Soleno Therapeutics starts $100M ASR, initial 1,511,553 shares

Soleno Therapeutics entered an accelerated share repurchase with Jefferies to repurchase $100.0 million of common stock.

Rhea-AI Filing Summary

Soleno Therapeutics entered an accelerated share repurchase with Jefferies to repurchase $100.0 million of common stock. The Company prepaid $100.0 million and received an initial delivery of 1,511,553 shares, with any remaining shares expected by the end of its first fiscal quarter of 2026. The final share count will be based on the stock’s volume‑weighted average price during the program, less an agreed discount, with settlement adjustments that could require either party to deliver additional shares or, in Soleno’s case, make a cash payment.

In connection with the ASR, Soleno amended its Oxford Finance loan agreement to permit the repurchase and to modify previously committed capacity. Lenders are no longer obligated to fund the $25.0 million Term C Loans or $25.0 million Term D Loans. After the amendment, the remaining $100.0 million of loans is uncommitted and may be made available only upon mutual agreement.

Insights

Capital Markets & Credit Analyst

$100M ASR launched; loan commitments reduced and made discretionary.

Soleno Therapeutics initiated a prepaid ASR of $100.0 million with Jefferies, receiving an initial 1,511,553 shares. The final share count will be set by the volume‑weighted average price less a discount, a common structure that can adjust at settlement with additional shares or a cash true‑up.

Concurrently, the Oxford loan amendment permits the ASR but removes lender obligations for the $25.0 million Term C and $25.0 million Term D tranches. The remaining $100.0 million becomes uncommitted and available only by mutual agreement, shifting future debt access from committed to discretionary.

Key mechanics to observe are the ASR settlement by the end of the first fiscal quarter of 2026 and any subsequent disclosures on loan availability. Actual impact will depend on the VWAP path and lender decisions under the amended facility.

8-K Event Classification

4 items: 1.01, 2.03, 8.01, 9.01

4 items

Item 1.01 Entry into a Material Definitive Agreement Business

The company signed a significant contract such as a merger agreement, credit facility, or major partnership.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement Financial

The company incurred a new significant debt or off-balance-sheet obligation.

Item 8.01 Other Events Other

Voluntary disclosure of events the company deems important to shareholders but not covered by other items.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, or exhibit attachments filed with this report.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What did SLNO announce regarding its capital return?

Soleno launched an accelerated share repurchase for $100.0 million of common stock and prepaid the full amount to Jefferies.

How many SLNO shares were initially delivered under the ASR?

The Company received an initial delivery of 1,511,553 shares.

When will the ASR be finally settled for SLNO?

Any remaining shares are expected to be delivered by the end of the first fiscal quarter of 2026.

How is the final SLNO share count under the ASR determined?

It is based on the volume‑weighted average price of the stock during the ASR term, less an agreed discount, with settlement adjustments.

What changes were made to SLNO’s Oxford loan facility?

Lenders are no longer obligated to fund the $25.0 million Term C or $25.0 million Term D Loans; the remaining $100.0 million is uncommitted and available only by mutual agreement.

Who is Soleno’s counterparty for the ASR?

The ASR counterparty is Jefferies LLC.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 11/12/2025 - 06:09 AM Learn about SEC filing dates

SOLENO THERAPEUTICS INC false 0001484565 0001484565 2025-11-10 2025-11-10

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (date of earliest event reported): November 10, 2025

SOLENO THERAPEUTICS, INC.

(Exact name of registrant as specified in its charter)

Delaware		001-36593		77-0523891
(State or other jurisdiction of incorporation)		(Commission File No.)		(IRS Employer Identification Number)

100 Marine Parkway, Suite 400

Redwood City, CA 94065

(Address of principal executive offices)

(650) 213-8444

(Registrant’s telephone number, including area code)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class		Trading symbol		Name of each exchange on which registered
Common Stock, $0.001 par value		SLNO		NASDAQ

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 1.01. Entry into a Material Definitive Agreement.

Accelerated Share Repurchase

On November 10, 2025, Soleno Therapeutics, Inc. (the “Company”) entered into a confirmation and a supplemental confirmation (together, the “ASR Agreement”) of an accelerated share repurchase transaction with Jefferies LLC (the “Dealer”). Under the ASR Agreement, the Company shall repurchase an aggregate of $100.0 million of the Company’s common stock, $0.001 par value per share (the “Common Stock”).

Under the terms of the ASR Agreement, the Company will pre-pay to the Dealer the $100.0 million purchase price for the shares and the Company will receive from the Dealer an aggregate initial share delivery of 1,511,553 shares of Common Stock, with the remaining shares of Common Stock, if any, expected to be delivered by the end of the Company’s first fiscal quarter of 2026. The specific number of shares of Common Stock that the Company will ultimately repurchase under the ASR Agreement will be determined based on the volume-weighted average price of the Common Stock during the term of the transaction, less an agreed discount and subject to adjustments pursuant to the terms and conditions of the ASR Agreement. At settlement, under certain circumstances, the Dealer may be required to deliver additional shares of Common Stock, or under certain circumstances, the Company may be required either to deliver shares of Common Stock or to make a cash payment to the Dealer. The terms of the ASR Agreement are subject to adjustment if the Company were to enter into, or announce, certain types of transactions or to take certain corporate actions.

The ASR Agreement contains the principal terms and provisions governing the accelerated share repurchases, including, but not limited to, the mechanism used to determine the number of shares of Common Stock that will be delivered, the required timing of delivery of such shares, the Dealer’s right under certain conditions to accelerate the termination date of the transaction, the circumstances under which the Dealer is permitted to make adjustments to valuation and calculation periods and various acknowledgments, representations and warranties made by the Company, on the one hand, and the Dealer, on the other hand, to one another.

The above description of the ASR Agreement does not purport to be complete and is qualified in its entirety by reference to the form of the ASR Agreement, a copy of which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.

Amendment to Oxford Loan Facility

On November 10, 2025, in connection with entering into the ASR Agreement, the Company and its wholly-owned subsidiary, Essentialis, Inc., a Delaware corporation (“Essentialis, and together with the Company, the “Borrowers”), Oxford Finance LLC, as collateral agent (“Agent”), and the lenders party thereto (collectively, the “Lenders”), entered into a first amendment (the “First Amendment”) to Loan Agreement which amends that certain Loan and Security Agreement, dated as of December 17, 2024 (as amended, the “Loan Agreement”), by and among the Borrowers, Agent and the Lenders from time to time party thereto.

The First Amendment amends the Loan Agreement to, among other things, (i) permit the ASR Agreement described above, and (ii) modify the availability of the previously committed $25.0 million Term C Loans and $25.0 million Term D Loans (each as defined in the Loan Agreement) such that the Lenders are no longer obligated to fund such Term C Loans or Term D Loans. After giving effect to the First Amendment, the remaining $100.0 million of loans under the Loan Agreement is uncommitted and may be made available only upon the mutual agreement of the Company and the Lenders.

All other material terms and conditions of the Loan Agreement remain unchanged and in full force and effect.

The foregoing description of the First Amendment does not purport to be complete and is qualified in its entirety by the terms and conditions of the First Amendment, which is attached hereto as Exhibit 10.2 and is incorporated herein by reference.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant

The information set forth under Item 1.01, “Entry into a Material Definitive Agreement,” is incorporated herein by reference.

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Item 8.01 Other Events.

On November 11, 2025, the Company announced that its Board of Directors has authorized and approved an accelerated share repurchase transaction for up to $100.0 million of Common Stock pursuant to the ASR Agreement. A copy of the press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated by reference herein.

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Item 9.01. Financial Statements and Exhibits.

(d) Exhibits

Exhibit No.		Description
10.1		Form of ASR Agreement
10.2		First Amendment to Loan and Security Agreement, dated as of November 10, 2025, by and among the Company, Essentialis, Inc., Oxford Finance LLC, as collateral agent, and the Lenders party thereto.
99.1		Press Release, dated November 11, 2025.
104		Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

				SOLENO THERAPEUTICS, INC.
November 12, 2025				By:		/s/ Anish Bhatnagar
						Anish Bhatnagar
						Chief Executive Officer

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