SOLENO THERAPEUTICS INC

soleno.life

No Longer Reporting

The company has not filed an annual or quarterly report since its Q1 FY2026 10-Q, filed May 7, 2026. Its latest SEC filing is a SCHEDULE 13G/A from Aug 13, 2026.

The sections below describe the company as of the FY2025 annual report.

What Did They Do?

Sells VYKAT XR, an extended-release medicine for hyperphagia, to people with Prader-Willi syndrome.

How Did They Make Money?

Soleno sells VYKAT XR to a specialty pharmacy; the sale is completed when delivery transfers title to the pharmacy, with payment due afterward.

FY2025 revenue

Who Were Their Customers?

A specialty pharmacy buys VYKAT XR and dispenses it to patients with prescriptions from health care providers. A logistics provider stores and ships the product but does not take ownership.

Did Revenues Turn Into Profits?

Yes. It kept 11 cents of every revenue dollar as net income in FY2025 and turned 25 cents into free cash flow.

Operating income, FY2025

5% of revenue

▲ Now profitable vs FY2024 (−$187.7M)

Net income, FY2025

11% of revenue

▲ Now profitable vs FY2024 (−$175.9M)

Free cash flow, FY2025

25% of revenue

▲ Now profitable vs FY2024 (−$69.3M)

How Were They Changing?

Since the FY2025 annual report

Latest quarter: Q1 FY2026, the three months to Mar 31, 2026

Revenue
Net income: ▲ Now profitable; vs −$43.8M in Q1 FY2025

May 18, 2026 Merger made Soleno a wholly owned subsidiary Soleno asked Nasdaq to suspend trading and delist its shares; its CEO and CFO resigned at the merger’s effective time.

From development to sales The older report describes DCCR as a clinical-stage product under development; the latest report describes FDA-approved VYKAT XR and says commercial sales have begun for hyperphagia in PWS.

Who Did They Compete With?

Competes with Aardvark Therapeutics, Bright Minds Biosciences, Consynance, Harmony Biosciences, Neuren Pharmaceuticals, OT4B, Palobiofarma, and Rhythm Pharmaceuticals

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