{"transactions":[{"id":982508,"issuer":{"id":72220,"kind":"organization","name":"Sonnet BioTherapeutics Holdings, Inc.","symbol":"SONN"},"owners":[{"id":72316,"kind":"person","name":"Griffith Donald J.","position":1,"cik":"0001663251","reported_name":"Griffith Donald J.","relationship":{"director":true,"officer":true,"ten_percent_owner":false,"other":false,"officer_title":"Chief Financial Officer"}}],"security":"Common Stock","published_at":"2025-12-04T02:12:39.000Z","date":"2025-12-02","kind":"disposition_to_issuer","planned":false,"acquired":false,"shares":10375,"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) 10,000 restricted stock units granted on July 11, 2025 which, as a result of the Company Merger, vested at the Effective Time and (ii) 375 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) 10,000 restricted stock units granted on July 11, 2025 which, as a result of the Company Merger, vested at the Effective Time and (ii) 375 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":"0001493152-25-026063","document":"ownership.xml","document_sequence":1,"table":"nonDerivative","row_type":"transaction","position":1,"url":"https://www.sec.gov/Archives/edgar/data/1106838/000149315225026063/ownership.xml","form_type":"4"}},{"id":1087635,"issuer":{"id":72220,"kind":"organization","name":"Sonnet BioTherapeutics Holdings, Inc.","symbol":"SONN"},"owners":[{"id":72316,"kind":"person","name":"Griffith Donald J.","position":1,"cik":"0001663251","reported_name":"Griffith Donald J.","relationship":{"director":true,"officer":true,"ten_percent_owner":false,"other":false,"officer_title":"Chief Financial Officer"}}],"security":"Common Stock","published_at":"2025-07-15T23:35:20.000Z","date":"2025-07-11","kind":"grant","planned":false,"acquired":true,"shares":10000,"ownership":{"direct":true},"footnotes":[{"field":"price","element":"transactionPricePerShare","label":"F1","text":"On July 11, 2025, the Reporting Person was granted 10,000 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":10375,"source":{"system":"sec-edgar","filing":"0001641172-25-019780","document":"ownership.xml","document_sequence":1,"table":"nonDerivative","row_type":"transaction","position":1,"url":"https://www.sec.gov/Archives/edgar/data/1106838/000164117225019780/ownership.xml","form_type":"4"}},{"id":1342030,"issuer":{"id":72220,"kind":"organization","name":"Sonnet BioTherapeutics Holdings, Inc.","symbol":"SONN"},"owners":[{"id":72316,"kind":"person","name":"Griffith Donald J.","position":1,"cik":"0001663251","reported_name":"Griffith Donald J.","relationship":{"director":true,"officer":false,"ten_percent_owner":false,"other":false}}],"security":"Common Stock","published_at":"2024-12-06T02:55:08.000Z","date":"2023-12-11","kind":"grant","planned":false,"acquired":true,"shares":317,"ownership":{"direct":true},"footnotes":[{"field":"price","element":"transactionPricePerShare","label":"F1","text":"On December 11, 2023, the Reporting Person was granted 317 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":375,"source":{"system":"sec-edgar","filing":"0001493152-24-048954","document":"ownership.xml","document_sequence":1,"table":"nonDerivative","row_type":"transaction","position":1,"url":"https://www.sec.gov/Archives/edgar/data/1106838/000149315224048954/ownership.xml","form_type":"4"}},{"id":2008909,"issuer":{"id":72220,"kind":"organization","name":"Sonnet BioTherapeutics Holdings, Inc.","symbol":"SONN"},"owners":[{"id":72316,"kind":"person","name":"Griffith Donald J.","position":1,"cik":"0001663251","reported_name":"Griffith Donald J.","relationship":{"director":true,"officer":false,"ten_percent_owner":false,"other":false}}],"security":"Common Stock","published_at":"2023-02-17T21:43:55.000Z","date":"2023-02-06","kind":"tax_withholding","acquired":false,"shares":497,"price":1.043,"value":518.371,"ownership":{"direct":true},"footnotes":[{"field":"balance_after","element":"sharesOwnedFollowingTransaction","label":"F2","text":"Includes unvested restricted stock units."}],"balance_after":10301,"source":{"system":"sec-edgar","filing":"0001493152-23-005461","document":"ownership.xml","document_sequence":1,"table":"nonDerivative","row_type":"transaction","position":2,"url":"https://www.sec.gov/Archives/edgar/data/1106838/000149315223005461/ownership.xml","form_type":"4"}},{"id":2008908,"issuer":{"id":72220,"kind":"organization","name":"Sonnet BioTherapeutics Holdings, Inc.","symbol":"SONN"},"owners":[{"id":72316,"kind":"person","name":"Griffith Donald J.","position":1,"cik":"0001663251","reported_name":"Griffith Donald J.","relationship":{"director":true,"officer":false,"ten_percent_owner":false,"other":false}}],"security":"Common Stock","published_at":"2023-02-17T21:43:55.000Z","date":"2022-12-09","kind":"grant","acquired":true,"shares":3214,"ownership":{"direct":true},"footnotes":[{"field":"shares","element":"transactionShares","label":"F1","text":"On December 9, 2022, the Reporting Person was granted 3,214 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 9, 2022, the Reporting Person was granted 3,214 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 restricted stock units."}],"balance_after":10798,"source":{"system":"sec-edgar","filing":"0001493152-23-005461","document":"ownership.xml","document_sequence":1,"table":"nonDerivative","row_type":"transaction","position":1,"url":"https://www.sec.gov/Archives/edgar/data/1106838/000149315223005461/ownership.xml","form_type":"4"}},{"id":2300669,"issuer":{"id":72220,"kind":"organization","name":"Sonnet BioTherapeutics Holdings, Inc.","symbol":"SONN"},"owners":[{"id":72316,"kind":"person","name":"Griffith Donald J.","position":1,"cik":"0001663251","reported_name":"Griffith Donald J.","relationship":{"director":true,"officer":false,"ten_percent_owner":false,"other":false}}],"security":"Common Stock","published_at":"2022-04-08T20:30:52.000Z","date":"2022-04-08","kind":"tax_withholding","acquired":false,"shares":4507,"price":0.3673,"value":1655.4211,"ownership":{"direct":true},"footnotes":[{"field":"price","element":"transactionPricePerShare","label":"F2","text":"The price reported in Column 4 is a weighted average price. These shares were sold by the Issuer in multiple transactions at prices ranging from $0.3673 to $0.3800 per share, inclusive. The Reporting Person undertakes to provide to Issuer any security holder of Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth herein."}],"balance_after":106186,"source":{"system":"sec-edgar","filing":"0001493152-22-009480","document":"ownership.xml","document_sequence":1,"table":"nonDerivative","row_type":"transaction","position":2,"url":"https://www.sec.gov/Archives/edgar/data/1106838/000149315222009480/ownership.xml","form_type":"4"}},{"id":2300668,"issuer":{"id":72220,"kind":"organization","name":"Sonnet BioTherapeutics Holdings, Inc.","symbol":"SONN"},"owners":[{"id":72316,"kind":"person","name":"Griffith Donald J.","position":1,"cik":"0001663251","reported_name":"Griffith Donald J.","relationship":{"director":true,"officer":false,"ten_percent_owner":false,"other":false}}],"security":"Common Stock","published_at":"2022-04-08T20:30:52.000Z","date":"2021-12-15","kind":"grant","acquired":true,"shares":15000,"ownership":{"direct":true},"footnotes":[{"field":"shares","element":"transactionShares","label":"F1","text":"On December 15, 2021, the Reporting Person was granted 15,000 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 January 1, 2023."},{"field":"price","element":"transactionPricePerShare","label":"F1","text":"On December 15, 2021, the Reporting Person was granted 15,000 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 January 1, 2023."}],"balance_after":110693,"source":{"system":"sec-edgar","filing":"0001493152-22-009480","document":"ownership.xml","document_sequence":1,"table":"nonDerivative","row_type":"transaction","position":1,"url":"https://www.sec.gov/Archives/edgar/data/1106838/000149315222009480/ownership.xml","form_type":"4"}},{"id":2691875,"issuer":{"id":72220,"kind":"organization","name":"Sonnet BioTherapeutics Holdings, Inc.","symbol":"SONN"},"owners":[{"id":72316,"kind":"person","name":"Griffith Donald J.","position":1,"cik":"0001663251","reported_name":"Griffith Donald J.","relationship":{"director":true,"officer":false,"ten_percent_owner":false,"other":false}}],"security":"Common Stock","published_at":"2021-05-28T20:00:42.000Z","date":"2021-05-25","kind":"tax_withholding","acquired":false,"shares":4235,"price":1.51,"value":6394.85,"ownership":{"direct":true},"footnotes":[{"field":"price","element":"transactionPricePerShare","label":"F1","text":"The price reported in Column 4 is a weighted average price. These shares were sold by the Issuer in multiple transactions at prices ranging from $1.49 to $1.55 per share, inclusive. The Reporting Person undertakes to provide to Issuer any security holder of Issuer, or the staff of the Securities and Exchange Commission, upon request, full information regarding the number of shares sold at each separate price within the ranges set forth herein."}],"balance_after":95693,"source":{"system":"sec-edgar","filing":"0001493152-21-013204","document":"ownership.xml","document_sequence":1,"table":"nonDerivative","row_type":"transaction","position":1,"url":"https://www.sec.gov/Archives/edgar/data/1106838/000149315221013204/ownership.xml","form_type":"4"}},{"id":3093003,"issuer":{"id":72220,"kind":"organization","name":"Sonnet BioTherapeutics Holdings, Inc.","symbol":"SONN"},"owners":[{"id":72316,"kind":"person","name":"Griffith Donald J.","position":1,"cik":"0001663251","reported_name":"Griffith Donald J.","relationship":{"director":true,"officer":false,"ten_percent_owner":false,"other":false}}],"security":"Common Stock","published_at":"2020-07-02T22:17:35.000Z","date":"2020-07-02","kind":"grant","acquired":true,"shares":20000,"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 20,000 restricted stock units, which will be settled in shares of common stock, par value $0.000. 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":99928,"source":{"system":"sec-edgar","filing":"0001493152-20-012571","document":"ownership.xml","document_sequence":1,"table":"nonDerivative","row_type":"transaction","position":1,"url":"https://www.sec.gov/Archives/edgar/data/1106838/000149315220012571/ownership.xml","form_type":"4"}},{"id":3184281,"issuer":{"id":72220,"kind":"organization","name":"Sonnet BioTherapeutics Holdings, Inc.","symbol":"SONN"},"owners":[{"id":72316,"kind":"person","name":"Griffith Donald J.","position":1,"cik":"0001663251","reported_name":"Griffith Donald J.","relationship":{"director":true,"officer":false,"ten_percent_owner":false,"other":false}}],"security":"Common Stock","published_at":"2020-04-04T01:03:20.000Z","date":"2020-04-01","kind":"grant","acquired":true,"shares":79928,"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. All share numbers reflect the reverse stock split."}],"balance_after":79928,"source":{"system":"sec-edgar","filing":"0001493152-20-005842","document":"ownership.xml","document_sequence":1,"table":"nonDerivative","row_type":"transaction","position":1,"url":"https://www.sec.gov/Archives/edgar/data/1106838/000149315220005842/ownership.xml","form_type":"4"}},{"id":4540814,"issuer":{"id":608,"kind":"organization","name":"Outlook Therapeutics, Inc.","symbol":"OTLK"},"owners":[{"id":72316,"kind":"person","name":"Griffith Donald J.","position":1,"cik":"0001663251","reported_name":"Griffith Donald J.","relationship":{"director":true,"officer":false,"ten_percent_owner":false,"other":false}}],"security":"Common Stock","published_at":"2016-11-29T02:59:48.000Z","date":"2016-11-23","kind":"sale","acquired":false,"shares":1,"price":3.75,"value":3.75,"ownership":{"direct":true},"footnotes":[{"field":"shares","element":"transactionShares","label":"F1","text":"Represents a portion of the number of shares to be sold by the reporting person to cover the tax withholding obligation in connection with the vesting of restricted stock units on November 9, 2016."}],"balance_after":144926,"source":{"system":"sec-edgar","filing":"0001214659-16-015013","document":"marketforms-37227.xml","document_sequence":1,"table":"nonDerivative","row_type":"transaction","position":1,"url":"https://www.sec.gov/Archives/edgar/data/1649989/000121465916015013/marketforms-37227.xml","form_type":"4"}},{"id":4557106,"issuer":{"id":608,"kind":"organization","name":"Outlook Therapeutics, Inc.","symbol":"OTLK"},"owners":[{"id":72316,"kind":"person","name":"Griffith Donald J.","position":1,"cik":"0001663251","reported_name":"Griffith Donald J.","relationship":{"director":true,"officer":false,"ten_percent_owner":false,"other":false}}],"security":"Common Stock","published_at":"2016-11-14T23:34:50.000Z","date":"2016-11-09","kind":"exercise","acquired":true,"shares":144927,"ownership":{"direct":true},"footnotes":[{"field":"price","element":"transactionPricePerShare","label":"F2","text":"Each restricted stock unit (\"RSU\") represents the right to receive, at settlement, one (1) share of the Issuer's common stock."}],"balance_after":144927,"source":{"system":"sec-edgar","filing":"0001214659-16-014640","document":"marketforms-36868.xml","document_sequence":1,"table":"nonDerivative","row_type":"transaction","position":2,"url":"https://www.sec.gov/Archives/edgar/data/1649989/000121465916014640/marketforms-36868.xml","form_type":"4"}},{"id":4557105,"issuer":{"id":608,"kind":"organization","name":"Outlook Therapeutics, Inc.","symbol":"OTLK"},"owners":[{"id":72316,"kind":"person","name":"Griffith Donald J.","position":1,"cik":"0001663251","reported_name":"Griffith Donald J.","relationship":{"director":true,"officer":false,"ten_percent_owner":false,"other":false}}],"security":"Restricted Stock Units","published_at":"2016-11-14T23:34:50.000Z","date":"2016-11-09","kind":"exercise","acquired":false,"shares":144927,"price":0,"value":0.0,"ownership":{"direct":true},"footnotes":[{"field":"security","element":"securityTitle","label":"F1","text":"Granted pursuant to the Issuer's 2015 Equity Incentive Plan."},{"field":"shares","element":"transactionShares","label":"F2","text":"Each restricted stock unit (\"RSU\") represents the right to receive, at settlement, one (1) share of the Issuer's common stock."},{"field":"shares","element":"transactionShares","label":"F3","text":"The RSUs vest upon the first to occur of (x) a change of control as defined in the award agreement and (y) the expiration of the 6 month lock-up period following the Issuer's initial public offering, in each case subject to continued service through such event."}],"balance_after":0,"source":{"system":"sec-edgar","filing":"0001214659-16-014640","document":"marketforms-36868.xml","document_sequence":1,"table":"nonDerivative","row_type":"transaction","position":1,"url":"https://www.sec.gov/Archives/edgar/data/1649989/000121465916014640/marketforms-36868.xml","form_type":"4"}}]}