{"transactions":[{"id":909472,"issuer":{"id":681,"kind":"organization","name":"Hyperliquid Strategies Inc","symbol":"PURR"},"owners":[{"id":66856,"kind":"person","name":"Dyrness Albert D.","position":1,"cik":"0001664801","reported_name":"Dyrness Albert D.","relationship":{"director":true,"officer":false,"ten_percent_owner":false,"other":false}}],"security":"Common Stock","published_at":"2026-02-11T19:35:38.000Z","date":"2026-02-09","kind":"grant","planned":false,"acquired":true,"shares":40789,"price":0,"value":0.0,"ownership":{"direct":true},"footnotes":[{"field":"price","element":"transactionPricePerShare","label":"F1","text":"Represents restricted stock units scheduled to vest over a three-year period, with one-third vesting on each of December 2, 2026, December 2, 2027 and December 2, 2028."},{"field":"acquired","element":"transactionAcquiredDisposedCode","label":"F1","text":"Represents restricted stock units scheduled to vest over a three-year period, with one-third vesting on each of December 2, 2026, December 2, 2027 and December 2, 2028."}],"balance_after":41671,"source":{"system":"sec-edgar","filing":"0001193125-26-047187","document":"ownership.xml","document_sequence":1,"table":"nonDerivative","row_type":"transaction","position":1,"url":"https://www.sec.gov/Archives/edgar/data/1664801/000119312526047187/ownership.xml","form_type":"4"}},{"id":959309,"issuer":{"id":681,"kind":"organization","name":"Hyperliquid Strategies Inc","symbol":"PURR"},"owners":[{"id":66856,"kind":"person","name":"Dyrness Albert D.","position":1,"cik":"0001664801","reported_name":"Dyrness Albert D.","relationship":{"director":true,"officer":false,"ten_percent_owner":false,"other":false}}],"security":"Common Stock","published_at":"2025-12-23T13:03:11.000Z","date":"2025-12-02","kind":"other","planned":false,"acquired":true,"shares":882,"ownership":{"direct":true},"footnotes":[{"field":"price","element":"transactionPricePerShare","label":"F1","text":"On December 2, 2025, Hyperliquid Strategies Inc (the \"Company\") completed its previously announced business combination (the \"Closing\"), pursuant to the Business Combination Agreement, dated as of July 11, 2025 (as amended on September 22, 2025, the \"BCA\"), by and among the Company, Sonnet BioTherapeutics Holdings, Inc. (\"Sonnet\"), Rorschach I LLC, TBS Merger Sub Inc. and Rorschach Merger Sub, LLC . In connection with the Closing, Mr. Albert Dyrness received 882 shares of common stock, par value $0.01 per share, of the Company, in exchange of certain securities of Sonnet Mr. Dyrness held prior to the Closing."}],"balance_after":882,"source":{"system":"sec-edgar","filing":"0001193125-25-330461","document":"ownership.xml","document_sequence":1,"table":"nonDerivative","row_type":"transaction","position":1,"url":"https://www.sec.gov/Archives/edgar/data/1664801/000119312525330461/ownership.xml","form_type":"4"}},{"id":982502,"issuer":{"id":72220,"kind":"organization","name":"Sonnet BioTherapeutics Holdings, Inc.","symbol":"SONN"},"owners":[{"id":66856,"kind":"person","name":"Dyrness Albert D.","position":1,"cik":"0001664801","reported_name":"Dyrness Albert D.","relationship":{"director":true,"officer":false,"ten_percent_owner":false,"other":false}}],"security":"Common Stock","published_at":"2025-12-04T02:12:31.000Z","date":"2025-12-02","kind":"disposition_to_issuer","planned":false,"acquired":false,"shares":4537,"ownership":{"direct":true},"footnotes":[{"field":"shares","element":"transactionShares","label":"F1","text":"On December 2, 2025, pursuant to the Business Combination Agreement (the \"BCA\"), dated July 11, 2025, by and among Sonnet BioTherapeutics Holdings, Inc. (the \"Company\"), Rorschach I LLC (\"Rorschach\"), Hyperliquid Strategies Inc (\"HSI\"), TBS Merger Sub Inc (\"Company Merger Sub\") and Rorschach Merger Sub, LLC (\"Rorschach Merger Sub\"), Rorschach Merger Sub merged with and into Rorschach with Rorschach surviving the merger as a direct wholly owned subsidiary of HSI and immediately following such merger, Company Merger Sub merged with and into the Company with the Company surviving the merger as a direct wholly owned subsidiary of HSI (the \"Company Merger\")."},{"field":"shares","element":"transactionShares","label":"F2","text":"(Continued from footnote 1) Includes (i) 4,000 restricted stock units granted on July 11, 2025 which, as a result of the Company Merger, vested at the Effective Time and (ii) 537 vested restricted stock units held by the Reporting Person at the Effective Time. Pursuant to the BCA, each restricted stock unit was exchanged at the Effective Time for (i) one-fifth of a share of HSI Common Stock and (ii) one CVR."},{"field":"shares","element":"transactionShares","label":"F3","text":"All amounts reflect the Company's 1:22 reverse stock split effective as of August 31, 2023 and 1:8 reverse stock split effective as of September 30, 2024."},{"field":"price","element":"transactionPricePerShare","label":"F1","text":"On December 2, 2025, pursuant to the Business Combination Agreement (the \"BCA\"), dated July 11, 2025, by and among Sonnet BioTherapeutics Holdings, Inc. (the \"Company\"), Rorschach I LLC (\"Rorschach\"), Hyperliquid Strategies Inc (\"HSI\"), TBS Merger Sub Inc (\"Company Merger Sub\") and Rorschach Merger Sub, LLC (\"Rorschach Merger Sub\"), Rorschach Merger Sub merged with and into Rorschach with Rorschach surviving the merger as a direct wholly owned subsidiary of HSI and immediately following such merger, Company Merger Sub merged with and into the Company with the Company surviving the merger as a direct wholly owned subsidiary of HSI (the \"Company Merger\")."},{"field":"price","element":"transactionPricePerShare","label":"F2","text":"(Continued from footnote 1) Includes (i) 4,000 restricted stock units granted on July 11, 2025 which, as a result of the Company Merger, vested at the Effective Time and (ii) 537 vested restricted stock units held by the Reporting Person at the Effective Time. Pursuant to the BCA, each restricted stock unit was exchanged at the Effective Time for (i) one-fifth of a share of HSI Common Stock and (ii) one CVR."}],"balance_after":0,"source":{"system":"sec-edgar","filing":"0001493152-25-026062","document":"ownership.xml","document_sequence":1,"table":"nonDerivative","row_type":"transaction","position":1,"url":"https://www.sec.gov/Archives/edgar/data/1106838/000149315225026062/ownership.xml","form_type":"4"}},{"id":1087640,"issuer":{"id":72220,"kind":"organization","name":"Sonnet BioTherapeutics Holdings, Inc.","symbol":"SONN"},"owners":[{"id":66856,"kind":"person","name":"Dyrness Albert D.","position":1,"cik":"0001664801","reported_name":"Dyrness Albert D.","relationship":{"director":true,"officer":false,"ten_percent_owner":false,"other":false}}],"security":"Common Stock","published_at":"2025-07-15T23:35:24.000Z","date":"2023-07-11","kind":"grant","planned":false,"acquired":true,"shares":4000,"ownership":{"direct":true},"footnotes":[{"field":"price","element":"transactionPricePerShare","label":"F1","text":"On July 11, 2025, the Reporting Person was granted 4,000 restricted stock units, which will be settled in shares of common stock, par value $0.0001. The restricted stock units vest as to 100% of the restricted stock units on the earlier of (i) January 8, 2026, or (ii) the date of a \"Change in Control\" (as defined under the Issuer's 2020 Omnibus Equity Incentive Plan)."},{"field":"balance_after","element":"sharesOwnedFollowingTransaction","label":"F2","text":"Includes unvested restricted stock units."},{"field":"balance_after","element":"sharesOwnedFollowingTransaction","label":"F3","text":"All amounts reflect the Issuer's 1:22 reverse stock split effective as of August 31, 2023 and 1:8 reverse stock split effective as of September 30, 2024."}],"balance_after":4537,"source":{"system":"sec-edgar","filing":"0001641172-25-019785","document":"ownership.xml","document_sequence":1,"table":"nonDerivative","row_type":"transaction","position":1,"url":"https://www.sec.gov/Archives/edgar/data/1106838/000164117225019785/ownership.xml","form_type":"4"}},{"id":1342032,"issuer":{"id":72220,"kind":"organization","name":"Sonnet BioTherapeutics Holdings, Inc.","symbol":"SONN"},"owners":[{"id":66856,"kind":"person","name":"Dyrness Albert D.","position":1,"cik":"0001664801","reported_name":"Dyrness Albert D.","relationship":{"director":true,"officer":false,"ten_percent_owner":false,"other":false}}],"security":"Common Stock","published_at":"2024-12-06T02:55:11.000Z","date":"2023-12-11","kind":"grant","planned":false,"acquired":true,"shares":373,"ownership":{"direct":true},"footnotes":[{"field":"price","element":"transactionPricePerShare","label":"F1","text":"On December 11, 2023, the Reporting Person was granted 373 restricted stock units, which will be settled in shares of common stock, par value $0.0001. The restricted stock units vest as to 100% of the restricted stock units on January 1, 2025."},{"field":"balance_after","element":"sharesOwnedFollowingTransaction","label":"F2","text":"Includes unvested restricted stock units."},{"field":"balance_after","element":"sharesOwnedFollowingTransaction","label":"F3","text":"All amounts reflect the Issuer's 1:22 reverse stock split effective as of August 31, 2023 and 1:8 reverse stock split effective as of September 30, 2024."}],"balance_after":537,"source":{"system":"sec-edgar","filing":"0001493152-24-048956","document":"ownership.xml","document_sequence":1,"table":"nonDerivative","row_type":"transaction","position":1,"url":"https://www.sec.gov/Archives/edgar/data/1106838/000149315224048956/ownership.xml","form_type":"4"}},{"id":1873731,"issuer":{"id":72220,"kind":"organization","name":"Sonnet BioTherapeutics Holdings, Inc.","symbol":"SONN"},"owners":[{"id":66856,"kind":"person","name":"Dyrness Albert D.","position":1,"cik":"0001664801","reported_name":"Dyrness Albert D.","relationship":{"director":true,"officer":false,"ten_percent_owner":false,"other":false}}],"security":"Common Stock","published_at":"2023-05-31T12:30:14.000Z","date":"2023-05-30","kind":"purchase","planned":false,"acquired":true,"shares":23255,"price":0.468,"value":10883.34,"ownership":{"direct":true},"footnotes":[{"field":"balance_after","element":"sharesOwnedFollowingTransaction","label":"F1","text":"Includes unvested RSUs."}],"balance_after":28962,"source":{"system":"sec-edgar","filing":"0001493152-23-019539","document":"ownership.xml","document_sequence":1,"table":"nonDerivative","row_type":"transaction","position":1,"url":"https://www.sec.gov/Archives/edgar/data/1106838/000149315223019539/ownership.xml","form_type":"4"}},{"id":2078020,"issuer":{"id":72220,"kind":"organization","name":"Sonnet BioTherapeutics Holdings, Inc.","symbol":"SONN"},"owners":[{"id":66856,"kind":"person","name":"Dyrness Albert D.","position":1,"cik":"0001664801","reported_name":"Dyrness Albert D.","relationship":{"director":true,"officer":false,"ten_percent_owner":false,"other":false}}],"security":"Common Stock","published_at":"2022-12-22T21:30:43.000Z","date":"2022-12-14","kind":"grant","acquired":true,"shares":3770,"ownership":{"direct":true},"footnotes":[{"field":"shares","element":"transactionShares","label":"F1","text":"On December 14, 2022, the Reporting Person was granted 3,770 restricted stock units, which will be settled in shares of common stock, par value $0.0001. The restricted stock units vest as to 100% of the restricted stock units on January 1, 2024."},{"field":"price","element":"transactionPricePerShare","label":"F1","text":"On December 14, 2022, the Reporting Person was granted 3,770 restricted stock units, which will be settled in shares of common stock, par value $0.0001. The restricted stock units vest as to 100% of the restricted stock units on January 1, 2024."},{"field":"balance_after","element":"sharesOwnedFollowingTransaction","label":"F2","text":"Includes unvested RSUs."}],"balance_after":30893,"source":{"system":"sec-edgar","filing":"0001493152-22-036313","document":"ownership.xml","document_sequence":1,"table":"nonDerivative","row_type":"transaction","position":1,"url":"https://www.sec.gov/Archives/edgar/data/1106838/000149315222036313/ownership.xml","form_type":"4"}},{"id":2300663,"issuer":{"id":72220,"kind":"organization","name":"Sonnet BioTherapeutics Holdings, Inc.","symbol":"SONN"},"owners":[{"id":66856,"kind":"person","name":"Dyrness Albert D.","position":1,"cik":"0001664801","reported_name":"Dyrness Albert D.","relationship":{"director":true,"officer":false,"ten_percent_owner":false,"other":false}}],"security":"Common Stock","published_at":"2022-04-08T20:30:35.000Z","date":"2021-12-15","kind":"grant","acquired":true,"shares":14152,"ownership":{"direct":true},"footnotes":[{"field":"shares","element":"transactionShares","label":"F1","text":"On December 15, 2021, the Reporting Person was granted 14,152 restricted stock units, which will be settled in shares of common stock, par value $0.0001. The restricted stock units vest as to 100% of the restricted stock units on January 1, 2023."},{"field":"price","element":"transactionPricePerShare","label":"F1","text":"On December 15, 2021, the Reporting Person was granted 14,152 restricted stock units, which will be settled in shares of common stock, par value $0.0001. The restricted stock units vest as to 100% of the restricted stock units on January 1, 2023."}],"balance_after":27123,"source":{"system":"sec-edgar","filing":"0001493152-22-009486","document":"ownership.xml","document_sequence":1,"table":"nonDerivative","row_type":"transaction","position":1,"url":"https://www.sec.gov/Archives/edgar/data/1106838/000149315222009486/ownership.xml","form_type":"4"}},{"id":3092999,"issuer":{"id":72220,"kind":"organization","name":"Sonnet BioTherapeutics Holdings, Inc.","symbol":"SONN"},"owners":[{"id":66856,"kind":"person","name":"Dyrness Albert D.","position":1,"cik":"0001664801","reported_name":"Dyrness Albert D.","relationship":{"director":true,"officer":false,"ten_percent_owner":false,"other":false}}],"security":"Common Stock","published_at":"2020-07-02T22:14:48.000Z","date":"2020-07-02","kind":"grant","acquired":true,"shares":8005,"price":0,"value":0.0,"ownership":{"direct":true},"footnotes":[{"field":"shares","element":"transactionShares","label":"F1","text":"On July 2, 2020, the Reporting Person was granted 8,005 restricted stock units, which will be settled in shares of common stock, par value $0.0001. The restricted stock units vest as to 50% of the restricted stock units on April 2, 2021 and 50% of the restricted stock units on April 2, 2022."}],"balance_after":12971,"source":{"system":"sec-edgar","filing":"0001493152-20-012568","document":"ownership.xml","document_sequence":1,"table":"nonDerivative","row_type":"transaction","position":1,"url":"https://www.sec.gov/Archives/edgar/data/1106838/000149315220012568/ownership.xml","form_type":"4"}},{"id":3112355,"issuer":{"id":72220,"kind":"organization","name":"Sonnet BioTherapeutics Holdings, Inc.","symbol":"SONN"},"owners":[{"id":66856,"kind":"person","name":"Dyrness Albert D.","position":1,"cik":"0001664801","reported_name":"Dyrness Albert D.","relationship":{"director":true,"officer":false,"ten_percent_owner":false,"other":false}}],"security":"Common Stock","published_at":"2020-06-12T20:05:39.000Z","date":"2020-06-11","kind":"purchase","acquired":true,"shares":2409,"price":4.01,"value":9660.09,"ownership":{"direct":true},"balance_after":4966,"source":{"system":"sec-edgar","filing":"0001493152-20-011085","document":"ownership.xml","document_sequence":1,"table":"nonDerivative","row_type":"transaction","position":1,"url":"https://www.sec.gov/Archives/edgar/data/1106838/000149315220011085/ownership.xml","form_type":"4"}},{"id":3184279,"issuer":{"id":72220,"kind":"organization","name":"Sonnet BioTherapeutics Holdings, Inc.","symbol":"SONN"},"owners":[{"id":66856,"kind":"person","name":"Dyrness Albert D.","position":1,"cik":"0001664801","reported_name":"Dyrness Albert D.","relationship":{"director":true,"officer":false,"ten_percent_owner":false,"other":false}}],"security":"Warrant to Purchase Common Stock","published_at":"2020-04-04T00:59:41.000Z","date":"2020-04-01","kind":"grant","acquired":true,"shares":1279,"ownership":{"direct":true},"footnotes":[{"field":"price","element":"transactionPricePerShare","label":"F2","text":"Prior to the merger, Reporting Person held warrants to purchase 12,000 shares of the common stock of Sonnet Sub at an exercise price of $3.125 per share. Pursuant to the Merger Agreement, these warrants were converted into warrants to purchase 1,279 shares of Issuer common stock (as adjusted for the stock split) at a per share exercise price of $29.32 per share (as adjusted for the stock split)."}],"balance_after":1279,"derivative":{"exercise_price":29.32,"exercise_date":"2020-04-01","expiration_date":"2022-12-03","underlying":"Common Stock","underlying_shares":1279},"source":{"system":"sec-edgar","filing":"0001493152-20-005838","document":"ownership.xml","document_sequence":1,"table":"derivative","row_type":"transaction","position":2,"url":"https://www.sec.gov/Archives/edgar/data/1106838/000149315220005838/ownership.xml","form_type":"4"}},{"id":3184278,"issuer":{"id":72220,"kind":"organization","name":"Sonnet BioTherapeutics Holdings, Inc.","symbol":"SONN"},"owners":[{"id":66856,"kind":"person","name":"Dyrness Albert D.","position":1,"cik":"0001664801","reported_name":"Dyrness Albert D.","relationship":{"director":true,"officer":false,"ten_percent_owner":false,"other":false}}],"security":"Common Stock","published_at":"2020-04-04T00:59:41.000Z","date":"2020-04-01","kind":"grant","acquired":true,"shares":2557,"ownership":{"direct":true},"footnotes":[{"field":"price","element":"transactionPricePerShare","label":"F1","text":"Shares of common stock of the corporation known as Sonnet BioTherapeutics, Inc. (\"Sonnet Sub\") were converted into shares of the Issuer pursuant to that certain Agreement and Plan of Merger, dated as of October 10, 2019, as amended, by and among the Issuer, Sonnet Sub and Biosub Inc., a Delaware corporation (the \"Merger Agreement\"). Pursuant to the terms of the Merger Agreement, each share of Sonnet Sub common stock was exchanged for approximately 0.106572 shares of the Issuer's common stock, subject to adjustment for any reverse stock split. Prior to the merger, the Issuer effected a reverse stock split at a ratio of one new share for every 26 shares of Issuer common stock outstanding and the Issuer changed its name to Sonnet BioTherapeutics Holdings, Inc. 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