$SLNO
SOLENO THERAPEUTICS INC

2021 Q1 Form 10-Q Financial Statement

#000156459021024047 Filed on May 05, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $0.00 $0.00
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.980M $2.000M
YoY Change 49.0% -0.5%
% of Gross Profit
Research & Development $7.164M $6.695M
YoY Change 7.01% 142.57%
% of Gross Profit
Depreciation & Amortization $490.0K $490.0K
YoY Change 0.0% 0.0%
% of Gross Profit
Operating Expenses $9.156M $9.282M
YoY Change -1.36% 86.46%
Operating Profit -$9.156M -$9.282M
YoY Change -1.36% 86.46%
Interest Expense $0.00 $0.00
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net $202.0K $3.424M
YoY Change -94.1% -266.86%
Pretax Income -$8.950M -$5.860M
YoY Change 52.73% -16.64%
Income Tax
% Of Pretax Income
Net Earnings -$8.954M -$5.858M
YoY Change 52.85% -16.67%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$112.3K -$131.2K
COMMON SHARES
Basic Shares Outstanding 44.69M
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $41.61M $15.07M
YoY Change 176.11% -25.36%
Cash & Equivalents $41.61M $15.07M
Short-Term Investments
Other Short-Term Assets $920.0K $570.0K
YoY Change 61.4% -5.0%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $42.53M $15.64M
YoY Change 171.93% -25.04%
LONG-TERM ASSETS
Property, Plant & Equipment $80.00K $370.0K
YoY Change -78.38% 1847.37%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $60.00K
YoY Change
Total Long-Term Assets $14.18M $16.47M
YoY Change -13.9% -8.51%
TOTAL ASSETS
Total Short-Term Assets $42.53M $15.64M
Total Long-Term Assets $14.18M $16.47M
Total Assets $56.71M $32.11M
YoY Change 76.61% -17.38%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $4.670M $3.480M
YoY Change 34.2% 176.63%
Accrued Expenses $4.610M $3.500M
YoY Change 31.71% 253.54%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $9.510M $7.290M
YoY Change 30.45% 224.0%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $9.630M $60.00K
YoY Change 15950.0% -99.54%
Total Long-Term Liabilities $9.630M $60.00K
YoY Change 15950.0% -99.54%
TOTAL LIABILITIES
Total Short-Term Liabilities $9.510M $7.290M
Total Long-Term Liabilities $9.630M $60.00K
Total Liabilities $19.14M $22.63M
YoY Change -15.42% 48.53%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $37.57M $9.481M
YoY Change
Total Liabilities & Shareholders Equity $56.71M $32.11M
YoY Change 76.6% -17.38%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$8.954M -$5.858M
YoY Change 52.85% -16.67%
Depreciation, Depletion And Amortization $490.0K $490.0K
YoY Change 0.0% 0.0%
Cash From Operating Activities -$7.488M -$5.659M
YoY Change 32.32% 53.49%
INVESTING ACTIVITIES
Capital Expenditures $4.000K $0.00
YoY Change -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities -$4.000K $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 -125.0K -4.000K
YoY Change 3025.0%
NET CHANGE
Cash From Operating Activities -7.488M -5.659M
Cash From Investing Activities -4.000K 0.000
Cash From Financing Activities -125.0K -4.000K
Net Change In Cash -7.617M -5.663M
YoY Change 34.5% 53.18%
FREE CASH FLOW
Cash From Operating Activities -$7.488M -$5.659M
Capital Expenditures $4.000K $0.00
Free Cash Flow -$7.492M -$5.659M
YoY Change 32.39% 53.07%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
CY2020Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2003000
CY2021Q1 slno Asset Acquisition Contingent Consideration Change In Fair Value
AssetAcquisitionContingentConsiderationChangeInFairValue
-987000
CY2020Q1 slno Asset Acquisition Contingent Consideration Change In Fair Value
AssetAcquisitionContingentConsiderationChangeInFairValue
584000
CY2021Q1 us-gaap Operating Expenses
OperatingExpenses
9156000
CY2020Q1 us-gaap Operating Expenses
OperatingExpenses
9282000
CY2021Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-9156000
CY2020Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-9282000
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
14947000
CY2021Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-201000
CY2020Q1 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-3413000
CY2020Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
11000
CY2020Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
3424000
CY2021Q1 us-gaap Net Income Loss
NetIncomeLoss
-8954000
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
-5858000
CY2021Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.11
CY2020Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.13
CY2020Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
392000
CY2021Q1 slno Asset Acquisition Contingent Consideration Liability Noncurrent
AssetAcquisitionContingentConsiderationLiabilityNoncurrent
9291000
CY2020Q4 slno Asset Acquisition Contingent Consideration Liability Noncurrent
AssetAcquisitionContingentConsiderationLiabilityNoncurrent
10278000
CY2021Q1 us-gaap Stockholders Equity
StockholdersEquity
37568000
CY2021Q1 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
56706000
CY2021Q1 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.001
CY2021Q1 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
250000000
CY2021Q1 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
79723680
CY2021Q1 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
79723680
CY2021Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
7164000
CY2020Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
6695000
CY2021Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2979000
CY2021Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
79694781
CY2020Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
44679858
CY2021Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
1095000
CY2021Q1 us-gaap Adjustments To Additional Paid In Capital Income Tax Deficiency From Share Based Compensation
AdjustmentsToAdditionalPaidInCapitalIncomeTaxDeficiencyFromShareBasedCompensation
-120000
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
9481000
CY2021Q1 us-gaap Profit Loss
ProfitLoss
-8954000
CY2020Q1 us-gaap Profit Loss
ProfitLoss
-5858000
CY2021Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
489000
CY2020Q1 us-gaap Depreciation And Amortization
DepreciationAndAmortization
489000
CY2021Q1 slno Noncash Lease Expense
NoncashLeaseExpense
76000
CY2020Q1 slno Noncash Lease Expense
NoncashLeaseExpense
68000
CY2021Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1095000
CY2020Q1 us-gaap Share Based Compensation
ShareBasedCompensation
392000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
49224000
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
20733000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
41607000
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
15070000
CY2021Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
2000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-7617000
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-5663000
CY2021Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-98000
CY2020Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
161000
CY2021Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
1180000
CY2020Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
1485000
CY2021Q1 us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-594000
CY2020Q1 us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
55000
CY2021Q1 slno Increase Decrease In Accrued Clinical Trial Site Costs
IncreaseDecreaseInAccruedClinicalTrialSiteCosts
351000
CY2020Q1 slno Increase Decrease In Accrued Clinical Trial Site Costs
IncreaseDecreaseInAccruedClinicalTrialSiteCosts
847000
CY2021Q1 slno Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
-82000
CY2020Q1 slno Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
10000
CY2021Q1 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
41000
CY2020Q1 us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
-157000
CY2021Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-7488000
CY2020Q1 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-5659000
CY2021Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4000
CY2021Q1 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-4000
CY2021Q1 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
120000
CY2021Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
5000
CY2020Q1 us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
4000
CY2021Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-125000
CY2020Q1 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-4000
CY2021Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-bottom:0pt;margin-top:18pt;text-indent:0%;font-weight:bold;font-style:italic;font-size:10pt;font-family:Times New Roman;text-transform:none;font-variant: normal;">Use of Estimates </p> <p style="margin-bottom:0pt;margin-top:12pt;text-indent:4.54%;color:#000000;font-size:10pt;font-family:inherit;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><font style="Background-color:#FFFFFF;">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, value and life of acquired intangibles, and the valuation of contingent liabilities for the purchase price of assets obtained through acquisition. The contingent liability represents the fair value of the contingent consideration arising from the Company&#8217;s acquisition of Essentialis in 2017. As part of the purchase price, the Company is obligated to make cash earn out payments to Essentialis stockholders up to a maximum of $30 million upon the achievement of certain commercial milestones.</font></p>
CY2021Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
76000
CY2020Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
76000
CY2020Q1 us-gaap Finance Lease Right Of Use Asset Amortization
FinanceLeaseRightOfUseAssetAmortization
2000
CY2020Q1 us-gaap Finance Lease Interest Expense
FinanceLeaseInterestExpense
1000
CY2021Q1 slno Finance Lease Cost
FinanceLeaseCost
2000
CY2020Q1 slno Finance Lease Cost
FinanceLeaseCost
3000
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
1095000
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
392000
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
1.79
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
7074176
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
9940410

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