10-Q Filing

SOLENO THERAPEUTICS INC CIK: 1484565 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0000950170-23-019752`
Period End Date	20230331
Filing Date	20230509
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	slno-20230331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 69 Income Statement 29 Cash Flow Statement 41 Stockholders Equity 19

Balance Sheet 69 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, par value	`PreferredStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred stock, shares authorized	`PreferredStockSharesAuthorized`	10.00M	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares issued	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, shares outstanding	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	100.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	8.17M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	8.16M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	8.16M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$7.87M	USD	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	8.17M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$14.60M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.25M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.04M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$15.65M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$9.13M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$22.00K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$26.00K	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$53.00K	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$131.00K	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$600.00K	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$10.21M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$10.69M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$126.00K	USD	Point-in-time
Total assets	`Assets`	$26.50M	USD	Point-in-time
Total assets	`Assets`	$19.54M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$1.78M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.78M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$1.68M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$721.00K	USD	Point-in-time
Accrued clinical trial site costs	`AccruedClinicalTrialCostsCurrent`	$3.53M	USD	Point-in-time
Accrued clinical trial site costs	`AccruedClinicalTrialCostsCurrent`	$3.22M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$155.00K	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$39.00K	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$692.00K	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$484.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$7.76M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$7.31M	USD	Point-in-time
Contingent liability for Essentialis purchase price	`AssetAcquisitionContingentConsiderationLiabilityNoncurrent`	$8.84M	USD	Point-in-time
Contingent liability for Essentialis purchase price	`AssetAcquisitionContingentConsiderationLiabilityNoncurrent`	$9.13M	USD	Point-in-time
Total liabilities	`Liabilities`	$16.90M	USD	Point-in-time
Total liabilities	`Liabilities`	$16.15M	USD	Point-in-time
Commitments and contingencies (Note 6)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 6)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Preferred stock, $0.001 par value; 10,000,000 shares authorized, no shares issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.001 par value; 10,000,000 shares authorized, no shares issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.001 par value, 100,000,000 shares authorized, 8,168,788 and 8,159,382 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	`CommonStockValue`	$8.00K	USD	Point-in-time
Common stock, $0.001 par value, 100,000,000 shares authorized, 8,168,788 and 8,159,382 shares issued and outstanding at March 31, 2023 and December 31, 2022, respectively	`CommonStockValue`	$8.00K	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$248.39M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$247.76M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-237.42M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-245.78M	USD	Point-in-time
Accumulated other comprehensive income	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$16.00K	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$2.64M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$26.46M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$10.35M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$17.79M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$26.50M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$19.54M	USD	Point-in-time

Income Statement 29 line items

Line Item	Tag	Value	Unit	Period
Research and development	`ResearchAndDevelopmentExpense`	$5.32M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$3.99M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$2.85M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$2.64M	USD	1 Quarter
Change in fair value of contingent consideration	`AssetAcquisitionContingentConsiderationChangeInFairValue`	$-858.00K	USD	1 Quarter
Change in fair value of contingent consideration	`AssetAcquisitionContingentConsiderationChangeInFairValue`	$299.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$8.47M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$5.77M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-5.77M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-8.47M	USD	1 Quarter
Change in fair value of warrants liabilities	`FairValueAdjustmentOfWarrants`	$-27.00K	USD	1 Quarter
Interest income	`OtherNonoperatingIncomeExpense`	$113.00K	USD	1 Quarter
Interest income	`OtherNonoperatingIncomeExpense`	$22.00K	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$113.00K	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$49.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.72M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-8.36M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$16.00K	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-2.00K	USD	1 Quarter
Total comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-8.34M	USD	1 Quarter
Total comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-5.73M	USD	1 Quarter
Net loss per common share basic	`EarningsPerShareBasic`	$-1.07	USD	1 Quarter
Net loss per common share basic	`EarningsPerShareBasic`	$-0.88	USD	1 Quarter
Net loss per common share diluted	`EarningsPerShareDiluted`	$-1.07	USD	1 Quarter
Net loss per common share diluted	`EarningsPerShareDiluted`	$-0.88	USD	1 Quarter
Weighted-average common shares outstanding used to calculate basic net loss per common share	`WeightedAverageNumberOfSharesOutstandingBasic`	5.33M	shares	1 Quarter
Weighted-average common shares outstanding used to calculate basic net loss per common share	`WeightedAverageNumberOfSharesOutstandingBasic`	9.45M	shares	1 Quarter
Weighted-average common shares outstanding used to calculate diluted net loss per common share	`WeightedAverageNumberOfDilutedSharesOutstanding`	5.33M	shares	1 Quarter
Weighted-average common shares outstanding used to calculate diluted net loss per common share	`WeightedAverageNumberOfDilutedSharesOutstanding`	9.45M	shares	1 Quarter

Cash Flow Statement 41 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-5.72M	USD	1 Quarter
Net loss	`ProfitLoss`	$-8.36M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$492.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$490.00K	USD	1 Quarter
Non-cash lease expense	`NoncashLeaseExpense`	$78.00K	USD	1 Quarter
Non-cash lease expense	`NoncashLeaseExpense`	$71.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$644.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$631.00K	USD	1 Quarter
Change in fair value of stock warrants	`FairValueAdjustmentOfWarrants`	$-27.00K	USD	1 Quarter
Change in fair value of contingent consideration	`AssetAcquisitionContingentConsiderationChangeInFairValue`	$-858.00K	USD	1 Quarter
Change in fair value of contingent consideration	`AssetAcquisitionContingentConsiderationChangeInFairValue`	$299.00K	USD	1 Quarter
Other non-cash reconciling items	`OtherNonCashReconcilingItems`	$-2.00K	USD	1 Quarter
Other non-cash reconciling items	`OtherNonCashReconcilingItems`	$16.00K	USD	1 Quarter
Prepaid expenses, other current assets and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$334.00K	USD	1 Quarter
Prepaid expenses, other current assets and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-114.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.00M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-1.05M	USD	1 Quarter
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-954.00K	USD	1 Quarter
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-130.00K	USD	1 Quarter
Accrued clinical trial site costs	`IncreaseDecreaseInAccruedClinicalTrialSiteCosts`	$309.00K	USD	1 Quarter
Accrued clinical trial site costs	`IncreaseDecreaseInAccruedClinicalTrialSiteCosts`	$101.00K	USD	1 Quarter
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiabilities`	$-34.00K	USD	1 Quarter
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiabilities`	$-116.00K	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$208.00K	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$37.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-6.73M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-6.36M	USD	1 Quarter
Proceeds from sale of common stock and pre-funded warrants, net of costs	`ProceedsFromSaleOfCommonStockAndPreFundedWarrantsNetOfCosts`	$14.05M	USD	1 Quarter
Tax withholding payments for net share-settled equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$16.00K	USD	1 Quarter
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$14.03M	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$7.67M	USD	1 Quarter
Net (decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-6.73M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$14.60M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$7.87M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$21.30M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$28.97M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$14.60M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$7.87M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$21.30M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$28.97M	USD	Point-in-time
Unpaid costs for issuing common stock and pre-funded warrants	`UnpaidCostsForIssuingCommonStockAndPreFundedWarrants`	$282.00K	USD	1 Quarter

Stockholders Equity 19 line items

Line Item	Tag	Value	Unit	Period
Less transaction costs	`PaymentsOfStockIssuanceCosts`	$1.03M	USD	1 Quarter
Balances at beginning	`StockholdersEquity`	$2.64M	USD	Point-in-time
Balances at beginning	`StockholdersEquity`	$26.46M	USD	Point-in-time
Balances at beginning	`StockholdersEquity`	$10.35M	USD	Point-in-time
Balances at beginning	`StockholdersEquity`	$17.79M	USD	Point-in-time
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$495.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$464.00K	USD	1 Quarter
Issuance of restricted stock units under equity incentive plan	`IssuanceOfRestrictedStockUnitsValueAndOptionExercisesUnderEquityIncentivePlan`	$180.00K	USD	1 Quarter
Issuance of restricted stock units under equity incentive plan	`IssuanceOfRestrictedStockUnitsValueAndOptionExercisesUnderEquityIncentivePlan`	$136.00K	USD	1 Quarter
Tax withholding payments for net share-settled equity awards	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$16.00K	USD	1 Quarter
Sale of common stock\pre-funded warrants in public offering, net of costs	`StockIssuedDuringPeriodValueNewIssues`	$13.77M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$16.00K	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-2.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.72M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-8.36M	USD	1 Quarter
Balances at ending	`StockholdersEquity`	$2.64M	USD	Point-in-time
Balances at ending	`StockholdersEquity`	$26.46M	USD	Point-in-time
Balances at ending	`StockholdersEquity`	$10.35M	USD	Point-in-time
Balances at ending	`StockholdersEquity`	$17.79M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.