Soleno Therapeutics Inc. ($SLNO) Proposes $200 Million Public Offering
REDWOOD CITY, Calif., July 10, 2025 — Soleno Therapeutics Inc. (Nasdaq:SLNO), a biopharmaceutical company focused on developing innovative therapies for rare diseases, has announced its intention to offer and sell $200 million of its common stock through an underwritten public offering. Additionally, the company plans to provide the underwriters with a 30-day option to purchase up to an extra $30 million in shares.
This public offering is contingent upon market conditions, and there is no assurance regarding the timing or completion of the offering, nor the final size or terms.
Management of the Offering
Goldman Sachs & Co. LLC and Guggenheim Securities are serving as the joint book-running managers for this offering.
Use of Proceeds
The net proceeds from the offering are expected to be utilized to support the commercialization of VYKAT™ XR, the first FDA-approved treatment for hyperphagia in patients with Prader-Willi syndrome, which received approval on March 26, 2025. Furthermore, the funds will support regulatory and market development initiatives in the European Union, continued research and development, and general corporate purposes, which may include working capital, capital expenditures, additional clinical trials, and potential acquisitions of complementary products or technologies. However, there are currently no agreements in place for specific acquisitions.
Registration Details
The shares will be issued under a registration statement on Form S-3ASR (File No. 333-276344) that was filed with and automatically declared effective by the Securities and Exchange Commission (SEC) on January 2, 2024. The offering will be conducted solely via a written prospectus and a prospectus supplement that are part of the registration statement. A preliminary prospectus supplement and accompanying prospectus will be submitted to the SEC. Interested parties can obtain copies of the preliminary prospectus supplement and accompanying prospectus from Goldman Sachs & Co. LLC or Guggenheim Securities, LLC. Electronic versions will also be accessible on the SEC's website at www.sec.gov.
This announcement does not constitute an offer to sell or a solicitation of an offer to buy these securities in any jurisdiction where such offer or sale would be unlawful prior to the registration or qualification under the securities laws of such jurisdiction.
About Soleno Therapeutics
Soleno is dedicated to developing and commercializing novel therapeutics for rare diseases. Its first product, VYKAT XR, is a once-daily oral treatment designed for patients aged four and older with Prader-Willi syndrome, providing a significant advancement in care.
Forward-Looking Statements
This press release contains forward-looking statements as defined in Section 21E of the Securities Exchange Act of 1934. These statements, which include expectations regarding the offering’s completion and use of proceeds, are subject to risks and uncertainties. Actual results may differ materially. Soleno does not intend to publicly update these forward-looking statements unless required by law.
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