Soleno Therapeutics, Inc. reported significant financial performance for the first quarter of 2026, achieving a net income of $31.4 million, a substantial turnaround from a net loss of $43.8 million in the same period of the previous year. The company generated $94.6 million in product revenue, attributed to the sales of its FDA-approved product, VYKAT XR, which treats hyperphagia in patients with Prader-Willi syndrome. This marks a notable increase from zero revenue reported in the first quarter of 2025, reflecting the successful commercialization of VYKAT XR following its approval in March 2025.
Operating expenses for the quarter totaled $63.3 million, up from $45.7 million year-over-year, driven primarily by a $21.1 million increase in selling, general, and administrative expenses as the company expanded its workforce and marketing efforts to support the product launch. Research and development expenses decreased to $11.3 million from $13.5 million, reflecting a reduction in pre-commercial launch costs. The company also recorded a change in the fair value of contingent consideration, which decreased significantly due to milestone payments related to the Essentialis acquisition.
In terms of operational metrics, Soleno's cash and cash equivalents rose to $133.0 million as of March 31, 2026, compared to $70.1 million at the end of 2025. The company also held $396.0 million in marketable securities, indicating a strong liquidity position. The total stockholders' equity increased to $495.8 million, up from $450.1 million at the end of the previous fiscal year. The company’s employee headcount has grown as it continues to build its commercial capabilities, although specific numbers were not disclosed.
Strategically, Soleno announced a merger agreement with Neurocrine Biosciences, which commenced a cash tender offer to acquire all outstanding shares of Soleno at $53.00 per share. This offer, which began on April 20, 2026, is expected to close in the second quarter of 2026, pending regulatory approvals. Additionally, the company voluntarily withdrew its marketing authorization application for VIOKAT in the European Union, which may delay its international expansion plans.
Looking ahead, Soleno anticipates that its current cash reserves and marketable securities will be sufficient to meet its operational needs for at least the next twelve months. The company remains focused on the successful commercialization of VYKAT XR and is exploring various avenues for future capital resources, including potential public or private equity offerings. The outcome of the merger with Neurocrine and the continued performance of VYKAT XR will be critical in shaping the company's future financial trajectory.
About SOLENO THERAPEUTICS INC
Soleno Therapeutics is a biopharmaceutical company focused on developing treatments for rare diseases, notably Prader-Willi syndrome (PWS). Its lead product, DCCR, aims to reduce hyperphagia and behavioral symptoms by targeting physiological pathways involving appetite and fat regulation. The company advances its therapies through clinical trials, regulatory approvals, and targeted commercialization, addressing significant unmet medical needs in the rare disease market.
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