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NEW YORK - Soleno Therapeutics, Inc. (NASDAQ:SLNO), now valued at $4.29 billion, generated $32.7 million in net product revenue during the second quarter of 2025, its first quarter of sales for VYKAT XR, the company’s treatment for hyperphagia in patients with Prader-Willi syndrome.
The biopharmaceutical company reported Wednesday that since receiving FDA approval on March 26 through June 30, it has received 646 patient start forms from 295 unique prescribers, with insurance coverage established for over 100 million lives.
Soleno posted a net loss of $4.7 million, or $0.09 per share, for the quarter ended June 30, compared to a net loss of $21.9 million, or $0.57 per share, in the same period of 2024.
The company ended the quarter with $293.8 million in cash, cash equivalents and marketable securities. This figure does not include an additional $230 million in gross proceeds raised in July through an underwritten offering of common stock. The company’s strong liquidity position is reflected in its impressive current ratio of 19.64, while maintaining a moderate debt level. InvestingPro analysis, which includes 12 additional key insights about Soleno’s financial health and growth prospects, suggests the stock is currently trading above its Fair Value.
"Our commercial launch of VYKAT XR following the FDA approval in March was a truly transformative milestone for our company, and more importantly, for individuals with PWS and their physicians and caregivers," said Anish Bhatnagar, Chairman and Chief Executive Officer of Soleno Therapeutics, in the press release. This transformation is reflected in the stock’s strong performance, with a year-to-date return of 81.6% and analyst price targets ranging from $97 to $145.
Selling, general and administrative expenses increased to $28.2 million from $10.9 million in the same quarter last year, reflecting the company’s commercial launch activities and expanded workforce.
Soleno also announced the submission and validation of a Marketing Authorization Application to the European Medicines Agency seeking approval for DCCR (marketed as VYKAT XR in the U.S.) for patients with Prader-Willi syndrome in the European Union.
VYKAT XR is the first FDA-approved therapy specifically for hyperphagia, a chronic condition characterized by intense hunger and food-seeking behaviors that is a hallmark symptom of Prader-Willi syndrome.
In other recent news, Soleno Therapeutics Inc. announced its preliminary second-quarter results, revealing Vykat XR sales between $31 million and $33 million just 2.5 months after its mid-April launch. This strong performance prompted Baird to raise its price target for Soleno Therapeutics to $121, maintaining an Outperform rating. Stifel also reiterated its Buy rating with a $115 price target, noting the company’s strategic capital raise as a move from a position of strength. Soleno Therapeutics recently priced its underwritten public offering at $85 per share, expecting to raise approximately $200 million in gross proceeds. The offering includes 2,352,941 shares of common stock, with an option for underwriters to purchase up to an additional 352,941 shares. The company reported approximately 646 start-forms from 295 unique prescribers during the quarter, indicating a broad reach in the market. These developments underscore the company’s robust financial maneuvers and market strategy.
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