---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-26-055449"
form_type: "8-K/A"
ticker: "PURR"
cik: "0002078856"
company_name: "Hyperliquid Strategies Inc"
filed_at: "2026-02-18T23:59:59+00:00"
generated_at: "2026-05-16T02:12:00.482753+00:00"
event_type: "m_and_a"
sentiment: "neutral"
materiality_score: 0.5
confidence: "medium"
source: SEC EDGAR
---

# Hyperliquid Strategies files audited Sonnet FY2025 financials after combo

## Summary
- Sonnet's audited financials for FY ended Sep 30, 2025 filed; pro forma data included.
- Market value of Sonnet common equity held by non-affiliates: $4.15M as of Mar 31, 2025 ($1.34/share).
- Sonnet is a clinical-stage oncology biotech with FHAB platform; lead SON-1010 in solid tumors.
- Business combination closed Dec 2, 2025; Hyperliquid now wholly owns Sonnet.
- Sonnet has history of operating losses and requires significant additional capital.

## SEC filing metadata
- accession: 0001193125-26-055449
- form_type: 8-K/A
- ticker: PURR
- cik: 0002078856
- company_name: Hyperliquid Strategies Inc
- filed_at: 2026-02-18T23:59:59+00:00
- event_type: m_and_a
- sentiment: neutral
- materiality_score: 0.5
- confidence: medium
- sec_items: 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/2078856/000119312526055449/0001193125-26-055449-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/2078856/000119312526055449/purr-20251202.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-26-055449
- JSON: https://secwatch.observer/filing/0001193125-26-055449.json
- Plain text: https://secwatch.observer/filing/0001193125-26-055449.txt

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.