SLNO

MKT CAP:$3B

Soleno Therapeutics, Inc.

Market Cap

$3B

Healthcare·Biotechnology·🇺🇸 United States·NASDAQ

Healthcare·Biotechnology·🇺🇸·NASDAQ

Stock Price

$52.83+$5.66 (+12.00%)

Apr 23, 2026

Company Details

Soleno Therapeutics, Inc., a clinical-stage biopharmaceutical company, focuses on the development and commercialization of novel therapeutics for the treatment of rare diseases. Its lead candidate is Diazoxide Choline Controlled-Release, a ...

CEO

Anish Bhatnagar

IPO Date

Nov 13, 2014

Website

soleno.life

Key Metrics TTM

Revenue

$190M

— YoY

Net Income

$21M

EPS (Diluted)

$0.23

Free Cash Flow

$47M

Revenue / Share

$3.50

Gross Margin

98.6%

Operating Margin

5.4%

Net Margin

11.0%

FCF Margin

24.6%

P/S

14.3x

P/E

130.6x

Earnings Reports

Q1 2026

May 6, 2026

PENDING

FY 2025

Feb 25, 2026

$190MEPS $0.39

Q4 2025

Feb 25, 2026

$92MEPS $0.80

Q3 2025

Nov 4, 2025

$66MEPS $0.47

Q2 2025

Aug 6, 2025

$33MEPS -$0.09

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 22	$0	$0	-$6M
Q2 22	$0	$0	-$7M
Q3 22	$0	$0	-$6M
Q4 22	$0	$0	-$6M
Q1 23	$0	$0	-$8M
Q2 23	$0	$0	-$9M
Q3 23	$0	$0	-$10M
Q4 23	$0	$0	-$14M
Q1 24	$0	$0	-$23M
Q2 24	$0	-$494.0K	-$23M
Q3 24	$0	$0	-$80M
Q4 24	$0	$0	-$59M
Q1 25	$0	$0	-$46M
Q2 25	$33M	$32M	-$7M
Q3 25	$66M	$65M	$22M
Q4 25	$92M	$91M	$40M

Valuation

Quarter	P/S	P/E
Q1 22	—	—
Q2 22	—	—
Q3 22	—	—
Q4 22	—	—
Q1 23	—	—
Q2 23	—	—
Q3 23	—	—
Q4 23	—	—
Q1 24	—	—
Q2 24	—	—
Q3 24	—	—
Q4 24	—	—
Q1 25	—	—
Q2 25	83.5x	—
Q3 25	27.6x	—
Q4 25	14.3x	130.6x

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 22	-$6M	-$6M
Q2 22	-$5M	-$5M
Q3 22	-$5M	-$5M
Q4 22	-$5M	-$5M
Q1 23	-$7M	-$7M
Q2 23	-$6M	-$6M
Q3 23	-$6M	-$6M
Q4 23	-$6M	-$6M
Q1 24	-$13M	-$13M
Q2 24	-$18M	-$18M
Q3 24	-$15M	-$15M
Q4 24	-$24M	-$24M
Q1 25	-$33M	-$33M
Q2 25	-$13M	-$13M
Q3 25	$44M	$44M
Q4 25	$49M	$49M

Capital Expenditures

Quarter	CapEx
Q1 22	$0
Q2 22	$7.0K
Q3 22	$7.0K
Q4 22	$6.0K
Q1 23	$0
Q2 23	$0
Q3 23	$0
Q4 23	$0
Q1 24	$11.0K
Q2 24	$8.0K
Q3 24	$191.0K
Q4 24	$8.0K
Q1 25	$5.0K
Q2 25	$9.0K
Q3 25	$1.0K
Q4 25	$58.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 22	—	+163.1%
Q2 22	—	-38.8%
Q3 22	—	-24.8%
Q4 22	—	+86.9%
Q1 23	—	+46.7%
Q2 23	—	+27.2%
Q3 23	—	+66.5%
Q4 23	—	+148.0%
Q1 24	—	+177.2%
Q2 24	—	+169.4%
Q3 24	—	+672.6%
Q4 24	—	+325.0%
Q1 25	—	+94.9%
Q2 25	—	+68.7%
Q3 25	—	-45.3%
Q4 25	—	-13.2%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 22	$644.0K	—
Q2 22	$571.0K	—
Q3 22	$683.0K	—
Q4 22	$632.0K	—
Q1 23	$631.0K	—
Q2 23	$1M	—
Q3 23	$2M	—
Q4 23	$2M	—
Q1 24	$6M	—
Q2 24	$7M	—
Q3 24	$57M	—
Q4 24	$30M	—
Q1 25	$15M	—
Q2 25	$10M	29.7%
Q3 25	$0	0.0%
Q4 25	$11M	12.5%

OpEx Breakdown

Quarter	R&D	G&A	SG&A
Q1 22	$4M	$3M	—
Q2 22	$4M	$2M	—
Q3 22	$4M	$2M	—
Q4 22	$4M	$2M	—
Q1 23	$5M	$3M	—
Q2 23	$5M	$3M	—
Q3 23	$6M	$3M	—
Q4 23	$9M	$4M	—
Q1 24	$15M	$8M	—
Q2 24	$12M	$11M	—
Q3 24	$30M	$49M	—
Q4 24	$21M	$37M	—
Q1 25	$14M	$29M	—
Q2 25	$9M	$28M	—
Q3 25	$8M	—	$34M
Q4 25	$10M	—	$41M

Revenue Segments

Quarter	Product
Q2 25	$33M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$29M	$0	$29M
Q2 22	$24M	$0	$24M
Q3 22	$20M	$0	$20M
Q4 22	$15M	$0	$15M
Q1 23	$8M	$0	$8M
Q2 23	$19M	$0	$19M
Q3 23	$52M	$0	$52M
Q4 23	$170M	$0	$170M
Q1 24	$43M	$107M	$150M
Q2 24	$57M	$209M	$266M
Q3 24	$48M	$208M	$257M
Q4 24	$88M	$204M	$291M
Q1 25	$81M	$209M	$290M
Q2 25	$76M	$210M	$287M
Q3 25	$247M	$252M	$499M
Q4 25	$70M	$235M	$305M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 22	5M	+0.2%	+0.4%
Q2 22	9M	+75.1%	+75.7%
Q3 22	9M	+0.8%	+77.0%
Q4 22	9M	+0.2%	+77.2%
Q1 23	9M	+0.1%	+77.1%
Q2 23	10M	+10.3%	+11.6%
Q3 23	11M	+9.7%	+21.4%
Q4 23	26M	+130.4%	+179.1%
Q1 24	36M	+37.4%	+283.3%
Q2 24	39M	+6.7%	+270.6%
Q3 24	42M	+8.4%	+266.2%
Q4 24	44M	+4.9%	+66.7%
Q1 25	46M	+5.1%	+27.5%
Q2 25	50M	+9.3%	+30.7%
Q3 25	55M	+8.8%	+31.1%
Q4 25	54M	-1.1%	+23.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 22	$0	20
Q2 22	$0	20
Q3 22	$0	20
Q4 22	$0	25
Q1 23	$0	25
Q2 23	$0	25
Q3 23	$0	25
Q4 23	$0	33
Q1 24	$0	33
Q2 24	$0	33
Q3 24	$0	33
Q4 24	$0	92
Q1 25	$0	92
Q2 25	$355.0K	92
Q3 25	$717.6K	92
Q4 25	$504.0K	182

Revenue / Employee