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SLNO

Soleno Therapeutics, Inc.

SLNO

Soleno Therapeutics, Inc. • NASDAQ
$50.45 ▲ 1.82% (+0.90)
Market Cap $2.71 B
52w High $90.32
52w Low $41.50
Dividend Yield 0%
P/E -28.83
Volume 683.45K
Outstanding Shares 53.71M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $66.018M ▲ $42.772M ▲ $26.013M ▲ 39.403% ▲ $0.49 ▲ $27.905M ▲
Q2-2025 $32.657M ▲ $38.486M ▼ $-4.708M ▲ -14.417% ▼ $-0.093 ▲ $-2.83M ▲
Q1-2025 $0 $45.743M ▼ $-43.773M ▲ 0% $-0.95 ▲ $-41.908M ▲
Q4-2024 $0 $59.116M ▼ $-55.982M ▲ 0% $-1.27 ▲ $-49.476M ▲
Q3-2024 $0 $80.212M $-76.616M 0% $-1.83 $-78.835M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $498.934M ▲ $599.895M ▲ $105.09M ▲ $494.805M ▲
Q2-2025 $286.841M ▼ $332.306M ▲ $92.166M ▲ $240.14M ▲
Q1-2025 $289.95M ▼ $318.092M ▼ $85.831M ▼ $232.261M ▼
Q4-2024 $291.437M ▲ $330.972M ▲ $85.859M ▲ $245.113M ▼
Q3-2024 $256.776M $296.706M $32.007M $264.699M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $26.013M ▲ $43.632M ▲ $-91.443M ▼ $217.976M ▲ $170.165M ▲ $43.631M ▲
Q2-2025 $-4.708M ▲ $-12.608M ▲ $-7.915M ▼ $15.689M ▲ $-4.834M ▲ $-12.617M ▲
Q1-2025 $-43.773M ▲ $-32.752M ▼ $22.937M ▲ $3.218M ▼ $-6.597M ▼ $-32.757M ▼
Q4-2024 $-55.982M ▲ $-23.991M ▼ $6.443M ▲ $57.063M ▲ $39.515M ▲ $-23.999M ▼
Q3-2024 $-76.616M $-14.926M $4.04M $2.275M $-8.611M $-15.117M

Five-Year Company Overview

Income Statement

Income Statement Soleno’s income statement still looks like a classic pre-commercial biotech profile. The company has reported essentially no product revenue for several years, while consistently posting operating and net losses. Those losses have grown more recently as spending ramps up ahead of commercialization, reflecting higher research, regulatory, and launch preparation costs. Earnings per share have been volatile, influenced not only by losses but also by past reverse stock splits. Overall, the income statement shows a company that has been investing heavily in development and launch readiness without yet showing the benefit of product sales in the historical data provided.

Balance Sheet

Balance Sheet The balance sheet has strengthened compared with a few years ago, but it remains lean and very typical of a small biotech. Total assets and shareholders’ equity have grown from very low levels, suggesting recent capital raises and preparation for commercialization. Cash is still a key component of assets, though it has moved around as funds are deployed into operating needs and other current assets. Debt has appeared but remains modest relative to equity, so the capital structure is still primarily equity-financed. The main risk is that the asset base is largely financial rather than diversified operating assets, meaning ongoing strength will depend heavily on access to capital and the speed at which the new product can generate meaningful revenue.

Cash Flow

Cash Flow Cash flow patterns reinforce the story told by the income statement. Operating cash flow has been consistently negative, reflecting recurring cash burn to fund research, clinical trials, regulatory work, and now commercial build-out. Free cash flow mirrors operating cash flow because the company has almost no spending on physical assets, highlighting an asset-light, research-driven model. This is typical for a biotech at this stage but underscores dependence on external financing until product sales scale. The key question going forward is whether incoming cash from VYKAT XR can offset this burn before current cash resources run low.

Competitive Edge

Competitive Edge Soleno’s competitive position in its niche is unusually strong for a small biotech. It now has the first and only approved therapy specifically targeting hyperphagia in Prader–Willi syndrome, addressing a major unmet need. That gives it a first-mover advantage with physicians and patient groups, reinforced by orphan drug status, regulatory exclusivity, and a supportive patent estate. The company is tightly focused on this single rare disease area, which helps it build deep relationships and specialized expertise. However, it also faces pipeline competition from several other companies developing different approaches to PWS and related disorders, and it is heavily dependent on one flagship product. Market uptake, reimbursement, and the pace at which rivals progress will all be important to watch.

Innovation and R&D

Innovation and R&D Innovation is the core of Soleno’s story. VYKAT XR is based on a novel use of an existing mechanism—an ATP-sensitive potassium channel activator—delivered in an extended-release form to manage appetite dysregulation in PWS. Strong clinical data and a once-daily oral regimen create meaningful differentiation for patients and caregivers. Beyond the initial indication, the company is exploring use of the same active ingredient in other rare genetic obesities, which could broaden its addressable market if trials are successful. This strategy leverages a single scientific platform across multiple related conditions, but it also concentrates scientific and regulatory risk around one technology. Sustained R&D productivity and careful trial execution are critical for long-term value creation.

Summary

Soleno is in the midst of a major transition: from a development-stage biotech with no revenue to a commercial-stage rare disease company centered on a newly approved product. Historically, the financials show persistent losses, negative cash flow, and reliance on external capital—standard for this kind of business—but with a balance sheet that has improved as it gears up for launch. Strategically, the company holds a strong position in a narrowly defined, high-need market, with regulatory protections and first-mover status providing a meaningful edge. At the same time, the business is highly concentrated in one product and one disease area, leaving it exposed to execution, reimbursement, and competitive risks. The next phase—commercial uptake in PWS, potential international expansion, and proof-of-concept in other genetic obesity indications—will largely determine how quickly the financial profile can shift from cash burn to a more self-sustaining model.

NEWS

November 20, 2025 · 10:00 AM UTC

INVESTOR ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Soleno Therapeutics, Inc. - SLNO

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November 16, 2025 · 5:05 PM UTC

INVESTIGATION ALERT: Edelson Lechtzin LLP Announces Investigation of Soleno Therapeutics, Inc. (NASDAQ: SLNO) and Encourages Investors with Substantial Losses or Witnesses with Relevant Information to Contact the Firm

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November 14, 2025 · 10:05 AM UTC

SLNO INVESTIGATION ALERT: Investigation Launched into Soleno Therapeutics, Inc., Attorneys Encourage Investors and Potential Witnesses to Contact Law Firm - RGRD Law

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November 13, 2025 · 12:17 PM UTC

Soleno Therapeutics (SLNO) Faces Investor Scrutiny Amid Disappointing VYKAT XR Starts, Discontinuations; Shares Down 26% – Hagens Berman

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November 12, 2025 · 10:56 AM UTC

Soleno Therapeutics, Inc. Investigated by the Portnoy Law Firm

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