10-K Filing

SOLENO THERAPEUTICS INC CIK: 1484565 FY 2021

Filing Information

Form Type	10-K
Accession Number	`0001564590-22-013023`
Period End Date	20211231
Filing Date	20220331
Fiscal Year	2021
Fiscal Period	FY
XBRL Instance	slno-10k_20211231_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 55 Income Statement 22 Cash Flow Statement 47 Stockholders Equity 14

Balance Sheet 55 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`	79.86M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	79.62M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	79.86M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$49.22M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$21.30M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.02M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.12M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$50.24M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$22.42M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$33.00K	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`	$421.00K	USD	Point-in-time
Finance lease right-of-use assets	`FinanceLeaseRightOfUseAsset`	$15.00K	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$12.64M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$14.58M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$40.00K	USD	Point-in-time
Total assets	`Assets`	$35.55M	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`	$3.25M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$1.00M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$728.00K	USD	Point-in-time
Accrued clinical trial site costs	`AccruedClinicalTrialCostsCurrent`	$3.42M	USD	Point-in-time
Accrued clinical trial site costs	`AccruedClinicalTrialCostsCurrent`	$3.79M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$282.00K	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`	$323.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$8.62M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$8.01M	USD	Point-in-time
Contingent liability for Essentialis purchase price	`AssetAcquisitionContingentConsiderationLiabilityNoncurrent`	$10.28M	USD	Point-in-time
Contingent liability for Essentialis purchase price	`AssetAcquisitionContingentConsiderationLiabilityNoncurrent`	$9.55M	USD	Point-in-time
Long-term lease liabilities	`OperatingLeaseLiabilityNoncurrent`	-	USD	Point-in-time
Long-term lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$175.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$17.76M	USD	Point-in-time
Total liabilities	`Liabilities`	$19.43M	USD	Point-in-time
Commitments and contingencies (Note 8)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies (Note 8)	`CommitmentsAndContingencies`	-	USD	Point-in-time
Common stock, $0.001 par value, 250,000,000 shares authorized, 79,864,310 and 79,615,692 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively.	`CommonStockValue`	$80.00K	USD	Point-in-time
Common stock, $0.001 par value, 250,000,000 shares authorized, 79,864,310 and 79,615,692 shares issued and outstanding at December 31, 2021 and December 31, 2020, respectively.	`CommonStockValue`	$80.00K	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$231.07M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$227.91M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-182.44M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-213.35M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$17.79M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$14.95M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$45.55M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$35.55M	USD	Point-in-time
Total liabilities and stockholders equity	`LiabilitiesAndStockholdersEquity`	$64.98M	USD	Point-in-time

Income Statement 22 line items

Line Item	Tag	Value	Unit	Period
Research and development	`ResearchAndDevelopmentExpense`	$21.45M	USD	Annual
Research and development	`ResearchAndDevelopmentExpense`	$23.19M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$10.81M	USD	Annual
General and administrative	`GeneralAndAdministrativeExpense`	$8.76M	USD	Annual
Change in fair value of contingent consideration	`AssetAcquisitionContingentConsiderationChangeInFairValue`	$-731.00K	USD	Annual
Change in fair value of contingent consideration	`AssetAcquisitionContingentConsiderationChangeInFairValue`	$4.34M	USD	Annual
Total operating expenses	`OperatingExpenses`	$36.29M	USD	Annual
Total operating expenses	`OperatingExpenses`	$31.53M	USD	Annual
Operating loss	`OperatingIncomeLoss`	$-36.29M	USD	Annual
Operating loss	`OperatingIncomeLoss`	$-31.53M	USD	Annual
Change in fair value of warrants liabilities	`FairValueAdjustmentOfWarrants`	$-11.64M	USD	Annual
Change in fair value of warrants liabilities	`FairValueAdjustmentOfWarrants`	$-508.00K	USD	Annual
Interest income	`OtherNonoperatingIncomeExpense`	$13.00K	USD	Annual
Interest income	`OtherNonoperatingIncomeExpense`	$110.00K	USD	Annual
Total other income	`NonoperatingIncomeExpense`	$11.65M	USD	Annual
Total other income	`NonoperatingIncomeExpense`	$618.00K	USD	Annual
Net loss	`NetIncomeLoss`	$-24.64M	USD	Annual
Net loss	`NetIncomeLoss`	$-30.91M	USD	Annual
Loss per common share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.39	USD	Annual
Loss per common share, basic and diluted	`EarningsPerShareBasicAndDiluted`	$-0.39	USD	Annual
Weighted-average common shares outstanding used to calculate basic and diluted net loss per common share	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	79.77M	shares	Annual
Weighted-average common shares outstanding used to calculate basic and diluted net loss per common share	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	62.62M	shares	Annual

Cash Flow Statement 47 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-24.64M	USD	Annual
Net loss	`ProfitLoss`	$-30.91M	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$1.95M	USD	Annual
Depreciation and amortization	`DepreciationAndAmortization`	$1.96M	USD	Annual
Noncash lease expense	`NoncashLeaseExpense`	$288.00K	USD	Annual
Noncash lease expense	`NoncashLeaseExpense`	$283.00K	USD	Annual
Stock-based compensation expense	`ShareBasedCompensation`	$1.50M	USD	Annual
Stock-based compensation expense	`ShareBasedCompensation`	$3.28M	USD	Annual
Change in fair value of stock warrants	`FairValueAdjustmentOfWarrants`	$-11.64M	USD	Annual
Change in fair value of stock warrants	`FairValueAdjustmentOfWarrants`	$-508.00K	USD	Annual
Change in fair value of contingent consideration	`AssetAcquisitionContingentConsiderationChangeInFairValue`	$-731.00K	USD	Annual
Change in fair value of contingent consideration	`AssetAcquisitionContingentConsiderationChangeInFairValue`	$4.34M	USD	Annual
Prepaid expenses, other current assets and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$139.00K	USD	Annual
Prepaid expenses, other current assets and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$549.00K	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.49M	USD	Annual
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-235.00K	USD	Annual
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-277.00K	USD	Annual
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$722.00K	USD	Annual
Accrued clinical trial site costs	`IncreaseDecreaseInAccruedClinicalTrialSiteCosts`	$-369.00K	USD	Annual
Accrued clinical trial site costs	`IncreaseDecreaseInAccruedClinicalTrialSiteCosts`	$1.79M	USD	Annual
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiabilities`	$-263.00K	USD	Annual
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiabilities`	$-305.00K	USD	Annual
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$-177.00K	USD	Annual
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$135.00K	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-27.77M	USD	Annual
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-25.22M	USD	Annual
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$7.00K	USD	Annual
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$22.00K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-7.00K	USD	Annual
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-22.00K	USD	Annual
Proceeds from sale of common stock and common stock warrants, net of costs	`ProceedsFromSaleOfCommonStockAndCommonStockWarrantsNetOfCosts`	$53.72M	USD	Annual
Tax withholding payments for net share-settled equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$120.00K	USD	Annual
Proceeds from stock option exercises	`ProceedsFromStockOptionsExercised`	$17.00K	USD	Annual
Principal paid on finance lease liabilities	`FinanceLeasePrincipalPayments`	$17.00K	USD	Annual
Principal paid on finance lease liabilities	`FinanceLeasePrincipalPayments`	$8.00K	USD	Annual
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-128.00K	USD	Annual
Net cash (used in) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$53.72M	USD	Annual
Net (decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-27.92M	USD	Annual
Net (decrease) increase in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$28.49M	USD	Annual
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$20.73M	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`	$21.30M	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`	$49.22M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$21.30M	USD	Point-in-time
Right-of use assets obtained in exchange for operating lease obligations	`RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability`	$581.00K	USD	Annual
Purchases of property and equipment in accounts payable	`CapitalExpendituresIncurredButNotYetPaid`	$1.00K	USD	Annual

Stockholders Equity 14 line items

Line Item	Tag	Value	Unit	Period
Less transaction costs	`AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts`	$3.78M	USD	Annual
Balances at beginning	`StockholdersEquity`	$17.79M	USD	Point-in-time
Balances at beginning	`StockholdersEquity`	$14.95M	USD	Point-in-time
Balances at beginning	`StockholdersEquity`	$45.55M	USD	Point-in-time
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.50M	USD	Annual
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$3.28M	USD	Annual
Issuance of restricted stock units and option exercises under equity incentive plan	`IssuanceOfRestrictedStockUnitsValueAndOptionExercisesUnderEquityIncentivePlan`	$17.00K	USD	Annual
Issuance of common stock	`StockIssuedDuringPeriodValueNewIssues`	$53.72M	USD	Annual
Tax withholding payments for net share-settled equity awards	`AdjustmentsToAdditionalPaidInCapitalIncomeTaxDeficiencyFromShareBasedCompensation`	$-120.00K	USD	Annual
Net loss	`NetIncomeLoss`	$-24.64M	USD	Annual
Net loss	`NetIncomeLoss`	$-30.91M	USD	Annual
Balances at ending	`StockholdersEquity`	$17.79M	USD	Point-in-time
Balances at ending	`StockholdersEquity`	$14.95M	USD	Point-in-time
Balances at ending	`StockholdersEquity`	$45.55M	USD	Point-in-time

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