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REDWOOD CITY, Calif. - Soleno Therapeutics, Inc. (NASDAQ:SLNO) announced Thursday preliminary unaudited financial results for the second quarter of 2025, reporting expected net revenue between $31.0 million and $33.0 million from sales of VYKAT XR. The company, currently valued at $4.46 billion, has seen its stock surge 105% over the past year, with analysts maintaining a strong buy consensus.
The biopharmaceutical company, which focuses on rare disease treatments, reported approximately $293.8 million in cash, cash equivalents and marketable securities as of June 30, 2025. According to InvestingPro data, the company maintains a strong liquidity position with a current ratio of 19.64, indicating robust ability to meet short-term obligations.
Since receiving FDA approval for VYKAT XR (diazoxide choline) on March 26, 2025, Soleno has received approximately 646 patient start forms from about 295 unique prescribers through the end of June. VYKAT XR is a once-daily oral treatment for hyperphagia in adults and children 4 years and older with Prader-Willi syndrome.
The company maintained approximately $50.0 million in debt under its loan and security agreement with Oxford Financing LLC and affiliates as of quarter-end.
Soleno noted that these figures are preliminary and have not been audited. The company is still completing its financial close and review processes for the quarter, which could result in changes to the estimated results.
The preliminary financial information was prepared by Soleno’s management and has not been reviewed or examined by the company’s independent registered public accounting firm, according to the press release statement.
In other recent news, Soleno Therapeutics has been in the spotlight with several significant developments. The company recently reported new data on its VYKAT XR treatment for Prader-Willi syndrome, showing statistically significant reductions in hyperphagia symptoms among patients with strict food controls. This data was presented at the 2025 United in Hope conference, highlighting the treatment’s efficacy and safety for patients, including those with pre-diabetes or diabetes. Meanwhile, Stifel has raised its price target for Soleno Therapeutics to $115, maintaining a Buy rating based on strong demand for Vykat, which physicians have favorably viewed for its clinical profile and early reimbursement dynamics. Piper Sandler also reiterated an Overweight rating, citing VYKAT XR’s potential to exceed market expectations with projected sales significantly higher than current estimates. Additionally, TD Cowen initiated coverage with a Buy rating and a $110 price target, expressing confidence in the company’s management and the drug’s commercial prospects. These developments reflect a growing optimism among analysts and stakeholders about Soleno Therapeutics’ future trajectory.
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