SLNO at a glance
SOLENO THERAPEUTICS INC (SLNO, SEC CIK 1484565) filed its latest 10-K annual report on February 25, 2026, a 10-Q quarterly report on May 7, 2026, an 8-K current report on May 18, 2026 and Form 4 insider filings as recently as May 18, 2026. SignalX summarizes each filing with AI and tracks the company's insider trades and institutional holders.
- For the fiscal year ended December 31, 2025 (FY2025), SOLENO THERAPEUTICS INC (SLNO) reported revenue of $190.4 million and net income of $20.9 million. Diluted EPS was $0.39.
- As of March 31, 2026, 28 institutional investment managers tracked by SignalX reported holding SOLENO THERAPEUTICS INC (SLNO) shares worth $681.0 million in 13F-HR filings.
Source: SEC EDGAR (XBRL financial data, 13F-HR and Form 4 filings).
- Revenue · FY2025
- $190.4M
- 10-K XBRL
- Insiders · 90 days
- 0 buys · 0 sells
- No open-market trades
- 13F holders
- 28 funds
- $681.0M · +6 vs prior quarter
- Latest 8-K
- May 18, 2026
- Item 1.02 · Item 5.01 · Item 2.01 · Item 3.03 · Item 5.03 · Item 5.02
AI 10-K Annual Report Analysis
Latest 10-K, fiscal year ended Dec 31, 2025
Business Overview
- Core business model: Biopharmaceutical company developing and commercializing novel therapeutics for rare diseases, with initial focus on Prader-Willi syndrome (PWS)
- New product: FDA approval and first commercial sales of VYKAT XR (diazoxide choline extended-release tablets) for hyperphagia in PWS patients aged 4 and older in March 2025
- Strategic shift: Transition from clinical development to commercialization phase with a 65-person U.S. field force targeting PWS specialists and multidisciplinary care teams
- Quantitative metric: Identified PWS patient population approx. 10,000 in U.S. with growing diagnosis rates; product priced at $6.0976 per mg with global patent protection expiring 2026-2035
- Noteworthy fact: In February 2026, new U.S. legislation codified FDA’s interpretation allowing multiple orphan drug approvals for different subpopulations within the same rare disease, impacting market exclusivity and competition strategy
Risk Factors
- Regulatory risk: FDA approval of VYKAT XR in March 2025 triggered contingent payments of $7.0 million due Q1 2026
- Macroeconomic exposure: $50 million outstanding loan with Oxford at 1-month SOFR + 5.50% interest, with $100 million more contingent on mutual consent
- Operational risk: Manufacturing and supply chain costs included in $40.6 million R&D spend, reduced by $7.5 million from prior year NDA support
- Competitive risk: Commercial launch costs increased by $23.4 million for marketing and commercial programs supporting VYKAT XR sales
- Financial risk: Contingent liability for milestone payments up to $21.2 million linked to VYKAT XR sales milestones of $100 million and $200 million
Management Discussion & Analysis
- No profitability or operating margin data provided
- No cash flow, buybacks, dividends, or capex amounts stated
- Forward-looking statements highlight risks including maintaining profitability, capital needs, intellectual property, regulatory approvals, and market competition
AI summary of the SLNO 10-K filed . Generated from the filing text; verify against the original.View on SEC EDGARHow to read a 10-K
AI 10-Q Quarterly Report Analysis
Latest 10-Q, quarter ended Mar 31, 2026
Management Discussion & Analysis
- Revenue $94.6M, up from $0 versus Q1 2025, driven by VYKAT XR sales
- Gross margin 98.7%, with cost of goods sold $1.2M
- Operating margin 33.1% versus (loss) margin in Q1 2025; net income $31.4M versus net loss $43.8M
- Cash $133.0M, marketable securities $396.0M, operating cash flow $26.0M versus use of $32.8M
- Outlook: continued VYKAT XR commercialization, with SG&A anticipated to increase; liquidity sufficient for next twelve months
Risk Factors
- Newly added merger risk: Neurocrine tender offer commenced April 20, 2026 at $53.00 per share
- Most material update: Offer delay or failure could reduce stock price, disrupt operations, and trigger a termination fee
- Regulatory risk: Voluntary withdrawal of VIOKAT EU marketing application on April 7, 2026 delayed commercialization plans
- Operational risk: Merger-related uncertainty may divert management attention and impair employee retention
- Financial risk: Merger costs, including professional services, insurance, and legal proceedings, may materially affect financial condition
AI summary of the SLNO 10-Q filed . Generated from the filing text; verify against the original.View on SEC EDGAR10-K vs 10-Q vs 8-K
AI 8-K Current Report Analysis
The most recent material events, by 8-K item
Item 1.02: Termination of a Material Definitive Agreement
- Merger completed May 18, 2026 under DGCL Section 251(h), without a stockholder vote
- Soleno became a direct wholly owned subsidiary of Parent
Item 5.01: Changes in Control of Registrant
- Introductory Note contains the substantive change-in-control details
- Control-change implications cannot be assessed from this excerpt alone
Item 2.01: Completion of Acquisition or Disposition of Assets
- Merger consummated, triggering Nasdaq delisting of Soleno shares
- Form 25 requested to remove Shares from Nasdaq and terminate Section 12(b) registration
Item 3.03: Material Modification to Rights of Security Holders
- Merger completion triggered a control change, making Soleno a direct wholly owned subsidiary of Parent
- Offer consideration funded with Parent’s cash on hand, indicating no disclosed acquisition financing
Item 5.03: Amendments to Articles of Incorporation or Bylaws
- Certificate of incorporation and bylaws amended and restated in full at merger closing
- Changes implement the Merger Agreement and may reset governance provisions and shareholder rights
Item 5.02: Departure/Appointment of Directors or Principal Officers
- Eight senior officers, including CEO Anish Bhatnagar and CFO Jennifer Fulk, resigned effective upon merger closing
- Matthew C. Abernethy and Darin M. Lippoldt replaced the board, becoming the company’s only directors
Item 8.01: Other Events
- Voluntary withdrawal of EMA marketing application for VIOKAT, the European version of U.S.-marketed VYKAT XR
- Withdrawal removes the expected mid-2026 EMA decision and delays potential European commercialization
Item 1.01: Entry into a Material Definitive Agreement
- Neurocrine Biosciences offer: $53.00 cash per Soleno share, followed by acquisition through merger
- Tender offer requires more than 50% of outstanding shares; no financing condition
Item 7.01: Regulation FD Disclosure
- Proposed Neurocrine acquisition remains pending; tender offer has not commenced
- Key next filings: Neurocrine Schedule TO and Soleno Schedule 14D-9
Item EX-99.1: Item EX-99.1
- Neurocrine agreed to acquire Soleno for $53.00 per share in cash, valuing Soleno’s equity at $2.9 billion
- Offer represents premiums of 34% to April 2 closing price and 51% to Soleno’s 30-day VWAP
AI summaries of SLNO 8-K current reports filed with the SEC. What 8-K item codes mean
SignalX for SLNO
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- Fund moves. Which tracked funds opened, added or cut SLNO, by share count.
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Recent Insider Transactions (Form 4)
Latest reported trades by officers, directors and 10% owners
| Insider | Type | Date | Shares | Price |
|---|---|---|---|---|
| Pauls Matthew | D | May 18, 2026 | 9,063 | - |
| Hahn Mark W | D | May 18, 2026 | 10,046 | - |
| Sinclair Andrew | D | May 18, 2026 | 823 | - |
| Pauls Matthew | D | May 18, 2026 | 10,491 | - |
| Bir Dawn Carter | D | May 18, 2026 | 16,991 | - |
| Bir Dawn Carter | D | May 18, 2026 | 16,991 | - |
| Sinclair Andrew | D | May 18, 2026 | 10,491 | - |
| Sinclair Andrew | D | May 18, 2026 | 1,333 | - |
Financial SummaryXBRL
| Metric | FY2023 | FY2024 | FY2025 |
|---|---|---|---|
| Profitability | |||
| Revenue | - | - | $190.4M |
| Operating Income | -$41.4M | -$187.7M | $9.4M |
| Net Income | -$39.0M | -$175.8M | $20.9M |
| Op. Margin | - | - | 4.9% |
| Net Margin | - | - | 11.0% |
| Balance Sheet | |||
| Total Assets | - | $331.0M | $563.8M |
| Equity | $157.5M | $245.1M | $450.1M |
| ROE | -24.8% | -71.7% | 4.6% |
| Per Share | |||
| EPS | - | $-4.38 | $0.39 |
| Cash Flow | |||
| Operating CF | -$24.9M | -$69.1M | $46.8M |
| CapEx | $0 | $218K | $73K |
Source: XBRL data in SOLENO THERAPEUTICS INC (SLNO)'s 10-K filings on SEC EDGAR, in USD. Compare across companies →
13F Fund Holdings: Quarterly Trend
Latest: Q1 2026Aggregate SLNO share value held by 13F filers tracked by SignalX, by quarter.
Quarterly totals table
| Quarter | Funds | Total value |
|---|---|---|
| Q1 2026 | 28 | $681.0M |
| Q4 2025 | 22 | $1.24B |
| Q3 2025 | 25 | $1.87B |
| Q2 2025 | 27 | $1.67B |
| Q1 2025 | 20 | $857.9M |
| Q4 2024 | 15 | $341.7M |
| Q3 2024 | 12 | $311.9M |
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Source: 13F-HR filings on SEC EDGAR (aggregated from 149 fund-quarter rows). Reflects only 13F filers tracked by SignalX, not the full institutional ownership universe. How 13F filings work
SLNO filing archive
AI analysis pages for each 10-K, 10-Q and 8-K
10-K annual reports
10-Q quarterly reports
Latest 2026 SEC Filings: 10-K, 10-Q, 8-K & Form 4
| Form | Filing date | Period | Analysis | SEC |
|---|---|---|---|---|
| 4 | May 18, 2026 | - | - | |
| 4 | May 18, 2026 | - | - | |
| 4 | May 18, 2026 | - | - | |
| 4 | May 18, 2026 | - | - | |
| 4 | May 18, 2026 | - | - | |
| 4 | May 18, 2026 | - | - | |
| 4 | May 18, 2026 | - | - | |
| 8-K | May 18, 2026 | - | Analysis | |
| 4 | May 18, 2026 | - | - | |
| 4 | May 18, 2026 | - | - | |
| 4 | May 18, 2026 | - | - | |
| 4 | May 18, 2026 | - | - | |
| 4 | May 18, 2026 | - | - | |
| SC 13G | May 12, 2026 | - | - | |
| 10-Q | May 7, 2026 | Mar 31, 2026 | Analysis | |
| 8-K | Apr 7, 2026 | - | Analysis | - |
| 8-K | Apr 6, 2026 | - | Analysis | - |
| 4 | Mar 31, 2026 | - | - | - |
| 4 | Mar 31, 2026 | - | - | - |
| 8-K | Mar 16, 2026 | - | Analysis | - |
| 4 | Mar 4, 2026 | - | - | - |
| 8-K | Feb 26, 2026 | - | Analysis | - |
| 10-K | Feb 25, 2026 | Dec 31, 2025 | Analysis | |
| 8-K | Feb 25, 2026 | - | Analysis | - |
| SC 13G | Feb 17, 2026 | - | - |
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SLNO SEC filings: frequently asked questions
Which institutions hold SLNO stock?
As of March 31, 2026, the largest SOLENO THERAPEUTICS INC (SLNO) holders among the 13F filers tracked by SignalX were FMR LLC (Fidelity) ($193.8 million), BlackRock ($125.3 million), State Street Corp ($89.8 million), Vanguard Capital Management LLC ($72.1 million), T. Rowe Price Group ($34.4 million). 13F-HR reports are filed up to 45 days after each quarter ends.
What was SLNO's revenue in fiscal year 2025?
For the fiscal year ended December 31, 2025 (FY2025), SOLENO THERAPEUTICS INC (SLNO) reported revenue of $190.4 million and net income of $20.9 million. Diluted EPS was $0.39. The figures come from the XBRL data in the 10-K.
What are the main risks in SLNO's latest 10-K?
In the 10-K filed February 25, 2026, SOLENO THERAPEUTICS INC (SLNO) flagged: Regulatory risk: FDA approval of VYKAT XR in March 2025 triggered contingent payments of $7.0 million due Q1 2026. Macroeconomic exposure: $50 million outstanding loan with Oxford at 1-month SOFR + 5.50% interest, with $100 million more contingent on mutual consent. (AI summary of the Risk Factors section.)
What did SLNO report in its latest 8-K?
SOLENO THERAPEUTICS INC (SLNO) filed an 8-K on May 18, 2026 reporting Item 1.02 (Termination of a Material Definitive Agreement), Item 5.01 (Changes in Control of Registrant), Item 2.01 (Completion of Acquisition or Disposition of Assets), Item 3.03 (Material Modification to Rights of Security Holders), Item 5.03 (Amendments to Articles of Incorporation or Bylaws) and Item 5.02 (Departure/Appointment of Directors or Principal Officers). Merger completed May 18, 2026 under DGCL Section 251(h), without a stockholder vote.
What are the latest SLNO SEC filings?
SOLENO THERAPEUTICS INC (SLNO) filed its latest 10-K annual report on February 25, 2026, a 10-Q quarterly report on May 7, 2026, an 8-K current report on May 18, 2026 and a Form 4 insider filing on May 18, 2026.
What is SLNO's SEC CIK number?
SOLENO THERAPEUTICS INC (SLNO)'s SEC Central Index Key (CIK) is 1484565. EDGAR lists every SLNO filing under that number.
Ask anything about SLNO
The research agent reads SLNO's filings, financials, insider trades and 13F holders, then answers with sources.