Soleno Therapeutics Inc Financials

SLNO

Source SEC Filings (10-K/10-Q) Updated Sep 30, 2025 Currency USD FYE December

This page shows Soleno Therapeutics Inc (SLNO) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 12 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).

Financial Health Signals

Piotroski F-Score Weak

2/9

Soleno Therapeutics Inc passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass.

Earnings Quality Low Quality

0.39x

For every $1 of reported earnings, Soleno Therapeutics Inc generates $0.39 in operating cash flow (-$69.1M OCF vs -$175.8M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.

Interest Coverage At Risk

-812.4x

Soleno Therapeutics Inc earns $-812.4 in operating income for every $1 of interest expense (-$187.7M vs $231K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.

Key Financial Metrics

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Revenue

N/A

EBITDA

-$185.7M

YoY-371.0%

Soleno Therapeutics Inc's EBITDA was -$185.7M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 371.0% from the prior year.

Free Cash Flow

-$69.3M

YoY-177.9%

Soleno Therapeutics Inc generated -$69.3M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 177.9% from the prior year.

Net Income

-$175.8M

YoY-351.0%

Soleno Therapeutics Inc reported -$175.8M in net income in fiscal year 2024. This represents a decrease of 351.0% from the prior year.

EPS (Diluted)

$-4.38

YoY-85.6%

Soleno Therapeutics Inc earned $-4.38 per diluted share (EPS) in fiscal year 2024. This represents a decrease of 85.6% from the prior year.

Cash & Debt

$87.9M

YoY-48.2%

5Y CAGR+33.5%

10Y CAGR+27.2%

Soleno Therapeutics Inc held $87.9M in cash against $49.8M in long-term debt as of fiscal year 2024.

Dividends Per Share

N/A

Shares Outstanding

46M

YoY+44.3%

Soleno Therapeutics Inc had 46M shares outstanding in fiscal year 2024. This represents an increase of 44.3% from the prior year.

Gross Margin

N/A

Operating Margin

N/A

Net Margin

N/A

Return on Equity

N/A

R&D Spending

$78.6M

YoY+211.9%

5Y CAGR+37.0%

10Y CAGR+42.7%

Soleno Therapeutics Inc invested $78.6M in research and development in fiscal year 2024. This represents an increase of 211.9% from the prior year.

Share Buybacks

N/A

Capital Expenditures

$218K

5Y CAGR+59.7%

10Y CAGR+21.7%

Soleno Therapeutics Inc invested $218K in capex in fiscal year 2024, funding long-term assets and infrastructure.

SLNO Income Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$78.6M+211.9%	$25.2M+65.0%	$15.3M-28.8%	$21.5M-7.5%	$23.2M+42.6%	$16.3M
SG&A Expenses	$105.9M+685.3%	$13.5M+36.9%	$9.8M-8.9%	$10.8M+23.4%	$8.8M+26.4%	$6.9M
Operating Income	-$187.7M-353.5%	-$41.4M-69.6%	-$24.4M+22.6%	-$31.5M+13.1%	-$36.3M-54.5%	-$23.5M
Interest Expense	$231K	$0	$0	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	-$175.8M-351.0%	-$39.0M-62.0%	-$24.1M+22.1%	-$30.9M-25.5%	-$24.6M+19.9%	-$30.8M
EPS (Diluted)	$-4.38-85.6%	$-2.36	$-2.87+50.6%	$-5.81	N/A	N/A

Metric	Q3'25	Q2'25	Q3'24	Q4'23	Q3'23	Q4'22	Q3'22	Q4'21
Revenue	$66.0M+102.2%	$32.7M	N/A	N/A	N/A	N/A	N/A	N/A
Cost of Revenue	$1.1M+63.9%	$696K	N/A	N/A	N/A	N/A	N/A	N/A
Gross Profit	$64.9M+103.0%	$32.0M	N/A	N/A	N/A	N/A	N/A	N/A
R&D Expenses	$8.4M-8.1%	$9.1M-69.6%	$30.1M	N/A	$6.0M	N/A	$3.8M	N/A
SG&A Expenses	$33.8M+19.5%	$28.2M-42.6%	$49.2M	N/A	$3.3M	N/A	$2.3M	N/A
Operating Income	$22.1M+438.8%	-$6.5M+91.9%	-$80.2M	N/A	-$10.4M	N/A	-$6.2M	N/A
Interest Expense	$1.4M+1.0%	$1.4M	N/A	N/A	N/A	N/A	N/A	N/A
Income Tax	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Net Income	$26.0M+652.5%	-$4.7M+93.9%	-$76.6M	N/A	-$10.9M	N/A	-$6.1M	N/A
EPS (Diluted)	$0.47+622.2%	$-0.09+95.1%	$-1.83	N/A	$-0.95	N/A	$-0.65	N/A

SLNO Balance Sheet

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Total Assets	$331.0M+83.2%	$180.7M+581.9%	$26.5M-25.5%	$35.6M-45.3%	$65.0M+70.2%	$38.2M
Current Assets	$293.9M+71.5%	$171.4M+995.1%	$15.6M-30.2%	$22.4M-55.4%	$50.2M+137.6%	$21.1M
Cash & Equivalents	$87.9M-48.2%	$169.7M+1062.0%	$14.6M-31.5%	$21.3M-56.7%	$49.2M+137.4%	$20.7M
Inventory	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$85.9M+270.3%	$23.2M+43.6%	$16.1M-9.1%	$17.8M-8.6%	$19.4M-16.3%	$23.2M
Current Liabilities	$18.7M+62.9%	$11.5M+57.3%	$7.3M-8.7%	$8.0M-7.1%	$8.6M+73.6%	$5.0M
Long-Term Debt	$49.8M	N/A	N/A	N/A	N/A	N/A
Total Equity	$245.1M+55.6%	$157.5M+1422.1%	$10.3M-41.8%	$17.8M-60.9%	$45.5M+204.7%	$14.9M
Retained Earnings	-$452.3M-63.6%	-$276.4M-16.4%	-$237.4M-11.3%	-$213.4M-16.9%	-$182.4M-15.6%	-$157.8M

Metric	Q3'25	Q2'25	Q3'24	Q4'23	Q3'23	Q4'22	Q3'22	Q4'21
Total Assets	$599.9M+80.5%	$332.3M+0.4%	$331.0M+83.2%	$180.7M+184.3%	$63.5M+139.8%	$26.5M-17.1%	$32.0M-10.1%	$35.6M
Current Assets	$534.9M+68.8%	$316.8M+7.8%	$293.9M+71.5%	$171.4M+219.3%	$53.7M+242.9%	$15.6M-23.9%	$20.6M-8.3%	$22.4M
Cash & Equivalents	$246.7M+222.4%	$76.5M-13.0%	$87.9M-48.2%	$169.7M+223.6%	$52.4M+259.1%	$14.6M-26.1%	$19.8M-7.3%	$21.3M
Inventory	$6.7M+183.4%	$2.4M	N/A	N/A	N/A	N/A	N/A	N/A
Accounts Receivable	$25.5M+3.6%	$24.6M	N/A	N/A	N/A	N/A	N/A	N/A
Goodwill	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Total Liabilities	$105.1M+14.0%	$92.2M+7.3%	$85.9M+270.3%	$23.2M-42.5%	$40.3M+149.7%	$16.1M-3.8%	$16.8M-5.5%	$17.8M
Current Liabilities	$33.3M+58.8%	$20.9M+11.7%	$18.7M+62.9%	$11.5M-60.3%	$29.0M+296.5%	$7.3M-0.4%	$7.3M-8.3%	$8.0M
Long-Term Debt	$49.9M0.0%	$49.8M0.0%	$49.8M	N/A	N/A	N/A	N/A	N/A
Total Equity	$494.8M+106.0%	$240.1M-2.0%	$245.1M+55.6%	$157.5M+578.3%	$23.2M+124.4%	$10.3M-31.9%	$15.2M-14.6%	$17.8M
Retained Earnings	-$474.7M+5.2%	-$500.7M-10.7%	-$452.3M-63.6%	-$276.4M-4.3%	-$265.1M-11.7%	-$237.4M-2.4%	-$231.9M-8.7%	-$213.4M

SLNO Cash Flow Statement

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Operating Cash Flow	-$69.1M-177.0%	-$24.9M-20.0%	-$20.8M+25.2%	-$27.8M-10.1%	-$25.2M-45.2%	-$17.4M
Capital Expenditures	$218K	$0-100.0%	$13K-40.9%	$22K+214.3%	$7K-66.7%	$21K
Free Cash Flow	-$69.3M-177.9%	-$24.9M-19.9%	-$20.8M+25.2%	-$27.8M-10.2%	-$25.2M-45.0%	-$17.4M
Investing Cash Flow	-$225.7M	$0+100.0%	-$13K+40.9%	-$22K-214.3%	-$7K-101.3%	$528K
Financing Cash Flow	$213.0M+18.3%	$180.0M+1177.5%	$14.1M+11109.4%	-$128K-100.2%	$53.7M+271.0%	$14.5M
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q3'24	Q4'23	Q3'23	Q4'22	Q3'22	Q4'21
Operating Cash Flow	$43.5M+444.7%	-$12.6M+47.4%	-$24.0M-280.0%	-$6.3M+0.3%	-$6.3M-23.1%	-$5.1M-10.5%	-$4.7M+32.2%	-$6.9M
Capital Expenditures	$1K-88.9%	$9K+12.5%	$8K	$0	$0-100.0%	$6K	$0-100.0%	$13K
Free Cash Flow	$43.5M+444.4%	-$12.6M+47.4%	-$24.0M-280.1%	-$6.3M+0.3%	-$6.3M-23.0%	-$5.1M-10.6%	-$4.7M+32.3%	-$6.9M
Investing Cash Flow	-$91.4M-1055.3%	-$7.9M-222.8%	$6.4M	$0	$0+100.0%	-$6K	$0+100.0%	-$13K
Financing Cash Flow	$218.2M+1290.5%	$15.7M-72.5%	$57.1M-53.8%	$123.6M+213.6%	$39.4M	$0-100.0%	$342K+6940.0%	-$5K
Dividends Paid	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Share Buybacks	N/A	N/A	N/A	N/A	N/A	N/A	N/A	N/A

SLNO Financial Ratios

Metric	FY24	FY23	FY22	FY21	FY20	FY19
Gross Margin	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	-53.1%-31.6pp	-21.6%+69.3pp	-90.8%-3.9pp	-86.9%-49.0pp	-37.9%+42.7pp	-80.6%
Current Ratio	15.68+0.8	14.89+12.8	2.14-0.7	2.80-3.0	5.83+1.6	4.26
Debt-to-Equity	0.20+0.1	0.15-1.4	1.56+0.6	1.00+0.6	0.43-1.1	1.55
FCF Margin	N/A	N/A	N/A	N/A	N/A	N/A

Metric	Q3'25	Q2'25	Q3'24	Q4'23	Q3'23	Q4'22	Q3'22	Q4'21
Gross Margin	98.3%+0.4pp	97.9%	N/A	N/A	N/A	N/A	N/A	N/A
Operating Margin	33.5%+53.5pp	-20.0%	N/A	N/A	N/A	N/A	N/A	N/A
Net Margin	39.4%+53.8pp	-14.4%	N/A	N/A	N/A	N/A	N/A	N/A
Return on Equity	5.3%	N/A	N/A	N/A	N/A	N/A	N/A	N/A
Return on Assets	4.3%+5.8pp	-1.4%+24.4pp	-25.8%	N/A	-17.1%	N/A	-19.2%	N/A
Current Ratio	16.08+1.0	15.13-0.6	15.68+0.8	14.89+13.0	1.85-0.3	2.14-0.7	2.800.0	2.80
Debt-to-Equity	0.10-0.1	0.210.0	0.20+0.1	0.15-1.6	1.74+0.2	1.56+0.5	1.10+0.1	1.00
FCF Margin	65.8%+104.5pp	-38.6%	N/A	N/A	N/A	N/A	N/A	N/A

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Frequently Asked Questions

Is Soleno Therapeutics Inc profitable?

No, Soleno Therapeutics Inc (SLNO) reported a net income of -$175.8M in fiscal year 2024.

What is Soleno Therapeutics Inc's earnings per share (EPS)?

Soleno Therapeutics Inc (SLNO) reported diluted earnings per share of $-4.38 for fiscal year 2024. This represents a -85.6% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.

What is Soleno Therapeutics Inc's EBITDA?

Soleno Therapeutics Inc (SLNO) had EBITDA of -$185.7M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.

How much debt does Soleno Therapeutics Inc have?

As of fiscal year 2024, Soleno Therapeutics Inc (SLNO) had $87.9M in cash and equivalents against $49.8M in long-term debt.

What is Soleno Therapeutics Inc's free cash flow?

Soleno Therapeutics Inc (SLNO) generated -$69.3M in free cash flow during fiscal year 2024. This represents a -177.9% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.

What is Soleno Therapeutics Inc's operating cash flow?

Soleno Therapeutics Inc (SLNO) generated -$69.1M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.

What are Soleno Therapeutics Inc's total assets?

Soleno Therapeutics Inc (SLNO) had $331.0M in total assets as of fiscal year 2024, including both current and long-term assets.

What are Soleno Therapeutics Inc's capital expenditures?

Soleno Therapeutics Inc (SLNO) invested $218K in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.

How much does Soleno Therapeutics Inc spend on research and development?

Soleno Therapeutics Inc (SLNO) invested $78.6M in research and development during fiscal year 2024.

How many shares does Soleno Therapeutics Inc have outstanding?

Soleno Therapeutics Inc (SLNO) had 46M shares outstanding as of fiscal year 2024.

What is Soleno Therapeutics Inc's current ratio?

Soleno Therapeutics Inc (SLNO) had a current ratio of 15.68 as of fiscal year 2024, which is generally considered healthy.

What is Soleno Therapeutics Inc's debt-to-equity ratio?

Soleno Therapeutics Inc (SLNO) had a debt-to-equity ratio of 0.20 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.

What is Soleno Therapeutics Inc's return on assets (ROA)?

Soleno Therapeutics Inc (SLNO) had a return on assets of -53.1% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.

What is Soleno Therapeutics Inc's cash runway?

Based on fiscal year 2024 data, Soleno Therapeutics Inc (SLNO) had $87.9M in cash against an annual operating cash burn of $69.1M. This gives an estimated cash runway of approximately 15 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.

What is Soleno Therapeutics Inc's Piotroski F-Score?

Soleno Therapeutics Inc (SLNO) has a Piotroski F-Score of 2 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.

Are Soleno Therapeutics Inc's earnings high quality?

Soleno Therapeutics Inc (SLNO) has an earnings quality ratio of 0.39x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.

Can Soleno Therapeutics Inc cover its interest payments?

Soleno Therapeutics Inc (SLNO) has an interest coverage ratio of -812.4x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.