Janus Henderson (NYSE: JHG) discloses 13.4% beneficial stake in Soleno (SLNO)

Rhea-AI Filing Summary

Janus Henderson Group plc filed an amended ownership report showing it is the beneficial owner of 7,178,354 shares of Soleno Therapeutics, Inc. common stock, representing 13.4% of the class as of the reported date.

The shares are held through various Janus Henderson asset management subsidiaries in managed client accounts, giving them shared power to vote and dispose of these shares but no sole authority. The managed portfolios receive all dividends and sale proceeds, and no individual portfolio holds more than five percent of Soleno’s common stock.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 8)

SOLENO THERAPEUTICS, INC.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

834203309

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 834203309

1

Names of Reporting Persons

JANUS HENDERSON GROUP PLC

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

JERSEY

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 7,178,354.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 7,178,354.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

7,178,354.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

13.4 %

12

Type of Reporting Person (See Instructions)

HC

SCHEDULE 13G

Item 1.
(a)	Name of issuer: SOLENO THERAPEUTICS, INC.
(b)	Address of issuer's principal executive offices: 100 MARINE PARKWAY, SUITE 400 REDWOOD CITY, CA 94065
Item 2.
(a)	Name of person filing: Janus Henderson Group plc
(b)	Address or principal business office or, if none, residence: 201 Bishopsgate EC2M 3AE, United Kingdom
(c)	Citizenship: Y9
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 834203309
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
Item 4.	Ownership
(a)	Amount beneficially owned: Janus Henderson Group plc (JHG) is the ultimate parent of a number of SEC-registered investment advisers and foreign equivalents thereof, including but not limited to Janus Henderson Investors US LLC, Janus Henderson Investors UK Limited, Janus Henderson Investors Australia Institutional Funds Management Limited, Janus Henderson Investors Middle East Limited, Janus Henderson Investors (Jersey) Limited, Janus Henderson Investors (Japan) Limited, Janus Henderson Investors (Singapore) Limited, Kapstream Capital Pty Limited, Privacore Capital Advisors LLC, Tabula Investment Management Limited, and Victory Park Capital Advisors LLC (each, an Asset Manager and together, the Asset Managers). The Asset Managers generally exercise investment and/or voting discretion on behalf of their clients which include investment companies, other investment advisers, institutional separate accounts and retail separate accounts (collectively referred to herein as Managed Portfolios). As a result of their exercise of investment and/or voting discretion on behalf of the Managed Portfolios, the Asset Managers may be deemed to be the beneficial owner of 7,178,354 common stock of Soleno Therapeutics, Inc. However, the Asset Managers do not have the right to receive any dividends from, or the proceeds from the sale of, the securities held in the Managed Portfolios and disclaim any ownership associated with such rights.
(b)	Percent of class: 13.4 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: 0
	(ii) Shared power to vote or to direct the vote: 7178354
	(iii) Sole power to dispose or to direct the disposition of: 0
	(iv) Shared power to dispose or to direct the disposition of: 7178354
Item 5.	Ownership of 5 Percent or Less of a Class.
	Not Applicable
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	If any other person is known to have the right to receive or the power to direct the receipt of dividends from, or the proceeds from the sale of, such securities, a statement to that effect should be included in response to this item and, if such interest relates to more than 5 percent of the class, such person should be identified. A listing of the shareholders of an investment company registered under the Investment Company Act of 1940 or the beneficiaries of employee benefit plan, pension fund or endowment fund is not required. The Managed Portfolios have the right to receive all dividends from, and the proceeds from the sale of, the securities held in their respective accounts. Of the Managed Portfolios, none own more than five percent of the common stock of Soleno Therapeutics, Inc.
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	If a parent holding company has filed this schedule, pursuant to Rule 13d-1(b)(ii)(G), so indicate under Item 3(g) and attach an exhibit stating the identity and the Item 3 classification of the relevant subsidiary. If a parent holding company has filed this schedule pursuant to Rule 13d-1(c) or Rule 13d-1(d), attach an exhibit stating the identification of the relevant subsidiary. Please refer to Exhibit 99.
Item 8.	Identification and Classification of Members of the Group.
	If a group has filed this schedule pursuant to §240.13d-1(b)(1)(ii)(J), so indicate under Item 3(j) and attach an exhibit stating the identity and Item 3 classification of each member of the group. If a group has filed this schedule pursuant to §240.13d-1(c) or §240.13d-1(d), attach an exhibit stating the identity of each member of the group. N/A
Item 9.	Notice of Dissolution of Group.
	Notice of dissolution of a group may be furnished as an exhibit stating the date of the dissolution and that all further filings with respect to transactions in the security reported on will be filed, if required, by members of the group, in their individual capacity. See Item 5. N/A

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under § 240.14a-11.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

JANUS HENDERSON GROUP PLC

Signature:	Kristin Mariani
Name/Title:	Head of North America Compliance
Date:	02/17/2026

Exhibit Information

Exhibit 24: Power of Attorney Exhibit 99: Item 7

FAQ

What percentage of Soleno Therapeutics (SLNO) does Janus Henderson report owning?

Janus Henderson reports beneficial ownership of 13.4% of Soleno Therapeutics’ common stock. This stake reflects 7,178,354 shares held across various managed client portfolios, where Janus Henderson’s asset managers exercise investment and voting discretion on behalf of those clients.

How many Soleno Therapeutics (SLNO) shares does Janus Henderson beneficially own?

Janus Henderson is deemed to beneficially own 7,178,354 Soleno Therapeutics common shares. These shares are held in managed portfolios run by multiple Janus Henderson asset management subsidiaries, which exercise voting and investment discretion on behalf of their underlying clients.

Does Janus Henderson have sole voting power over its SLNO shares?

Janus Henderson reports no sole voting power over Soleno Therapeutics shares. It reports shared voting power over 7,178,354 shares, reflecting discretionary authority exercised by affiliated asset managers on behalf of their managed client accounts rather than direct corporate ownership.

Who receives dividends and sale proceeds from Janus Henderson’s Soleno (SLNO) holdings?

The managed portfolios receive all dividends and sale proceeds from Soleno shares. Janus Henderson’s asset management subsidiaries may be deemed beneficial owners due to discretionary authority, but they disclaim rights to dividends or sale proceeds, which belong to the underlying client accounts.

Does any single Janus Henderson client own more than 5% of Soleno Therapeutics (SLNO)?

No individual managed portfolio owns more than five percent of Soleno’s common stock. The reported 13.4% beneficial interest is spread across multiple managed client accounts overseen by Janus Henderson’s affiliated asset management subsidiaries.

What type of filing did Janus Henderson submit for its SLNO stake?

Janus Henderson submitted an amended Schedule 13G filing for Soleno Therapeutics. This form updates its disclosure as a large institutional holder, indicating passive investment intent and confirming that the position is held in the ordinary course of business.