$SLNO
SOLENO THERAPEUTICS INC

2022 Q4 Form 10-Q Financial Statement

#000095017022023838 Filed on November 09, 2022

View on sec.gov

Income Statement

Concept 2022 Q4 2022 Q3 2021 Q3
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.402M $2.332M $2.767M
YoY Change -7.47% -15.72% 22.43%
% of Gross Profit
Research & Development $3.810M $3.771M $4.968M
YoY Change 2.04% -24.09% 2.86%
% of Gross Profit
Depreciation & Amortization $488.0K $492.0K $492.0K
YoY Change -0.81% 0.0% 0.41%
% of Gross Profit
Operating Expenses $5.610M $6.235M $8.286M
YoY Change 86.94% -24.75% 16.87%
Operating Profit -$6.235M -$8.286M
YoY Change -24.75%
Interest Expense $125.0K $101.0K $34.00K
YoY Change 267.65% 197.06%
% of Operating Profit
Other Income/Expense, Net -$1.000K $103.0K $112.0K
YoY Change -100.72% -8.04% -116.28%
Pretax Income -$5.486M -$6.132M -$8.140M
YoY Change 93.99% -24.67% -4.8%
Income Tax
% Of Pretax Income
Net Earnings -$5.486M -$6.132M -$8.140M
YoY Change 93.99% -24.67% -4.8%
Net Earnings / Revenue
Basic Earnings Per Share -$0.76 -$1.53
Diluted Earnings Per Share -$0.65 -$0.76 -$102.0K
COMMON SHARES
Basic Shares Outstanding 8.159M 121.5M 5.319M
Diluted Shares Outstanding 8.093M 5.319M

Balance Sheet

Concept 2022 Q4 2022 Q3 2021 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $14.60M $19.75M $28.19M
YoY Change -31.46% -29.92% -49.8%
Cash & Equivalents $14.60M $19.80M $28.20M
Short-Term Investments
Other Short-Term Assets $1.045M $821.0K $702.0K
YoY Change -6.53% 16.95% 100.57%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $15.65M $20.57M $28.89M
YoY Change -30.22% -28.78% -48.86%
LONG-TERM ASSETS
Property, Plant & Equipment $26.00K $23.00K $555.0K
YoY Change -21.21% -95.86% 141.3%
Goodwill
YoY Change
Intangibles $10.69M $11.18M
YoY Change -15.38%
Long-Term Investments
YoY Change
Other Assets $0.00 $0.00 $40.00K
YoY Change -100.0% -100.0%
Total Long-Term Assets $10.85M $11.41M $13.68M
YoY Change -17.37% -16.6% -10.57%
TOTAL ASSETS
Total Short-Term Assets $15.65M $20.57M $28.89M
Total Long-Term Assets $10.85M $11.41M $13.68M
Total Assets $26.50M $31.98M $42.57M
YoY Change -25.47% -24.87% -40.7%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.777M $2.324M $3.858M
YoY Change -45.39% -39.76% 20.07%
Accrued Expenses $5.052M $4.347M $4.692M
YoY Change 14.04% -7.35% 7.12%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $7.313M $7.342M $9.042M
YoY Change -8.67% -18.8% 13.08%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $8.836M $9.437M $13.32M
YoY Change -9.4% -29.15% -15.59%
Total Long-Term Liabilities $8.836M $9.437M $13.32M
YoY Change -9.4% -29.15% -15.59%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.313M $7.342M $9.042M
Total Long-Term Liabilities $8.836M $9.437M $13.32M
Total Liabilities $16.15M $16.78M $22.36M
YoY Change -9.07% -24.97% -5.96%
SHAREHOLDERS EQUITY
Retained Earnings -$237.4M -$231.9M -$210.5M
YoY Change 11.27% 10.17% 17.21%
Common Stock $247.8M $247.1M
YoY Change 7.19%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $10.35M $15.20M $20.20M
YoY Change
Total Liabilities & Shareholders Equity $26.50M $31.98M $42.57M
YoY Change -25.47% -24.87% -40.7%

Cashflow Statement

Concept 2022 Q4 2022 Q3 2021 Q3
OPERATING ACTIVITIES
Net Income -$5.486M -$6.132M -$8.140M
YoY Change 93.99% -24.67% -4.8%
Depreciation, Depletion And Amortization $488.0K $492.0K $492.0K
YoY Change -0.81% 0.0% 0.41%
Cash From Operating Activities -$5.143M -$4.656M -$5.406M
YoY Change -25.06% -13.87% -12.38%
INVESTING ACTIVITIES
Capital Expenditures $6.000K $0.00 -$5.000K
YoY Change -146.15% -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$6.000K $0.00 -$5.000K
YoY Change -53.85% -100.0%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 0.000 342.0K 0.000
YoY Change -100.0% -100.0%
NET CHANGE
Cash From Operating Activities -5.143M -4.656M -5.406M
Cash From Investing Activities -6.000K 0.000 -5.000K
Cash From Financing Activities 0.000 342.0K 0.000
Net Change In Cash -5.149M -4.314M -5.411M
YoY Change -25.17% -20.27% -15.05%
FREE CASH FLOW
Cash From Operating Activities -$5.143M -$4.656M -$5.406M
Capital Expenditures $6.000K $0.00 -$5.000K
Free Cash Flow -$5.149M -$4.656M -$5.401M
YoY Change -24.83% -13.79% -12.46%

Facts In Submission

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PaymentsToAcquirePropertyPlantAndEquipment
9000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-7000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-9000
slno Proceeds From Sale Of Common Stock And Pre Funded Warrants Net Of Costs
ProceedsFromSaleOfCommonStockAndPreFundedWarrantsNetOfCosts
14108000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
16000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
120000
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
3000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
14092000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-123000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-1553000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-21039000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
21304000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
49224000
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
19751000
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
28185000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
581000
us-gaap Net Income Loss
NetIncomeLoss
-18600000
CY2022Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-231900000
CY2022Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
19800000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-15600000
CY2022Q3 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
one-for-fifteen
CY2022Q3 us-gaap Capital Units Authorized
CapitalUnitsAuthorized
110000000
CY2022Q3 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
100000000
CY2022Q3 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2022Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2022Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2022Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
81000
us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:18.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Use of Estimates</span><span style="color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:bold;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;line-height:1.15;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and reported amounts of expenses in the financial statements and accompanying notes. Actual results could differ from those estimates. Key estimates included in the financial statements include the valuation of deferred income tax assets, the valuation of financial instruments, stock-based compensation, accrued costs for services rendered in connection with third-party contractor clinical trial activities, and the valuation of contingent liabilities for the purchase price of assets obtained through acquisition.</span></p>
CY2021 slno Percentage Of Probability Of Achieving Milestones
PercentageOfProbabilityOfAchievingMilestones
0.72
slno Percentage Of Probability Of Achieving Milestones
PercentageOfProbabilityOfAchievingMilestones
0.72
CY2021Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
600000
CY2022Q3 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
200000
CY2021Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
300000
CY2022Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.09
CY2022Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P8M
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
70000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
179000
CY2022Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
249000
CY2022Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
10000
CY2022Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
239000
us-gaap Variable Lease Cost
VariableLeaseCost
6000
CY2022Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
9000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
22000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
17000
CY2021Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
81000
us-gaap Operating Lease Cost
OperatingLeaseCost
242000
us-gaap Operating Lease Cost
OperatingLeaseCost
235000
CY2022Q3 slno Operating Lease Cost And Sublease Income
OperatingLeaseCostAndSubleaseIncome
90000
CY2021Q3 slno Operating Lease Cost And Sublease Income
OperatingLeaseCostAndSubleaseIncome
81000
slno Operating Lease Cost And Sublease Income
OperatingLeaseCostAndSubleaseIncome
264000
slno Operating Lease Cost And Sublease Income
OperatingLeaseCostAndSubleaseIncome
258000
us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
4000
slno Finance Lease Cost
FinanceLeaseCost
4000
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
683000
CY2021Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
906000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1898000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2858000
CY2022Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2021Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.62
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
6028994
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
476857
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.73

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