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Soleno Therapeutics(SLNO) - 2024 Q4 - Annual Results
SLNOSoleno Therapeutics(SLNO)2025-03-26 21:00

Financial Performance - Soleno reported a net loss of approximately (175.9)million,or(175.9) million, or (4.38) per basic and diluted share, for the year ended December 31, 2024, compared to a net loss of (39.0)million,or(39.0) million, or (2.36) per share, in 2023[17]. - Net loss for Q4 2024 was 55,982,000,comparedtoanetlossof55,982,000, compared to a net loss of 11,296,000 in Q4 2023, indicating a 397% increase in losses[27]. - Total comprehensive loss for the year ended December 31, 2024, was 175,489,000,comparedto175,489,000, compared to 38,988,000 in 2023, representing a 350% increase[27]. - Total operating loss for the year ended December 31, 2024, was 187,671,000,comparedto187,671,000, compared to 41,384,000 in 2023, indicating a 353% increase[27]. - Net loss per common share for Q4 2024 was 1.27,upfrom1.27, up from 0.33 in Q4 2023, reflecting a 284% increase[27]. Expenses - Research and development expenses for the full year 2024 were 78.6million,including78.6 million, including 33.7 million of non-cash stock-based compensation, compared to 25.2millionin2023[9].−GeneralandadministrativeexpensesfortheyearendedDecember31,2024,totaled25.2 million in 2023[9]. - General and administrative expenses for the year ended December 31, 2024, totaled 105.9 million, which includes 66.2millionofnon−cashstock−basedcompensation,comparedto66.2 million of non-cash stock-based compensation, compared to 13.5 million in 2023[13]. - Total operating expenses for Q4 2024 were 59,116,000,asignificantincreasefrom59,116,000, a significant increase from 13,910,000 in Q4 2023, representing a 324% rise[27]. - General and administrative expenses for Q4 2024 were 37,303,000,asubstantialrisefrom37,303,000, a substantial rise from 4,410,000 in Q4 2023, which is an increase of 746%[27]. - Stock-based compensation expense for the year ended December 31, 2024, totaled 99,958,000,comparedto99,958,000, compared to 5,945,000 in 2023, reflecting a 1,580% increase[29]. Income and Assets - Total other income for the year was 11.8million,upfrom11.8 million, up from 2.4 million in 2023, primarily due to increased interest income[16]. - Interest income for the year ended December 31, 2024, was 12,052,000,comparedto12,052,000, compared to 2,578,000 in 2023, showing a 367% increase[27]. - Soleno had 318.6millionincash,cashequivalents,andmarketablesecuritiesasofDecember31,2024[8].−Soleno′stotalassetsgrewto318.6 million in cash, cash equivalents, and marketable securities as of December 31, 2024[8]. - Soleno's total assets grew to 330.972 million as of December 31, 2024, compared to 180.691millionin2023[25].PersonnelandOperations−Personnelcostsincreasedby180.691 million in 2023[25]. Personnel and Operations - Personnel costs increased by 10.7 million in 2024 as the company hired additional employees for research and commercialization activities[14]. - Research and development expenses for the year ended December 31, 2024, reached 78,568,000,comparedto78,568,000, compared to 25,189,000 in 2023, marking a 212% increase[27]. - Weighted-average common shares outstanding for calculating basic and diluted net loss per common share increased to 43,924,831 in Q4 2024 from 34,441,721 in Q4 2023, a growth of 28%[27]. Regulatory and Financial Agreements - The company entered into a loan agreement for up to 200million,with200 million, with 50 million available upfront, contingent on FDA approval of DCCR for PWS[11]. - Soleno's NDA for DCCR was accepted by the FDA and granted Priority Review, with a target action date of March 27, 2025[4]. - The fair value of contingent liabilities related to the Essentialis merger increased to 14.8millionasofDecember31,2024,reflectinga14.8 million as of December 31, 2024, reflecting a 3.2 million increase from the previous year[15].