$SLNO
SOLENO THERAPEUTICS INC

2023 Q2 Form 10-Q Financial Statement

#000095017023019752 Filed on May 09, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $0.00 $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.169M $2.854M $2.643M
YoY Change 28.46% 7.98% -11.31%
% of Gross Profit
Research & Development $5.141M $5.316M $3.988M
YoY Change 39.1% 33.3% -44.33%
% of Gross Profit
Depreciation & Amortization $489.0K $490.0K $492.0K
YoY Change -0.61% -0.41% 0.41%
% of Gross Profit
Operating Expenses $8.623M $8.469M $5.773M
YoY Change 27.2% 46.7% -36.95%
Operating Profit -$8.623M -$8.469M -$5.773M
YoY Change 27.2% 46.7% -36.95%
Interest Expense $147.0K $113.0K $22.00K
YoY Change 182.69% 413.64%
% of Operating Profit
Other Income/Expense, Net $1.000K $113.0K $49.00K
YoY Change -98.15% 130.61% -75.74%
Pretax Income -$8.475M -$8.356M -$5.724M
YoY Change 26.02% 45.98% -36.04%
Income Tax
% Of Pretax Income
Net Earnings -$8.475M -$8.400M -$5.724M
YoY Change 26.02% 46.75% -36.07%
Net Earnings / Revenue
Basic Earnings Per Share -$0.81 -$0.88 -$1.07
Diluted Earnings Per Share -$0.81 -$0.88 -$71.53K
COMMON SHARES
Basic Shares Outstanding 8.169M 8.169M 5.335M
Diluted Shares Outstanding 10.42M 9.447M 5.335M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $19.37M $7.874M $28.97M
YoY Change -19.52% -72.82% -30.37%
Cash & Equivalents $19.37M $7.900M $29.00M
Short-Term Investments
Other Short-Term Assets $1.130M $1.253M $1.004M
YoY Change 37.14% 24.8% 9.13%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $20.50M $9.127M $29.98M
YoY Change -17.64% -69.55% -29.51%
LONG-TERM ASSETS
Property, Plant & Equipment $560.0K $22.00K $377.0K
YoY Change 1900.0% -94.16% 371.25%
Goodwill
YoY Change
Intangibles $9.721M $10.21M
YoY Change -16.67%
Long-Term Investments
YoY Change
Other Assets $165.0K $126.0K $40.00K
YoY Change 215.0%
Total Long-Term Assets $10.45M $10.41M $12.57M
YoY Change -12.75% -17.19% -11.37%
TOTAL ASSETS
Total Short-Term Assets $20.50M $9.127M $29.98M
Total Long-Term Assets $10.45M $10.41M $12.57M
Total Assets $30.94M $19.54M $42.55M
YoY Change -16.05% -54.08% -24.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.442M $2.778M $2.411M
YoY Change 43.06% 15.22% -48.37%
Accrued Expenses $4.843M $4.291M $4.463M
YoY Change 9.45% -3.85% -3.19%
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 $8.798M $7.761M $7.313M
YoY Change 21.42% 6.13% -23.1%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $9.720M $9.135M $8.772M
YoY Change 4.44% 4.14% -8.91%
Total Long-Term Liabilities $9.720M $9.135M $8.772M
YoY Change 4.44% 4.14% -8.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $8.798M $7.761M $7.313M
Total Long-Term Liabilities $9.720M $9.135M $8.772M
Total Liabilities $18.52M $16.90M $16.09M
YoY Change 11.87% 5.04% -15.96%
SHAREHOLDERS EQUITY
Retained Earnings -$254.3M -$245.8M -$219.1M
YoY Change 12.62% 12.19%
Common Stock $266.7M $248.4M
YoY Change 8.36%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $12.43M $2.639M $26.46M
YoY Change
Total Liabilities & Shareholders Equity $30.94M $19.54M $42.55M
YoY Change -16.05% -54.08% -24.97%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$8.475M -$8.400M -$5.724M
YoY Change 26.02% 46.75% -36.07%
Depreciation, Depletion And Amortization $489.0K $490.0K $492.0K
YoY Change -0.61% -0.41% 0.41%
Cash From Operating Activities -$5.566M -$6.700M -$6.400M
YoY Change 20.48% 4.69% -14.53%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00 $0.00
YoY Change -100.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0% -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 17.06M 0.000 14.03M
YoY Change -6149.65% -100.0% -11325.6%
NET CHANGE
Cash From Operating Activities -5.566M -6.700M -6.400M
Cash From Investing Activities 0.000 0.000 0.000
Cash From Financing Activities 17.06M 0.000 14.03M
Net Change In Cash 11.49M -6.728M 7.670M
YoY Change -334.14% -187.72% -200.7%
FREE CASH FLOW
Cash From Operating Activities -$5.566M -$6.700M -$6.400M
Capital Expenditures $0.00 $0.00 $0.00
Free Cash Flow -$5.566M -$6.700M -$6.400M
YoY Change 20.66% 4.69% -14.58%

Facts In Submission

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CY2022Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:12.0pt;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;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>
CY2023Q1 slno Percentage Of Probability Of Achieving Milestone
PercentageOfProbabilityOfAchievingMilestone
0.72
CY2022 slno Percentage Of Probability Of Achieving Milestone
PercentageOfProbabilityOfAchievingMilestone
0.72
CY2021Q2 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
600000
CY2023Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
39000
CY2022Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
155000
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.09
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P2M
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
81000
CY2022Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
81000
CY2023Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
10000
CY2022Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
5000
CY2023Q1 slno Operating Lease Cost And Sublease Income
OperatingLeaseCostAndSubleaseIncome
91000
CY2022Q1 slno Operating Lease Cost And Sublease Income
OperatingLeaseCostAndSubleaseIncome
86000
CY2023Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
631000
CY2022Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
644000
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
CY2022Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.017
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.88
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.88
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.75
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9447350
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9447350
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
5334712
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
5334712
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4978004
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4577823

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