{"transactions":[{"id":982509,"issuer":{"id":72220,"kind":"organization","name":"Sonnet BioTherapeutics Holdings, Inc.","symbol":"SONN"},"owners":[{"id":72317,"kind":"person","name":"MCANDREW STEPHEN J","position":1,"cik":"0001227041","reported_name":"MCANDREW STEPHEN J","relationship":{"director":false,"officer":true,"ten_percent_owner":false,"other":false,"officer_title":"Chief Business Officer"}}],"security":"Common Stock","published_at":"2025-12-04T02:15:06.000Z","date":"2025-12-02","kind":"disposition_to_issuer","planned":false,"acquired":false,"shares":6446,"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) 6,000 restricted stock units granted on July 11, 2025 which, as a result of the Company Merger, vested at the Effective Time and (ii) 446 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) 6,000 restricted stock units granted on July 11, 2025 which, as a result of the Company Merger, vested at the Effective Time and (ii) 446 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":"0001493152-25-026069","document":"ownership.xml","document_sequence":1,"table":"nonDerivative","row_type":"transaction","position":1,"url":"https://www.sec.gov/Archives/edgar/data/1106838/000149315225026069/ownership.xml","form_type":"4"}},{"id":1087637,"issuer":{"id":72220,"kind":"organization","name":"Sonnet BioTherapeutics Holdings, Inc.","symbol":"SONN"},"owners":[{"id":72317,"kind":"person","name":"MCANDREW STEPHEN J","position":1,"cik":"0001227041","reported_name":"MCANDREW STEPHEN J","relationship":{"director":false,"officer":true,"ten_percent_owner":false,"other":false,"officer_title":"Chief Business Officer"}}],"security":"Common Stock","published_at":"2025-07-15T23:35:22.000Z","date":"2025-07-11","kind":"grant","planned":false,"acquired":true,"shares":6000,"ownership":{"direct":true},"footnotes":[{"field":"price","element":"transactionPricePerShare","label":"F1","text":"On July 11, 2025, the Reporting Person was granted 6,000 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":6446,"source":{"system":"sec-edgar","filing":"0001641172-25-019782","document":"ownership.xml","document_sequence":1,"table":"nonDerivative","row_type":"transaction","position":1,"url":"https://www.sec.gov/Archives/edgar/data/1106838/000164117225019782/ownership.xml","form_type":"4"}},{"id":3783937,"issuer":{"id":608,"kind":"organization","name":"Outlook Therapeutics, Inc.","symbol":"OTLK"},"owners":[{"id":72317,"kind":"person","name":"MCANDREW STEPHEN J","position":1,"cik":"0001227041","reported_name":"MCANDREW STEPHEN J","relationship":{"director":false,"officer":true,"ten_percent_owner":false,"other":false,"officer_title":"SVP Bus. Strat. & Dev."}}],"security":"Stock Option (Right to Buy)","published_at":"2018-10-24T17:02:13.000Z","date":"2018-10-22","kind":"grant","acquired":true,"shares":200000,"price":0,"value":0.0,"ownership":{"direct":true},"footnotes":[{"field":"derivative.exercise_date","element":"exerciseDate","label":"F1","text":"The shares underlying the option shall vest in four equal installments beginning on October 22, 2019 such that the option shall be vested in full on October 22, 2022, subject to the Reporting Person providing continuous service to the Issuer on each such date. Vesting may be accelerated in certain circumstances as provided in the Issuer's 2015 Equity Incentive Plan."}],"balance_after":200000,"derivative":{"exercise_price":0.9,"expiration_date":"2028-10-22","underlying":"Common Stock","underlying_shares":200000},"source":{"system":"sec-edgar","filing":"0001209191-18-056074","document":"doc4.xml","document_sequence":1,"table":"derivative","row_type":"transaction","position":1,"url":"https://www.sec.gov/Archives/edgar/data/1227041/000120919118056074/doc4.xml","form_type":"4"}},{"id":3888342,"issuer":{"id":608,"kind":"organization","name":"Outlook Therapeutics, Inc.","symbol":"OTLK"},"owners":[{"id":72317,"kind":"person","name":"MCANDREW STEPHEN J","position":1,"cik":"0001227041","reported_name":"MCANDREW STEPHEN J","relationship":{"director":false,"officer":true,"ten_percent_owner":false,"other":false,"officer_title":"SVP Bus. Strat. & Dev."}}],"security":"Stock Option (Right to Buy)","published_at":"2018-06-19T18:11:29.000Z","date":"2018-06-15","kind":"grant","acquired":true,"shares":30000,"price":0,"value":0.0,"ownership":{"direct":true},"footnotes":[{"field":"derivative.exercise_date","element":"exerciseDate","label":"F1","text":"The shares underlying the option shall vest in three equal installments beginning on June 15, 2019 such that the option shall be vested in full on June 15, 2021, subject to the Reporting Person providing continuous service to the Issuer on each such date."}],"balance_after":30000,"derivative":{"exercise_price":0.9,"expiration_date":"2028-06-15","underlying":"Common Stock","underlying_shares":30000},"source":{"system":"sec-edgar","filing":"0001209191-18-038655","document":"doc4.xml","document_sequence":1,"table":"derivative","row_type":"transaction","position":1,"url":"https://www.sec.gov/Archives/edgar/data/1227041/000120919118038655/doc4.xml","form_type":"4"}},{"id":4121573,"issuer":{"id":608,"kind":"organization","name":"Outlook Therapeutics, Inc.","symbol":"OTLK"},"owners":[{"id":72317,"kind":"person","name":"MCANDREW STEPHEN J","position":1,"cik":"0001227041","reported_name":"MCANDREW STEPHEN J","relationship":{"director":false,"officer":true,"ten_percent_owner":false,"other":false,"officer_title":"SVP Bus. Strat. & Dev."}}],"security":"Common Stock","published_at":"2017-12-26T17:05:38.000Z","date":"2017-12-22","kind":"sale","acquired":true,"shares":15705,"price":1.13,"value":17746.65,"ownership":{"direct":true},"footnotes":[{"field":"shares","element":"transactionShares","label":"F1","text":"Represents the number of shares required to be sold by the Reporting Person to cover the tax withholding obligation in connection with the settlement of vested restricted stock units (\"RSUs\"). This sale is mandated by the Issuer's election under its equity incentive plans to require the Reporting Person to fund this tax withholding obligation by completing a \"sell to cover\" transaction with a brokerage firm designated by the Issuer. This sale does not represent a discretionary trade by the Reporting Person."},{"field":"balance_after","element":"sharesOwnedFollowingTransaction","label":"F2","text":"Includes shares of common stock underlying RSUs reported on the Reporting Person's Form 4 filed with the Securities and Exchange Commission on December 22, 2016. The vesting of RSUs was accelerated such that 100% of the shares underlying the RSU vested on December 21, 2017."}],"balance_after":50899,"source":{"system":"sec-edgar","filing":"0001209191-17-067232","document":"doc4.xml","document_sequence":1,"table":"nonDerivative","row_type":"transaction","position":1,"url":"https://www.sec.gov/Archives/edgar/data/1227041/000120919117067232/doc4.xml","form_type":"4"}},{"id":4513116,"issuer":{"id":608,"kind":"organization","name":"Outlook Therapeutics, Inc.","symbol":"OTLK"},"owners":[{"id":72317,"kind":"person","name":"MCANDREW STEPHEN J","position":1,"cik":"0001227041","reported_name":"MCANDREW STEPHEN J","relationship":{"director":false,"officer":true,"ten_percent_owner":false,"other":false,"officer_title":"SVP Bus. Strat. & Dev."}}],"security":"Common Stock","published_at":"2016-12-22T18:05:54.000Z","date":"2016-12-21","kind":"grant","acquired":true,"shares":30000,"price":0,"value":0.0,"ownership":{"direct":true},"footnotes":[{"field":"security","element":"securityTitle","label":"F1","text":"This security represents restricted stock units. Each restricted stock unit represents a contingent right to receive one share of common stock of the Issuer."},{"field":"shares","element":"transactionShares","label":"F2","text":"The shares underlying this restricted stock unit award vests in two equal installments on each of December 21, 2017 and December 21, 2018, in each case subject to the Reporting Person's continuous service to the Issuer through each such date. In addition, 100% of the shares underlying the restricted stock unit award will satisfy the time-based vesting restrictions upon the occurrence of a change of control, subject to continued service through such event."}],"balance_after":66604,"source":{"system":"sec-edgar","filing":"0001209191-16-156583","document":"doc4.xml","document_sequence":1,"table":"nonDerivative","row_type":"transaction","position":1,"url":"https://www.sec.gov/Archives/edgar/data/1227041/000120919116156583/doc4.xml","form_type":"4"}},{"id":4557498,"issuer":{"id":608,"kind":"organization","name":"Outlook Therapeutics, Inc.","symbol":"OTLK"},"owners":[{"id":72317,"kind":"person","name":"MCANDREW STEPHEN J","position":1,"cik":"0001227041","reported_name":"MCANDREW STEPHEN J","relationship":{"director":false,"officer":true,"ten_percent_owner":false,"other":false,"officer_title":"SVP Bus. 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This sale does not represent a discretionary trade by the reporting person."}],"balance_after":36604,"source":{"system":"sec-edgar","filing":"0001214659-16-014639","document":"marketforms-36878.xml","document_sequence":1,"table":"nonDerivative","row_type":"transaction","position":3,"url":"https://www.sec.gov/Archives/edgar/data/1227041/000121465916014639/marketforms-36878.xml","form_type":"4"}},{"id":4557497,"issuer":{"id":608,"kind":"organization","name":"Outlook Therapeutics, Inc.","symbol":"OTLK"},"owners":[{"id":72317,"kind":"person","name":"MCANDREW STEPHEN J","position":1,"cik":"0001227041","reported_name":"MCANDREW STEPHEN J","relationship":{"director":false,"officer":true,"ten_percent_owner":false,"other":false,"officer_title":"SVP Bus. Strat. & Dev."}}],"security":"Common Stock","published_at":"2016-11-14T18:20:19.000Z","date":"2016-11-09","kind":"exercise","acquired":true,"shares":57971,"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":57971,"source":{"system":"sec-edgar","filing":"0001214659-16-014639","document":"marketforms-36878.xml","document_sequence":1,"table":"nonDerivative","row_type":"transaction","position":2,"url":"https://www.sec.gov/Archives/edgar/data/1227041/000121465916014639/marketforms-36878.xml","form_type":"4"}},{"id":4557496,"issuer":{"id":608,"kind":"organization","name":"Outlook Therapeutics, Inc.","symbol":"OTLK"},"owners":[{"id":72317,"kind":"person","name":"MCANDREW STEPHEN J","position":1,"cik":"0001227041","reported_name":"MCANDREW STEPHEN J","relationship":{"director":false,"officer":true,"ten_percent_owner":false,"other":false,"officer_title":"SVP Bus. Strat. & Dev."}}],"security":"Restricted Stock Units","published_at":"2016-11-14T18:20:19.000Z","date":"2016-11-09","kind":"exercise","acquired":false,"shares":57971,"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":"0001214659-16-014639","document":"marketforms-36878.xml","document_sequence":1,"table":"nonDerivative","row_type":"transaction","position":1,"url":"https://www.sec.gov/Archives/edgar/data/1227041/000121465916014639/marketforms-36878.xml","form_type":"4"}}]}