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REDWOOD CITY, Calif. - Soleno Therapeutics, Inc. (NASDAQ:SLNO) has priced its underwritten public offering of 2,352,941 shares of common stock at $85.00 per share, the company announced Thursday. The offering price comes as the stock trades near its 52-week high of $90.32, following an impressive 105.84% return over the past year.
The rare disease-focused biopharmaceutical company, currently valued at $4.46 billion, expects to raise approximately $200 million in gross proceeds before deducting underwriting discounts, commissions, and other offering expenses. Soleno has granted underwriters a 30-day option to purchase up to an additional 352,941 shares at the public offering price. According to InvestingPro data, the company maintains a healthy financial position with a current ratio of 19.64, indicating strong liquidity despite not yet being profitable.
The offering is expected to close on or about July 11, 2025, subject to customary closing conditions. Goldman Sachs & Co. LLC, Guggenheim Securities, TD Cowen, Cantor and Oppenheimer & Co. are serving as joint book-running managers for the offering.
Proceeds will fund the commercialization of VYKAT XR (diazoxide choline) extended-release tablets, which received FDA approval on March 26, 2025, as the first approved therapy for hyperphagia in individuals with Prader-Willi syndrome. Funds will also support regulatory and market development activities in the European Union, research and development efforts, and general corporate purposes.
The shares are being offered pursuant to a registration statement on Form S-3ASR that became automatically effective upon filing with the Securities and Exchange Commission on January 2, 2024.
This information is based on a press release statement from Soleno Therapeutics.
In other recent news, Soleno Therapeutics has reported preliminary second-quarter revenue for its VYKAT XR treatment, ranging between $31 million and $33 million. The company also disclosed holding approximately $293.8 million in cash, cash equivalents, and marketable securities as of the end of June 2025. Stifel has reiterated its Buy rating on Soleno, raising the stock price target to $115, citing strong demand for VYKAT and favorable physician survey results. The survey indicated that 70% of doctors are prescribing VYKAT, with adult utilization matching pediatric usage, suggesting a significant growth opportunity. Piper Sandler has also maintained an Overweight rating, setting a higher price target of $145, and expressing confidence in VYKAT XR’s market potential, projecting sales that could exceed $2 billion. Early reimbursement dynamics for VYKAT have been positive, with most prescriptions being approved, according to Stifel’s findings. Analysts at Piper Sandler believe the drug’s sales could significantly surpass Wall Street’s current estimates, driven by strong early adoption in the Prader-Willi syndrome community. Soleno’s recent capital raise has been noted by Stifel as a potential counterbalance to the positive launch numbers, though they remain optimistic about the drug’s future performance.
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