$SLNO
SOLENO THERAPEUTICS INC

2023 Q4 Form 10-Q Financial Statement

#000095017023060438 Filed on November 08, 2023

View on sec.gov

Income Statement

Concept 2023 Q4 2023 Q3
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $4.140M $3.320M
YoY Change 72.36% 42.37%
% of Gross Profit
Research & Development $8.689M $6.043M
YoY Change 128.06% 60.25%
% of Gross Profit
Depreciation & Amortization $489.0K $490.0K
YoY Change 0.2% -0.41%
% of Gross Profit
Operating Expenses $13.91M $10.38M
YoY Change 147.95% 66.51%
Operating Profit -$10.38M
YoY Change 66.51%
Interest Expense $2.144M $170.0K
YoY Change 1615.2% 68.32%
% of Operating Profit
Other Income/Expense, Net $470.0K -$479.0K
YoY Change -47100.0% -565.05%
Pretax Income -$11.30M -$10.86M
YoY Change 105.91% 77.1%
Income Tax
% Of Pretax Income
Net Earnings -$11.30M -$10.86M
YoY Change 105.91% 77.12%
Net Earnings / Revenue
Basic Earnings Per Share -$0.95
Diluted Earnings Per Share -$0.33 -$0.95
COMMON SHARES
Basic Shares Outstanding 30.50M 9.992M
Diluted Shares Outstanding 11.44M

Balance Sheet

Concept 2023 Q4 2023 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $169.7M $52.44M
YoY Change 1062.04% 165.51%
Cash & Equivalents $169.7M $52.40M
Short-Term Investments
Other Short-Term Assets $1.677M $1.220M
YoY Change 60.48% 48.6%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $171.4M $53.66M
YoY Change 995.15% 160.84%
LONG-TERM ASSETS
Property, Plant & Equipment $419.0K $15.00K
YoY Change 1511.54% -34.78%
Goodwill
YoY Change
Intangibles $8.749M $9.235M
YoY Change -18.18% -17.38%
Long-Term Investments
YoY Change
Other Assets $165.0K $165.0K
YoY Change
Total Long-Term Assets $9.333M $9.889M
YoY Change -13.98% -13.31%
TOTAL ASSETS
Total Short-Term Assets $171.4M $53.66M
Total Long-Term Assets $9.333M $9.889M
Total Assets $180.7M $63.55M
YoY Change 581.93% 98.72%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.149M $3.216M
YoY Change 77.21% 38.38%
Accrued Expenses $6.801M $4.990M
YoY Change 34.62% 14.79%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $11.51M $28.99M
YoY Change 57.32% 294.89%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $11.68M $11.34M
YoY Change 32.18% 20.17%
Total Long-Term Liabilities $11.68M $11.34M
YoY Change 32.18% 20.17%
TOTAL LIABILITIES
Total Short-Term Liabilities $11.51M $28.99M
Total Long-Term Liabilities $11.68M $11.34M
Total Liabilities $23.18M $40.33M
YoY Change 43.56% 140.35%
SHAREHOLDERS EQUITY
Retained Earnings -$276.4M -$265.1M
YoY Change 16.43% 14.32%
Common Stock $433.9M $288.3M
YoY Change 75.13% 16.67%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $157.5M $23.22M
YoY Change
Total Liabilities & Shareholders Equity $180.7M $63.55M
YoY Change 581.93% 98.72%

Cashflow Statement

Concept 2023 Q4 2023 Q3
OPERATING ACTIVITIES
Net Income -$11.30M -$10.86M
YoY Change 105.91% 77.12%
Depreciation, Depletion And Amortization $489.0K $490.0K
YoY Change 0.2% -0.41%
Cash From Operating Activities -$6.314M -$6.340M
YoY Change 22.77% 36.17%
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 123.6M 39.40M
YoY Change 11420.47%
NET CHANGE
Cash From Operating Activities -6.314M -6.340M
Cash From Investing Activities 0.000 0.000
Cash From Financing Activities 123.6M 39.40M
Net Change In Cash 117.2M 33.06M
YoY Change -2377.02% -866.34%
FREE CASH FLOW
Cash From Operating Activities -$6.314M -$6.340M
Capital Expenditures $0.00 $0.00
Free Cash Flow -$6.314M -$6.340M
YoY Change 22.63% 36.17%

Facts In Submission

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us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
554000
slno Increase Decrease In Accrued Clinical Trial Site Costs
IncreaseDecreaseInAccruedClinicalTrialSiteCosts
15000
slno Increase Decrease In Accrued Clinical Trial Site Costs
IncreaseDecreaseInAccruedClinicalTrialSiteCosts
-594000
slno Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
-242000
slno Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
-218000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
266000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-18626000
us-gaap Net Cash Provided By Used In Operating Activities
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-15638000
us-gaap Payments To Acquire Property Plant And Equipment
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7000
us-gaap Net Cash Provided By Used In Investing Activities
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-7000
slno Proceeds From Sale Of Common Stock And Common Stock Warrants Net Of Issuance Costs
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17074000
slno Proceeds From Sale Of Common Stock And Pre Funded Warrants Net Of Costs
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14108000
us-gaap Proceeds From Warrant Exercises
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19445000
slno Proceeds Received Prior To For Issuance Of Common Stock And Pre Funded Warrants
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19932000
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
10000
us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
16000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
56461000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
14092000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
37835000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
1553000
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
CY2023Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
52437000
CY2022Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
19751000
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
597000
slno Unpaid Costs For Issuing Common Stock And Pre Funded Warrants
UnpaidCostsForIssuingCommonStockAndPreFundedWarrants
199000
us-gaap Net Income Loss
NetIncomeLoss
-27700000
CY2023Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-265100000
CY2023Q3 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
52400000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-18600000
CY2023Q4 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
129000000
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
16000000
us-gaap Short Term Lease Cost
ShortTermLeaseCost
33
us-gaap Short Term Lease Cost
ShortTermLeaseCost
22
CY2023Q3 slno Operating Lease Cost And Sublease Income
OperatingLeaseCostAndSubleaseIncome
88
CY2022Q3 slno Operating Lease Cost And Sublease Income
OperatingLeaseCostAndSubleaseIncome
90
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
us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0;font-size:10pt;margin-top:12pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;">Use of Estimates</span><span style="color:#000000;white-space:pre-wrap;font-weight:bold;font-size:10pt;font-family:Times New Roman;font-style:italic;min-width:fit-content;"> </span></p><p style="text-indent:4.533%;font-size:10pt;margin-top:6pt;font-family:Times New Roman;margin-bottom:0;text-align:left;"><span style="color:#000000;white-space:pre-wrap;font-weight:normal;font-size:10pt;font-family:Times New Roman;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
0.88
CY2022 slno Percentage Of Probability Of Achieving Milestone
PercentageOfProbabilityOfAchievingMilestone
0.72
slno Lessee Operating Lease Extension Expiration Month And Year
LesseeOperatingLeaseExtensionExpirationMonthAndYear
2025-05
slno Operating Lease Right Of Use Asset Increase
OperatingLeaseRightOfUseAssetIncrease
600000
slno Increase In Operating Lease Liability
IncreaseInOperatingLeaseLiability
600000
CY2023Q3 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0825
CY2023Q3 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P20M
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
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
76
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
287
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
143
CY2023Q3 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
506
CY2023Q3 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
36
CY2023Q3 us-gaap Operating Lease Liability
OperatingLeaseLiability
470
CY2023Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
76
CY2022Q3 us-gaap Operating Lease Cost
OperatingLeaseCost
81
us-gaap Operating Lease Cost
OperatingLeaseCost
235
us-gaap Operating Lease Cost
OperatingLeaseCost
242
CY2023Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
12
CY2022Q3 us-gaap Short Term Lease Cost
ShortTermLeaseCost
9
slno Operating Lease Cost And Sublease Income
OperatingLeaseCostAndSubleaseIncome
268
slno Operating Lease Cost And Sublease Income
OperatingLeaseCostAndSubleaseIncome
264
CY2023Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2023Q3 slno Pre Funded Warrants Issued
PreFundedWarrantsIssued
2420394
CY2023Q3 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
22388909
CY2022Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
5323110
CY2023Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2201000
CY2022Q3 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
683000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
4036000
us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1898000
CY2023Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2022Q3 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
3.80
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
2.62
CY2023Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
11436748
CY2023Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
11436748
CY2022Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9417705
CY2022Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9417705
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
10443186
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
10443186
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
8045513
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
8045513
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
21765365
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4042145
us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
16000000
CY2023Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
44299909

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