$SLNO
SOLENO THERAPEUTICS INC

2022 Q3 Form 10-Q Financial Statement

#000156459022028965 Filed on August 10, 2022

View on sec.gov

Income Statement

Concept 2022 Q3 2022 Q2 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 $2.332M $2.467M $2.643M
YoY Change -15.72% 0.12% -11.31%
% of Gross Profit
Research & Development $3.771M $3.696M $3.988M
YoY Change -24.09% -33.85% -44.33%
% of Gross Profit
Depreciation & Amortization $492.0K $492.0K $492.0K
YoY Change 0.0% 0.61% 0.41%
% of Gross Profit
Operating Expenses $6.235M $6.779M $5.773M
YoY Change -24.75% -38.85% -36.95%
Operating Profit -$6.235M -$6.779M -$5.773M
YoY Change -24.75% -38.85% -36.95%
Interest Expense $101.0K $52.00K $22.00K
YoY Change 197.06% 26.83%
% of Operating Profit
Other Income/Expense, Net $103.0K $54.00K $49.00K
YoY Change -8.04% -44.33% -75.74%
Pretax Income -$6.132M -$6.725M -$5.724M
YoY Change -24.67% -38.8% -36.04%
Income Tax
% Of Pretax Income
Net Earnings -$6.132M -$6.725M -$5.724M
YoY Change -24.67% -38.8% -36.07%
Net Earnings / Revenue
Basic Earnings Per Share -$0.76 -$0.06 -$1.07
Diluted Earnings Per Share -$0.76 -$0.06 -$71.53K
COMMON SHARES
Basic Shares Outstanding 121.5M 120.1M 5.335M
Diluted Shares Outstanding 8.093M 120.1M 5.335M

Balance Sheet

Concept 2022 Q3 2022 Q2 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $19.75M $24.07M $28.97M
YoY Change -29.92% -28.37% -30.37%
Cash & Equivalents $19.80M $24.10M $29.00M
Short-Term Investments
Other Short-Term Assets $821.0K $824.0K $1.004M
YoY Change 16.95% -13.08% 9.13%
Inventory
Prepaid Expenses
Receivables
Other Receivables
Total Short-Term Assets $20.57M $24.89M $29.98M
YoY Change -28.78% -27.95% -29.51%
LONG-TERM ASSETS
Property, Plant & Equipment $23.00K $28.00K $377.0K
YoY Change -95.86% -95.52% 371.25%
Goodwill
YoY Change
Intangibles $11.18M $11.67M
YoY Change
Long-Term Investments
YoY Change
Other Assets $0.00 $0.00 $40.00K
YoY Change -100.0%
Total Long-Term Assets $11.41M $11.97M $12.57M
YoY Change -16.6% -15.89% -11.37%
TOTAL ASSETS
Total Short-Term Assets $20.57M $24.89M $29.98M
Total Long-Term Assets $11.41M $11.97M $12.57M
Total Assets $31.98M $36.86M $42.55M
YoY Change -24.87% -24.43% -24.98%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $2.324M $2.406M $2.411M
YoY Change -39.76% -28.14% -48.37%
Accrued Expenses $4.347M $4.425M $4.463M
YoY Change -7.35% -7.02% -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 $7.342M $7.246M $7.313M
YoY Change -18.8% -13.35% -23.1%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $9.437M $9.307M $8.772M
YoY Change -29.15% -28.29% -8.91%
Total Long-Term Liabilities $9.437M $9.307M $8.772M
YoY Change -29.15% -28.29% -8.91%
TOTAL LIABILITIES
Total Short-Term Liabilities $7.342M $7.246M $7.313M
Total Long-Term Liabilities $9.437M $9.307M $8.772M
Total Liabilities $16.78M $16.55M $16.09M
YoY Change -24.97% -22.44% -15.96%
SHAREHOLDERS EQUITY
Retained Earnings -$231.9M -$225.8M -$219.1M
YoY Change 10.17% 11.56%
Common Stock $247.1M $246.1M
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $15.20M $20.31M $26.46M
YoY Change
Total Liabilities & Shareholders Equity $31.98M $36.86M $42.55M
YoY Change -24.87% -24.43% -24.97%

Cashflow Statement

Concept 2022 Q3 2022 Q2 2022 Q1
OPERATING ACTIVITIES
Net Income -$6.132M -$6.725M -$5.724M
YoY Change -24.67% -38.8% -36.07%
Depreciation, Depletion And Amortization $492.0K $492.0K $492.0K
YoY Change 0.0% 0.61% 0.41%
Cash From Operating Activities -$4.656M -$4.620M -$6.400M
YoY Change -13.87% -42.33% -14.53%
INVESTING ACTIVITIES
Capital Expenditures $0.00 -$7.000K $0.00
YoY Change -100.0% 75.0% -100.0%
Acquisitions
YoY Change
Other Investing Activities
YoY Change
Cash From Investing Activities $0.00 -$7.000K $0.00
YoY Change -100.0% 75.0% -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 342.0K -282.0K 14.03M
YoY Change -4128.57% -11325.6%
NET CHANGE
Cash From Operating Activities -4.656M -4.620M -6.400M
Cash From Investing Activities 0.000 -7.000K 0.000
Cash From Financing Activities 342.0K -282.0K 14.03M
Net Change In Cash -4.314M -4.909M 7.670M
YoY Change -20.27% -38.7% -200.7%
FREE CASH FLOW
Cash From Operating Activities -$4.656M -$4.620M -$6.400M
Capital Expenditures $0.00 -$7.000K $0.00
Free Cash Flow -$4.656M -$4.613M -$6.400M
YoY Change -13.79% -42.39% -14.58%

Facts In Submission

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<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:6pt;text-indent:4.54%;color:#000000;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;"><span 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, and the valuation of contingent liabilities for the purchase price of assets obtained through acquisition.</span></p>
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203 Redwood Shores Parkway
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Suite 500
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dei Security12b Title
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Common Stock, $0.001 par value
dei Trading Symbol
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SLNO
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CY2022Q2 us-gaap Stockholders Equity
StockholdersEquity
20308000
CY2021Q4 us-gaap Stockholders Equity
StockholdersEquity
17793000
CY2021Q4 us-gaap Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
35553000
CY2022Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
3696000
CY2021Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5587000
CY2021Q4 us-gaap Common Stock Value
CommonStockValue
80000
CY2021Q4 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
231068000
CY2021Q2 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
41000
CY2022Q2 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
250000000
CY2021Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
250000000
CY2022Q2 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
120088816
CY2022Q2 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
120088816
CY2021Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
79864310
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
7684000
CY2022Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2467000
CY2021Q2 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
2464000
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
5110000
CY2022Q2 slno Asset Acquisition Contingent Consideration Change In Fair Value
AssetAcquisitionContingentConsiderationChangeInFairValue
616000
us-gaap Operating Expenses
OperatingExpenses
12552000
CY2021Q2 us-gaap Operating Income Loss
OperatingIncomeLoss
-11085000
us-gaap Operating Income Loss
OperatingIncomeLoss
-12552000
CY2022Q2 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-2000
CY2021Q2 us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-56000
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-257000
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-6725000
CY2021Q2 us-gaap Net Income Loss
NetIncomeLoss
-10988000
us-gaap Operating Expenses
OperatingExpenses
20241000
us-gaap Operating Income Loss
OperatingIncomeLoss
-20241000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
74000
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
42000
CY2022Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
54000
CY2021Q2 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
97000
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
103000
us-gaap Net Income Loss
NetIncomeLoss
-12449000
us-gaap Net Income Loss
NetIncomeLoss
-19942000
CY2022Q2 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
CY2021Q4 us-gaap Liabilities
Liabilities
17760000
CY2022Q2 us-gaap Common Stock Value
CommonStockValue
120000
CY2022Q2 us-gaap Additional Paid In Capital Common Stock
AdditionalPaidInCapitalCommonStock
245993000
CY2022Q2 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
-225804000
CY2022Q1 us-gaap Adjustments To Additional Paid In Capital Sharebased Compensation Requisite Service Period Recognition Value
AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue
644000
CY2022Q2 us-gaap Net Income Loss
NetIncomeLoss
-6725000
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-7000
us-gaap Finance Lease Principal Payments
FinanceLeasePrincipalPayments
3000
us-gaap Profit Loss
ProfitLoss
-19942000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
984000
us-gaap Depreciation And Amortization
DepreciationAndAmortization
979000
slno Noncash Lease Expense
NoncashLeaseExpense
142000
slno Noncash Lease Expense
NoncashLeaseExpense
151000
us-gaap Share Based Compensation
ShareBasedCompensation
1215000
us-gaap Share Based Compensation
ShareBasedCompensation
1952000
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-29000
us-gaap Fair Value Adjustment Of Warrants
FairValueAdjustmentOfWarrants
-257000
slno Asset Acquisition Contingent Consideration Change In Fair Value
AssetAcquisitionContingentConsiderationChangeInFairValue
-242000
slno Asset Acquisition Contingent Consideration Change In Fair Value
AssetAcquisitionContingentConsiderationChangeInFairValue
2047000
us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
-334000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-848000
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
204000
slno Increase Decrease In Accrued Clinical Trial Site Costs
IncreaseDecreaseInAccruedClinicalTrialSiteCosts
-264000
slno Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
-120000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
92000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-10982000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
7000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
13750000
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-123000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
2761000
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
49224000
CY2021Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
33596000
us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-153000
us-gaap Increase Decrease In Employee Related Liabilities
IncreaseDecreaseInEmployeeRelatedLiabilities
-353000
slno Increase Decrease In Accrued Clinical Trial Site Costs
IncreaseDecreaseInAccruedClinicalTrialSiteCosts
138000
slno Increase Decrease In Operating Lease Liabilities
IncreaseDecreaseInOperatingLeaseLiabilities
-168000
us-gaap Increase Decrease In Other Operating Liabilities
IncreaseDecreaseInOtherOperatingLiabilities
62000
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
-15501000
us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
4000
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-15628000
us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
12000

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