Soleno Therapeutics Inc (SLNO)
NASDAQ:SLNO
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Soleno Therapeutics
(NASDAQ:SLNO)
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Rating:72Outperform
Price Target:
$58.00
▲(10.18% Upside)
Action:UpgradedDate:04/08/26
The score is driven primarily by the sharp 2025 financial inflection (revenue scale, profitability, and improved cash flow) and a very low-debt balance sheet, supported by upbeat earnings-call launch KPIs. Offsetting factors are a high valuation (P/E ~117.9) and technicals showing stretched momentum with the stock still below its 200-day moving average.
Positive Factors
Balance sheet strength
Soleno finished 2025 with a very strong capital position and ample liquidity (cash, cash equivalents and marketable securities of ~$506.1M noted on the call). Low debt and a large asset base materially reduce refinancing and solvency risk, enabling sustained investment in U.S. commercialization, EU activities, and early pipeline programs without near-term financing pressure.
Negative Factors
EU regulatory setback
Withdrawing the EU MAA halts a near-term international expansion path and removes a regulatory catalyst. That delays geographic diversification of revenue, compresses optionality for offshore growth and could force reallocation of resources back to the U.S. launch or rework of the regulatory strategy before re‑filing, extending timelines and execution risk.
Read all positive and negative factors
Positive Factors
Negative Factors
Balance sheet strength
Soleno finished 2025 with a very strong capital position and ample liquidity (cash, cash equivalents and marketable securities of ~$506.1M noted on the call). Low debt and a large asset base materially reduce refinancing and solvency risk, enabling sustained investment in U.S. commercialization, EU activities, and early pipeline programs without near-term financing pressure.
Read all positive factors
Soleno Therapeutics (SLNO) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$2.72B
Dividend YieldN/A
Average Volume (3M)4.75M
Price to Earnings (P/E)117.9
Beta (1Y)0.97
Revenue GrowthN/A
EPS Growth44.84%
CountryUS
Employees115
SectorHealthcare
Sector Strength45
IndustryBiotechnology
Share Statistics
EPS (TTM)0.80
Shares Outstanding51,624,386
10 Day Avg. Volume11,059,324
30 Day Avg. Volume4,754,107
Financial Highlights & Ratios
PEG Ratio-1.08
Price to Book (P/B)5.47
Price to Sales (P/S)12.93
P/FCF Ratio52.69
Enterprise Value/Market Cap0.98
Enterprise Value/Revenue13.94
Enterprise Value/Gross Profit14.14
Enterprise Value/Ebitda93.51
Forecast
1Y Price Target
$71.20Price Target Upside35.26% Upside
Rating ConsensusHold
Number of Analyst Covering13
EPS Forecast (FY)3.97
Revenue Forecast (FY)$467.14M
Soleno Therapeutics Business Overview & Revenue Model
Company Description
Soleno Therapeutics, Inc., a clinical-stage biopharmaceutical company, focuses on the development and commercialization of novel therapeutics for the treatment of rare diseases. Its lead candidate is Diazoxide Choline Controlled-Release, a once-da...
How the Company Makes Money
Soleno primarily makes money by selling its prescription pharmaceutical product, VYKAT XR (diazoxide choline) extended‑release tablets, in the United States. Revenue is generated through product sales to customers in the pharmaceutical distributio...
Soleno Therapeutics Earnings Call Summary
Earnings Call Date:Feb 25, 2026
(Q4-2025)
| % Change Since: |
Next Earnings Date:May 12, 2026
Earnings Call Sentiment Positive
The call communicated a strong commercial launch and material financial progress — meaningful sequential revenue growth (~40% Q/Q), positive operating cash flow and full-year profitability — alongside encouraging commercial metrics (1,250 start forms, 859 active patients, 630 prescribers and coverage of >180M lives). Key near-term risks flagged include EU regulatory uncertainty, anticipated increases in COGS as inventory normalizes, seasonality-driven Q1 gross-to-net effects, elevated SG&A for continued launch investment, and an expected long-term discontinuation range of 15%–20%. On balance, the positive financial and commercial momentum and ample cash runway outweigh the outlined challenges.Positive Updates
Strong Revenue Growth and Profitability
Q4 net revenue of $91.7M, representing sequential growth of nearly 40% from $66.0M in Q3; full-year 2025 net revenue of $190.4M (note: <9 months of commercial sales). Achieved profitability with full-year net income of $20.9M and Q4 net income of ~$43.4M compared to a net loss in the prior-year periods.
Negative Updates
EU Regulatory Uncertainty
EMA questions focus on adequacy of efficacy data derived primarily from a randomized withdrawal study; Day 180 questions imminent and decision uncertain — EU approval remains unresolved and could impact near-term international expansion plans.
Read all updates
Q4-2025 Updates
Positive
Negative
Strong Revenue Growth and Profitability
Q4 net revenue of $91.7M, representing sequential growth of nearly 40% from $66.0M in Q3; full-year 2025 net revenue of $190.4M (note: <9 months of commercial sales). Achieved profitability with full-year net income of $20.9M and Q4 net income of ~$43.4M compared to a net loss in the prior-year periods.
Read all positive updates
Company Guidance
Management guided to a strong ongoing launch: Q4 net revenue was $91.7M (nearly 40% sequential growth from $66M), full‑year revenue $190.4M (from <9 months of sales), Q4 cash from operations $48.7M, full‑year net income $20.9M, and year‑end cash, cash equivalents and marketable securities of $506.1M (after a $100M accelerated share repurchase). Commercial KPIs through 12/31 included 1,250 patient start forms (~12.5% of the U.S. addressable market), 859 active patients (up from 764 in Q3), 630 unique prescribers (136 added in Q4), coverage for >180 million lives and reimbursed claims from ~45 state Medicaid programs; they expect to capture ~1,000 additional start forms over the next 9–12 months. Safety and retention guidance: launch‑to‑date AE‑related discontinuation ≈12%, total discontinuation ≈15%, and an anticipated long‑term discontinuation rate of 15–20%. Financial and operational notes: Q4 COGS $0.9M (FY $2.7M) with COGS% expected to rise as zero‑cost inventory depletes; Q4 R&D $9.6M (FY $40.6M), Q4 SG&A $40.9M (FY $132.1M); Net income per share Q4 ~$0.82 basic/$0.80 diluted and FY $0.40 basic/$0.39 diluted. Regulatory and pipeline milestones: EMA Day‑180 questions expected end of Feb with a mid‑2026 EU decision window (UK/EU PWS population ~9,500), six Orange Book patents listed (four longest to 2035 with potential extension into the late‑2030s), and GSD‑1 plans (prevalence ~1/100,000 → >7,000 globally, 3–4k in U.S.), with an IND planned in H1 2026 and a clinical program to start later in 2026; the company will share 12‑month KPI updates on the Q1 2026 call and intends to retire those metrics then.Soleno Therapeutics Financial Statement Overview
Summary
Income Statement
70
Positive
Balance Sheet
86
Very Positive
Cash Flow
64
Positive
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 190.41M | 0.00 | 0.00 | 0.00 | 0.00 |
| Gross Profit | 187.71M | 0.00 | -1.96M | 0.00 | 0.00 |
| EBITDA | 28.38M | -173.63M | -37.03M | -22.10M | -30.30M |
| Net Income | 20.89M | -175.85M | -38.99M | -24.07M | -30.91M |
Balance Sheet | |||||
| Total Assets | 563.83M | 330.97M | 180.69M | 26.50M | 35.55M |
| Cash, Cash Equivalents and Short-Term Investments | 305.47M | 291.44M | 169.68M | 14.60M | 21.30M |
| Total Debt | 2.69M | 52.83M | 403.00K | 155.00K | 457.00K |
| Total Liabilities | 113.72M | 85.86M | 23.18M | 16.15M | 17.76M |
| Stockholders Equity | 450.12M | 245.11M | 157.51M | 10.35M | 17.79M |
Cash Flow | |||||
| Free Cash Flow | 46.73M | -69.31M | -24.94M | -20.79M | -27.79M |
| Operating Cash Flow | 46.80M | -69.10M | -24.94M | -20.78M | -27.77M |
| Investing Cash Flow | -201.78M | -225.68M | 0.00 | -13.00K | -22.00K |
| Financing Cash Flow | 137.16M | 213.03M | 180.02M | 14.09M | -128.00K |
Soleno Therapeutics Technical Analysis
Positive
52.64
Price Trends
39.20
Positive
42.96
Positive
56.44
Negative
Market Momentum
4.12
Negative
77.93
Negative
99.58
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For SLNO, the sentiment is Positive. The current price of 52.64 is above the 20-day moving average (MA) of 38.94, above the 50-day MA of 39.20, and below the 200-day MA of 56.44, indicating a neutral trend. The MACD of 4.12 indicates Negative momentum. The RSI at 77.93 is Negative, neither overbought nor oversold. The STOCH value of 99.58 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for SLNO.
Soleno Therapeutics Risk Analysis
Soleno Therapeutics disclosed 63 risk factors in its most recent earnings report. Soleno Therapeutics reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Soleno Therapeutics Peers Comparison
UnderperformOutperform
Sector (51)
SLNO
Soleno Therapeutics
52.64
-17.61
-25.07%
ADMA
ADMA Biologics
10.38
-11.77
-53.14%
KRYS
Krystal Biotech
267.41
98.28
58.11%
Soleno Therapeutics Corporate Events
Business Operations and StrategyRegulatory Filings and Compliance
Soleno Withdraws EU Application for Prader-Willi Treatment
Negative
Apr 7, 2026
On April 7, 2026, Soleno Therapeutics, Inc. announced that it had voluntarily withdrawn its marketing authorization application in Europe for VIOKAT prolonged-release tablets, known in the U.S. as VYKAT XR, for treating hyperphagia in adults and c...
Business Operations and StrategyM&A Transactions
Soleno Therapeutics to Be Acquired by Neurocrine Biosciences
Positive
Apr 6, 2026
On April 5, 2026, Soleno Therapeutics agreed to be acquired by Neurocrine Biosciences, which will launch a cash tender offer at $53.00 per share, valuing Soleno’s equity at about $2.9 billion and representing a premium of roughly 34% to Sole...
Business Operations and StrategyRegulatory Filings and Compliance
Soleno Therapeutics Updates Bylaws, Tightens Governance Framework
Positive
Mar 16, 2026
On March 16, 2026, Soleno Therapeutics’ Board of Directors approved amended and restated bylaws, acting on recommendations from its Nominating and Corporate Governance Committee. The changes update advance notice requirements for shareholder...
Business Operations and StrategyExecutive/Board Changes
Soleno Therapeutics Announces New Chief Financial Officer Appointment
Positive
Feb 26, 2026
On its February 25, 2026 earnings call, Soleno announced that veteran pharmaceutical finance executive Jennifer Fulk will become chief financial officer on March 2, 2026, succeeding long-time CFO James Mackaness, who plans to retire by the end of ...
Business Operations and StrategyExecutive/Board Changes
Soleno Therapeutics Updates Executive Compensation and Severance Plans
Positive
Jan 23, 2026
On January 21, 2026, Soleno Therapeutics’ board, following a review by its independent compensation consultant and Compensation Committee, approved higher base salaries for fiscal 2026, cash bonuses for fiscal 2025, and new stock option and ...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.