Soleno Therapeutics, Inc. (SLNO) Financials
Newest figures come from the 10-Q for Q1 FY2026, filed May 7, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the SLNO SEC filings page.
Soleno Therapeutics, Inc. (SLNO) reported $190.4M in revenue for fiscal year 2025. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 13 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).
Soleno moved from development-stage losses to reported profitability in FY2025, but expansion still relied on heavy investing and external financing.
The shift is more than an accounting turnaround: FY2024’s net loss of$175.9M and operating cash flow of-$69.1M gave way to FY2025 net income of$20.9M and operating cash flow of$46.8M , so earnings and cash generation aligned. At the same time, FY2025 investing outflow of$201.8M versus financing inflow of$137.2M means internally generated cash did not fund the year’s full deployment of capital.
Revenue of
The balance sheet became less debt-dependent: debt-to-equity was 0.1x in FY2025 versus 0.2x in FY2024, while the current ratio was 5.8x. Yet the company repurchased
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Soleno Therapeutics, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Soleno Therapeutics, Inc. held $506.1M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations generated $46.8M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Soleno Therapeutics, Inc. scores 86/100 among other emerging companies.
Soleno Therapeutics, Inc. had 52M shares outstanding at the end of fiscal year 2025, against 46M in fiscal year 2024. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Soleno Therapeutics, Inc. scores 29/100 among other emerging companies.
Soleno Therapeutics, Inc. spent $40.6M on research and development in fiscal year 2025, which was 22.4% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and Soleno Therapeutics, Inc. scores 54/100 among other emerging companies.
Not available for Soleno Therapeutics, Inc., and counted as zero in the overall score.
Soleno Therapeutics, Inc.'s operations generated $46.8M of cash in fiscal year 2025, against $69.1M used in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and Soleno Therapeutics, Inc. scores 97/100 among other emerging companies.
Soleno Therapeutics, Inc.'s cash, cash equivalents and investments came to $506.1M at the end of fiscal year 2025, against $113.7M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Soleno Therapeutics, Inc. scores 88/100 among other emerging companies.
Soleno Therapeutics, Inc. scores 14.53, well above the 2.99 safe threshold. The score is driven primarily by a large market capitalization ($2.8B) relative to total liabilities ($113.7M). This indicates low bankruptcy risk based on profitability, leverage, and asset efficiency.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Soleno Therapeutics, Inc. passes 5 of 7 computable financial strength tests (2 of the nine could not be computed from available data). All 4 profitability signals pass (positive income, cash flow, and earnings quality), 1 of 3 leverage/liquidity signals pass.
For every $1 of reported earnings, Soleno Therapeutics, Inc. generates $2.24 in operating cash flow ($46.8M OCF vs $20.9M net income). This indicates profits are well-supported by actual cash generation, not accounting adjustments.
Soleno Therapeutics, Inc. earns $1.72 in operating income for every $1 of interest expense ($9.4M vs $5.5M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Soleno Therapeutics, Inc. generated $94.6M in revenue in Q1 2026.
Soleno Therapeutics, Inc.'s EBITDA was $31.8M in Q1 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 170.3% from the same quarter a year earlier.
Soleno Therapeutics, Inc. reported $31.4M in net income in Q1 2026. This represents an increase of 171.7% from the same quarter a year earlier.
Soleno Therapeutics, Inc. earned $0.59 per diluted share (EPS) in Q1 2026. This represents an increase of 162.1% from the same quarter a year earlier. Against the prior quarter it is down 29.8%.
Cash & Balance Sheet
Soleno Therapeutics, Inc. generated $25.9M in free cash flow in Q1 2026, representing cash available after capex. This represents an increase of 179.2% from the same quarter a year earlier. Against the prior quarter it is down 46.7%.
Soleno Therapeutics, Inc. held $133.0M in cash against $49.9M in long-term debt as of Q1 2026.
Not reported for Q1 2026.
Margins & Returns
Soleno Therapeutics, Inc.'s gross margin was 98.7% in Q1 2026, indicating the percentage of revenue retained after direct costs.
Soleno Therapeutics, Inc.'s operating margin was 33.1% in Q1 2026, reflecting core business profitability.
Soleno Therapeutics, Inc.'s net profit margin was 33.2% in Q1 2026, showing the share of revenue converted to profit.
Soleno Therapeutics, Inc.'s ROE was 6.3% in Q1 2026, measuring profit generated per dollar of shareholder equity. This is up 25.2 percentage points from the same quarter a year earlier.
Capital Allocation
Soleno Therapeutics, Inc. invested $11.3M in research and development in Q1 2026. This represents a decrease of 16.6% from the same quarter a year earlier.
Soleno Therapeutics, Inc. spent $4K on share buybacks in Q1 2026, returning capital to shareholders by reducing shares outstanding.
Soleno Therapeutics, Inc. invested $40K in capex in Q1 2026, funding long-term assets and infrastructure. This represents an increase of 700.0% from the same quarter a year earlier. Against the prior quarter it is down 31.0%.
SLNO Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Revenue | $94.6M | N/A | $66.0M | $32.7M | N/A | N/A | N/A | N/A |
| Cost of Revenue | $1.2M | N/A | $1.1M | $696K | N/A | N/A | N/A | N/A |
| Gross Profit | $93.4M | N/A | $64.9M | $32.0M | N/A | N/A | N/A | N/A |
| R&D Expenses | $11.3M-16.6% | N/A | $8.4M-72.1% | $9.1M-25.9% | $13.5M-7.4% | N/A | $30.1M+398.7% | $12.3M+140.1% |
| SG&A Expenses | $50.4M+72.1% | N/A | $33.8M-31.4% | $28.2M+159.3% | $29.3M+245.4% | N/A | $49.2M+1382.7% | $10.9M+243.6% |
| Operating Income | $31.3M+168.4% | N/A | $22.1M+127.6% | -$6.5M+73.8% | -$45.7M-94.9% | N/A | -$80.2M-672.6% | -$24.9M-188.4% |
| EBITDA | $31.8M+170.3% | N/A | $22.6M+128.4% | -$6.0M+75.3% | -$45.2M-96.8% | N/A | -$79.7M-705.8% | -$24.4M-199.7% |
| Interest Expense | $1.3M-5.1% | N/A | $1.4M | $1.4M | $1.4M | N/A | N/A | N/A |
| Income Tax | $3.5M | N/A | N/A | N/A | $0 | N/A | N/A | N/A |
| Net Income | $31.4M+171.7% | N/A | $26.0M+134.0% | -$4.7M+78.5% | -$43.8M-104.6% | N/A | -$76.6M-605.4% | -$21.9M-157.9% |
| EPS (Basic) | $0.60+163.2% | $0.85+165.4% | $0.49+126.8% | -$0.09+84.2% | -$0.95-61.0% | -$1.30-548.3% | -$1.83-92.6% | -$0.57+29.6% |
| EPS (Diluted) | $0.59+162.1% | $0.84+164.6% | $0.47+125.7% | -$0.09+84.2% | -$0.95-61.0% | -$1.30-548.3% | -$1.83 | -$0.57 |
| Diluted Shares (Avg) | 53M+14.9% | N/A | 55M+31.1% | 50M+30.7% | 46M+27.5% | N/A | 42M | 39M |
SLNO Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $608.4M+91.3% | $563.8M+70.4% | $599.9M+102.2% | $332.3M+9.3% | $318.1M+88.4% | $331.0M+83.2% | $296.7M+366.9% | $304.1M+882.8% |
| Current Assets | $326.4M+5.7% | $355.8M+21.1% | $534.9M+107.1% | $316.8M+18.4% | $308.9M+104.3% | $293.9M+71.5% | $258.2M+381.2% | $267.5M+1205.0% |
| Cash & Equivalents | $133.0M+63.6% | $70.1M-20.3% | $246.7M+409.5% | $76.5M+34.1% | $81.3M+89.8% | $87.9M-48.2% | $48.4M-7.7% | $57.0M+194.4% |
| Short-Term Investments | $122.6M-41.2% | $235.4M+15.7% | $252.3M+21.1% | $210.3M+0.6% | $208.6M+95.4% | $203.5M | $208.4M | $209.1M |
| Inventory | $17.3M | $15.0M | $6.7M | $2.4M | N/A | N/A | N/A | N/A |
| Accounts Receivable | $47.1M | $28.2M | $25.5M | $24.6M | N/A | N/A | N/A | N/A |
| Long-Term Investments | $273.4M | $200.6M+637.3% | $57.1M+104.5% | $7.0M-75.4% | $0-100.0% | $27.2M | $27.9M | $28.5M |
| Total Liabilities | $112.6M+31.2% | $113.7M+32.4% | $105.1M+228.3% | $92.2M+294.3% | $85.8M+237.2% | $85.9M+270.3% | $32.0M-20.6% | $23.4M+26.2% |
| Current Liabilities | $58.0M+269.0% | $61.4M+227.3% | $33.3M+122.2% | $20.9M+128.9% | $15.7M+16.8% | $18.7M+62.9% | $15.0M-48.4% | $9.2M+4.0% |
| Non-Current Liabilities | $54.5M-22.2% | $52.4M-22.0% | $71.8M+321.5% | $71.2M+400.7% | $70.1M+484.8% | $67.1M+474.6% | $17.0M+50.4% | $14.2M+46.3% |
| Long-Term Debt | $49.9M+0.1% | $49.9M+0.1% | $49.9M | $49.8M | $49.8M | $49.8M | N/A | N/A |
| Total Equity | $495.8M+113.5% | $450.1M+83.6% | $494.8M+86.9% | $240.1M-14.5% | $232.3M+62.0% | $245.1M+55.6% | $264.7M+1040.0% | $280.8M+2159.4% |
| Retained Earnings | -$400.0M+19.4% | -$431.4M+4.6% | -$474.7M-19.8% | -$500.7M-56.6% | -$496.0M-66.6% | -$452.3M-63.6% | -$396.3M-49.5% | -$319.7M-25.7% |
Not reported in any period shown, so not listed: Goodwill.
SLNO Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $26.0M+179.3% | $48.7M+303.0% | $43.5M+391.1% | -$12.6M+28.6% | -$32.8M-161.4% | -$24.0M-280.0% | -$14.9M-135.7% | -$17.7M-217.1% |
| Depreciation & Amortization | $514K+2.0% | $509K+1.2% | $502K+0.4% | $502K+1.6% | $504K+2.9% | $503K+2.9% | $500K+2.0% | $494K+1.0% |
| Stock-Based Compensation | $16.1M+9.4% | N/A | $10.0M-82.3% | $9.7M+35.4% | $14.7M+127.8% | N/A | $56.6M+2471.5% | $7.2M+494.7% |
| Capital Expenditures | $40K+700.0% | $58K+625.0% | $1K-99.5% | $9K+12.5% | $5K-54.5% | $8K | $191K | $8K |
| Free Cash Flow | $25.9M+179.2% | $48.6M+302.7% | $43.5M+387.4% | -$12.6M+28.6% | -$32.8M-161.2% | -$24.0M-280.1% | -$15.1M-138.7% | -$17.7M-217.3% |
| Investing Cash Flow | $38.0M+65.6% | -$125.4M-2045.7% | -$91.4M-2363.4% | -$7.9M+93.5% | $22.9M+119.9% | $6.4M | $4.0M | -$120.9M |
| Financing Cash Flow | -$1.0M-132.4% | -$99.9M-275.1% | $218.2M+9489.2% | $15.7M-89.7% | $3.2M+243.1% | $57.1M-53.8% | $2.3M-94.2% | $152.7M+795.4% |
| Share Buybacks | $4K | N/A | N/A | N/A | $0 | N/A | N/A | N/A |
Not reported in any period shown, so not listed: Dividends Paid.
SLNO Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.
| Metric | Q1'2610-Q | Q4'2510-Q | Q3'2510-Q | Q2'2510-Q | Q1'2510-Q | Q4'2410-K | Q3'2410-Q | Q2'2410-Q |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 98.7% | N/A | 98.3% | 97.9% | N/A | N/A | N/A | N/A |
| Operating Margin | 33.1% | N/A | 33.5% | -20.0% | N/A | N/A | N/A | N/A |
| Net Margin | 33.2% | N/A | 39.4% | -14.4% | N/A | N/A | N/A | N/A |
| Return on Equity | 6.3%+25.2pp | N/A | 5.3%+34.2pp | -2.0%+5.8pp | -18.9%-3.9pp | N/A | -28.9%+17.8pp | -7.8%+60.4pp |
| Return on Assets | 5.2%+18.9pp | N/A | 4.3%+30.2pp | -1.4%+5.8pp | -13.8%-1.1pp | N/A | -25.8%-8.7pp | -7.2%+20.2pp |
| Current Ratio | 5.62-14.0x | 5.80-9.9x | 16.08-1.2x | 15.13-14.1x | 19.64+8.4x | 15.68+0.8x | 17.26+15.4x | 29.24+26.9x |
| Debt-to-Equity | 0.10-0.1x | 0.11-0.1x | 0.100.0x | 0.21+0.1x | 0.210.0x | 0.20+0.1x | 0.12-1.6x | 0.08-1.4x |
| Asset Turnover | 0.16 | N/A | 0.11 | 0.10 | N/A | N/A | N/A | N/A |
| FCF Margin | 27.4% | N/A | 65.8% | -38.6% | N/A | N/A | N/A | N/A |
Similar Companies
Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.
| Company | Fiscal year | Revenue | Net income | Net margin | Market cap | Health score |
|---|---|---|---|---|---|---|
| Soleno Therapeutics, Inc. SLNO | FY2025 | $190.4M | $20.9M | 11.0% | $2.8B | 59/100 |
| Immunovant, Inc. IMVT | FY2026 | N/A | -$505.6M | N/A | $6.6B | — |
| Mineralys Therapeutics, Inc. MLYS | FY2025 | N/A | -$154.7M | N/A | $1.9B | — |
| Scholar Rock Holding Corporation SRRK | FY2025 | $0 | -$378.0M | N/A | $5.2B | — |
| Ultragenyx Pharmaceutical Inc. RARE | FY2025 | $673.0M | -$575.0M | -85.4% | $1.4B | 56/100 |
| Viking Therapeutics, Inc VKTX | FY2025 | $0 | -$359.6M | N/A | $3.6B | — |
Where Soleno Therapeutics, Inc. Ranks
Frequently Asked Questions
What is Soleno Therapeutics, Inc.'s annual revenue?
Soleno Therapeutics, Inc. (SLNO) reported $190.4M in total revenue for fiscal year 2025. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
Is Soleno Therapeutics, Inc. profitable?
Yes, Soleno Therapeutics, Inc. (SLNO) reported a net income of $20.9M in fiscal year 2025, with a net profit margin of 11.0%.
What is Soleno Therapeutics, Inc.'s EBITDA?
Soleno Therapeutics, Inc. (SLNO) had EBITDA of $11.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Soleno Therapeutics, Inc. have?
As of fiscal year 2025, Soleno Therapeutics, Inc. (SLNO) had $70.1M in cash and equivalents against $49.9M in long-term debt.
What is Soleno Therapeutics, Inc.'s gross margin?
Soleno Therapeutics, Inc. (SLNO) had a gross margin of 98.6% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Soleno Therapeutics, Inc.'s operating margin?
Soleno Therapeutics, Inc. (SLNO) had an operating margin of 4.9% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Soleno Therapeutics, Inc.'s net profit margin?
Soleno Therapeutics, Inc. (SLNO) had a net profit margin of 11.0% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Soleno Therapeutics, Inc.'s return on equity (ROE)?
Soleno Therapeutics, Inc. (SLNO) has a return on equity of 4.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Soleno Therapeutics, Inc.'s free cash flow?
Soleno Therapeutics, Inc. (SLNO) generated $46.7M in free cash flow during fiscal year 2025. This represents a 167.4% 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 $46.8M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Soleno Therapeutics, Inc.'s total assets?
Soleno Therapeutics, Inc. (SLNO) had $563.8M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Soleno Therapeutics, Inc.'s capital expenditures?
Soleno Therapeutics, Inc. (SLNO) invested $73K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Soleno Therapeutics, Inc. spend on research and development?
Soleno Therapeutics, Inc. (SLNO) invested $40.6M in research and development during fiscal year 2025.
What is Soleno Therapeutics, Inc.'s current ratio?
Soleno Therapeutics, Inc. (SLNO) had a current ratio of 5.80 as of fiscal year 2025, 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 0.11 as of fiscal year 2025, 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 3.7% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Soleno Therapeutics, Inc.'s Altman Z-Score?
Soleno Therapeutics, Inc. (SLNO) has an Altman Z-Score of 14.53, placing it in the Safe Zone (low bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Soleno Therapeutics, Inc.'s Piotroski F-Score?
Soleno Therapeutics, Inc. (SLNO) has a Piotroski F-Score of 5 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. 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 to 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 2.24x, considered cash-backed (high quality). 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 1.72x, 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.
How financially healthy is Soleno Therapeutics, Inc.?
Soleno Therapeutics, Inc. (SLNO) scores 59 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.