Solen Therapeutics Inc. Files Q2 2024 10-Q Report
Ticker: SLNO · Form: 10-Q · Filed: 2024-08-07T00:00:00.000Z
Sentiment: neutral
Topics: 10-Q, financials, SEC filing
TL;DR
Solen Therapeutics filed its Q2 10-Q. Financials and operations detailed.
AI Summary
Solen Therapeutics Inc. filed its 10-Q for the period ending June 30, 2024. The filing details financial performance and operational updates. Key financial data points and disclosures are presented for the reporting quarter and year-to-date periods.
Why It Matters
This 10-Q filing provides investors and stakeholders with a detailed look into Solen Therapeutics' financial health and operational status as of the second quarter of 2024.
Risk Assessment
Risk Level: medium — As a 10-Q filing, it contains detailed financial information that can reveal both positive and negative trends, impacting investment decisions.
Key Numbers
- 20240630 — Period End Date (Financial reporting period)
- 20240807 — Filing Date (Date the report was submitted to the SEC)
Key Players & Entities
- SOLENO THERAPEUTICS INC (company) — Filer
- 20240630 (date) — Period of Report
- 20240807 (date) — Filing Date
- Capnia, Inc. (company) — Former Company Name
FAQ
What is the primary business of Solen Therapeutics Inc.?
Solen Therapeutics Inc. is primarily involved in the electromedical & electrotherapeutic apparatus industry, as indicated by its SIC code 3845.
What was the previous name of Solen Therapeutics Inc.?
The former name of Solen Therapeutics Inc. was Capnia, Inc., with a date of name change on February 19, 2010.
What is the fiscal year end for Solen Therapeutics Inc.?
The fiscal year end for Solen Therapeutics Inc. is December 31.
What is the SEC file number for Solen Therapeutics Inc.?
The SEC file number for Solen Therapeutics Inc. is 001-36593.
What period does this 10-Q filing cover?
This 10-Q filing covers the period ending June 30, 2024.
Filing Stats: 4,521 words · 18 min read · ~15 pages · Grade level 16 · Accepted 2024-08-07 16:00:27
Key Financial Figures
- $0.001 — nge on which registered Common Stock, $0.001 par value SLNO NASDAQ Indicate by
Filing Documents
- slno-20240630.htm (10-Q) — 1556KB
- slno-ex10_1.htm (EX-10.1) — 1040KB
- 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
- img148927242_0.jpg (GRAPHIC) — 60KB
- img148927242_1.jpg (GRAPHIC) — 68KB
- 0000950170-24-092713.txt ( ) — 8632KB
- slno-20240630.xsd (EX-101.SCH) — 1205KB
- slno-20240630_htm.xml (XML) — 1293KB
—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 17
Quantitative and Qualitative Disclosures About Market Risk
Item 3. Quantitative and Qualitative Disclosures About Market Risk 21
Controls and Procedures
Item 4. Controls and Procedures 21
—OTHER INFORMATION
PART II—OTHER INFORMATION 23
Legal Proceedings
Item 1. Legal Proceedings 23
Risk Factors
Item 1A. Risk Factors 23
Unregistered Sales of Equity Securities and Use of Proceeds
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 23
Defaults Upon Senior Securities
Item 3. Defaults Upon Senior Securities 23
Mine Safety Disclosures
Item 4. Mine Safety Disclosures 23
Other Information
Item 5. Other Information 23
Exhibits
Item 6. Exhibits 23 EXHIBIT INDEX 24
SIGNATURES
SIGNATURES 24
—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) June 30, 2024 December 31, 2023 Assets (unaudited) Current assets Cash and cash equivalents $ 57,024 $ 169,681 Marketable securities 209,099 — Prepaid expenses and other current assets 1,379 1,677 Total current assets 267,502 171,358 Long-term assets Property and equipment, net 19 12 Operating lease right-of-use assets 268 407 Intangible assets, net 7,777 8,749 Long-term marketable securities 28,482 - Other long-term assets 83 165 Total assets $ 304,131 $ 180,691 Liabilities and stockholders' equity Current liabilities Accounts payable $ 3,716 $ 3,149 Accrued compensation 2,149 3,135 Accrued clinical trial site costs 1,863 3,393 Operating lease liabilities 296 273 Other current liabilities 1,126 1,555 Total current liabilities 9,150 11,505 Long-term liabilities Contingent liability for Essentialis purchase price 13,587 11,549 Common stock purchase liability 637 — Long-term lease liabilities — 130 Total liabilities 23,374 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, 38,386,779 and 31,678,159 shares issued and outstanding at June 30, 2024 and December 31, 2023, respectively 38 32 Additional paid-in-capital 600,534 433,885 Accumulated other comprehensive loss ( 153 ) - Accumulated deficit ( 319,662 ) ( 276,410 ) Total stockholders' equity 280,757 157,507 Total liabilities and stockholders' equity $ 304,131 $ 180,691 See accompanying notes to condensed consolidated financial statements 3 Soleno Therapeutics, Inc. Condensed Consoli