Solen Therapeutics Files Q3 2024 10-Q

TL;DR

Solen Therapeutics 10-Q filed. Q3 2024 update. Check financials.

AI Summary

Solen Therapeutics Inc. filed its 10-Q for the period ending September 30, 2024. The company, formerly known as Capnia, Inc., is incorporated in Delaware and headquartered in Redwood City, California. Key financial reporting dates include September 30, 2024, and December 31, 2023. The filing references various accounting standards and specific warrant tranches.

Why It Matters

This filing provides investors with an update on Solen Therapeutics' financial performance and operational status for the third quarter of 2024, crucial for understanding the company's current health and future prospects.

Risk Assessment

Risk Level: medium — As a 10-Q filing, it contains detailed financial information that requires careful analysis to assess the company's risk profile.

Key Numbers

• Q3 2024 — Reporting Period (The filing covers the third quarter of 2024.)
• 2024-09-30 — End of Reporting Period (The financial data presented is as of this date.)
• 2023-12-31 — Previous Year End (Comparative financial data may be available for this date.)

Key Players & Entities

• SOLENO THERAPEUTICS INC (company) — Filer
• Capnia, Inc. (company) — Former Company Name
• 20240930 (date) — Period of Report
• 20241106 (date) — Filed as of Date
• 100 MARINE PARKWAY, SUITE 400 (address) — Business Address
• REDWOOD CITY, CA (location) — Business Address City/State
• Anish Bhatnagar (person) — Member referenced in filing

FAQ

Key Financial Figures

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

Filing Documents

• slno-20240930.htm (10-Q) — 1685KB
• 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
• 0000950170-24-122276.txt ( ) — 7455KB
• slno-20240930.xsd (EX-101.SCH) — 1165KB
• slno-20240930_htm.xml (XML) — 1313KB

—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) 7 Notes to Condensed Consolidated Financial Statements (unaudited) 8

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 19

Quantitative and Qualitative Disclosures About Market Risk

Item 3. Quantitative and Qualitative Disclosures About Market Risk 23

Controls and Procedures

Item 4. Controls and Procedures 23

—OTHER INFORMATION

PART II—OTHER INFORMATION 25

Legal Proceedings

Item 1. Legal Proceedings 25

Risk Factors

Item 1A. Risk Factors 25

Unregistered Sales of Equity Securities and Use of Proceeds

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 25

Defaults Upon Senior Securities

Item 3. Defaults Upon Senior Securities 25

Mine Safety Disclosures

Item 4. Mine Safety Disclosures 25

Other Information

Item 5. Other Information 25

Exhibits

Item 6. Exhibits 26 EXHIBIT INDEX 27

SIGNATURES

SIGNATURES 27

—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) September 30, 2024 December 31, 2023 Assets (unaudited) Current assets Cash and cash equivalents $ 48,413 $ 169,681 Marketable securities 208,363 — Prepaid expenses and other current assets 1,423 1,677 Total current assets 258,199 171,358 Long-term assets Property and equipment, net 196 12 Operating lease right-of-use assets 2,992 407 Intangible assets, net 7,291 8,749 Long-term marketable securities 27,945 - Other long-term assets 83 165 Total assets $ 296,706 $ 180,691 Liabilities and stockholders' equity Current liabilities Accounts payable $ 6,243 $ 3,149 Accrued compensation 3,408 3,135 Accrued clinical trial site costs 1,762 3,393 Operating lease liabilities 448 273 Other current liabilities 3,101 1,555 Total current liabilities 14,962 11,505 Long-term liabilities Contingent liability for Essentialis purchase price 14,464 11,549 Long-term lease liabilities 2,581 130 Total liabilities 32,007 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, 41,041,216 and 31,678,159 shares issued and outstanding at September 30, 2024 and December 31, 2023, respectively 41 32 Additional paid-in-capital 660,041 433,885 Accumulated other comprehensive gain 895 - Accumulated deficit ( 396,278 ) ( 276,410 ) Total stockholders' equity 264,699 157,507 Total liabilities and stockholders' equity $ 296,706 $ 180,691 See accompanying notes to condensed consolidated financial statements 3 Soleno Therapeutics, Inc. Condensed Consolidated Statements of Operations a