$SLNO
SOLENO THERAPEUTICS INC

2024 Q2 Form 10-Q Financial Statement

#000095017024057109 Filed on May 09, 2024

View on sec.gov

Income Statement

Concept 2024 Q2 2024 Q1
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $10.89M $8.472M
YoY Change 243.61% 196.85%
% of Gross Profit
Research & Development $12.34M $14.60M
YoY Change 140.07% 174.68%
% of Gross Profit
Depreciation & Amortization $494.0K $490.0K
YoY Change 1.02% 0.0%
% of Gross Profit
Operating Expenses $24.87M $23.48M
YoY Change 188.39% 177.19%
Operating Profit -$24.87M -$23.48M
YoY Change 188.39% 177.19%
Interest Expense $3.014M $2.077M
YoY Change 1950.34% 1738.05%
% of Operating Profit
Other Income/Expense, Net $3.014M $2.077M
YoY Change 301300.0% 1738.05%
Pretax Income -$21.85M -$21.40M
YoY Change 157.86% 156.08%
Income Tax
% Of Pretax Income
Net Earnings -$21.85M -$21.40M
YoY Change 157.86% 154.76%
Net Earnings / Revenue
Basic Earnings Per Share -$0.57 -$0.59
Diluted Earnings Per Share -$0.57 -$0.59
COMMON SHARES
Basic Shares Outstanding 33.41M 32.46M
Diluted Shares Outstanding 38.63M 36.21M

Balance Sheet

Concept 2024 Q2 2024 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $266.1M $149.6M
YoY Change 1274.03% 1800.27%
Cash & Equivalents $57.00M $42.80M
Short-Term Investments $209.1M $106.8M
Other Short-Term Assets $1.379M $1.596M
YoY Change 22.04% 27.37%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $267.5M $151.2M
YoY Change 1205.02% 1556.88%
LONG-TERM ASSETS
Property, Plant & Equipment $19.00K $27.00K
YoY Change -96.61% 22.73%
Goodwill
YoY Change
Intangibles $7.777M $8.263M
YoY Change -20.0% -19.05%
Long-Term Investments $28.48M $8.821M
YoY Change
Other Assets $83.00K $165.0K
YoY Change -49.7% 30.95%
Total Long-Term Assets $36.63M $17.61M
YoY Change 250.65% 69.24%
TOTAL ASSETS
Total Short-Term Assets $267.5M $151.2M
Total Long-Term Assets $36.63M $17.61M
Total Assets $304.1M $168.8M
YoY Change 882.84% 764.28%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.716M $8.022M
YoY Change 7.96% 188.77%
Accrued Expenses $4.308M $3.931M
YoY Change -11.05% -8.39%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $9.150M $13.46M
YoY Change 4.0% 73.48%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $14.22M $11.99M
YoY Change 46.34% 31.22%
Total Long-Term Liabilities $14.22M $11.99M
YoY Change 46.34% 31.22%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.150M $13.46M
Total Long-Term Liabilities $14.22M $11.99M
Total Liabilities $23.37M $25.45M
YoY Change 26.22% 50.63%
SHAREHOLDERS EQUITY
Retained Earnings -$319.7M -$297.8M
YoY Change 25.72% 21.16%
Common Stock $600.6M $441.3M
YoY Change 125.2% 77.66%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $280.8M $143.4M
YoY Change
Total Liabilities & Shareholders Equity $304.1M $168.8M
YoY Change 882.84% 764.28%

Cashflow Statement

Concept 2024 Q2 2024 Q1
OPERATING ACTIVITIES
Net Income -$21.85M -$21.40M
YoY Change 157.86% 154.76%
Depreciation, Depletion And Amortization $494.0K $490.0K
YoY Change 1.02% 0.0%
Cash From Operating Activities -$17.65M -$12.50M
YoY Change 217.12% 86.57%
INVESTING ACTIVITIES
Capital Expenditures $8.000K $11.00K
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$120.9M -$115.2M
YoY Change
Cash From Investing Activities -$120.9M -$115.2M
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 152.7M 938.0K
YoY Change 795.36%
NET CHANGE
Cash From Operating Activities -17.65M -12.50M
Cash From Investing Activities -120.9M -115.2M
Cash From Financing Activities 152.7M 938.0K
Net Change In Cash 14.18M -126.8M
YoY Change 23.34% 1785.17%
FREE CASH FLOW
Cash From Operating Activities -$17.65M -$12.50M
Capital Expenditures $8.000K $11.00K
Free Cash Flow -$17.66M -$12.51M
YoY Change 217.27% 86.73%

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CY2024Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
42847000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
7874000
CY2024Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
8000
CY2023Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
0
CY2024Q1 us-gaap Net Income Loss
NetIncomeLoss
-21400000
CY2024Q1 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-297800000
CY2024Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
42800000
CY2024Q1 us-gaap Short Term Investments
ShortTermInvestments
106800000
CY2024Q1 us-gaap Long Term Investments
LongTermInvestments
8800000
CY2024Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-12500000
CY2023Q4 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
129000000
CY2024Q1 slno Milestones Payment
MilestonesPayment
100000000
CY2023 slno Milestones Payment
MilestonesPayment
200000000
CY2024Q1 slno Percentage Of Probability Of Achieving Milestone
PercentageOfProbabilityOfAchievingMilestone
0.88
CY2024Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="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-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>
CY2024Q1 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
115706000
CY2024Q1 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
105000
CY2024Q1 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
115601000
CY2024Q1 us-gaap Lease Cost
LeaseCost
115000
CY2023Q1 us-gaap Lease Cost
LeaseCost
91000
CY2023 slno Percentage Of Probability Of Achieving Milestone
PercentageOfProbabilityOfAchievingMilestone
0.88
CY2024Q1 slno Lessee Operating Lease Extension Expiration Month And Year
LesseeOperatingLeaseExtensionExpirationMonthAndYear
2025-05
CY2024Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
300000
CY2023Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
300000
CY2024Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
37000
CY2023Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
100000
CY2023 slno Operating Lease Right Of Use Asset Increase
OperatingLeaseRightOfUseAssetIncrease
600000
CY2023 slno Increase In Operating Lease Liability
IncreaseInOperatingLeaseLiability
600000
CY2024Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0825
CY2024Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P14M
CY2023Q4 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.0825
CY2023Q4 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P17M
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
191000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
175000
CY2024Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
366000
CY2024Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
19000
CY2024Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
347000
CY2024Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
77000
CY2023Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
81000
CY2024Q1 us-gaap Variable Lease Cost
VariableLeaseCost
4000
CY2024Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
34000
CY2023Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
10000
CY2024Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
64000
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
119000
CY2024Q1 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
10000000
CY2023Q4 slno Public Offering Price Per Pre Funded Warrant
PublicOfferingPricePerPreFundedWarrant
19.99
CY2023Q4 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
129000000
CY2023Q4 slno Stock Issued Issuance Costs
StockIssuedIssuanceCosts
8200000
CY2024Q1 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
11426885
CY2023Q4 us-gaap Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
13071883
CY2024Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
6445000
CY2023Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
631000
CY2023Q1 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P6Y
CY2024Q1 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
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2024Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
36.70
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
CY2024Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
36208371
CY2024Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
36208371
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
9447350
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
9447350
CY2024Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
11819108
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
4978004

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