10-Q Filing

SOLENO THERAPEUTICS INC CIK: 1484565 Q1 2022

Filing Information

Form Type	10-Q
Accession Number	`0001564590-22-019266`
Period End Date	20220331
Filing Date	20220510
Fiscal Year	2022
Fiscal Period	Q1
XBRL Instance	slno-10q_20220331_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 58 Income Statement 25 Cash Flow Statement 46 Stockholders Equity 17

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`	250.00M	shares	Point-in-time
Common stock, shares authorized	`CommonStockSharesAuthorized`	250.00M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	79.86M	shares	Point-in-time
Common stock, shares issued	`CommonStockSharesIssued`	120.09M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	120.09M	shares	Point-in-time
Common stock, shares outstanding	`CommonStockSharesOutstanding`	79.86M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$28.97M	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$21.30M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.00M	USD	Point-in-time
Prepaid expenses and other current assets	`PrepaidExpenseAndOtherAssetsCurrent`	$1.12M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$22.42M	USD	Point-in-time
Total current assets	`AssetsCurrent`	$29.98M	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$27.00K	USD	Point-in-time
Property and equipment, net	`PropertyPlantAndEquipmentNet`	$33.00K	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$600.00K	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$350.00K	USD	Point-in-time
Operating lease right-of-use assets	`OperatingLeaseRightOfUseAsset`	$421.00K	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$12.15M	USD	Point-in-time
Intangible assets, net	`IntangibleAssetsNetExcludingGoodwill`	$12.64M	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$40.00K	USD	Point-in-time
Other long-term assets	`OtherAssetsNoncurrent`	$40.00K	USD	Point-in-time
Total assets	`Assets`	$42.55M	USD	Point-in-time
Total assets	`Assets`	$35.55M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$2.41M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$3.25M	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$728.00K	USD	Point-in-time
Accrued compensation	`EmployeeRelatedLiabilitiesCurrent`	$598.00K	USD	Point-in-time
Accrued clinical trial site costs	`AccruedClinicalTrialCostsCurrent`	$3.52M	USD	Point-in-time
Accrued clinical trial site costs	`AccruedClinicalTrialCostsCurrent`	$3.42M	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$282.00K	USD	Point-in-time
Operating lease liabilities	`OperatingLeaseLiabilityCurrent`	$344.00K	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$323.00K	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$439.00K	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$7.31M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$8.01M	USD	Point-in-time
Contingent liability for Essentialis purchase price	`AssetAcquisitionContingentConsiderationLiabilityNoncurrent`	$9.55M	USD	Point-in-time
Contingent liability for Essentialis purchase price	`AssetAcquisitionContingentConsiderationLiabilityNoncurrent`	$8.69M	USD	Point-in-time
Long-term lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$79.00K	USD	Point-in-time
Long-term lease liabilities	`OperatingLeaseLiabilityNoncurrent`	$175.00K	USD	Point-in-time
Total liabilities	`Liabilities`	$16.09M	USD	Point-in-time
Total liabilities	`Liabilities`	$17.76M	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, 120,088,816 and 79,864,310 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively.	`CommonStockValue`	$80.00K	USD	Point-in-time
Common stock, $0.001 par value, 250,000,000 shares authorized, 120,088,816 and 79,864,310 shares issued and outstanding at March 31, 2022 and December 31, 2021, respectively.	`CommonStockValue`	$120.00K	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$245.42M	USD	Point-in-time
Additional paid-in-capital	`AdditionalPaidInCapitalCommonStock`	$231.07M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-219.08M	USD	Point-in-time
Accumulated deficit	`RetainedEarningsAccumulatedDeficit`	$-213.35M	USD	Point-in-time
Accumulated other comprehensive loss	`AccumulatedOtherComprehensiveIncomeLossNetOfTax`	$-2.00K	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$26.46M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$17.79M	USD	Point-in-time
Total stockholders equity	`StockholdersEquity`	$37.57M	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`	$42.55M	USD	Point-in-time

Income Statement 25 line items

Line Item	Tag	Value	Unit	Period
Research and development	`ResearchAndDevelopmentExpense`	$7.16M	USD	1 Quarter
Research and development	`ResearchAndDevelopmentExpense`	$3.99M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$2.64M	USD	1 Quarter
General and administrative	`GeneralAndAdministrativeExpense`	$2.98M	USD	1 Quarter
Change in fair value of contingent consideration	`AssetAcquisitionContingentConsiderationChangeInFairValue`	$-858.00K	USD	1 Quarter
Change in fair value of contingent consideration	`AssetAcquisitionContingentConsiderationChangeInFairValue`	$-987.00K	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$9.16M	USD	1 Quarter
Total operating expenses	`OperatingExpenses`	$5.77M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-9.16M	USD	1 Quarter
Operating loss	`OperatingIncomeLoss`	$-5.77M	USD	1 Quarter
Change in fair value of warrants liabilities	`FairValueAdjustmentOfWarrants`	$-27.00K	USD	1 Quarter
Change in fair value of warrants liabilities	`FairValueAdjustmentOfWarrants`	$-201.00K	USD	1 Quarter
Interest income	`OtherNonoperatingIncomeExpense`	$22.00K	USD	1 Quarter
Interest income	`OtherNonoperatingIncomeExpense`	$1.00K	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$202.00K	USD	1 Quarter
Total other income	`NonoperatingIncomeExpense`	$49.00K	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.72M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-8.95M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-2.00K	USD	1 Quarter
Total comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-5.73M	USD	1 Quarter
Total comprehensive loss	`ComprehensiveIncomeNetOfTax`	$-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`	$-0.07	USD	1 Quarter
Weighted-average common shares outstanding used to calculate basic and diluted net loss per common share	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	80.02M	shares	1 Quarter
Weighted-average common shares outstanding used to calculate basic and diluted net loss per common share	`WeightedAverageNumberOfShareOutstandingBasicAndDiluted`	79.69M	shares	1 Quarter

Cash Flow Statement 46 line items

Line Item	Tag	Value	Unit	Period
Net loss	`ProfitLoss`	$-5.72M	USD	1 Quarter
Net loss	`ProfitLoss`	$-8.95M	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$492.00K	USD	1 Quarter
Depreciation and amortization	`DepreciationAndAmortization`	$489.00K	USD	1 Quarter
Non-cash lease expense	`NoncashLeaseExpense`	$71.00K	USD	1 Quarter
Non-cash lease expense	`NoncashLeaseExpense`	$76.00K	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$1.09M	USD	1 Quarter
Stock-based compensation expense	`ShareBasedCompensation`	$644.00K	USD	1 Quarter
Change in fair value of stock warrants	`FairValueAdjustmentOfWarrants`	$-27.00K	USD	1 Quarter
Change in fair value of stock warrants	`FairValueAdjustmentOfWarrants`	$-201.00K	USD	1 Quarter
Change in fair value of contingent consideration	`AssetAcquisitionContingentConsiderationChangeInFairValue`	$-858.00K	USD	1 Quarter
Change in fair value of contingent consideration	`AssetAcquisitionContingentConsiderationChangeInFairValue`	$-987.00K	USD	1 Quarter
Other non-cash reconciling items	`OtherNonCashReconcilingItems`	$-2.00K	USD	1 Quarter
Prepaid expenses, other current assets and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-98.00K	USD	1 Quarter
Prepaid expenses, other current assets and other assets	`IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets`	$-114.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$1.18M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$-1.05M	USD	1 Quarter
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-594.00K	USD	1 Quarter
Accrued compensation	`IncreaseDecreaseInEmployeeRelatedLiabilities`	$-130.00K	USD	1 Quarter
Accrued clinical trial site costs	`IncreaseDecreaseInAccruedClinicalTrialSiteCosts`	$351.00K	USD	1 Quarter
Accrued clinical trial site costs	`IncreaseDecreaseInAccruedClinicalTrialSiteCosts`	$101.00K	USD	1 Quarter
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiabilities`	$-82.00K	USD	1 Quarter
Operating lease liabilities	`IncreaseDecreaseInOperatingLeaseLiabilities`	$-34.00K	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$41.00K	USD	1 Quarter
Other liabilities	`IncreaseDecreaseInOtherOperatingLiabilities`	$37.00K	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-7.49M	USD	1 Quarter
Net cash used in operating activities	`NetCashProvidedByUsedInOperatingActivities`	$-6.36M	USD	1 Quarter
Purchases of property and equipment	`PaymentsToAcquirePropertyPlantAndEquipment`	$4.00K	USD	1 Quarter
Net cash used in investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-4.00K	USD	1 Quarter
Proceeds from sale of common stock and pre-funded warrants, net of costs	`ProceedsFromSaleOfCommonStockAndPreFundedWarrantsNetOfCosts`	$14.05M	USD	1 Quarter
Tax withholding payments for net share-settled equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$120.00K	USD	1 Quarter
Tax withholding payments for net share-settled equity awards	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$16.00K	USD	1 Quarter
Principal paid on finance lease liabilities	`FinanceLeasePrincipalPayments`	$5.00K	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$14.03M	USD	1 Quarter
Net cash provided by (used in) financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-125.00K	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$-7.62M	USD	1 Quarter
Net increase (decrease) in cash and cash equivalents	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect`	$7.67M	USD	1 Quarter
Cash and cash equivalents, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$41.61M	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`	$28.97M	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`	$41.61M	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`	$28.97M	USD	Point-in-time
Cash and cash equivalents, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$21.30M	USD	Point-in-time
Unpaid costs for issuing common stock and pre-funded warrants	`UnpaidCostsForIssuingCommonStockAndPreFundedWarrants`	$282.00K	USD	1 Quarter

Stockholders Equity 17 line items

Line Item	Tag	Value	Unit	Period
Less transaction costs	`PaymentsOfStockIssuanceCosts`	$1.03M	USD	1 Quarter
Balances at beginning	`StockholdersEquity`	$26.46M	USD	Point-in-time
Balances at beginning	`StockholdersEquity`	$17.79M	USD	Point-in-time
Balances at beginning	`StockholdersEquity`	$37.57M	USD	Point-in-time
Balances at beginning	`StockholdersEquity`	$45.55M	USD	Point-in-time
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.09M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$644.00K	USD	1 Quarter
Tax withholding payments for net share-settled equity awards	`AdjustmentsToAdditionalPaidInCapitalIncomeTaxDeficiencyFromShareBasedCompensation`	$16.00K	USD	1 Quarter
Tax withholding payments for net share-settled equity awards	`AdjustmentsToAdditionalPaidInCapitalIncomeTaxDeficiencyFromShareBasedCompensation`	$120.00K	USD	1 Quarter
Sale of common stock and pre-funded warrants in public offering, net of costs of $1,034	`StockIssuedDuringPeriodValueNewIssues`	$13.77M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-5.72M	USD	1 Quarter
Net loss	`NetIncomeLoss`	$-8.95M	USD	1 Quarter
Foreign currency translation adjustment	`OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax`	$-2.00K	USD	1 Quarter
Balances at ending	`StockholdersEquity`	$26.46M	USD	Point-in-time
Balances at ending	`StockholdersEquity`	$17.79M	USD	Point-in-time
Balances at ending	`StockholdersEquity`	$37.57M	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.