10-Q Filing

SOLENO THERAPEUTICS INC CIK: 1484565 Q2 2021

Filing Information

Form Type	10-Q
Accession Number	`0001564590-21-038646`
Period End Date	20210630
Filing Date	20210728
Fiscal Year	2021
Fiscal Period	Q2
XBRL Instance	slno-10q_20210630_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 57 Income Statement 46 Cash Flow Statement 52 Stockholders Equity 25

Balance Sheet 57 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`	250.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	250.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	79.76M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	79.62M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	79.76M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	79.62M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$33.60M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$49.22M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$948.00K	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.02M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$50.24M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$34.54M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$19.00K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$27.00K	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$124.00K	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$558.00K	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$15.00K	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$40.00K	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$14.58M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$13.61M	USD	Point-in-time
Total assets	`Assets`	$48.78M	USD	Point-in-time
Total assets	`Assets`	$64.98M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$3.49M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$3.35M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$652.00K	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$1.00M	USD	Point-in-time
Accrued clinical trial site costs	`AccruedClinicalTrialCostsCurrent`	$3.93M	USD	Point-in-time
Accrued clinical trial site costs	`AccruedClinicalTrialCostsCurrent`	$3.79M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$139.00K	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$180.00K	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$196.00K	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$255.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$8.62M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$8.36M	USD	Point-in-time
Contingent liability for Essentialis purchase price	`AssetAcquisitionContingentConsiderationLiabilityNoncurrent`	$10.28M	USD	Point-in-time
Contingent liability for Essentialis purchase price	`AssetAcquisitionContingentConsiderationLiabilityNoncurrent`	$12.32M	USD	Point-in-time
Operating lease liabilities, net of current	`OperatingLeaseLiabilityNoncurrent`	$372.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$21.34M	USD	Point-in-time
Total liabilities	`Liabilities`	$19.43M	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, 250,000,000 shares authorized, 79,759,225 and 79,615,692 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively.	`CommonStockValue`	$80.00K	USD	Point-in-time
Common stock, $0.001 par value, 250,000,000 shares authorized, 79,759,225 and 79,615,692 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively.	`CommonStockValue`	$80.00K	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$227.91M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$229.74M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-202.39M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-182.44M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$14.95M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$37.57M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$56.18M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$45.55M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$9.48M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$27.44M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$48.78M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$64.98M	USD	Point-in-time

Income Statement 46 line items

Line Item	Tag	Value	Unit	Period
Research and development	`ResearchAndDevelopmentExpense`	$12.80M	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$6.10M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$12.75M	USD	2 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$5.59M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$2.46M	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`	$5.44M	USD	2 Qtrs
Change in fair value of contingent consideration	`AssetAcquisitionContingentConsiderationChangeInFairValue`	$3.43M	USD	2 Qtrs
Change in fair value of contingent consideration	`AssetAcquisitionContingentConsiderationChangeInFairValue`	$2.05M	USD	2 Qtrs
Change in fair value of contingent consideration	`AssetAcquisitionContingentConsiderationChangeInFairValue`	$2.84M	USD	1 Quarter
Change in fair value of contingent consideration	`AssetAcquisitionContingentConsiderationChangeInFairValue`	$3.03M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$20.24M	USD	2 Qtrs
Total operating expenses	`OperatingExpenses`	$11.09M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$11.19M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$20.48M	USD	2 Qtrs
Operating loss	`OperatingIncomeLoss`	$-11.19M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-11.09M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-20.24M	USD	2 Qtrs
Operating loss	`OperatingIncomeLoss`	$-20.48M	USD	2 Qtrs
Change in fair value of warrants liabilities	`FairValueAdjustmentOfWarrants`	$-56.00K	USD	1 Quarter
Change in fair value of warrants liabilities	`FairValueAdjustmentOfWarrants`	$-257.00K	USD	2 Qtrs
Change in fair value of warrants liabilities	`FairValueAdjustmentOfWarrants`	$-7.22M	USD	2 Qtrs
Change in fair value of warrants liabilities	`FairValueAdjustmentOfWarrants`	$-3.81M	USD	1 Quarter
Interest income	`OtherNonoperatingIncomeExpense`	$41.00K	USD	1 Quarter
Interest income	`OtherNonoperatingIncomeExpense`	$42.00K	USD	2 Qtrs
Interest income	`OtherNonoperatingIncomeExpense`	$12.00K	USD	2 Qtrs
Interest income	`OtherNonoperatingIncomeExpense`	$1.00K	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$3.81M	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$299.00K	USD	2 Qtrs
Total other income	`NonoperatingIncomeExpense`	$97.00K	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$7.23M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-13.24M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-5.86M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-8.95M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-19.94M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-10.99M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-7.38M	USD	1 Quarter
Net loss per common share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.16	USD	1 Quarter
Net loss per common share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.14	USD	1 Quarter
Net loss per common share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.25	USD	2 Qtrs
Net loss per common share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.29	USD	2 Qtrs
Weighted-average common shares outstanding used to calculate basic and diluted net loss per common share	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	79.72M	shares	2 Qtrs
Weighted-average common shares outstanding used to calculate basic and diluted net loss per common share	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	79.75M	shares	1 Quarter
Weighted-average common shares outstanding used to calculate basic and diluted net loss per common share	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	46.24M	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

Cash Flow Statement 52 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-13.24M	USD	2 Qtrs
Net loss	`ProfitLoss`	$-19.94M	USD	2 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$979.00K	USD	2 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$977.00K	USD	2 Qtrs
Non-cash lease expense	`NoncashLeaseExpense`	$151.00K	USD	2 Qtrs
Non-cash lease expense	`NoncashLeaseExpense`	$137.00K	USD	2 Qtrs
Stock-based compensation expense	`ShareBasedCompensation`	$733.00K	USD	2 Qtrs
Stock-based compensation expense	`ShareBasedCompensation`	$1.95M	USD	2 Qtrs
Change in fair value of stock warrants	`FairValueAdjustmentOfWarrants`	$-56.00K	USD	1 Quarter
Change in fair value of stock warrants	`FairValueAdjustmentOfWarrants`	$-257.00K	USD	2 Qtrs
Change in fair value of stock warrants	`FairValueAdjustmentOfWarrants`	$-7.22M	USD	2 Qtrs
Change in fair value of stock warrants	`FairValueAdjustmentOfWarrants`	$-3.81M	USD	1 Quarter
Change in fair value of contingent consideration	`AssetAcquisitionContingentConsiderationChangeInFairValue`	$3.43M	USD	2 Qtrs
Change in fair value of contingent consideration	`AssetAcquisitionContingentConsiderationChangeInFairValue`	$2.05M	USD	2 Qtrs
Change in fair value of contingent consideration	`AssetAcquisitionContingentConsiderationChangeInFairValue`	$2.84M	USD	1 Quarter
Change in fair value of contingent consideration	`AssetAcquisitionContingentConsiderationChangeInFairValue`	$3.03M	USD	1 Quarter
Prepaid expenses, other current assets and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-83.00K	USD	2 Qtrs
Prepaid expenses, other current assets and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$35.00K	USD	2 Qtrs
Other assets	`IncreaseDecreaseInOtherOperatingAssets`	$40.00K	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.62M	USD	2 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-153.00K	USD	2 Qtrs
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-353.00K	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`	$138.00K	USD	2 Qtrs
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiabilities`	$-7.00K	USD	2 Qtrs
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiabilities`	$-168.00K	USD	2 Qtrs
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-262.00K	USD	2 Qtrs
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$62.00K	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-15.50M	USD	2 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-12.19M	USD	2 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$4.00K	USD	2 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.00K	USD	2 Qtrs
Proceeds from sale of common stock, net of costs	`ProceedsFromIssuanceOfCommonStock`	$53.95M	USD	2 Qtrs
Tax withholding payments for net share-settled equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$120.00K	USD	2 Qtrs
Proceeds from stock option exercises	`ProceedsFromStockOptionsExercised`	$17.00K	USD	2 Qtrs
Principal paid on finance lease liabilities	`FinanceLeasePrincipalPayments`	$3.00K	USD	2 Qtrs
Principal paid on finance lease liabilities	`FinanceLeasePrincipalPayments`	$8.00K	USD	2 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-123.00K	USD	2 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$53.96M	USD	2 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-15.63M	USD	2 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$41.77M	USD	2 Qtrs
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$49.22M	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`	$62.50M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$33.60M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$49.22M	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`	$62.50M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$33.60M	USD	Point-in-time
Right-of-use assets obtained in exchange for operating lease obligations	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	$581.00K	USD	2 Qtrs
Deferred financing costs included in accounts payable	`DeferredFinancingCostsIncludedInAccountsPayable`	$12.00K	USD	2 Qtrs

Stockholders Equity 25 line items

Line Item	Tag	Value	Unit	Period
Payments of stock issuance costs	`PaymentsOfStockIssuanceCosts`	$3.78M	USD	1 Quarter
Balances at beginning	`StockholdersEquity`	$14.95M	USD	Point-in-time
Balances at beginning	`StockholdersEquity`	$37.57M	USD	Point-in-time
Balances at beginning	`StockholdersEquity`	$56.18M	USD	Point-in-time
Balances at beginning	`StockholdersEquity`	$45.55M	USD	Point-in-time
Balances at beginning	`StockholdersEquity`	$9.48M	USD	Point-in-time
Balances at beginning	`StockholdersEquity`	$27.44M	USD	Point-in-time
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$392.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.09M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$857.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$341.00K	USD	1 Quarter
Issuance of common stock under equity incentive plan	`IssuanceOfCommonStockValueUnderEquityIncentivePlans`	$17.00K	USD	1 Quarter
Tax withholding payments for net share-settled equity awards	`AdjustmentsToAdditionalPaidInCapitalIncomeTaxDeficiencyFromShareBasedCompensation`	$-120.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-13.24M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-5.86M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-8.95M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-19.94M	USD	2 Qtrs
Net loss	`NetIncomeLoss`	$-10.99M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-7.38M	USD	1 Quarter
Balances at ending	`StockholdersEquity`	$14.95M	USD	Point-in-time
Balances at ending	`StockholdersEquity`	$37.57M	USD	Point-in-time
Balances at ending	`StockholdersEquity`	$56.18M	USD	Point-in-time
Balances at ending	`StockholdersEquity`	$45.55M	USD	Point-in-time
Balances at ending	`StockholdersEquity`	$9.48M	USD	Point-in-time
Balances at ending	`StockholdersEquity`	$27.44M	USD	Point-in-time

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