10-K · April 30, 2026
Soleno Therapeutics reported significant growth, achieving net revenue of $190.4 million in 2025, driven by the successful commercialization of VYKAT XR for Prader-Willi syndrome. The company has also entered a merger…
Earnings analysis · 10-Q
SLNO earnings analysis
Filed May 7, 2026 · Our reading of the company's report
The latest report
Soleno Therapeutics demonstrated a strong performance in Q1 2026 with product revenue of $94.6 million, a significant increase compared to zero revenue in Q1 2025, marking a remarkable growth trajectory since the FDA…
Read full summary
Soleno Therapeutics demonstrated a strong performance in Q1 2026 with product revenue of $94.6 million, a significant increase compared to zero revenue in Q1 2025, marking a remarkable growth trajectory since the FDA approval of VYKAT XR. The company also reported a net income of $31.4 million, a turnaround from the net loss of $43.8 million in the prior year period, reflecting improved profitability and operational efficiency.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $0.84
- Operating margin
- 33.1%
What stood out
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Significant Revenue Growth
Product revenue reached $94.6 million for Q1 2026, up from $0 in Q1 2025.
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Profitability Achieved
Net income for Q1 2026 was $31.4 million, compared to a loss of $43.8 million in Q1 2025.
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Strengthened Operating Income
Operating income turned positive at $31.3 million for Q1 2026, up $77.0 million year-over-year.
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Cash Flow Improvement
Net cash from operating activities was $26.0 million in Q1 2026, a significant improvement from a cash outflow of $32.8 million previously.
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Increased Cash Position
As of March 31, 2026, cash and cash equivalents totaled $133 million, supporting operational liquidity.
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R&D Expense Reduction
R&D expenses decreased to $11.3 million in Q1 2026, down 17% from $13.5 million in Q1 2025.
What to watch
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Regulatory Dependency Risk
The pending Merger Agreement with Neurocrine could introduce uncertainties affecting business continuity.
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Litigation Risk
The class-action lawsuit filed against the company on March 6, 2026, could lead to financial and reputational risks.
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International Expansion Delays
The withdrawal of the MAA for VYKAT in the EU could delay potential revenue from European commercialization.
Management's outlook
Outlook deferred to earnings press release / call.
Earlier filings 4
10-K · February 25, 2026
Soleno transitioned to commercial-stage in 2025 after FDA approval of VYKAT XR on March 26, 2025 and began recognizing product revenue after prescriptions were delivered on April 14, 2025. Financials show a clear…
10-Q · August 6, 2025
Soleno reported first commercial product revenue following FDA approval of VYKAT XR, recognizing product revenue of $32,657 (thousands) in Q2 2025 and narrowing GAAP loss to $(0.09) per share for the quarter. Revenue…
10-Q · August 7, 2024
Soleno reported a Q2 net loss of $21.9M (EPS -$0.57) for the three months ended June 30, 2024, compared with a net loss of $8.5M (EPS -$0.81) in Q2 2023; the EPS beat the consensus estimate of -$0.63. Operating expenses…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.