$SLNO
SOLENO THERAPEUTICS INC

2023 Q3 Form 10-Q Financial Statement

#000095017023039934 Filed on August 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q3 2023 Q2
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $3.320M $3.169M
YoY Change 42.37% 28.46%
% of Gross Profit
Research & Development $6.043M $5.141M
YoY Change 60.25% 39.1%
% of Gross Profit
Depreciation & Amortization $490.0K $489.0K
YoY Change -0.41% -0.61%
% of Gross Profit
Operating Expenses $10.38M $8.623M
YoY Change 66.51% 27.2%
Operating Profit -$10.38M -$8.623M
YoY Change 66.51% 27.2%
Interest Expense $170.0K $147.0K
YoY Change 68.32% 182.69%
% of Operating Profit
Other Income/Expense, Net -$479.0K $1.000K
YoY Change -565.05% -98.15%
Pretax Income -$10.86M -$8.475M
YoY Change 77.1% 26.02%
Income Tax
% Of Pretax Income
Net Earnings -$10.86M -$8.475M
YoY Change 77.12% 26.02%
Net Earnings / Revenue
Basic Earnings Per Share -$0.95 -$0.81
Diluted Earnings Per Share -$0.95 -$0.81
COMMON SHARES
Basic Shares Outstanding 9.992M 8.169M
Diluted Shares Outstanding 11.44M 10.42M

Balance Sheet

Concept 2023 Q3 2023 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $52.44M $19.37M
YoY Change 165.51% -19.52%
Cash & Equivalents $52.40M $19.37M
Short-Term Investments
Other Short-Term Assets $1.220M $1.130M
YoY Change 48.6% 37.14%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $53.66M $20.50M
YoY Change 160.84% -17.64%
LONG-TERM ASSETS
Property, Plant & Equipment $15.00K $560.0K
YoY Change -34.78% 1900.0%
Goodwill
YoY Change
Intangibles $9.235M $9.721M
YoY Change -17.38% -16.67%
Long-Term Investments
YoY Change
Other Assets $165.0K $165.0K
YoY Change
Total Long-Term Assets $9.889M $10.45M
YoY Change -13.31% -12.75%
TOTAL ASSETS
Total Short-Term Assets $53.66M $20.50M
Total Long-Term Assets $9.889M $10.45M
Total Assets $63.55M $30.94M
YoY Change 98.72% -16.05%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.216M $3.442M
YoY Change 38.38% 43.06%
Accrued Expenses $4.990M $4.843M
YoY Change 14.79% 9.45%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $28.99M $8.798M
YoY Change 294.89% 21.42%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $11.34M $9.720M
YoY Change 20.17% 4.44%
Total Long-Term Liabilities $11.34M $9.720M
YoY Change 20.17% 4.44%
TOTAL LIABILITIES
Total Short-Term Liabilities $28.99M $8.798M
Total Long-Term Liabilities $11.34M $9.720M
Total Liabilities $40.33M $18.52M
YoY Change 140.35% 11.87%
SHAREHOLDERS EQUITY
Retained Earnings -$265.1M -$254.3M
YoY Change 14.32% 12.62%
Common Stock $288.3M $266.7M
YoY Change 16.67% 8.36%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $23.22M $12.43M
YoY Change
Total Liabilities & Shareholders Equity $63.55M $30.94M
YoY Change 98.72% -16.05%

Cashflow Statement

Concept 2023 Q3 2023 Q2
OPERATING ACTIVITIES
Net Income -$10.86M -$8.475M
YoY Change 77.12% 26.02%
Depreciation, Depletion And Amortization $490.0K $489.0K
YoY Change -0.41% -0.61%
Cash From Operating Activities -$6.340M -$5.566M
YoY Change 36.17% 20.48%
INVESTING ACTIVITIES
Capital Expenditures $0.00 $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 $0.00
YoY Change -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 39.40M 17.06M
YoY Change 11420.47% -6149.65%
NET CHANGE
Cash From Operating Activities -6.340M -5.566M
Cash From Investing Activities 0.000 0.000
Cash From Financing Activities 39.40M 17.06M
Net Change In Cash 33.06M 11.49M
YoY Change -866.34% -334.14%
FREE CASH FLOW
Cash From Operating Activities -$6.340M -$5.566M
Capital Expenditures $0.00 $0.00
Free Cash Flow -$6.340M -$5.566M
YoY Change 36.17% 20.66%

Facts In Submission

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us-gaap Net Cash Provided By Used In Financing Activities
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17060000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
13750000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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4766000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
2761000
CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
14602000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
21304000
CY2023Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
19368000
CY2022Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
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us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
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597000
slno Unpaid Costs For Issuing Common Stock And Pre Funded Warrants
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us-gaap Net Income Loss
NetIncomeLoss
-16800000
CY2023Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2023Q2 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
19400000
us-gaap Net Cash Provided By Used In Operating Activities
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CY2022Q3 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
one-for-fifteen
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110000000
CY2022Q3 us-gaap Common Stock Shares Authorized
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100000000
CY2022Q3 us-gaap Common Stock Par Or Stated Value Per Share
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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
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>
slno Milestones Payment
MilestonesPayment
100000000
CY2022 slno Milestones Payment
MilestonesPayment
200000000
slno Percentage Of Probability Of Achieving Milestone
PercentageOfProbabilityOfAchievingMilestone
0.72
CY2022 slno Percentage Of Probability Of Achieving Milestone
PercentageOfProbabilityOfAchievingMilestone
0.72
slno Operating Lease Right Of Use Asset Increase
OperatingLeaseRightOfUseAssetIncrease
600000
slno Increase In Operating Lease Liability
IncreaseInOperatingLeaseLiability
600000
CY2023Q2 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0825
CY2023Q2 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P23M
CY2022Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.09
CY2022Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P5M
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
102
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
287
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
143
CY2023Q2 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
532
CY2023Q2 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
47
CY2023Q2 us-gaap Operating Lease Liability
OperatingLeaseLiability
485
CY2023Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
78
CY2022Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
81
us-gaap Operating Lease Cost
OperatingLeaseCost
159
us-gaap Operating Lease Cost
OperatingLeaseCost
162
CY2023Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
11
CY2022Q2 us-gaap Short Term Lease Cost
ShortTermLeaseCost
7
us-gaap Short Term Lease Cost
ShortTermLeaseCost
21
us-gaap Short Term Lease Cost
ShortTermLeaseCost
12
CY2023Q2 slno Operating Lease Cost And Sublease Income
OperatingLeaseCostAndSubleaseIncome
89
CY2022Q2 slno Operating Lease Cost And Sublease Income
OperatingLeaseCostAndSubleaseIncome
88
slno Operating Lease Cost And Sublease Income
OperatingLeaseCostAndSubleaseIncome
180
slno Operating Lease Cost And Sublease Income
OperatingLeaseCostAndSubleaseIncome
174
CY2023Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2023Q2 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
27921980
CY2022Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
5323110
CY2023Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1204000
CY2022Q2 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
571000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1835000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1215000
CY2022Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Risk Free Interest Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate
0.03
CY2022Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate
0.99
CY2023Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2023Q2 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
3.79
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.45
CY2023Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10423598
CY2023Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10423598
CY2022Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9339254
CY2022Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9339254
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9938171
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9938171
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
7348045
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
7348045
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
29295275
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4591774

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