Soleno Therapeutics(SLNO) - 2024 Q3 - Quarterly Report

Financial Performance - The net loss for Q3 2024 was $76.6 million, compared to a net loss of$10.9 million in Q3 2023, representing a 605% increase[69] - The net loss for the nine months ended September 30, 2024, was $119.9 million, compared to a net loss of$27.7 million in the same period of 2023, representing a 333% increase[75] - The company incurred a net loss of $119.9 million during the nine months ended September 30, 2024, with an accumulated deficit of$396.3 million[81] Operating Expenses - Research and development expenses for Q3 2024 were $30.1 million, a 399$6.0 million in Q3 2023[71] - General and administrative expenses for Q3 2024 were $49.2 million, a 1383$3.3 million in Q3 2023[72] - Total operating expenses for Q3 2024 reached $80.2 million, a 673$10.4 million in Q3 2023[69] - Research and development expenses for the nine months ended September 30, 2024, were $57.1 million, a 246$16.5 million in the same period of 2023[77] - General and administrative expenses for the nine months ended September 30, 2024, were $68.6 million, a 634$9.3 million in the same period of 2023[78] - Total operating expenses for the nine months ended September 30, 2024, were $128.6 million, a 368$27.5 million in the same period of 2023[75] Cash Flow and Financing - Cash used in operating activities was $45.1 million for the nine months ended September 30, 2024, compared to$18.6 million for the same period in 2023[84] - The company used $308.9 million for purchases of marketable securities during the nine months ended September 30, 2024[85] - Financing activities provided$155.9 million in net cash during the nine months ended September 30, 2024, primarily from the sale of common stock[82] - The company had $48.4 million in cash and cash equivalents and$208.4 million in marketable securities as of September 30, 2024[81] - The gross proceeds from a public offering in May 2024 were $158.7 million, with a public offering price of$46.00 per share[81] - The company received $10.0 million from the sale of warrants and$37.7 million from the exercise of certain warrants through September 30, 2024[81] Other Financial Information - Other income for Q3 2024 was approximately $3.6 million, compared to other expense of approximately$479,000 in Q3 2023, primarily due to increased interest income[74] - The fair value of contingent consideration related to DCCR was estimated at $14.5 million as of September 30, 2024, an increase of$2.9 million from December 31, 2023[79] - The company expects to continue incurring losses and may require additional capital for clinical trials and product development[81] - There were no investing activities reported for the nine months ended September 30, 2023[85] - The company does not have any off-balance sheet arrangements[88]