10-Q Filing

SOLENO THERAPEUTICS INC CIK: 1484565 Q1 2020

Filing Information

Form Type	10-Q
Accession Number	`0001564590-20-024654`
Period End Date	20200331
Filing Date	20200512
Fiscal Year	2020
Fiscal Period	Q1
XBRL Instance	slno-20200331.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 58 Income Statement 23 Cash Flow Statement 42 Stockholders Equity 14

Balance Sheet 58 line items

Line Item	Tag	Value	Unit	Period
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 issued	`CommonStockSharesIssued`	44.69M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	44.66M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	44.69M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	44.66M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$15.07M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$20.73M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$572.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$411.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$15.64M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$21.14M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$19.00K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$22.00K	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$398.00K	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$332.00K	USD	Point-in-time
Finance lease right-of-use assets	`FinanceLeaseRightOfUseAsset`	$22.00K	USD	Point-in-time
Finance lease right-of-use assets	`FinanceLeaseRightOfUseAsset`	$24.00K	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$16.04M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$16.52M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$59.00K	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$59.00K	USD	Point-in-time
Total assets	`Assets`	$32.11M	USD	Point-in-time
Total assets	`Assets`	$38.17M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.00M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$3.48M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$338.00K	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$283.00K	USD	Point-in-time
Accrued clinical trial site costs	`AccruedClinicalTrialCostsCurrent`	$2.00M	USD	Point-in-time
Accrued clinical trial site costs	`AccruedClinicalTrialCostsCurrent`	$2.85M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$305.00K	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$315.00K	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$382.00K	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$308.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$7.29M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.96M	USD	Point-in-time
Contingent liability for Essentialis purchase price	`AssetAcquisitionContingentConsiderationLiabilityNoncurrent`	$6.52M	USD	Point-in-time
Contingent liability for Essentialis purchase price	`AssetAcquisitionContingentConsiderationLiabilityNoncurrent`	$5.94M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$147.00K	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$60.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$22.63M	USD	Point-in-time
Total liabilities	`Liabilities`	$23.23M	USD	Point-in-time
Commitments and contingencies (Note 6)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 6)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock	`CommonStockValue`	$45.00K	USD	Point-in-time
Common stock	`CommonStockValue`	$45.00K	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$173.10M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$172.71M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-157.81M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-163.66M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$14.95M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$30.41M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$23.63M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$9.48M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$38.17M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$32.11M	USD	Point-in-time

Income Statement 23 line items

Line Item	Tag	Value	Unit	Period
Research and development	`ResearchAndDevelopmentExpense`	$6.70M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$2.76M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$2.00M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$2.01M	USD	1 Quarter
Change in fair value of contingent consideration	`AssetAcquisitionContingentConsiderationChangeInFairValue`	$584.00K	USD	1 Quarter
Change in fair value of contingent consideration	`AssetAcquisitionContingentConsiderationChangeInFairValue`	$206.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$4.98M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$9.28M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-9.28M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-4.98M	USD	1 Quarter
Change in fair value of warrants liabilities	`FairValueAdjustmentOfWarrants`	$-3.41M	USD	1 Quarter
Change in fair value of warrants liabilities	`FairValueAdjustmentOfWarrants`	$1.92M	USD	1 Quarter
Loss from minority interest investment	`IncomeLossFromMinorityInterestInvestments`	$-190.00K	USD	1 Quarter
Interest income	`OtherNonoperatingIncomeExpense`	$57.00K	USD	1 Quarter
Interest income	`OtherNonoperatingIncomeExpense`	$11.00K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$3.42M	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-2.05M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.86M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-7.03M	USD	1 Quarter
Net loss per common share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.13	USD	1 Quarter
Net loss per common share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.22	USD	1 Quarter
Weighted-average common shares outstanding used to calculate basic and diluted net loss per common share	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	31.76M	shares	1 Quarter
Weighted-average common shares outstanding used to calculate basic and diluted net loss per common share	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	44.68M	shares	1 Quarter

Cash Flow Statement 42 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-5.86M	USD	1 Quarter
Net loss	`ProfitLoss`	$-7.03M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$489.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$489.00K	USD	1 Quarter
Noncash lease expense	`NoncashLeaseExpense`	$68.00K	USD	1 Quarter
Noncash lease expense	`NoncashLeaseExpense`	$110.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$392.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$248.00K	USD	1 Quarter
Change in fair value of stock warrants	`FairValueAdjustmentOfWarrants`	$-3.41M	USD	1 Quarter
Change in fair value of stock warrants	`FairValueAdjustmentOfWarrants`	$1.92M	USD	1 Quarter
Change in fair value of contingent consideration	`AssetAcquisitionContingentConsiderationChangeInFairValue`	$584.00K	USD	1 Quarter
Change in fair value of contingent consideration	`AssetAcquisitionContingentConsiderationChangeInFairValue`	$206.00K	USD	1 Quarter
Operating loss on minority interest investment	`IncomeLossFromEquityMethodInvestments`	$-190.00K	USD	1 Quarter
Prepaid expenses, other current assets and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$161.00K	USD	1 Quarter
Prepaid expenses, other current assets and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$74.00K	USD	1 Quarter
Due from related party	`IncreaseDecreaseInDueFromRelatedParties`	$8.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.49M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$324.00K	USD	1 Quarter
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$55.00K	USD	1 Quarter
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-92.00K	USD	1 Quarter
Accrued clinical trial site costs	`IncreaseDecreaseInAccruedClinicalTrialSiteCosts`	$847.00K	USD	1 Quarter
Accrued clinical trial site costs	`IncreaseDecreaseInAccruedClinicalTrialSiteCosts`	$188.00K	USD	1 Quarter
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiabilities`	$-117.00K	USD	1 Quarter
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiabilities`	$10.00K	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-157.00K	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-40.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-3.69M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-5.66M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$10.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-10.00K	USD	1 Quarter
Principal paid on finance lease liabilities	`FinanceLeasePrincipalPayments`	$4.00K	USD	1 Quarter
Net cash used in financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-4.00K	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-5.66M	USD	1 Quarter
Net decrease in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-3.70M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$15.07M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$20.73M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$19.40M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$23.10M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$15.07M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$20.73M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$19.40M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$23.10M	USD	Point-in-time

Stockholders Equity 14 line items

Line Item	Tag	Value	Unit	Period
Balances at beginning	`StockholdersEquity`	$14.95M	USD	Point-in-time
Balances at beginning	`StockholdersEquity`	$30.41M	USD	Point-in-time
Balances at beginning	`StockholdersEquity`	$23.63M	USD	Point-in-time
Balances at beginning	`StockholdersEquity`	$9.48M	USD	Point-in-time
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$202.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$296.00K	USD	1 Quarter
Issuance of restricted stock units under equity incentive plans	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	$46.00K	USD	1 Quarter
Issuance of restricted stock units under equity incentive plans	`StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures`	$96.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.86M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-7.03M	USD	1 Quarter
Balances at ending	`StockholdersEquity`	$14.95M	USD	Point-in-time
Balances at ending	`StockholdersEquity`	$30.41M	USD	Point-in-time
Balances at ending	`StockholdersEquity`	$23.63M	USD	Point-in-time
Balances at ending	`StockholdersEquity`	$9.48M	USD	Point-in-time

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