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Soleno Therapeutics Executive Cashes In Options with 90% Gain Amid Stock Rally

Filing Impact
(Neutral)
Filing Sentiment
(Negative)
Form Type
4

Rhea-AI Filing Summary

Soleno Therapeutics insider Patricia C. Hirano, Senior Vice President of Regulatory Affairs, executed a planned transaction under Rule 10b5-1 on June 24, 2025. The transaction involved:

  • Exercise of employee stock options for 266 shares at $44.25 per share
  • Immediate sale of the acquired 266 shares at $84.25 per share
  • Net gain of $40 per share on the transaction

Following the transactions, Hirano holds 17,036 shares directly, some in the form of restricted stock units (RSUs). Notable adjustments include a 10,000-share reduction from an internal holdings review. The transactions were executed according to a trading plan established on September 13, 2024, demonstrating compliance with insider trading regulations.

Positive

  • None.

Negative

  • None.
Insider Hirano Patricia C
Role SEE REMARKS
Sold 266 shs ($22K)
Type Security Shares Price Value
Exercise Employee stock option (right to buy) 266 $0.00 --
Exercise Common Stock 266 $44.25 $12K
Sale Common Stock 266 $84.25 $22K
Holdings After Transaction: Employee stock option (right to buy) — 0 shares (Direct); Common Stock — 17,302 shares (Direct)
Footnotes (1)
  1. The option exercise and sale were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person September 13, 2024 Certain of these securities are restricted stock units ("RSUs"). Each RSU represents a contingent right to receive one share of Common Stock, subject to the applicable vesting schedule and conditions of each RSU. The number of shares beneficially owned has been decreased by 10,000 shares pursuant to an internal review of the Reporting Person's holdings. All of the shares subject to this option are fully vested and exercisable as of the date hereof.
Form 4 Insider Transactions: What Each Field Means →
SEC Form 4
FORM 4 UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934
or Section 30(h) of the Investment Company Act of 1940
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response: 0.5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
X
 Check this box to indicate that a transaction was made pursuant to a contract, instruction or written plan for the purchase or sale of equity securities of the issuer that is intended to satisfy the affirmative defense conditions of Rule 10b5-1(c). See Instruction 10.
1. Name and Address of Reporting Person*
Hirano Patricia C
(Last) (First) (Middle)
100 MARINE PARKWAY, SUITE 400
(Street)
REDWOOD CITY CA 94065
(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
SOLENO THERAPEUTICS INC [ SLNO ] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
Director 10% Owner
X Officer (give title below) Other (specify below)
SEE REMARKS
3. Date of Earliest Transaction (Month/Day/Year)
06/24/2025
4. If Amendment, Date of Original Filed (Month/Day/Year)
 6. Individual or Joint/Group Filing (Check Applicable Line)
X Form filed by One Reporting Person
Form filed by More than One Reporting Person
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 06/24/2025 M(1) 266 A $44.25 17,302(2)(3) D
Common Stock 06/24/2025 S(1) 266 D $84.25 17,036(2) D
Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3) 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code (Instr. 8) 5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 6. Date Exercisable and Expiration Date (Month/Day/Year) 7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4) 8. Price of Derivative Security (Instr. 5) 9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4) 10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 11. Nature of Indirect Beneficial Ownership (Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Employee stock option (right to buy) $44.25 06/24/2025 M(1) 266 (4) 04/19/2027 Common Stock 266 $0 0 D
Explanation of Responses:
1. The option exercise and sale were effected pursuant to a Rule 10b5-1 trading plan adopted by the Reporting Person September 13, 2024
2. Certain of these securities are restricted stock units ("RSUs"). Each RSU represents a contingent right to receive one share of Common Stock, subject to the applicable vesting schedule and conditions of each RSU.
3. The number of shares beneficially owned has been decreased by 10,000 shares pursuant to an internal review of the Reporting Person's holdings.
4. All of the shares subject to this option are fully vested and exercisable as of the date hereof.
Remarks:
Officer title: Senior Vice President, Regulatory Affairs
/s/ Anish Bhatnagar, Attorney-in-Fact 06/26/2025
** Signature of Reporting Person Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB Number.

Source: View Original Filing on SEC EDGAR

FAQ

What insider trading activity occurred at SLNO on June 24, 2025?

Patricia C. Hirano, Senior Vice President of Regulatory Affairs at SLNO, exercised 266 stock options at $44.25 per share and immediately sold those 266 shares at $84.25 per share. This transaction was executed according to a Rule 10b5-1 trading plan established on September 13, 2024.

How many shares does Patricia Hirano own in SLNO after the reported transaction?

Following the reported transactions, Patricia Hirano beneficially owns 17,036 shares of SLNO directly. Some of these shares are in the form of restricted stock units (RSUs), each representing a contingent right to receive one share of Common Stock.

What was the profit from SLNO insider's stock option exercise on June 24, 2025?

The insider made a profit of $40 per share ($84.25 sale price - $44.25 exercise price = $40) on 266 shares, resulting in a total profit of $10,640 before taxes and fees from the options exercise and sale transaction.

Was SLNO insider Patricia Hirano's trade pre-planned?

Yes, the trade was pre-planned. The Form 4 indicates that both the option exercise and sale were executed pursuant to a Rule 10b5-1 trading plan that Patricia Hirano adopted on September 13, 2024.

What is Patricia Hirano's position at SLNO?

Patricia C. Hirano serves as Senior Vice President of Regulatory Affairs at Soleno Therapeutics Inc (SLNO).