10-Q Filing

SOLENO THERAPEUTICS INC CIK: 1484565 Q3 2021

Filing Information

Form Type	10-Q
Accession Number	`0001564590-21-056228`
Period End Date	20210930
Filing Date	20211110
Fiscal Year	2021
Fiscal Period	Q3
XBRL Instance	slno-10q_20210930_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 60 Income Statement 48 Cash Flow Statement 55 Stockholders Equity 33

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`	250.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	250.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	79.62M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	79.81M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	79.81M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	79.62M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$28.18M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$49.22M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.02M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$702.00K	USD	Point-in-time
Total current assets	`AssetsCurrent`	$28.89M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$50.24M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$26.00K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$19.00K	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$124.00K	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$600.00K	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$489.00K	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$40.00K	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$15.00K	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$13.12M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$14.58M	USD	Point-in-time
Total assets	`Assets`	$42.56M	USD	Point-in-time
Total assets	`Assets`	$64.98M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$3.86M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$3.49M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$809.00K	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$1.00M	USD	Point-in-time
Accrued clinical trial site costs	`AccruedClinicalTrialCostsCurrent`	$3.59M	USD	Point-in-time
Accrued clinical trial site costs	`AccruedClinicalTrialCostsCurrent`	$3.79M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$290.00K	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$139.00K	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$196.00K	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$492.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$9.04M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$8.62M	USD	Point-in-time
Contingent liability for Essentialis purchase price	`AssetAcquisitionContingentConsiderationLiabilityNoncurrent`	$12.88M	USD	Point-in-time
Contingent liability for Essentialis purchase price	`AssetAcquisitionContingentConsiderationLiabilityNoncurrent`	$10.28M	USD	Point-in-time
Operating lease liabilities, net of current	`OperatingLeaseLiabilityNoncurrent`	$274.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$22.36M	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, 79,806,487 and 79,615,692 shares issued and outstanding at September 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, 79,806,487 and 79,615,692 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively.	`CommonStockValue`	$80.00K	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$230.65M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$227.91M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-210.53M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-182.44M	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`	$20.20M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$48.01M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$14.95M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$27.44M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$56.18M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$37.57M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$64.98M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$42.56M	USD	Point-in-time

Income Statement 48 line items

Line Item	Tag	Value	Unit	Period
Research and development	`ResearchAndDevelopmentExpense`	$17.72M	USD	3 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$17.62M	USD	3 Qtrs
Research and development	`ResearchAndDevelopmentExpense`	$4.97M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$4.83M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$2.77M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$6.51M	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$8.21M	USD	3 Qtrs
General and administrative	`GeneralAndAdministrativeExpense`	$2.26M	USD	1 Quarter
Change in fair value of contingent consideration	`AssetAcquisitionContingentConsiderationChangeInFairValue`	$2.60M	USD	3 Qtrs
Change in fair value of contingent consideration	`AssetAcquisitionContingentConsiderationChangeInFairValue`	$551.00K	USD	1 Quarter
Change in fair value of contingent consideration	`AssetAcquisitionContingentConsiderationChangeInFairValue`	$4.20M	USD	3 Qtrs
Change in fair value of contingent consideration	`AssetAcquisitionContingentConsiderationChangeInFairValue`	$774.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$28.33M	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$28.53M	USD	3 Qtrs
Total operating expenses	`OperatingExpenses`	$8.29M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$7.86M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-28.53M	USD	3 Qtrs
Operating loss	`OperatingIncomeLoss`	$-8.29M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-28.33M	USD	3 Qtrs
Operating loss	`OperatingIncomeLoss`	$-7.86M	USD	1 Quarter
Change in fair value of warrants liabilities	`FairValueAdjustmentOfWarrants`	$-112.00K	USD	1 Quarter
Change in fair value of warrants liabilities	`FairValueAdjustmentOfWarrants`	$-369.00K	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
Interest income	`OtherNonoperatingIncomeExpense`	$34.00K	USD	1 Quarter
Interest income	`OtherNonoperatingIncomeExpense`	$1.00K	USD	1 Quarter
Interest income	`OtherNonoperatingIncomeExpense`	$76.00K	USD	3 Qtrs
Interest income	`OtherNonoperatingIncomeExpense`	$13.00K	USD	3 Qtrs
Total other income (expense)	`NonoperatingIncomeExpense`	$445.00K	USD	3 Qtrs
Total other income (expense)	`NonoperatingIncomeExpense`	$-688.00K	USD	1 Quarter
Total other income (expense)	`NonoperatingIncomeExpense`	$6.54M	USD	3 Qtrs
Total other income (expense)	`NonoperatingIncomeExpense`	$146.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-10.99M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.86M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-8.14M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-21.79M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-7.38M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-8.54M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-28.08M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-8.95M	USD	1 Quarter
Net loss per common share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.11	USD	1 Quarter
Net loss per common share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.38	USD	3 Qtrs
Net loss per common share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.35	USD	3 Qtrs
Net loss per common share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.10	USD	1 Quarter
Weighted-average common shares outstanding used to calculate basic and diluted net loss per common share	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	56.92M	shares	3 Qtrs
Weighted-average common shares outstanding used to calculate basic and diluted net loss per common share	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	79.79M	shares	1 Quarter
Weighted-average common shares outstanding used to calculate basic and diluted net loss per common share	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	79.74M	shares	3 Qtrs
Weighted-average common shares outstanding used to calculate basic and diluted net loss per common share	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	79.58M	shares	1 Quarter

Cash Flow Statement 55 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-28.08M	USD	3 Qtrs
Net loss	`ProfitLoss`	$-21.79M	USD	3 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$1.47M	USD	3 Qtrs
Depreciation and amortization	`DepreciationAndAmortization`	$1.47M	USD	3 Qtrs
Non-cash lease expense	`NoncashLeaseExpense`	$210.00K	USD	3 Qtrs
Non-cash lease expense	`NoncashLeaseExpense`	$220.00K	USD	3 Qtrs
Stock-based compensation expense	`ShareBasedCompensation`	$2.86M	USD	3 Qtrs
Stock-based compensation expense	`ShareBasedCompensation`	$1.11M	USD	3 Qtrs
Change in fair value of stock warrants	`FairValueAdjustmentOfWarrants`	$-112.00K	USD	1 Quarter
Change in fair value of stock warrants	`FairValueAdjustmentOfWarrants`	$-369.00K	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 contingent consideration	`AssetAcquisitionContingentConsiderationChangeInFairValue`	$2.60M	USD	3 Qtrs
Change in fair value of contingent consideration	`AssetAcquisitionContingentConsiderationChangeInFairValue`	$551.00K	USD	1 Quarter
Change in fair value of contingent consideration	`AssetAcquisitionContingentConsiderationChangeInFairValue`	$4.20M	USD	3 Qtrs
Change in fair value of contingent consideration	`AssetAcquisitionContingentConsiderationChangeInFairValue`	$774.00K	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-317.00K	USD	3 Qtrs
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-122.00K	USD	3 Qtrs
Other long-term assets	`IncreaseDecreaseInOtherNoncurrentAssets`	$40.00K	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.22M	USD	3 Qtrs
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$369.00K	USD	3 Qtrs
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$473.00K	USD	3 Qtrs
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-196.00K	USD	3 Qtrs
Accrued clinical trial site costs	`IncreaseDecreaseInAccruedClinicalTrialSiteCosts`	$1.40M	USD	3 Qtrs
Accrued clinical trial site costs	`IncreaseDecreaseInAccruedClinicalTrialSiteCosts`	$-196.00K	USD	3 Qtrs
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiabilities`	$-156.00K	USD	3 Qtrs
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiabilities`	$-224.00K	USD	3 Qtrs
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$299.00K	USD	3 Qtrs
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-7.00K	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-18.36M	USD	3 Qtrs
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-20.91M	USD	3 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$9.00K	USD	3 Qtrs
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$3.00K	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-3.00K	USD	3 Qtrs
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-9.00K	USD	3 Qtrs
Proceeds from sale of common stock, net of costs	`ProceedsFromIssuanceOfCommonStock`	$53.76M	USD	3 Qtrs
Tax withholding payments for net share-settled equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$120.00K	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
Principal paid on finance lease liabilities	`FinanceLeasePrincipalPayments`	$3.00K	USD	3 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-123.00K	USD	3 Qtrs
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$53.76M	USD	3 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$35.40M	USD	3 Qtrs
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-21.04M	USD	3 Qtrs
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$56.14M	USD	Point-in-time
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$28.18M	USD	Point-in-time
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, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$56.14M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$28.18M	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
Purchase of property and equipment in accounts payable	`CapitalExpendituresIncurredButNotYetPaid`	$3.00K	USD	3 Qtrs
Right-of-use assets obtained in exchange for operating lease obligations	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	$581.00K	USD	3 Qtrs
Deferred financing costs included in accounts payable	`DeferredFinancingCostsIncludedInAccountsPayable`	$38.00K	USD	3 Qtrs

Stockholders Equity 33 line items

Line Item	Tag	Value	Unit	Period
Payments of stock issuance costs	`PaymentsOfStockIssuanceCosts`	$3.78M	USD	1 Quarter
Balances at beginning	`StockholdersEquity`	$45.55M	USD	Point-in-time
Balances at beginning	`StockholdersEquity`	$9.48M	USD	Point-in-time
Balances at beginning	`StockholdersEquity`	$20.20M	USD	Point-in-time
Balances at beginning	`StockholdersEquity`	$48.01M	USD	Point-in-time
Balances at beginning	`StockholdersEquity`	$14.95M	USD	Point-in-time
Balances at beginning	`StockholdersEquity`	$27.44M	USD	Point-in-time
Balances at beginning	`StockholdersEquity`	$56.18M	USD	Point-in-time
Balances at beginning	`StockholdersEquity`	$37.57M	USD	Point-in-time
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$392.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$341.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.09M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$906.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$374.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$857.00K	USD	1 Quarter
Issuance of common stock under equity incentive plan, net of tax withholdings	`IssuanceOfCommonStockValueUnderEquityIncentivePlans`	$17.00K	USD	1 Quarter
Tax withholding payments for net share-settled equity awards	`AdjustmentsToAdditionalPaidInCapitalIncomeTaxDeficiencyFromShareBasedCompensation`	$-120.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-10.99M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.86M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-8.14M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-21.79M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-7.38M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-8.54M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-28.08M	USD	3 Qtrs
Net loss	`NetIncomeLoss`	$-8.95M	USD	1 Quarter
Balances at ending	`StockholdersEquity`	$45.55M	USD	Point-in-time
Balances at ending	`StockholdersEquity`	$9.48M	USD	Point-in-time
Balances at ending	`StockholdersEquity`	$20.20M	USD	Point-in-time
Balances at ending	`StockholdersEquity`	$48.01M	USD	Point-in-time
Balances at ending	`StockholdersEquity`	$14.95M	USD	Point-in-time
Balances at ending	`StockholdersEquity`	$27.44M	USD	Point-in-time
Balances at ending	`StockholdersEquity`	$56.18M	USD	Point-in-time
Balances at ending	`StockholdersEquity`	$37.57M	USD	Point-in-time

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