60,395 $ 50,005 $ 170,795 $ 198,620 The following table summarizes RSU activity under the Plan: Schedule of Restricted Stock Units Activity Weighted Average Grant RSU Date Fair Value Unvested balance at October 1, 2023 2,326 $ 21.78 Granted 73,440 $ 1.76 Vested (2,326 ) $ 21.78 Unvested balance at June 30, 2024 73,440 $ 1.76 As of June 30, 2024, total unrecognized compensation expense relating to unvested RSUs granted was $ 0.1 0.5 The following table summarizes RSA activity under the Plan: Schedule of Restricted Stock Awards Activity Weighted Average Grant RSA Date Fair Value Unvested balance at October 1, 2023 5,514 $ 28.27 Granted 63,819 $ 1.76 Vested (5,514 ) $ 28.27 Unvested balance at June 30, 2024 63,819 $ 1.76 As of June 30, 2024, total unrecognized compensation expense relating to unvested RSAs granted was $ 0.1 0.5	8. Share-Based Compensation In April 2020, the Company adopted the 2020 Omnibus Equity Incentive Plan (the “Plan”). On January 1, 2023, the total number of shares authorized under the Plan increased to 14,480 14,480 Sonnet BioTherapeutics Holdings, Inc. Notes to Consolidated Financial Statements Restricted stock units and awards In July of 2020, 2,115 In March of 2021, an additional 152 In December of 2021, 2,103 In December of 2022, 7,840 In January 2023, 5,514 38,837 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 consolidated statements of operations as follows: Schedule of Share-based Compensation Expense 2023 2022 Years ended September 30, 2023 2022 Research and development $ 121,265 $ 437,921 General and administrative 127,361 438,447 Share Based Compensation $ 248,626 $ 876,368 The following table summarizes RSU activity under the Plan: Schedule of Restricted Stock Units Activity Weighted Average Grant RSU Date Fair Value Unvested balance at October 1, 2021 1,179 $ 1,068.32 Granted 2,103 $ 155.54 Vested (1,096 ) $ 1,091.20 Forfeited (24 ) $ 1,118.04 Unvested balance at October 1, 2022 2,162 $ 175.56 Granted 7,840 $ 21.47 Vested (2,162 ) $ 12.55 Forfeited (5,514 ) $ 21.34 Unvested balance at September 30, 2023 2,326 $ 21.78 As of September 30, 2023, total unrecognized compensation expense relating to unvested RSUs granted was $ 12,194 three months The following table summarizes RSA activity under the Plan: Schedule of Restricted Stock Awards Activity Weighted Average Grant RSA Date Fair Value Unvested balance at October 1, 2022 — — Granted 5,514 $ 28.27 Unvested balance at September 30, 2023 5,514 $ 28.27 As of September 30, 2023, total unrecognized compensation expense relating to unvested RSAs granted was $ 37,812 three months Sonnet BioTherapeutics Holdings, Inc. Notes to Consolidated Financial Statements

Income Taxes

Income Taxes	9 Months Ended	12 Months Ended
	Jun. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Income Taxes	8. Income Taxes 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 1	9. Income Taxes As of September 30, 2023, the Company had $ 103.6 69.5 8.9 expire in 2027 2.4 0.8 5.8 8.3 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. The tax effects of the temporary differences that gave rise to deferred taxes were as follows: Schedule of Deferred Tax Assets and Liabilities 2023 2022 September 30, 2023 2022 Deferred tax assets: Net operating loss carryforwards $ 27,996,751 $ 25,858,311 Research and development credit carryforwards 3,106,675 2,151,942 Amortization 4,692,227 2,897,388 Share-based compensation 226 66,832 Operating lease liability 57,319 71,748 Accrued expenses and other 546,612 314,210 Section 163(j) disallowed interest expense 763,172 — Property and equipment — 4,790 Gross deferred tax assets 37,162,982 31,365,221 Less: valuation allowance (37,100,582 ) (31,293,092 ) Deferred tax assets 62,400 72,129 Deferred tax liabilities: Property and equipment (7,954 ) — Operating lease right-of-use asset (54,446 ) (72,129 ) Net deferred tax assets $ — $ — Sonnet BioTherapeutics Holdings, Inc. Notes to Consolidated Financial Statements The Company recorded no income tax expense or benefit for the years ended September 30, 2023 and 2022. 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 2023 2022 Years ended September 30, 2023 2022 U.S. federal statutory rate (21.0 )% (21.0 )% State taxes, net of federal benefit (7.1 ) (6.0 ) Change in valuation allowance 30.8 28.1 Research and development credit (5.1 ) (3.0 ) Permanent differences (1.6 ) 0.7 Foreign tax rate differential 0.3 0.8 State NOLs 3.7 — Other 0.0 0.4 Effective income tax rate — % — % 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% 1%

Subsequent Events

Subsequent Events	9 Months Ended	12 Months Ended
	Jun. 30, 2024	Sep. 30, 2023
Subsequent Events [Abstract]
Subsequent Events	9. Subsequent Events The Company has evaluated subsequent events from the balance sheet date through August 14, 2024, the date at which the unaudited interim consolidated financial statements were available to be issued.	10. Subsequent Events The Company has evaluated subsequent events from the balance sheet date through December 14, 2023, the date at which the consolidated financial statements were available to be issued. Refer to Note 1 for information regarding the October Offering. In December 2023, the Company received preliminary approval of its application to sell up to $ 4.8

Leases

Leases	12 Months Ended
	Sep. 30, 2023
Leases
Leases	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 The components of lease expense for the years ended September 30, 2023 and 2022 are as follows: Schedule of Lease Expenses Lease expense 2023 2022 Operating lease expense $ 90,837 $ 94,828 Variable lease expense 5,978 5,339 Total lease cost $ 96,815 $ 100,167 At September 30, 2023, the weighted average remaining lease term was 2.6 12 Cash flow information related to operating leases for the years ended September 30, 2023 and 2022 is as follows: Schedule of Operating Lease Liabilities Cash paid for amounts included in the measurement of lease liabilities: 2023 2022 Operating cash flows from operating leases $ 79,259 $ 98,101 Future minimum lease payments under non-cancellable leases at September 30, 2023 are as follows: Schedule of Future Minimum Lease Payments Fiscal year 2024 $ 93,614 2025 95,487 2026 48,216 Total undiscounted lease payments 237,317 Less: imputed interest (33,406 ) Total lease liabilities $ 203,911 Sonnet BioTherapeutics Holdings, Inc. Notes to Consolidated Financial Statements

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended	12 Months Ended
	Jun. 30, 2024	Sep. 30, 2023
Accounting Policies [Abstract]
Basis of presentation	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, 2024 and its results of operations and cash flows for the three and nine months ended June 30, 2024 and 2023. 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, 2023 included in the Company’s Annual Report on Form 10-K for the fiscal year ended September 30, 2023. The results of operations for the interim periods are not necessarily indicative of the results of operations to be expected for the full year.	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”).
Consolidation	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.	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.
Use of estimates	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.	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.
Incentive tax receivable	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 0.5 0.1 0.3 0.5 0.8 0.8	j. 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 both September 30, 2023 and 2022, 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 $ 0.8 million. For each of the years ended September 30, 2023 and 2022, $ 0.8 million for the expected net cash refund related to the tax incentive program was included in research and development expenses. In January 2023, the Company received $ 1.1 million from the Australian government related to eligible research and development expenses for the year ended September 30, 2022. In April 2023, the Company refunded the Australian government for $ 0.2 million due to new information on the Company’s clinical trial studies.
Property and equipment	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.	g. 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
Collaboration revenue	f. 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. 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 5 for further discussion of the New Life Agreement.	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.
Research and development expense	g. 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.	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.
Other income	h. 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 80 4.3
Reverse stock split	i. Reverse stock split On August 31, 2023, 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-22 reverse stock split	p. Reverse stock split On August 31, 2023, 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 -22 reverse stock split of the Company’s issued and outstanding shares of common stock. As a result of the reverse stock split, every 22 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.
Net loss per share	j. 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, 2024 are the pre-funded October 2023 warrants to purchase 797,500 0.0001 1,500,000 137 0.0308 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. 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 2024 2023 June 30, 2024 2023 Common stock warrants August 2021 112,429 128,500 Underwriter warrants August 2021 2,287 2,287 Chanticleer warrants 57 57 Series C warrants 18,391 36,778 Series 3 warrants 12,548 12,548 Unvested restricted stock units and awards 137,259 7,840 Common stock warrants February 2023 271,883 271,883 Underwriter warrants February 2023 15,466 44,190 Common stock private placement warrants June 2023 227,272 227,272 Placement agent warrants June 2023 6,818 6,818 Common stock warrants October 2023 2,840,000 — Underwriter warrants October 2023 85,312 — Placement agent warrants June 2024 113,140 — Common stock warrants June 2024 5,625,000 — Total anti-dilutive weighted average shares 9,467,862 738,173	q. Net loss per share Basic net loss per share 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). 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 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 2023 2022 September 30, 2023 2022 Common stock warrants August 2021 128,500 128,500 Underwriter warrants August 2021 2,287 2,287 Private warrants — 332 Chanticleer warrants 57 57 Series C warrants 36,778 36,778 Series 3 warrants 12,548 12,548 Unvested restricted stock units and awards 2,326 2,162 Common stock warrants February 2023 271,883 — Underwriter warrants February 2023 44,190 — Common stock private placement warrants June 2023 227,272 — Placement agent warrants June 2023 6,818 — Total anti-dilutive weighted average shares 732,659 182,664
Recent accounting pronouncements	k. Recent accounting pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures	r. Recent accounting pronouncements Recently adopted In May 2021, the FASB issued ASU 2021-04, Earnings Per Share (Topic 260), Debt-Modifications and Extinguishments (Subtopic 470-50), Compensation-Stock Compensation (Topic 718), and Derivatives and Hedging-Contracts in Entity’s Own Equity (Subtopic 815-40): Issuer’s Accounting for Certain Modifications or Exchanges of Freestanding Equity-Classified Written Call Options In November 2021, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update No. 2021-10, Government Assistance (Topic 832): Disclosure by Business Entities about Government Assistance, or ASU 2021-10, which improves the transparency of government assistance received by most business entities by requiring the disclosure of: (1) the types of government assistance received; (2) the accounting for such assistance; and (3) the effect of the assistance on a business entity’s financial statements. This guidance is effective for financial statements issued for annual periods beginning after 15 December 2021. The adoption of the guidance on October 1, 2022 did not have a material impact on our consolidated financial statements.
Reclassifications		d. Reclassifications Certain amounts from the prior period have been reclassified to conform with the current period presentation.
Segment information		e. 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.
Fair value of financial instruments		f. 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.
Impairment of long-lived assets		h. 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
Deferred offering costs		i. 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, 2023, the Company had $ 49,988 0.1
Foreign currency		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.
Share-based compensation		n. Share-based compensation The Company measures equity classified share-based awards granted to employees and nonemployees 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. Sonnet BioTherapeutics Holdings, Inc. Notes to Consolidated Financial Statements
Income taxes		o. 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.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended	12 Months Ended
	Jun. 30, 2024	Sep. 30, 2023
Accounting Policies [Abstract]
Schedule of Potentially Dilutive Securities	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 2024 2023 June 30, 2024 2023 Common stock warrants August 2021 112,429 128,500 Underwriter warrants August 2021 2,287 2,287 Chanticleer warrants 57 57 Series C warrants 18,391 36,778 Series 3 warrants 12,548 12,548 Unvested restricted stock units and awards 137,259 7,840 Common stock warrants February 2023 271,883 271,883 Underwriter warrants February 2023 15,466 44,190 Common stock private placement warrants June 2023 227,272 227,272 Placement agent warrants June 2023 6,818 6,818 Common stock warrants October 2023 2,840,000 — Underwriter warrants October 2023 85,312 — Placement agent warrants June 2024 113,140 — Common stock warrants June 2024 5,625,000 — Total anti-dilutive weighted average shares 9,467,862 738,173	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 2023 2022 September 30, 2023 2022 Common stock warrants August 2021 128,500 128,500 Underwriter warrants August 2021 2,287 2,287 Private warrants — 332 Chanticleer warrants 57 57 Series C warrants 36,778 36,778 Series 3 warrants 12,548 12,548 Unvested restricted stock units and awards 2,326 2,162 Common stock warrants February 2023 271,883 — Underwriter warrants February 2023 44,190 — Common stock private placement warrants June 2023 227,272 — Placement agent warrants June 2023 6,818 — Total anti-dilutive weighted average shares 732,659 182,664

Accrued Expenses and Other Cu_2

Accrued Expenses and Other Current Liabilities (Tables)	9 Months Ended	12 Months Ended
	Jun. 30, 2024	Sep. 30, 2023
Payables and Accruals [Abstract]
Schedule of Accrued Expenses and Other Current Liabilities	Accrued expenses and other current liabilities consisted of the following: Schedule of Accrued Expenses and Other Current Liabilities June 30, 2024 September 30, 2023 Compensation and benefits $ 189,095 $ 2,091,196 Research and development 753,497 913,145 Professional fees 204,344 224,031 Other 2,556 2,550 Accrued expenses and other current liabilities $ 1,149,492 $ 3,230,922	Accrued expenses and other current liabilities consisted of the following: Schedule of Accrued Expenses and Other Current Liabilities 2023 2022 September 30, 2023 2022 Compensation and benefits $ 2,091,196 $ 1,218,530 Research and development 913,145 1,593,922 Professional fees 224,031 378,890 Other 2,550 2,630 Accrued expenses and other current liabilities $ 3,230,922 $ 3,193,972

Stockholders_ Equity (Deficit)

Stockholders’ Equity (Deficit) (Tables)	9 Months Ended	12 Months Ended
	Jun. 30, 2024	Sep. 30, 2023
Equity [Abstract]
Schedule of Warrants Outstanding	As of June 30, 2024, the following equity-classified warrants and related terms were outstanding: Schedule of Warrants Outstanding Warrants Outstanding Exercise Price Expiration Date Common stock warrants August 2021 112,429 $ 261.80 August 24, 2026 Underwriter warrants August 2021 2,287 $ 327.25 August 19, 2026 Chanticleer warrants 57 $ 18,018.00 28,028.00 April 30, 2027 December 17, 2028 Series C warrants 18,391 $ 982.52 October 16, 2025 Series 3 warrants 12,548 $ 89.628 August 15, 2027 Common stock warrants February 2023 271,883 $ 23.76 February 10, 2028 Underwriter warrants February 2023 15,466 $ 29.70 February 8, 2028 Common stock private placement warrants June 2023 227,272 $ 1.55 June 21, 2029 Placement agent warrants June 2023 6,818 $ 14.8478 December 30, 2026 Common stock warrants October 2023 2,840,000 $ 1.20 October 27, 2028 Pre-funded warrants October 2023 797,500 $ 0.0001 — Underwriter warrants October 2023 85,312 $ 2.00 October 24, 2028 Placement agent warrants June 2024 113,140 $ 1.86 June 19, 2029 Common stock warrants June 2024 5,625,000 $ 1.55 June 21, 2029 Total 10,128,103	As of September 30, 2023, the following equity-classified warrants and related terms were outstanding: Schedule of Warrants Outstanding Warrants Outstanding Exercise Price Expiration Date Common stock warrants August 2021 128,500 $ 261.80 August 24, 2024 Underwriter warrants August 2021 2,287 $ 327.25 August 19, 2024 Chanticleer warrants 57 18,018.00 28,028.00 April 30, 2027 December 17, 2028 Series C warrants 36,778 $ 982.52 October 16, 2025 Series 3 warrants 12,548 $ 89.628 August 15, 2027 Common stock warrants February 2023 271,883 $ 23.76 February 10, 2028 Underwriter warrants February 2023 44,190 $ 29.70 February 8, 2028 Common stock private placement warrants June 2023 227,272 $ 14.8478 December 30, 2026 Placement agent warrants June 2023 6,818 $ 14.8478 December 30, 2026 Total 730,333

Share-Based Compensation (Table

Share-Based Compensation (Tables)	9 Months Ended	12 Months Ended
	Jun. 30, 2024	Sep. 30, 2023
Share-Based Payment Arrangement [Abstract]
Schedule of Share-based Compensation Expense	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 2024 2023 2024 2023 Three Months Ended June 30, Nine Months Ended June 30, 2024 2023 2024 2023 Research and development $ 28,268 $ 24,554 $ 81,089 $ 102,807 General and administrative 32,127 25,451 89,706 95,813 Share Based Compensation $ 60,395 $ 50,005 $ 170,795 $ 198,620	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 2023 2022 Years ended September 30, 2023 2022 Research and development $ 121,265 $ 437,921 General and administrative 127,361 438,447 Share Based Compensation $ 248,626 $ 876,368
Schedule of Restricted Stock Units Activity	The following table summarizes RSU activity under the Plan: Schedule of Restricted Stock Units Activity Weighted Average Grant RSU Date Fair Value Unvested balance at October 1, 2023 2,326 $ 21.78 Granted 73,440 $ 1.76 Vested (2,326 ) $ 21.78 Unvested balance at June 30, 2024 73,440 $ 1.76	The following table summarizes RSU activity under the Plan: Schedule of Restricted Stock Units Activity Weighted Average Grant RSU Date Fair Value Unvested balance at October 1, 2021 1,179 $ 1,068.32 Granted 2,103 $ 155.54 Vested (1,096 ) $ 1,091.20 Forfeited (24 ) $ 1,118.04 Unvested balance at October 1, 2022 2,162 $ 175.56 Granted 7,840 $ 21.47 Vested (2,162 ) $ 12.55 Forfeited (5,514 ) $ 21.34 Unvested balance at September 30, 2023 2,326 $ 21.78
Schedule of Restricted Stock Awards Activity	The following table summarizes RSA activity under the Plan: Schedule of Restricted Stock Awards Activity Weighted Average Grant RSA Date Fair Value Unvested balance at October 1, 2023 5,514 $ 28.27 Granted 63,819 $ 1.76 Vested (5,514 ) $ 28.27 Unvested balance at June 30, 2024 63,819 $ 1.76	The following table summarizes RSA activity under the Plan: Schedule of Restricted Stock Awards Activity Weighted Average Grant RSA Date Fair Value Unvested balance at October 1, 2022 — — Granted 5,514 $ 28.27 Unvested balance at September 30, 2023 5,514 $ 28.27

Leases (Tables)

Leases (Tables)	12 Months Ended
	Sep. 30, 2023
Leases
Schedule of Lease Expenses	The components of lease expense for the years ended September 30, 2023 and 2022 are as follows: Schedule of Lease Expenses Lease expense 2023 2022 Operating lease expense $ 90,837 $ 94,828 Variable lease expense 5,978 5,339 Total lease cost $ 96,815 $ 100,167
Schedule of Operating Lease Liabilities	Cash flow information related to operating leases for the years ended September 30, 2023 and 2022 is as follows: Schedule of Operating Lease Liabilities Cash paid for amounts included in the measurement of lease liabilities: 2023 2022 Operating cash flows from operating leases $ 79,259 $ 98,101
Schedule of Future Minimum Lease Payments	Future minimum lease payments under non-cancellable leases at September 30, 2023 are as follows: Schedule of Future Minimum Lease Payments Fiscal year 2024 $ 93,614 2025 95,487 2026 48,216 Total undiscounted lease payments 237,317 Less: imputed interest (33,406 ) Total lease liabilities $ 203,911
Schedule of Deferred Tax Assets and Liabilities	The tax effects of the temporary differences that gave rise to deferred taxes were as follows: Schedule of Deferred Tax Assets and Liabilities 2023 2022 September 30, 2023 2022 Deferred tax assets: Net operating loss carryforwards $ 27,996,751 $ 25,858,311 Research and development credit carryforwards 3,106,675 2,151,942 Amortization 4,692,227 2,897,388 Share-based compensation 226 66,832 Operating lease liability 57,319 71,748 Accrued expenses and other 546,612 314,210 Section 163(j) disallowed interest expense 763,172 — Property and equipment — 4,790 Gross deferred tax assets 37,162,982 31,365,221 Less: valuation allowance (37,100,582 ) (31,293,092 ) Deferred tax assets 62,400 72,129 Deferred tax liabilities: Property and equipment (7,954 ) — Operating lease right-of-use asset (54,446 ) (72,129 ) 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, 2023 and 2022. 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 2023 2022 Years ended September 30, 2023 2022 U.S. federal statutory rate (21.0 )% (21.0 )% State taxes, net of federal benefit (7.1 ) (6.0 ) Change in valuation allowance 30.8 28.1 Research and development credit (5.1 ) (3.0 ) Permanent differences (1.6 ) 0.7 Foreign tax rate differential 0.3 0.8 State NOLs 3.7 — Other 0.0 0.4 Effective income tax rate — % — %

Organization and Description _2

Organization and Description of Business (Details Narrative) - USD ($)			9 Months Ended			12 Months Ended
	Oct. 26, 2023	Feb. 10, 2023	Jun. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2023	Sep. 30, 2022
Cash			$ 3,554,331	$ 2,274,259		$ 2,274,259	$ 3,052,879
Proceeds from sale of common stock		$ 13,600,000	$ 3,899,157		$ 21,024,070	21,006,371	1,841,918
Cash refund expected to be received				800,000		800,000	$ 800,000
Net operating losses				$ 4,800,000		4,800,000
October Offering [Member]
Proceeds from sale of common stock	$ 4,100,000
October Offering [Member] | Underwriters [Member]
Proceeds from sale of common stock	$ 3,900,000
Purchase of warrants	85,312
Exercisable price	$ 2
October Offering [Member] | Common Stock [Member] | Underwriters [Member]
Sale of common stock, shares	1,306,250
Exercisable price	$ 0.0001
October Offering [Member] | Prefunded Warrant [Member]
Purchase of warrants			797,500
Exercisable price			$ 0.0001
October Offering [Member] | Prefunded Warrant [Member] | Underwriters [Member]
Purchase of warrants	1,537,500
Exercisable price	$ 1.5999
October Offering [Member] | Common Warrant [Member] | Underwriters [Member]
Purchase of warrants	5,687,500
Exercisable price	$ 1.60
October Offering [Member] | February Two Thousand Twenty Four [Member]
Proceeds from sale of common stock						$ 4,100,000

Schedule of Potentially Dilutiv

Schedule of Potentially Dilutive Securities (Details) - shares	9 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2023	Sep. 30, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive weighted average shares	9,467,862	738,173	732,659	182,664
Common Stock Warrants August 2021 [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive weighted average shares	112,429	128,500	128,500	128,500
Underwriter Warrants August 2021 [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive weighted average shares	2,287	2,287	2,287	2,287
Chanticleer Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive weighted average shares	57	57	57	57
Series C Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive weighted average shares	18,391	36,778	36,778	36,778
Series 3 Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive weighted average shares	12,548	12,548	12,548	12,548
Unvested Restricted Stock Units And Awards [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive weighted average shares	137,259	7,840	2,326	2,162
Common Stock Warrants February 2023 [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive weighted average shares	271,883	271,883	271,883
Underwriter Warrants February 2023 [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive weighted average shares	15,466	44,190	44,190
Common Stock Private Placement Warrants June 2023 [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive weighted average shares	227,272	227,272	227,272
PA Warrants June 2023 [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive weighted average shares	6,818	6,818	6,818
Common Stock Warrants October 2023 [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive weighted average shares	2,840,000
Underwriter Warrants October 2023 [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive weighted average shares	85,312
PA Warrants June 2024 [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive weighted average shares	113,140
Common Stock Warrants June 2024 [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive weighted average shares	5,625,000
Private Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Total anti-dilutive weighted average shares				332

Summary of Significant Accoun_4

Summary of Significant Accounting Policies (Details Narrative) - USD ($)		1 Months Ended			3 Months Ended		9 Months Ended			12 Months Ended
	Aug. 31, 2023	Dec. 31, 2023	Apr. 30, 2023	Jan. 31, 2023	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Sep. 30, 2023	Jun. 30, 2023	Sep. 30, 2023	Sep. 30, 2022
Property, Plant and Equipment [Line Items]
Incentive tax receivable, description							The cash refund is available to eligible companies with annual aggregate revenues of less than $20.0 million (Australian) during the reimbursable period			The cash refund is available to eligible companies with annual aggregate revenues of less than $20.0 million (Australian) during the reimbursable period.
Incentive tax receivable					$ 519,610		$ 519,610	$ 786,574		$ 786,574	$ 717,305
Cash refund (payment) related to tax incentive program					100,000	$ (300,000)	500,000		$ 800,000
Proceeds from income tax refunds		$ 800,000		$ 1,100,000
Other income							$ 4,327,946
Reverse stock split	1-for-22 reverse stock split
Warrant, shares					10,128,103		10,128,103
Impairment charges										0	0
Expected net cash refund								800,000		800,000	800,000
Cash paid to government			$ 200,000
2022 Sales Agreement [Member]
Property, Plant and Equipment [Line Items]
Deferred offering costs											100,000
October Offering [Member]
Property, Plant and Equipment [Line Items]
Deferred offering costs								$ 49,988		49,988
Prefunded Warrant [Member] | October Offering [Member]
Property, Plant and Equipment [Line Items]
Warrants to purchase					797,500		797,500
Exercise price					$ 0.0001		$ 0.0001
Warrant, shares					1,500,000		1,500,000
Series B Warrant [Member]
Property, Plant and Equipment [Line Items]
Warrants to purchase						137			137
Exercise price						$ 0.0308			$ 0.0308
Minimum [Member]
Property, Plant and Equipment [Line Items]
Research and development credits tax benefits							80%
Research and Development Tax Incentive Program [Member]
Property, Plant and Equipment [Line Items]
Incentive tax receivable					$ 500,000		$ 500,000
Expected net cash refund										$ 800,000	$ 800,000

Schedule of Accrued Expenses an

Schedule of Accrued Expenses and Other Current Liabilities (Details) - USD ($)	Jun. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Payables and Accruals [Abstract]
Compensation and benefits	$ 189,095	$ 2,091,196	$ 1,218,530
Research and development	753,497	913,145	1,593,922
Professional fees	204,344	224,031	378,890
Other	2,556	2,550	2,630
Accrued expenses and other current liabilities	$ 1,149,492	$ 3,230,922	$ 3,193,972

Accrued Expenses and Other Cu_3

Accrued Expenses and Other Current Liabilities (Details Narrative) $ in Millions	9 Months Ended
	Jun. 30, 2024 USD ($)
Payables and Accruals [Abstract]
Reduced research and development expenses	$ 1
Reduced general and administrative expenses	$ 0.9

Commitments and Contingencies (

Commitments and Contingencies (Details Narrative) € in Millions	1 Months Ended			3 Months Ended		9 Months Ended		12 Months Ended
	Apr. 30, 2022 USD ($)	Mar. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 USD ($)	Sep. 30, 2023 USD ($)	Sep. 30, 2022 USD ($)	Jun. 30, 2024 EUR (€)	Sep. 30, 2023 EUR (€)	Apr. 30, 2023 USD ($)	Mar. 31, 2023 USD ($)	Nov. 30, 2022 USD ($)	Jan. 31, 2019 USD ($)	Jul. 31, 2012 USD ($)
Loss Contingencies [Line Items]
Payment to acquire in process research and development						$ 12,000	$ 273,250	$ 443,250	$ 810,227
Discovery Collaboration Agreements [Member] | XOMA [Member]
Loss Contingencies [Line Items]
Milestone payment																$ 3,800,000
Discovery Collaboration Agreements [Member] | XOMA [Member] | In Process Research and Development [Member]
Loss Contingencies [Line Items]
License fee	$ 500,000			$ 0	$ 0	$ 0	0
License fees								$ 0
Cellca Agreement [Member]
Loss Contingencies [Line Items]
Description of milestone payments						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 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.
Cellca Agreement [Member] | Maximum [Member]
Loss Contingencies [Line Items]
Milestone payment															$ 700,000
The Cellca Agreement [Member]
Loss Contingencies [Line Items]
Milestone payment				600,000		$ 600,000		$ 600,000
The Cellca Agreement [Member] | Maximum [Member]
Loss Contingencies [Line Items]
Payment for annual license fee obligation				600,000		600,000		600,000
The Cellca Agreement [Member] | Minimum [Member]
Loss Contingencies [Line Items]
Payment for annual license fee obligation				100,000		100,000		100,000
The Cellca Agreement [Member] | In Process Research and Development [Member]
Loss Contingencies [Line Items]
License fees	100,000			0	0	0	0	0
Commercial product license fee payment obligation	$ 100,000
The Brink Agreement [Member]
Loss Contingencies [Line Items]
Payment of annual license fee												$ 12,000		$ 12,000
Commercial product license fee payment obligation				100,000		100,000		100,000
The Brink Agreement [Member] | In Process Research and Development [Member]
Loss Contingencies [Line Items]
License fee				0	0	12,000	12,000	12,000	200,000
Development license fee payments				100,000		100,000
Commercial product license fee payment obligation								100,000
InvivoGen Agreement [Member]
Loss Contingencies [Line Items]
Payment for annual license fee obligation				100,000		100,000		100,000		€ 0.1	€ 0.1
License fees				0	0	0	0	0
InvivoGen Agreement [Member] | In Process Research and Development [Member]
Loss Contingencies [Line Items]
License fees								100,000
ProteoNic Agreement [Member]
Loss Contingencies [Line Items]
Milestone payment								1,300,000			€ 1.2
License fees		$ 24,600		0		0		0
ProteoNic Agreement [Member] | In Process Research and Development [Member]
Loss Contingencies [Line Items]
License fees		$ 24,600						24,600
Navigo Agreement [Member] | Navigo Proteins GmbH [Member] | Technology Service [Member]
Loss Contingencies [Line Items]
Milestone payment			$ 1,000,000					$ 300,000					$ 1,000,000
Payment to acquire in process research and development			$ 100,000						$ 100,000
Navigo Agreement [Member] | Navigo Proteins GmbH [Member] | Technology Service [Member] | Research and Development Expense [Member]
Loss Contingencies [Line Items]
Milestone payment				0	0	0	0
License fees				$ 0	$ 200,000	$ 0	$ 300,000

Collaboration Revenue (Details

Collaboration Revenue (Details Narrative) - USD ($)	1 Months Ended		3 Months Ended		9 Months Ended		12 Months Ended
	Jun. 30, 2021	Aug. 31, 2020	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2023	Sep. 30, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Collavorative arrangement right and obligation					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		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
Performance obligation					$ 1,000,000		$ 1,000,000
Collaboration revenue				$ 36,850	18,626	$ 110,550	147,805	$ 349,943
License Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Proceeds for negotiate license agreement		$ 500,000
New Life Agreement [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Proceeds for negotiate license agreement	$ 500,000
Future milestone payments			1,000,000		1,000,000		1,000,000
Milestone payments			$ 19,000,000		$ 19,000,000		$ 19,000,000
New Life Agreement [Member] | Minimum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Royalties, percentage			12%		12%		12%
New Life Agreement [Member] | Maximum [Member]
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Royalties, percentage			30%		30%		30%

Schedule of Warrants Outstandin

Schedule of Warrants Outstanding (Details) - $ / shares	Jun. 30, 2024	Sep. 30, 2023
Class of Warrant or Right [Line Items]
Number of warrants, outstanding	10,128,103
Common Stock Warrants August 2021 [Member]
Class of Warrant or Right [Line Items]
Number of warrants, outstanding	112,429	128,500
Exercise Price	$ 261.80	$ 261.80
Expiration date	Aug. 24, 2026	Aug. 24, 2024
Underwriter Warrants August 2021 [Member]
Class of Warrant or Right [Line Items]
Number of warrants, outstanding	2,287	2,287
Exercise Price	$ 327.25	$ 327.25
Expiration date	Aug. 19, 2026	Aug. 19, 2024
Chanticleer Warrants [Member]
Class of Warrant or Right [Line Items]
Number of warrants, outstanding	57	57
Chanticleer Warrants [Member] | Minimum [Member]
Class of Warrant or Right [Line Items]
Exercise Price	$ 18,018	$ 18,018
Expiration date	Apr. 30, 2027	Apr. 30, 2027
Chanticleer Warrants [Member] | Maximum [Member]
Class of Warrant or Right [Line Items]
Exercise Price	$ 28,028	$ 28,028
Expiration date	Dec. 17, 2028	Dec. 17, 2028
Series C Warrants [Member]
Class of Warrant or Right [Line Items]
Number of warrants, outstanding	18,391	36,778
Exercise Price	$ 982.52	$ 982.52
Expiration date	Oct. 16, 2025	Oct. 16, 2025
Series 3 Warrants [Member]
Class of Warrant or Right [Line Items]
Number of warrants, outstanding	12,548	12,548
Exercise Price	$ 89.628	$ 89.628
Expiration date	Aug. 15, 2027	Aug. 15, 2027
Common Stock Warrants February 2023 [Member]
Class of Warrant or Right [Line Items]
Number of warrants, outstanding	271,883	271,883
Exercise Price	$ 23.76	$ 23.76
Expiration date	Feb. 10, 2028	Feb. 10, 2028
Underwriter Warrant February 2023 [Member]
Class of Warrant or Right [Line Items]
Number of warrants, outstanding	15,466	44,190
Exercise Price	$ 29.70	$ 29.70
Expiration date	Feb. 08, 2028	Feb. 08, 2028
Common Stock Private Placement Warrants June 2023 [Member]
Class of Warrant or Right [Line Items]
Number of warrants, outstanding	227,272	227,272
Exercise Price	$ 1.55	$ 14.8478
Expiration date	Jun. 21, 2029	Dec. 30, 2026
PA Warrants June 2023 [Member]
Class of Warrant or Right [Line Items]
Number of warrants, outstanding	6,818	6,818
Exercise Price	$ 14.8478	$ 14.8478
Expiration date	Dec. 30, 2026	Dec. 30, 2026
Common Stock Warrants October 2023 [Member]
Class of Warrant or Right [Line Items]
Number of warrants, outstanding	2,840,000
Exercise Price	$ 1.20
Expiration date	Oct. 27, 2028
Prefunded Warrants October 2023 [Member]
Class of Warrant or Right [Line Items]
Number of warrants, outstanding	797,500
Exercise Price	$ 0.0001
Underwriter Warrants October 2023 [Member]
Class of Warrant or Right [Line Items]
Number of warrants, outstanding	85,312
Exercise Price	$ 2
Expiration date	Oct. 24, 2028
PA Warrants June 2024 [Member]
Class of Warrant or Right [Line Items]
Number of warrants, outstanding	113,140
Exercise Price	$ 1.86
Expiration date	Jun. 19, 2029
Common Stock Warrants June 2024 [Member]
Class of Warrant or Right [Line Items]
Number of warrants, outstanding	5,625,000
Exercise Price	$ 1.55
Expiration date	Jun. 21, 2029
Warrant [Member]
Class of Warrant or Right [Line Items]
Number of warrants, outstanding		730,333

Stockholders_ Equity (Deficit_2

Stockholders’ Equity (Deficit) (Details Narrative) - USD ($)											1 Months Ended			3 Months Ended					6 Months Ended	9 Months Ended		12 Months Ended
	Jun. 21, 2024	Jun. 19, 2024	May 02, 2024	Oct. 26, 2023	Aug. 31, 2023	Jun. 30, 2023	Feb. 10, 2023	Sep. 30, 2022	Sep. 15, 2022	Aug. 15, 2022	Oct. 31, 2023	Jun. 30, 2023	Aug. 31, 2022	Jun. 30, 2024	Dec. 31, 2023	Jun. 30, 2023	Mar. 31, 2023	Dec. 31, 2022	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2023	Sep. 30, 2022	Dec. 30, 2023
Accumulated Other Comprehensive Income (Loss) [Line Items]
Offering price for common stock														$ 62,019	$ 3,916,943	$ 1,945,677	$ 14,515,968	$ 4,452,012				$ 20,895,958	$ 1,908,693
Gross proceeds from sale agreement							$ 15,000,000
Payments of Financing Costs																				$ 157,500
Net proceeds from issuance of common stock							$ 13,600,000													$ 3,899,157	21,024,070	21,006,371	1,841,918
Warrant, shares														10,128,103						10,128,103
Proceeds from warrant exercises																				$ 3,002,968	$ 849	$ 849
Stockholders' equity, reverse stock split					1-for-22 reverse stock split
Conversion of convertible securities
Preferred stock, shares issued								0														0	0
Preferred stock, shares outstanding								0														0	0
Warrant expirations																						332
Underwriter Warrants [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrants to purchase shares							44,190
Exercisable price							$ 29.70
Chardan Capital Markets LLC [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Sale of common stock, net of issuance costs, shares						166,363
Warrants to purchase shares						227,272						227,272				227,272			227,272		227,272
Sales price, per share						$ 9.90						$ 9.90				$ 9.90			$ 9.90		$ 9.90
Exercisable price						$ 9.90						$ 9.90				$ 9.90			$ 9.90		$ 9.90
Warrants exercise price reduced																				$ 1.55
Net proceeds from issuance of private placement						$ 2,300,000						$ 2,300,000							$ 1,900,000
Net proceeds from issuance of private placement						$ 1,900,000
October Offering [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net proceeds from issuance of common stock				$ 4,100,000
October Offering [Member] | Underwriters [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Net proceeds from issuance of common stock				$ 3,900,000
Warrants to purchase shares				85,312
Exercisable price				$ 2
Common Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Offering price for common stock														$ 4	$ 131	$ 17	$ 56	$ 11				$ 83	$ 3
Sale of common stock, net of issuance costs, shares														37,654	1,306,250	166,364	557,083	109,841				833,287	30,206
Sales price, per share							$ 23.76
Net share settlement of warrants, shares														739,950	14,362	508,834	10,521	137				519,492
Number of convertible shares																							25,101
Conversion of convertible securities																							$ 3
Shares issued upon vesting																							1,087
Common Stock [Member] | Investors [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Sale of common stock, net of issuance costs, shares							530,222
Warrants to purchase shares							1,262,618
Common Stock [Member] | October Offering [Member] | Underwriters [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Sale of stock, number of shares issued				1,306,250
Exercisable price				$ 0.0001
Prefunded Warrant [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Sale of common stock, net of issuance costs, shares																						137,998
Sales price, per share							$ 23.7578
Exercisable price per share							$ 0.0022
Warrants exercised																						137,999
Prefunded Warrant [Member] | Investors [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrants to purchase shares							101,090
Prefunded Warrant [Member] | October Offering [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrants to purchase shares														797,500						797,500
Exercisable price														$ 0.0001						$ 0.0001
Warrant, shares														1,500,000						1,500,000
Prefunded Warrant [Member] | October Offering [Member] | Underwriters [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrants to purchase shares				1,537,500
Sales price, per share				$ 1.5999
Exercisable price				$ 1.5999
Common Warrant [Member] | October Offering [Member] | Underwriters [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrants to purchase shares				5,687,500
Sales price, per share				$ 1.60
Exercisable price				$ 1.60
Warrants exercise price reduced																				$ 1.20
Common Stock Warrants [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Sale of common stock, net of issuance costs, shares																				754,312	519,492	519,492
Warrant, shares														1,500,000						1,500,000
Net share settlement of warrants, shares																				768,724	1,014,872	1,014,872
Number of warrant exercised																				2,863,500	137,998
Proceeds from warrant exercises																				$ 3,000,000
Number of warrant expired																					332
Common Stock Warrants [Member] | Holder [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Forfeited warrants, shares																				34,458
Purchase And Registration Rights Agreement [Member] | Common Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Offering price for common stock			$ 25,000,000
Sale of common stock, net of issuance costs, shares			622,168
Sale of Stock, Percentage of Ownership before Transaction			19.99%
Weighted average price discount percentage			4%
Sale of stock, number of shares issued																				37,654
Gross proceeds from sale agreement																				$ 100,000
Purchase Agreement [Member] | Common Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Payments of Financing Costs																				$ 400,000
2022 Sales Agreement [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Offering price for common stock										$ 7,800,000
Gross proceeds from sale agreement							$ 15,000,000
Net proceeds from issuance of common stock							$ 13,600,000
2022 Sales Agreement [Member] | Underwriter Warrants [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrants to purchase shares							44,190															6,818		6,818
Exercisable price							$ 29.70
2022 Sales Agreement [Member] | Underwriter Warrants [Member] | Forecast [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Exercisable price																								$ 14.8478
2022 Sales Agreement [Member] | BTIG, LLC [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Offering price for common stock										$ 25,000,000
Sale of stock, number of shares issued																					136,702	136,702
Gross proceeds from sale agreement																					$ 5,700,000	$ 5,700,000
Net proceeds from issuance of common stock																					$ 5,500,000	$ 5,500,000
2022 Sales Agreement [Member] | Chardan Capital Markets LLC [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Exercisable price						$ 0.0022						$ 0.0022				$ 0.0022			$ 0.0022		$ 0.0022
2022 Sales Agreement [Member] | Common Stock [Member] | Investors [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Sale of common stock, net of issuance costs, shares							530,222
2022 Sales Agreement [Member] | Prefunded Warrant [Member] | Chardan Capital Markets LLC [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrants to purchase shares						60,909						60,909				60,909			60,909		60,909
2022 Sales Agreement [Member] | Prefunded Warrant [Member] | Investors [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrants to purchase shares							101,090
Exercisable price							$ 0.0022
Warrants issue price per share							$ 23.7578
2022 Sales Agreement [Member] | Common Warrant [Member] | Chardan Capital Markets LLC [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Exercisable price																						$ 0.0022		14.8478
2022 Sales Agreement [Member] | Common Warrant [Member] | Chardan Capital Markets LLC [Member] | Forecast [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Exercisable price																								$ 14.8478
2022 Sales Agreement [Member] | Common Warrant [Member] | Investors [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrants to purchase shares							1,262,618
Exercisable price							$ 23.76
Inducement Offer Letter Agreements [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Exercisable price											$ 1.60
Warrants exercise price reduced											$ 1.20
Aggregate number of shares issued											2,828,500
Gross proceeds from sale agreement	$ 3,400,000
Net proceeds from sale agreement	$ 2,900,000
Warrant, shares														1,500,000						1,500,000
Inducement Offer Letter Agreements [Member] | Placement Agent [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrants to purchase shares		113,140
Exercisable price		$ 1.86
Expire year		5 years
Inducement Offer Letter Agreements [Member] | New Common Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrant, shares		5,625,000
Inducement Offer Letter Agreements [Member] | Existing Warrant [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Exercisable price											$ 1.60
Warrants exercise price reduced		$ 1.20
Warrant, shares		2,840,000
Inducement Offer Letter Agreements [Member] | Existing Warrant Issued In June 2023 [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrant, shares						227,272						227,272				227,272			227,272		227,272
Inducement Offer Letter Agreements [Member] | Existing Warrant Issued In June 2023 [Member] | Maximum [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Exercisable price						$ 14.8478						$ 14.8478				$ 14.8478			$ 14.8478		$ 14.8478
Warrant expiration date						Jun. 21, 2029						Jun. 21, 2029				Jun. 21, 2029			Jun. 21, 2029		Jun. 21, 2029
Inducement Offer Letter Agreements [Member] | Existing Warrant Issued In June 2023 [Member] | Minimum [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Exercisable price														$ 1.55						$ 1.55
Warrant expiration date						Dec. 30, 2026						Dec. 30, 2026				Dec. 30, 2026			Dec. 30, 2026		Dec. 30, 2026
Inducement Offer Letter Agreements [Member] | New Common Stock Warrant [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Exercisable price		$ 1.55
Expire year		5 years
Securities Purchase Agreement [Member] | Accredited Investors [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Stockholders' equity, reverse stock split									1-for-14 reverse stock split
Securities Purchase Agreement [Member] | Accredited Investors [Member] | Series Three Convertible Preferred Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Sale of stock, number of shares issued													22,275
Preferred stock, par value													$ 100
Conversion of convertible securities								$ 25,101
Securities Purchase Agreement [Member] | Accredited Investors [Member] | Series Four Convertible Preferred Stock [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Sale of stock, number of shares issued													225
Preferred stock, par value													$ 100
Number of convertible shares													251
Equity instrument conversion price													$ 89.628
Voting rights per share													each share of Series 4 Convertible Preferred Stock was entitled to 811,688 votes per share
Conversion of convertible securities								$ 25,101
Securities Purchase Agreement [Member] | Accredited Investors [Member] | Series 3 Warrants [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Warrants to purchase shares													12,548
Net proceeds from issuance of private placement													$ 2,100,000
Gross proceeds from issuance of private placement													$ 2,300,000
Number of convertible shares													24,850
Equity instrument conversion price													$ 89.628
Securities Purchase Agreement [Member] | Private Placement [Member] | Accredited Investors [Member] | Series 3 Warrants [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Issuance costs													$ 100,000
Twenty Twenty Two Sales Ageement [Member] | Common Stock [Member] | B T I G [Member]
Accumulated Other Comprehensive Income (Loss) [Line Items]
Sale of stock, number of shares issued																							30,206
Net proceeds from issuance of common stock																							$ 1,900,000
Gross proceeds from issuance of common stock																							$ 2,000,000

Schedule of Share-based Compens

Schedule of Share-based Compensation Expense (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Jun. 30, 2024	Jun. 30, 2023	Jun. 30, 2024	Jun. 30, 2023	Sep. 30, 2023	Sep. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share Based Compensation	$ 60,395	$ 50,005	$ 170,795	$ 198,620	$ 248,626	$ 876,368
Restricted Stock Units (RSUs) [Member] | Research and Development Expense [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share Based Compensation	28,268	24,554	81,089	102,807	121,265	437,921
Restricted Stock Units (RSUs) [Member] | General and Administrative Expense [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Share Based Compensation	$ 32,127	$ 25,451	$ 89,706	$ 95,813	$ 127,361	$ 438,447

Schedule of Restricted Stock Un

Schedule of Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs) [Member] - $ / shares		9 Months Ended	12 Months Ended
	Jan. 01, 2024	Jun. 30, 2024	Sep. 30, 2023	Sep. 30, 2022
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unvested beginning balance		2,326	2,162	1,179
Unvested weighted average grant fair value, beginning balance		$ 21.78	$ 175.56	$ 1,068.32
Restricted stock unit, granted	73,440	73,440	7,840	2,103
Weighted average grant fair value, granted		$ 1.76	$ 21.47	$ 155.54
Restricted stock unit, Vested		(2,326)	(2,162)	(1,096)
Weighted average grant fair value, Vested		$ 21.78	$ 12.55	$ 1,091.20
Unvested ending balance		73,440	2,326	2,162
Unvested weighted average grant fair value, ending balance		$ 1.76	$ 21.78	$ 175.56
Restricted stock unit, Forfeited			(5,514)	(24)
Weighted average grant fair value, Forfeited			$ 21.34	$ 1,118.04

Schedule of Restricted Stock Aw

Schedule of Restricted Stock Awards Activity (Details) - Restricted Stock Awards (RSA) [Member] - $ / shares		9 Months Ended	12 Months Ended
	Jan. 01, 2024	Jun. 30, 2024	Sep. 30, 2023
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Unvested beginning balance		5,514
Unvested weighted average grant fair value, beginning balance		$ 28.27
Restricted stock unit, granted	63,819	63,819	5,514
Weighted average grant fair value, granted		$ 1.76	$ 28.27
RSA, Vested		(5,514)
Weighted Average Grant Date Fair Value, Vested		$ 28.27
Unvested ending balance		63,819	5,514
Unvested weighted average grant fair value, ending balance		$ 1.76	$ 28.27

Share-Based Compensation (Detai

Share-Based Compensation (Details Narrative) - USD ($)			1 Months Ended					9 Months Ended	12 Months Ended
	Jan. 01, 2025	Jan. 01, 2024	Jan. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2021	Jul. 31, 2020	Jun. 30, 2024	Sep. 30, 2023	Sep. 30, 2022	Jan. 01, 2023
Forecast [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Vesting percentage	100%
Restricted Stock Units (RSUs) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares granted		73,440						73,440	7,840	2,103
Unrecognized compensation expense								$ 100,000	$ 12,194
Weighted average period								6 months
Restricted stock units and vesting rights, description				In December of 2022, 7,840 RSUs were granted, 100% of which vest on January 1, 2024	In December of 2021, 2,103 RSUs were granted, 100% of which vested on January 1, 2023	In March of 2021, an additional 152 RSUs were granted, 50% of which vested on March 25, 2022 and the remaining 50% vested on March 25, 2023	In July of 2020, 2,115 restricted stock units (“RSUs”) were granted, 50% of which vested on April 2, 2021 and the remaining 50% vested on April 2, 2022
Number of shares granted				7,840	2,103	152	2,115
Restricted stock, shares issued			5,514
Stock compensation modification, incremental expense			$ 38,837
Restricted Stock Units (RSUs) [Member] | Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average period									3 months
Restricted Stock Awards (RSA) [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares granted		63,819						63,819	5,514
Unrecognized compensation expense								$ 100,000	$ 37,812
Weighted average period								6 months
Restricted Stock Awards (RSA) [Member] | Maximum [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Weighted average period									3 months
Common Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Restricted stock, shares issued										1,087
2020 Omnibus Equity Incentive Plan [Member] | Common Stock [Member]
Share-Based Compensation Arrangement by Share-Based Payment Award [Line Items]
Number of shares available for issuance		137,260							14,480		14,480

Income Taxes (Details Narrative

Income Taxes (Details Narrative) - USD ($)	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022	Aug. 31, 2022
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Excise tax			1%
Net operating losses	$ 4,800,000
Tax credit carryforwards	3,106,675	$ 2,151,942
Increase in valuation allowance	5,800,000	$ 8,300,000
Domestic Tax Jurisdiction [Member]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Net operating losses	103,600,000
Tax credit carryforwards	2,400,000
State and Local Jurisdiction [Member]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Net operating losses	69,500,000
Tax credit carryforwards	800,000
Foreign Tax Jurisdiction [Member]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Net operating losses	$ 8,900,000
Expiration period	expire in 2027
Minimum [Member]
Significant Change in Unrecognized Tax Benefits is Reasonably Possible [Line Items]
Corporate alternative tax			15%

Schedule of Lease Expenses (Det

Schedule of Lease Expenses (Details) - USD ($)	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Leases
Operating lease expense	$ 90,837	$ 94,828
Variable lease expense	5,978	5,339
Total lease cost	$ 96,815	$ 100,167

Schedule of Operating Lease Lia

Schedule of Operating Lease Liabilities (Details) - USD ($)	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Leases
Operating cash flow from operating lease	$ 79,259	$ 98,101

Schedule of Future Minimum Leas

Schedule of Future Minimum Lease Payments (Details)	Sep. 30, 2023 USD ($)
Leases
2024	$ 93,614
2025	95,487
2026	48,216
Total undiscounted lease payments	237,317
Less: imputed interest	(33,406)
Total lease liabilities	$ 203,911

Schedule of Deferred Tax Assets

Schedule of Deferred Tax Assets and Liabilities (Details) - USD ($)	Sep. 30, 2023	Sep. 30, 2022
Leases
Net operating loss carryforwards	$ 27,996,751	$ 25,858,311
Research and development credit carryforwards	3,106,675	2,151,942
Amortization	4,692,227	2,897,388
Share-based compensation	226	66,832
Operating lease liability	57,319	71,748
Accrued expenses and other	546,612	314,210
Section 163(j) disallowed interest expense	763,172
Property and equipment		4,790
Gross deferred tax assets	37,162,982	31,365,221
Less: valuation allowance	(37,100,582)	(31,293,092)
Deferred tax assets	62,400	72,129
Property and equipment	(7,954)
Operating lease right-of-use asset	(54,446)	(72,129)
Net deferred tax assets

Schedule of Effective Income Ta

Schedule of Effective Income Tax Rate Reconciliation (Details)	12 Months Ended
	Sep. 30, 2023	Sep. 30, 2022
Leases
U.S. federal statutory rate	(21.00%)	(21.00%)
State taxes, net of federal benefit	(7.10%)	(6.00%)
Change in valuation allowance	30.80%	28.10%
Research and development credit	(5.10%)	(3.00%)
Permanent differences	(1.60%)	0.70%
Foreign tax rate differential	0.30%	0.80%
State NOLs	3.70%
Other	0%	0.40%
Effective income tax rate

Leases (Details Narrative)

Leases (Details Narrative) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Dec. 31, 2023	Sep. 30, 2023
Subsequent Event [Line Items]
Change in operating lease right-of-use asset and liability due to amended lease		$ 0.2
Weighted-average remaining lease term		2 years 7 months 6 days
Weighted average discount rate		12%
Subsequent Event [Member]
Subsequent Event [Line Items]
State of net operating losses	$ 4.8