10-Q Filing

SOLENO THERAPEUTICS INC CIK: 1484565 Q2 2015

Filing Information

Form Type	10-Q
Accession Number	`0001193125-15-285057`
Period End Date	20150630
Filing Date	20150810
Fiscal Year	2015
Fiscal Period	Q2
XBRL Instance	capn-20150630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 49 Income Statement 64 Cash Flow Statement 54

Balance Sheet 49 line items

Line Item	Tag	Value	Unit	Period
Common stock, par value	`CommonStockParOrStatedValuePerShare`	$0.00	USD	Point-in-time
Common stock, par value	`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 issued	`CommonStockSharesIssued`	6.77M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	7.60M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	7.60M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	6.77M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$7.53M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.21M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$1.27M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$7.96M	USD	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$12.00K	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$35.00K	USD	Point-in-time
Restricted cash	`RestrictedCashAndCashEquivalentsAtCarryingValue`	$20.00K	USD	Point-in-time
Inventory	`InventoryNet`	$277.00K	USD	Point-in-time
Inventory	`InventoryNet`	$109.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$252.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$311.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$8.34M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$8.16M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$58.00K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$43.00K	USD	Point-in-time
Patent	`FiniteLivedPatentsGross`	$562.00K	USD	Point-in-time
Total assets	`Assets`	$8.77M	USD	Point-in-time
Total assets	`Assets`	$8.40M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$989.00K	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$987.00K	USD	Point-in-time
Accrued compensation and other current liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$201.00K	USD	Point-in-time
Accrued compensation and other current liabilities	`AccruedLiabilitiesAndOtherLiabilities`	$1.22M	USD	Point-in-time
Common Stock Issuable	`CommonStockIssuableUnderAmendmentToAssetPurchaseAgreement`	$112.00K	USD	Point-in-time
Series B warrant liability	`DerivativeLiabilitiesCurrent`	$11.03M	USD	Point-in-time
Line of credit and accrued interest	`LinesOfCreditCurrent`	$102.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$1.29M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$13.35M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$18.30M	USD	Point-in-time
Total long-term liabilities	`LiabilitiesNoncurrent`	$3.05M	USD	Point-in-time
Total liabilities	`Liabilities`	$16.40M	USD	Point-in-time
Total liabilities	`Liabilities`	$19.59M	USD	Point-in-time
Common stock, $0.001 par value, 100,000,000 shares authorized at June 30, 2015 and December 31, 2014; 7,595,175 and 6,769,106 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively	`CommonStockValue`	$8.00K	USD	Point-in-time
Common stock, $0.001 par value, 100,000,000 shares authorized at June 30, 2015 and December 31, 2014; 7,595,175 and 6,769,106 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively	`CommonStockValue`	$7.00K	USD	Point-in-time
Additional paid-in-capital (see Note 4)	`AdditionalPaidInCapitalCommonStock`	$59.14M	USD	Point-in-time
Additional paid-in-capital (see Note 4)	`AdditionalPaidInCapitalCommonStock`	$72.47M	USD	Point-in-time
Accumulated deficit (see Note 4)	`RetainedEarningsAccumulatedDeficit`	$-70.34M	USD	Point-in-time
Accumulated deficit (see Note 4)	`RetainedEarningsAccumulatedDeficit`	$-80.11M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-11.19M	USD	Point-in-time
Total stockholders' deficit	`StockholdersEquity`	$-7.63M	USD	Point-in-time
Total liabilities and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$8.40M	USD	Point-in-time
Total liabilities and stockholders' deficit	`LiabilitiesAndStockholdersEquity`	$8.77M	USD	Point-in-time

Income Statement 64 line items

Line Item	Tag	Value	Unit	Period
Government grant revenue	`RevenueFromGrants`	$65.00K	USD	2 Qtrs
Government grant revenue	`RevenueFromGrants`	$65.00K	USD	1 Quarter
Product revenue	`SalesRevenueGoodsNet`	$54.00K	USD	2 Qtrs
Product revenue	`SalesRevenueGoodsNet`	$32.00K	USD	1 Quarter
Total revenue	`Revenues`	$97.00K	USD	1 Quarter
Total revenue	`Revenues`	$119.00K	USD	2 Qtrs
Cost of product revenue	`CostOfRevenue`	$22.00K	USD	1 Quarter
Cost of product revenue	`CostOfRevenue`	$40.00K	USD	2 Qtrs
Gross profit	`GrossProfit`	$75.00K	USD	1 Quarter
Gross profit	`GrossProfit`	$79.00K	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$549.00K	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$921.00K	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$1.18M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$2.06M	USD	2 Qtrs
Sales and marketing	`SellingAndMarketingExpense`	$506.00K	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$12.00K	USD	1 Quarter
Sales and marketing	`SellingAndMarketingExpense`	$772.00K	USD	2 Qtrs
Sales and marketing	`SellingAndMarketingExpense`	$12.00K	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$2.72M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$746.00K	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$1.06M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$1.43M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$1.99M	USD	2 Qtrs
Total expenses	`OperatingExpenses`	$1.31M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$3.12M	USD	1 Quarter
Total expenses	`OperatingExpenses`	$5.55M	USD	2 Qtrs
Operating loss	`OperatingIncomeLoss`	$-1.31M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-5.47M	USD	2 Qtrs
Operating loss	`OperatingIncomeLoss`	$-3.04M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-1.99M	USD	2 Qtrs
Interest expense, net	`InterestExpense`	$1.06M	USD	2 Qtrs
Interest expense, net	`InterestExpense`	$670.00K	USD	1 Quarter
Interest expense, net	`InterestExpense`	$1.00K	USD	2 Qtrs
Change in fair value of warrants liabilities	`FairValueAdjustmentOfWarrants`	$816.00K	USD	1 Quarter
Change in fair value of warrants liabilities	`FairValueAdjustmentOfWarrants`	$578.00K	USD	2 Qtrs
Change in fair value of warrants liabilities	`FairValueAdjustmentOfWarrants`	$-4.92M	USD	1 Quarter
Change in fair value of warrants liabilities	`FairValueAdjustmentOfWarrants`	$1.25M	USD	2 Qtrs
Inducement charge for Series C warrants	`PreferredStockConversionsInducements`	$3.05M	USD	2 Qtrs
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$-4.30M	USD	2 Qtrs
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$4.92M	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$-1.64M	USD	2 Qtrs
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$-1.49M	USD	1 Quarter
Other income (expense), net	`OtherNonoperatingIncomeExpense`	$-3.95M	USD	Annual
Net income (loss)	`NetIncomeLoss`	$-13.24M	USD	Annual
Net income (loss)	`NetIncomeLoss`	$1.88M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-2.79M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-3.63M	USD	2 Qtrs
Net income (loss)	`NetIncomeLoss`	$-9.77M	USD	2 Qtrs
Basic	`EarningsPerShareBasic`	$-6.77	USD	2 Qtrs
Basic	`EarningsPerShareBasic`	$-5.21	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-1.35	USD	2 Qtrs
Basic	`EarningsPerShareBasic`	$0.25	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-1.35	USD	2 Qtrs
Diluted	`EarningsPerShareDiluted`	$-6.77	USD	2 Qtrs
Diluted	`EarningsPerShareDiluted`	$0.25	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-5.21	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	535,685.00	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	7.24M	shares	2 Qtrs
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	535,685.00	shares	2 Qtrs
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	7.52M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	535,685.00	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	535,685.00	shares	2 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.24M	shares	2 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	7.63M	shares	1 Quarter

Cash Flow Statement 54 line items

Line Item	Tag	Value	Unit	Period
Net loss	`NetIncomeLoss`	$-13.24M	USD	Annual
Net loss	`NetIncomeLoss`	$1.88M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-2.79M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-3.63M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-9.77M	USD	2 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$31.00K	USD	2 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$14.00K	USD	2 Qtrs
Stock-based compensation expense	`AllocatedShareBasedCompensationExpense`	$201.00K	USD	1 Quarter
Stock-based compensation expense	`AllocatedShareBasedCompensationExpense`	$602.00K	USD	2 Qtrs
Stock-based compensation expense	`AllocatedShareBasedCompensationExpense`	$16.00K	USD	2 Qtrs
Stock-based compensation expense	`AllocatedShareBasedCompensationExpense`	$5.00K	USD	1 Quarter
Loss on disposition of property and equipment	`GainLossOnSaleOfPropertyPlantEquipment`	$-8.00K	USD	2 Qtrs
Change in fair value of preferred stock warrants	`ChangeInFairValueOfPreferredStockWarrants`	$570.00K	USD	2 Qtrs
Change in fair value of common stock warrants	`ChangeInFairValueOfCommonStockWarrants`	$1.25M	USD	2 Qtrs
Inducement charge for Series C warrants	`InducedConversionOfConvertibleDebtExpense`	$3.05M	USD	2 Qtrs
Non-cash interest expense relating to warrants and convertible promissory notes	`PaidInKindInterest`	$1.06M	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$-131.00K	USD	2 Qtrs
Accounts receivable	`IncreaseDecreaseInAccountsReceivable`	$12.00K	USD	2 Qtrs
Inventories	`IncreaseDecreaseInInventories`	$169.00K	USD	2 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$100.00K	USD	2 Qtrs
Prepaid expenses and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$59.00K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$401.00K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$218.00K	USD	2 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$46.00K	USD	2 Qtrs
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$617.00K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-1.67M	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivitiesContinuingOperations`	$-4.06M	USD	2 Qtrs
Proceeds from sale of property and equipment	`ProceedsFromSaleOfPropertyPlantAndEquipment`	$5.00K	USD	2 Qtrs
Increase in restricted cash	`IncreaseInRestrictedCash`	$15.00K	USD	2 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$4.00K	USD	2 Qtrs
Purchase of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$16.00K	USD	2 Qtrs
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$1.00K	USD	2 Qtrs
Net cash (used in) provided by investing activities	`NetCashProvidedByUsedInInvestingActivitiesContinuingOperations`	$-31.00K	USD	2 Qtrs
Proceeds from exercise of common stock options	`ProceedsFromStockOptionsExercised`	$294.00K	USD	2 Qtrs
Proceeds from issuance of convertible notes payable	`ProceedsFromConvertibleDebt`	$1.75M	USD	2 Qtrs
Initial public offering costs paid	`PaymentsOfStockIssuanceCosts`	$145.00K	USD	2 Qtrs
Initial public offering costs paid	`PaymentsOfStockIssuanceCosts`	$530.00K	USD	2 Qtrs
Repayment of credit line	`RepaymentsOfLinesOfCredit`	$102.00K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$1.60M	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivitiesContinuingOperations`	$3.66M	USD	2 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-427.00K	USD	2 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashAndCashEquivalentsPeriodIncreaseDecrease`	$-61.00K	USD	2 Qtrs
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$7.53M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.21M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$1.27M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashAndCashEquivalentsAtCarryingValue`	$7.96M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$7.53M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.21M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$1.27M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashAndCashEquivalentsAtCarryingValue`	$7.96M	USD	Point-in-time
Patent costs included in Accrued liabilities	`PatentCostsIncludedInAccruedLiabilities`	$450.00K	USD	2 Qtrs
Stock issuable in consideration for Patent purchase	`StockIssued1`	$112.00K	USD	2 Qtrs
Reduction in initial public offering costs payable	`ReductionInInitialPublicOfferingCostsPayable`	$45.00K	USD	2 Qtrs
Cashless exercise of 2010/2012 warrants	`CashlessExerciseOfWarrant`	$13.00K	USD	2 Qtrs

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