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Soleno Therapeutics Inc. (NASDAQ:SLNO), a $3.2 billion market cap company specializing in electromedical and electrotherapeutic apparatus, announced a change in its independent registered public accounting firm. The company, which has seen its stock surge nearly 90% over the past year according to InvestingPro data, currently trades near its 52-week high of $74. For investors seeking deeper insights, InvestingPro offers comprehensive analysis with 13 additional key tips and a detailed Pro Research Report, available among 1,400+ top US stocks. Effective April 17, 2025, Marcum LLP resigned as the company’s auditor. Subsequently, on the following day, CBIZ (NYSE:CBZ) CPAs was engaged by Soleno’s Audit Committee to assume the role for the fiscal year ending December 31, 2025.
The transition comes after CBIZ CPAs acquired certain business segments of Marcum on November 1, 2024. Marcum’s reports on Soleno’s consolidated financial statements for the years ending December 31, 2024, and December 31, 2023, did not contain any adverse opinion or disclaimer and were not modified concerning audit scope or accounting principles. However, Marcum did express an adverse opinion on the company’s internal control over financial reporting as of December 31, 2024, due to a material weakness. Despite these concerns, InvestingPro data shows the company maintains strong liquidity with a current ratio of 15.68, indicating robust short-term financial health.
Throughout the periods ending December 31, 2024, and 2023, and up until Marcum’s resignation, no disagreements arose between Soleno and Marcum on accounting principles, practices, financial statement disclosure, or auditing scope or procedures that would have warranted a mention in Marcum’s reports. Additionally, there were no reportable events except for the previously disclosed material weaknesses.
Prior to the appointment of CBIZ CPAs, Soleno Therapeutics had not consulted with them on any accounting principles or transactions that might have influenced their decision on financial reporting matters. Moreover, there were no disagreements or reportable events involving CBIZ CPAs that would require disclosure.
In compliance with regulatory requirements, Soleno provided Marcum with the contents of this announcement before filing with the SEC. Marcum has agreed with the statements made by Soleno as evidenced by a letter dated April 18, 2025, which is included as an exhibit in the current report. Looking ahead, analysts tracked by InvestingPro expect the company to achieve profitability this year, with earnings forecasts showing potential for significant improvement. The company’s next earnings report is scheduled for May 13, 2025.
This change in certifying accountant is reported based on a recent SEC filing by Soleno Therapeutics.
In other recent news, Soleno Therapeutics announced the U.S. commercial availability of VYKAT XR, an FDA-approved treatment for hyperphagia in individuals with Prader-Willi syndrome (PWS). This marks a significant development as VYKAT XR is the first treatment specifically approved for hyperphagia associated with PWS. Piper Sandler maintained an Overweight rating on Soleno, setting a $93 price target following the drug’s approval, reflecting confidence in its market potential. H.C. Wainwright also increased its price target for Soleno to $100, citing the drug’s anticipated positive impact on the company’s revenue. Stifel analysts raised their target to $108, highlighting the "blockbuster opportunity" presented by the FDA’s approval. Guggenheim adjusted its price target to $81, with projections that VYKAT XR could generate $1.6 billion in revenue by 2030. The strong interest and proactive engagement from healthcare professionals and patients underscore the demand for this newly approved drug. These developments indicate a robust outlook for Soleno Therapeutics as it begins the commercialization of VYKAT XR.
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