10-Q Filing

SOLENO THERAPEUTICS INC CIK: 1484565 Q3 2020

Filing Information

Form Type	10-Q
Accession Number	`0001564590-20-052951`
Period End Date	20200930
Filing Date	20201110
Fiscal Year	2020
Fiscal Period	Q3
XBRL Instance	slno-20200930.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 60 Income Statement 58 Cash Flow Statement 55 Stockholders Equity 32

Balance Sheet 60 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`	79.59M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	44.66M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	44.66M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	79.59M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$56.14M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$20.73M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$348.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$411.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$21.14M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$56.48M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$20.00K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$22.00K	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$195.00K	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$398.00K	USD	Point-in-time
Finance lease right-of-use assets	`FinanceLeaseRightOfUseAsset`	$24.00K	USD	Point-in-time
Finance lease right-of-use assets	`FinanceLeaseRightOfUseAsset`	$17.00K	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$16.52M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$15.07M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$59.00K	USD	Point-in-time
Total assets	`Assets`	$71.78M	USD	Point-in-time
Total assets	`Assets`	$38.17M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$3.21M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.00M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$756.00K	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`	$3.40M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$305.00K	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$220.00K	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$382.00K	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$408.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$4.96M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$8.00M	USD	Point-in-time
Contingent liability for Essentialis purchase price	`AssetAcquisitionContingentConsiderationLiabilityNoncurrent`	$5.94M	USD	Point-in-time
Contingent liability for Essentialis purchase price	`AssetAcquisitionContingentConsiderationLiabilityNoncurrent`	$10.14M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$147.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$23.23M	USD	Point-in-time
Total liabilities	`Liabilities`	$23.78M	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, $0.001 par value, 100,000,000 shares authorized, 79,593,621 and 44,658,054 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively.	`CommonStockValue`	$45.00K	USD	Point-in-time
Common stock, $0.001 par value, 100,000,000 shares authorized, 79,593,621 and 44,658,054 shares issued and outstanding at September 30, 2020 and December 31, 2019, respectively.	`CommonStockValue`	$80.00K	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$172.71M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$227.52M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-157.81M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-179.59M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$56.18M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$48.01M	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`	$13.84M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$14.95M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$23.63M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$14.88M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$71.78M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$38.17M	USD	Point-in-time

Income Statement 58 line items

Line Item	Tag	Value	Unit	Period
Research and development	`ResearchAndDevelopmentExpense`	$4.49M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$17.62M	USD	3 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$4.83M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$10.99M	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$6.51M	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$5.32M	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$1.61M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$2.26M	USD	1 Quarter
Change in fair value of contingent consideration	`AssetAcquisitionContingentConsiderationChangeInFairValue`	$417.00K	USD	3 Qtrs
Change in fair value of contingent consideration	`AssetAcquisitionContingentConsiderationChangeInFairValue`	$28.00K	USD	1 Quarter
Change in fair value of contingent consideration	`AssetAcquisitionContingentConsiderationChangeInFairValue`	$774.00K	USD	1 Quarter
Change in fair value of contingent consideration	`AssetAcquisitionContingentConsiderationChangeInFairValue`	$4.20M	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$28.33M	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$7.86M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$6.13M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$16.73M	USD	3 Qtrs
Operating loss	`OperatingIncomeLoss`	$-7.86M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-28.33M	USD	3 Qtrs
Operating loss	`OperatingIncomeLoss`	$-6.13M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-16.73M	USD	3 Qtrs
Change in fair value of warrants liabilities	`FairValueAdjustmentOfWarrants`	$689.00K	USD	1 Quarter
Change in fair value of warrants liabilities	`FairValueAdjustmentOfWarrants`	$-6.53M	USD	3 Qtrs
Change in fair value of warrants liabilities	`FairValueAdjustmentOfWarrants`	$-7.12M	USD	1 Quarter
Change in fair value of warrants liabilities	`FairValueAdjustmentOfWarrants`	$-930.00K	USD	3 Qtrs
Loss from minority interest investment	`IncomeLossFromMinorityInterestInvestments`	$-123.00K	USD	1 Quarter
Loss from minority interest investment	`IncomeLossFromMinorityInterestInvestments`	$-478.00K	USD	3 Qtrs
Interest income	`OtherNonoperatingIncomeExpense`	$13.00K	USD	3 Qtrs
Interest income	`OtherNonoperatingIncomeExpense`	$133.00K	USD	3 Qtrs
Interest income	`OtherNonoperatingIncomeExpense`	$1.00K	USD	1 Quarter
Interest income	`OtherNonoperatingIncomeExpense`	$29.00K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$7.02M	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$-688.00K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$585.00K	USD	3 Qtrs
Total other income (expense)	`NonoperatingIncomeExpense`	$6.54M	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$-10.01M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-7.38M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-5.86M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-21.79M	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$-8.54M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$-16.15M	USD	3 Qtrs
Net income (loss)	`NetIncomeLoss`	$-7.03M	USD	1 Quarter
Net income (loss)	`NetIncomeLoss`	$889.00K	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.03	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.51	USD	3 Qtrs
Basic	`EarningsPerShareBasic`	$-0.11	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$-0.38	USD	3 Qtrs
Diluted	`EarningsPerShareDiluted`	$-0.19	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$-0.53	USD	3 Qtrs
Diluted	`EarningsPerShareDiluted`	$-0.38	USD	3 Qtrs
Diluted	`EarningsPerShareDiluted`	$-0.11	USD	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	79.58M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	56.92M	shares	3 Qtrs
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	31.79M	shares	1 Quarter
Basic	`WeightedAverageNumberOfSharesOutstandingBasic`	31.78M	shares	3 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	32.44M	shares	1 Quarter
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	32.24M	shares	3 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	56.92M	shares	3 Qtrs
Diluted	`WeightedAverageNumberOfDilutedSharesOutstanding`	79.58M	shares	1 Quarter

Cash Flow Statement 55 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-21.79M	USD	3 Qtrs
Net loss	`ProfitLoss`	$-16.15M	USD	3 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$1.47M	USD	3 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$1.47M	USD	3 Qtrs
Noncash lease expense	`NoncashLeaseExpense`	$210.00K	USD	3 Qtrs
Noncash lease expense	`NoncashLeaseExpense`	$322.00K	USD	3 Qtrs
Stock-based compensation expense	`ShareBasedCompensation`	$621.00K	USD	3 Qtrs
Stock-based compensation expense	`ShareBasedCompensation`	$1.11M	USD	3 Qtrs
Change in fair value of stock warrants	`FairValueAdjustmentOfWarrants`	$689.00K	USD	1 Quarter
Change in fair value of stock warrants	`FairValueAdjustmentOfWarrants`	$-6.53M	USD	3 Qtrs
Change in fair value of stock warrants	`FairValueAdjustmentOfWarrants`	$-7.12M	USD	1 Quarter
Change in fair value of stock warrants	`FairValueAdjustmentOfWarrants`	$-930.00K	USD	3 Qtrs
Change in fair value of contingent consideration	`AssetAcquisitionContingentConsiderationChangeInFairValue`	$417.00K	USD	3 Qtrs
Change in fair value of contingent consideration	`AssetAcquisitionContingentConsiderationChangeInFairValue`	$28.00K	USD	1 Quarter
Change in fair value of contingent consideration	`AssetAcquisitionContingentConsiderationChangeInFairValue`	$774.00K	USD	1 Quarter
Change in fair value of contingent consideration	`AssetAcquisitionContingentConsiderationChangeInFairValue`	$4.20M	USD	3 Qtrs
Operating loss on minority interest investment	`IncomeLossFromEquityMethodInvestments`	$-478.00K	USD	3 Qtrs
Prepaid expenses, other current assets and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-122.00K	USD	3 Qtrs
Prepaid expenses, other current assets and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-154.00K	USD	3 Qtrs
Due from related party	`IncreaseDecreaseInDueFromRelatedParties`	$-55.00K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.22M	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$801.00K	USD	3 Qtrs
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$473.00K	USD	3 Qtrs
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$4.00K	USD	3 Qtrs
Accrued clinical trial site costs	`IncreaseDecreaseInAccruedClinicalTrialSiteCosts`	$711.00K	USD	3 Qtrs
Accrued clinical trial site costs	`IncreaseDecreaseInAccruedClinicalTrialSiteCosts`	$1.40M	USD	3 Qtrs
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiabilities`	$-318.00K	USD	3 Qtrs
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiabilities`	$-224.00K	USD	3 Qtrs
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$67.00K	USD	3 Qtrs
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-7.00K	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-12.30M	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-18.36M	USD	3 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.00K	USD	3 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$16.00K	USD	3 Qtrs
Security deposit on sublease	`PaymentsToSecurityDepositOnSublease`	$59.00K	USD	3 Qtrs
Proceeds from sale of minority interest investment in former subsidiary	`ProceedsFromSaleOfMinorityInterestInvestmentInFormerSubsidiary`	$500.00K	USD	3 Qtrs
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.00K	USD	3 Qtrs
Net cash provided by (used in) investing activities	`NetCashProvidedByUsedInInvestingActivities`	$425.00K	USD	3 Qtrs
Proceeds from sale of common stock, net of costs	`ProceedsFromIssuanceOfCommonStock`	$53.76M	USD	3 Qtrs
Proceeds from stock option exercises	`ProceedsFromStockOptionsExercised`	$17.00K	USD	3 Qtrs
Principal paid on finance lease liabilities	`FinanceLeasePrincipalPayments`	$13.00K	USD	3 Qtrs
Net cash provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$53.76M	USD	3 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-11.87M	USD	3 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$35.40M	USD	3 Qtrs
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$11.22M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$23.10M	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`	$56.14M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$11.22M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$23.10M	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`	$56.14M	USD	Point-in-time
Purchases of property and equipment in accounts payable	`CapitalExpendituresIncurredButNotYetPaid`	$3.00K	USD	3 Qtrs
Purchases of property and equipment with capital lease obligation	`CapitalLeaseObligationsIncurred`	$28.00K	USD	3 Qtrs
Financing costs in accounts payable and accrued liabilities	`FinancingCostsInAccountsPayableAndAccruedLiabilities`	$38.00K	USD	3 Qtrs

Stockholders Equity 32 line items

Line Item	Tag	Value	Unit	Period
Payments of stock issuance costs	`PaymentsOfStockIssuanceCosts`	$3.78M	USD	3 Qtrs
Balances at beginning	`StockholdersEquity`	$56.18M	USD	Point-in-time
Balances at beginning	`StockholdersEquity`	$48.01M	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`	$13.84M	USD	Point-in-time
Balances at beginning	`StockholdersEquity`	$14.95M	USD	Point-in-time
Balances at beginning	`StockholdersEquity`	$23.63M	USD	Point-in-time
Balances at beginning	`StockholdersEquity`	$14.88M	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`	$153.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$374.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$220.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$248.00K	USD	1 Quarter
Issuance of common stock under equity incentive plan	`IssuanceOfCommonStockValueUnderEquityIncentivePlans`	$17.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-10.01M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-7.38M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.86M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-21.79M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-8.54M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-16.15M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-7.03M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$889.00K	USD	1 Quarter
Balances at ending	`StockholdersEquity`	$56.18M	USD	Point-in-time
Balances at ending	`StockholdersEquity`	$48.01M	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`	$13.84M	USD	Point-in-time
Balances at ending	`StockholdersEquity`	$14.95M	USD	Point-in-time
Balances at ending	`StockholdersEquity`	$23.63M	USD	Point-in-time
Balances at ending	`StockholdersEquity`	$14.88M	USD	Point-in-time

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