10-Q Filing

SOLENO THERAPEUTICS INC CIK: 1484565 Q2 2020

Filing Information

Form Type	10-Q
Accession Number	`0001564590-20-038914`
Period End Date	20200630
Filing Date	20200810
Fiscal Year	2020
Fiscal Period	Q2
XBRL Instance	slno-20200630.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 58 Income Statement 48 Cash Flow Statement 48 Stockholders Equity 24

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`	44.66M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	79.56M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	79.56M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	44.66M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$62.50M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$20.73M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$505.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$411.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$63.00M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$21.14M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$17.00K	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`	$265.00K	USD	Point-in-time
Finance lease right-of-use assets	`FinanceLeaseRightOfUseAsset`	$24.00K	USD	Point-in-time
Finance lease right-of-use assets	`FinanceLeaseRightOfUseAsset`	$20.00K	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$15.55M	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
Total assets	`Assets`	$38.17M	USD	Point-in-time
Total assets	`Assets`	$78.86M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.00M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$3.66M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$520.00K	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$283.00K	USD	Point-in-time
Accrued clinical trial site costs	`AccruedClinicalTrialCostsCurrent`	$3.44M	USD	Point-in-time
Accrued clinical trial site costs	`AccruedClinicalTrialCostsCurrent`	$2.00M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$305.00K	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$298.00K	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$444.00K	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$382.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$8.36M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.96M	USD	Point-in-time
Contingent liability for Essentialis purchase price	`AssetAcquisitionContingentConsiderationLiabilityNoncurrent`	$5.94M	USD	Point-in-time
Contingent liability for Essentialis purchase price	`AssetAcquisitionContingentConsiderationLiabilityNoncurrent`	$9.36M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$147.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$22.68M	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`	$80.00K	USD	Point-in-time
Common stock	`CommonStockValue`	$45.00K	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$172.71M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$227.15M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-171.05M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-157.81M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$13.84M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$30.41M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$9.48M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$23.63M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$14.95M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$56.18M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$78.86M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$38.17M	USD	Point-in-time

Income Statement 48 line items

Line Item	Tag	Value	Unit	Period
Research and development	`ResearchAndDevelopmentExpense`	$3.75M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$12.80M	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$6.50M	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$6.10M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$2.25M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$4.25M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$3.71M	USD	2 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$1.70M	USD	1 Quarter
Change in fair value of contingent consideration	`AssetAcquisitionContingentConsiderationChangeInFairValue`	$3.43M	USD	2 Qtrs
Change in fair value of contingent consideration	`AssetAcquisitionContingentConsiderationChangeInFairValue`	$2.84M	USD	1 Quarter
Change in fair value of contingent consideration	`AssetAcquisitionContingentConsiderationChangeInFairValue`	$389.00K	USD	2 Qtrs
Change in fair value of contingent consideration	`AssetAcquisitionContingentConsiderationChangeInFairValue`	$183.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$10.60M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$20.48M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$5.62M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$11.19M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-11.19M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-5.62M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-20.48M	USD	2 Qtrs
Operating loss	`OperatingIncomeLoss`	$-10.60M	USD	2 Qtrs
Change in fair value of warrants liabilities	`FairValueAdjustmentOfWarrants`	$-3.81M	USD	1 Quarter
Change in fair value of warrants liabilities	`FairValueAdjustmentOfWarrants`	$-7.22M	USD	2 Qtrs
Change in fair value of warrants liabilities	`FairValueAdjustmentOfWarrants`	$6.19M	USD	2 Qtrs
Change in fair value of warrants liabilities	`FairValueAdjustmentOfWarrants`	$4.27M	USD	1 Quarter
Loss from minority interest investment	`IncomeLossFromMinorityInterestInvestments`	$-165.00K	USD	1 Quarter
Loss from minority interest investment	`IncomeLossFromMinorityInterestInvestments`	$-355.00K	USD	2 Qtrs
Interest income	`OtherNonoperatingIncomeExpense`	$47.00K	USD	1 Quarter
Interest income	`OtherNonoperatingIncomeExpense`	$104.00K	USD	2 Qtrs
Interest income	`OtherNonoperatingIncomeExpense`	$12.00K	USD	2 Qtrs
Interest income	`OtherNonoperatingIncomeExpense`	$1.00K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-4.38M	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-6.44M	USD	2 Qtrs
Total other income (expense)	`NonoperatingIncomeExpense`	$7.23M	USD	2 Qtrs
Total other income (expense)	`NonoperatingIncomeExpense`	$3.81M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-7.03M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-7.38M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-10.01M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-17.04M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-5.86M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-13.24M	USD	2 Qtrs
Net loss per common share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.29	USD	2 Qtrs
Net loss per common share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.54	USD	2 Qtrs
Net loss per common share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.31	USD	1 Quarter
Net loss per common share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.16	USD	1 Quarter
Weighted-average common shares outstanding used to calculate basic and diluted net loss per common share	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	31.77M	shares	2 Qtrs
Weighted-average common shares outstanding used to calculate basic and diluted net loss per common share	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	31.78M	shares	1 Quarter
Weighted-average common shares outstanding used to calculate basic and diluted net loss per common share	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	45.46M	shares	2 Qtrs
Weighted-average common shares outstanding used to calculate basic and diluted net loss per common share	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	46.24M	shares	1 Quarter

Cash Flow Statement 48 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-13.24M	USD	2 Qtrs
Net loss	`ProfitLoss`	$-17.04M	USD	2 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$977.00K	USD	2 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$978.00K	USD	2 Qtrs
Noncash lease expense	`NoncashLeaseExpense`	$137.00K	USD	2 Qtrs
Noncash lease expense	`NoncashLeaseExpense`	$223.00K	USD	2 Qtrs
Stock-based compensation expense	`ShareBasedCompensation`	$468.00K	USD	2 Qtrs
Stock-based compensation expense	`ShareBasedCompensation`	$733.00K	USD	2 Qtrs
Change in fair value of stock warrants	`FairValueAdjustmentOfWarrants`	$-3.81M	USD	1 Quarter
Change in fair value of stock warrants	`FairValueAdjustmentOfWarrants`	$-7.22M	USD	2 Qtrs
Change in fair value of stock warrants	`FairValueAdjustmentOfWarrants`	$6.19M	USD	2 Qtrs
Change in fair value of stock warrants	`FairValueAdjustmentOfWarrants`	$4.27M	USD	1 Quarter
Change in fair value of contingent consideration	`AssetAcquisitionContingentConsiderationChangeInFairValue`	$3.43M	USD	2 Qtrs
Change in fair value of contingent consideration	`AssetAcquisitionContingentConsiderationChangeInFairValue`	$2.84M	USD	1 Quarter
Change in fair value of contingent consideration	`AssetAcquisitionContingentConsiderationChangeInFairValue`	$389.00K	USD	2 Qtrs
Change in fair value of contingent consideration	`AssetAcquisitionContingentConsiderationChangeInFairValue`	$183.00K	USD	1 Quarter
Operating loss on minority interest investment	`IncomeLossFromEquityMethodInvestments`	$-355.00K	USD	2 Qtrs
Prepaid expenses, other current assets and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$35.00K	USD	2 Qtrs
Prepaid expenses, other current assets and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-58.00K	USD	2 Qtrs
Due from related party	`IncreaseDecreaseInDueFromRelatedParties`	$-46.00K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$806.00K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.62M	USD	2 Qtrs
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-40.00K	USD	2 Qtrs
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$237.00K	USD	2 Qtrs
Accrued clinical trial site costs	`IncreaseDecreaseInAccruedClinicalTrialSiteCosts`	$1.45M	USD	2 Qtrs
Accrued clinical trial site costs	`IncreaseDecreaseInAccruedClinicalTrialSiteCosts`	$269.00K	USD	2 Qtrs
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiabilities`	$-239.00K	USD	2 Qtrs
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiabilities`	$-7.00K	USD	2 Qtrs
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-41.00K	USD	2 Qtrs
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-262.00K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-7.58M	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-12.19M	USD	2 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$16.00K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-16.00K	USD	2 Qtrs
Proceeds from sale of common stock, net of costs	`ProceedsFromIssuanceOfCommonStock`	$53.95M	USD	2 Qtrs
Proceeds from stock option exercises	`ProceedsFromStockOptionsExercised`	$17.00K	USD	2 Qtrs
Principal paid on finance lease liabilities	`FinanceLeasePrincipalPayments`	$8.00K	USD	2 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$53.96M	USD	2 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$41.77M	USD	2 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-7.60M	USD	2 Qtrs
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$15.50M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$62.50M	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`	$23.10M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$15.50M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$62.50M	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`	$23.10M	USD	Point-in-time

Stockholders Equity 24 line items

Line Item	Tag	Value	Unit	Period
Payments of stock issuance costs	`PaymentsOfStockIssuanceCosts`	$3.78M	USD	1 Quarter
Balances at beginning	`StockholdersEquity`	$13.84M	USD	Point-in-time
Balances at beginning	`StockholdersEquity`	$30.41M	USD	Point-in-time
Balances at beginning	`StockholdersEquity`	$9.48M	USD	Point-in-time
Balances at beginning	`StockholdersEquity`	$23.63M	USD	Point-in-time
Balances at beginning	`StockholdersEquity`	$14.95M	USD	Point-in-time
Balances at beginning	`StockholdersEquity`	$56.18M	USD	Point-in-time
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$341.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$392.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$248.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$220.00K	USD	1 Quarter
Issuance of common stock under equity incentive plan	`IssuanceOfCommonStockValueUnderEquityIncentivePlans`	$17.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-7.03M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-7.38M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-10.01M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-17.04M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-5.86M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-13.24M	USD	2 Qtrs
Balances at ending	`StockholdersEquity`	$13.84M	USD	Point-in-time
Balances at ending	`StockholdersEquity`	$30.41M	USD	Point-in-time
Balances at ending	`StockholdersEquity`	$9.48M	USD	Point-in-time
Balances at ending	`StockholdersEquity`	$23.63M	USD	Point-in-time
Balances at ending	`StockholdersEquity`	$14.95M	USD	Point-in-time
Balances at ending	`StockholdersEquity`	$56.18M	USD	Point-in-time

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