Soleno Therapeutics, Inc. reported its financial results for the second quarter of 2025, highlighting a significant milestone with the launch of its lead product, VYKAT XR, which received FDA approval in March 2025. The company generated product revenue of $32.7 million for the three months ended June 30, 2025, marking a substantial increase from zero revenue in the same period last year. This revenue reflects the initial sales of VYKAT XR, which is indicated for treating hyperphagia in patients with Prader-Willi syndrome.
Operating expenses for the second quarter totaled $39.2 million, a 58% increase compared to $24.9 million in the prior year. The rise in expenses was primarily driven by a 159% increase in selling, general, and administrative costs, which reached $28.2 million, as the company expanded its workforce and marketing efforts in preparation for the product launch. Research and development expenses decreased by 26% to $9.1 million, reflecting a shift in focus following the product's approval. The net loss for the quarter was $4.7 million, a significant improvement from a net loss of $21.9 million in the same quarter of 2024.
In terms of operational metrics, Soleno's total assets increased slightly to $332.3 million as of June 30, 2025, compared to $331.0 million at the end of 2024. The company reported $76.5 million in cash and cash equivalents, alongside $217.3 million in marketable securities. The total liabilities stood at $92.2 million, which included $50 million in long-term debt under a loan agreement with Oxford Financing LLC. The company has access to additional funding through this agreement, contingent upon achieving certain commercial milestones.
Looking ahead, Soleno anticipates that its current cash and marketable securities will be sufficient to meet its operational needs for at least the next twelve months. The company is focused on the successful commercialization of VYKAT XR and plans to expand its market presence, including pursuing regulatory approvals in international markets. However, Soleno acknowledges the inherent risks associated with product acceptance, competition, and regulatory compliance that could impact its financial performance and growth trajectory.
About SOLENO THERAPEUTICS INC
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