Soleno Therapeutics Provides Corporate Update and Reports First Quarter 2022 Financial Results
REDWOOD CITY, Calif., May 10, 2022 (GLOBE NEWSWIRE) -- Soleno Therapeutics, Inc. (“Soleno”) (NASDAQ: SLNO), a clinical-stage biopharmaceutical company developing novel therapeutics for the treatment of rare diseases, today provided a corporate update, and reported financial results for the three months ended March 31, 2022.
First Quarter 2022 and Recent Corporate Highlights
“We look forward to reaching alignment with the FDA on generating additional controlled clinical data,” said Anish Bhatnagar, M.D., Chief Executive Officer of Soleno Therapeutics. “Achieving regulatory approval as expeditiously as possible for DCCR continues to be the Soleno team’s core priority. Our recent data presentations at the PAS and PES annual meetings highlight the significant potential of DCCR to improve behavioral and metabolic outcomes for people with PWS who have no current therapeutic options. Our recently closed public offering has strengthened our balance sheet, providing us with financial flexibility as we continue to advance our strategic clinical and operational plans.”
First Quarter Ended March 31, 2022 Financial Results
Research and development expenses were $4.0 million for the quarter ended March 31, 2022, compared to $7.2 million in the same period of 2021. Soleno’s research and development spending continues to fluctuate depending upon the state of its clinical programs and the timing of CMC costs and other projects necessary to support the submission of an NDA.
General and administrative expense was $2.6 million for the quarter ended March 31, 2022, compared to $3.0 million in the same period of 2021. The decrease was primarily due to a reduction in stock-based compensation.
The change in fair value of contingent consideration is a result of Soleno remeasuring at the end of each reporting period its obligation to make cash payments to Essentialis stockholders upon the achievement of certain future commercial milestones associated with the acquisition of DCCR in accordance with the terms of the Essentialis merger agreement. The fair value was estimated to be approximately $8.7 million as of March 31, 2022, a $0.9 million decrease from the estimate as of December 31, 2021.
Total other income was $0.05 million for the quarter ended March 31, 2022, compared to $0.2 million in the same period of 2021, and consisted of the change in the fair value of Soleno’s outstanding warrants and interest income.
Net loss for the quarter ended March 31, 2022, was approximately $5.7 million, or a net loss of $0.07 per basic and diluted share, compared to a net loss of approximately $9.0 million, or $0.11 per basic and diluted share, for the quarter ended March 31, 2021.
As of March 31, 2022, Soleno had cash and cash equivalents of approximately $29.0 million, compared to $21.3 million as of December 31, 2021.
About Soleno Therapeutics, Inc.
About DCCR (Diazoxide Choline) Extended-Release Tablets
Condensed Consolidated Statements of Operations and Comprehensive Loss
(In thousands except share and per share data)
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