Soleno Therapeutics Inc. Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Soleno Therapeutics Inc. filed its Q1 2024 10-Q report, detailing financial activities and referencing various equity and warrant instruments.</b>

AI Summary

SOLENO THERAPEUTICS INC (SLNO) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. Soleno Therapeutics Inc. filed a 10-Q report for the period ending March 31, 2024. The company was formerly known as Capnia, Inc., with a name change on February 19, 2010. The filing references various equity incentive plans, including the Two Thousand and Fourteen Equity Incentive Plan and the Two Thousand Twenty Inducement Equity Incentive Plan. Key financial instruments mentioned include Common Stock Warrants and Operating Lease Liabilities. The report details financial activities and balances for the first quarter of 2024 and comparative periods.

Why It Matters

For investors and stakeholders tracking SOLENO THERAPEUTICS INC, this filing contains several important signals. This 10-Q filing provides an update on Soleno Therapeutics' financial position and operational activities for the first quarter of 2024, which is crucial for investors to assess the company's performance and outlook. The mention of specific equity incentive plans and warrant liabilities indicates ongoing compensation structures and potential future dilution or financial obligations that investors should monitor.

Risk Assessment

Risk Level: low — SOLENO THERAPEUTICS INC shows low risk based on this filing. The filing is a standard 10-Q report, providing routine financial disclosures without immediate significant red flags.

Analyst Insight

Monitor future filings for updates on the company's financial performance, cash burn, and progress related to its equity and warrant instruments.

Key Numbers

• 2024-03-31 — Period End Date (CONFORMED PERIOD OF REPORT)
• 2024-05-09 — Filing Date (FILED AS OF DATE)
• 2010-02-19 — Name Change Date (FORMER COMPANY)
• 2024-01-01 — Q1 2024 Start Date (Reporting Period)
• 2023-01-01 — Q1 2023 Start Date (Comparative Period)

Key Players & Entities

• SOLENO THERAPEUTICS INC (company) — FILER
• Capnia, Inc. (company) — FORMER COMPANY
• 2024-03-31 (date) — CONFORMED PERIOD OF REPORT
• 2024-05-09 (date) — FILED AS OF DATE
• 0000950170-24-057109 (filing_id) — ACCESSION NUMBER
• DE (jurisdiction) — STATE OF INCORPORATION
• 1934 Act (regulation) — SEC ACT
• 001-36593 (filing_id) — SEC FILE NUMBER

FAQ

Risk Factors

• Warrant Liability [medium — financial]: The company has liabilities related to common stock warrants, including those from underwritten public offerings and a Two Thousand Eighteen PIPE Warrant Liability.
• Operating Lease Liability [low — financial]: The company reports current and non-current operating lease liabilities, indicating obligations from lease agreements.
• Share-Based Compensation [medium — financial]: The filing details share-based compensation awards, including employee stock options and restricted stock units (RSUs) under various incentive plans.

Key Dates

• 2024-03-31: Quarterly Period End — End of the reporting period for the 10-Q filing.
• 2024-05-09: Filing Date — Date the 10-Q report was officially filed with the SEC.

Key Financial Figures

• $0.001 — nge on which registered Common Stock, $0.001 par value SLNO NASDAQ Indicate by

Filing Documents

• slno-20240331.htm (10-Q) — 1171KB
• slno-ex31_1.htm (EX-31.1) — 12KB
• slno-ex31_2.htm (EX-31.2) — 12KB
• slno-ex32_1.htm (EX-32.1) — 7KB
• slno-ex32_2.htm (EX-32.2) — 7KB
• 0000950170-24-057109.txt (&nbsp;) — 5999KB
• slno-20240331.xsd (EX-101.SCH) — 1093KB
• slno-20240331_htm.xml (XML) — 1003KB

—FINANCIAL INFORMATION

PART I—FINANCIAL INFORMATION 3

Financial Statements

Item 1. Financial Statements 3 Condensed Consolidated Balance Sheets (unaudited) 3 Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited) 4 Condensed Consolidated Statements of Stockholders' Equity (unaudited) 5 Condensed Consolidated Statements of Cash Flows (unaudited) 6 Notes to Condensed Consolidated Financial Statements (unaudited) 7

Management's Discussion and Analysis of Financial Condition and Results of Operations

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 16

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 19

Controls and Procedures

Item 4. Controls and Procedures 19

—OTHER INFORMATION

PART II—OTHER INFORMATION 20

Legal Proceedings

Item 1. Legal Proceedings 20

Risk Factors

Item 1A. Risk Factors 20

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 20

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 20

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 20

Other Information

Item 5. Other Information 20

Exhibits

Item 6. Exhibits 20 EXHIBIT INDEX 21

SIGNATURES

SIGNATURES 21

—FINANCI AL INFORMATION

PART I—FINANCI AL INFORMATION

Financial Statements

Item 1. Financial Statements Soleno Therapeutics, Inc. Condensed Consolidated Balance Sheets (in thousands, except share and per share data) March 31, 2024 December 31, 2023 Assets (Unaudited) Current assets Cash and cash equivalents $ 42,847 $ 169,681 Short-term investments 106,780 - Prepaid expenses and other current assets 1,596 1,677 Total current assets 151,223 171,358 Long-term assets Property and equipment, net 27 12 Operating lease right-of-use assets 338 407 Intangible assets, net 8,263 8,749 Long-term investments 8,821 - Other long-term assets 165 165 Total assets $ 168,837 $ 180,691 Liabilities and stockholders' equity Current liabilities Accounts payable $ 8,022 $ 3,149 Accrued compensation 1,226 3,135 Accrued clinical trial site costs 2,395 3,393 Operating lease liabilities 310 273 Other current liabilities 1,511 1,555 Total current liabilities 13,464 11,505 Long-term liabilities Contingent liability for Essentialis purchase price 11,950 11,549 Long-term lease liabilities 37 130 Total liabilities 25,451 23,184 Commitments and contingencies (Note 6) Stockholders' equity Preferred stock, $ 0.001 par value; 10,000,000 shares authorized, no shares issued and outstanding - - Common stock, $ 0.001 par value, 100,000,000 shares authorized, 33,337,079 and 31,678,159 shares issued and outstanding at March 31, 2024 and December 31, 2023, respectively 33 32 Additional paid-in-capital 441,267 433,885 Accumulated other comprehensive loss ( 106 ) - Accumulated deficit ( 297,808 ) ( 276,410 ) Total stockholders' equity 143,386 157,507 Total liabilities and stockholders' equity $ 168,837 $ 180,691 See accompanying notes to condensed consolidated financial statements 3 Soleno Therapeutics, Inc. Condensed Consolidated Statements of Operations and Comprehensive