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Soleno Therapeutics Announces Pricing of $200 Million Public Offering of Common Stock

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Soleno Therapeutics (NASDAQ: SLNO) has announced the pricing of its public offering of 2,352,941 shares of common stock at $85.00 per share, aiming to raise approximately $200 million in gross proceeds. The company has also granted underwriters a 30-day option to purchase up to 352,941 additional shares.

The proceeds will primarily fund the commercialization of VYKATT� XR, their recently FDA-approved therapy for hyperphagia in Prader-Willi syndrome patients. Additional funds will support EU regulatory activities, research and development, and general corporate purposes. The offering, managed by Goldman Sachs, Guggenheim Securities, TD Cowen, Cantor, and Oppenheimer, is expected to close around July 11, 2025.

Soleno Therapeutics (NASDAQ: SLNO) ha annunciato il prezzo della sua offerta pubblica di 2.352.941 azioni ordinarie a 85,00 $ per azione, con l'obiettivo di raccogliere circa 200 milioni di dollari di proventi lordi. La società ha inoltre concesso agli underwriter un'opzione di 30 giorni per acquistare fino a 352.941 azioni aggiuntive.

I proventi saranno principalmente destinati alla commercializzazione di VYKATT� XR, la loro terapia recentemente approvata dalla FDA per l'iperfagia nei pazienti con sindrome di Prader-Willi. Fondi aggiuntivi sosterranno le attività regolatorie nell'UE, la ricerca e sviluppo e scopi aziendali generali. L'offerta, gestita da Goldman Sachs, Guggenheim Securities, TD Cowen, Cantor e Oppenheimer, dovrebbe concludersi intorno al 11 luglio 2025.

Soleno Therapeutics (NASDAQ: SLNO) ha anunciado el precio de su oferta pública de 2.352.941 acciones ordinarias a 85,00 $ por acción, con el objetivo de recaudar aproximadamente 200 millones de dólares en ingresos brutos. La compañía también ha otorgado a los suscriptores una opción de 30 días para comprar hasta 352.941 acciones adicionales.

Los fondos se destinarán principalmente a financiar la comercialización de VYKATT� XR, su terapia recientemente aprobada por la FDA para la hiperfagia en pacientes con síndrome de Prader-Willi. Fondos adicionales apoyarán las actividades regulatorias en la UE, la investigación y desarrollo, y propósitos corporativos generales. La oferta, gestionada por Goldman Sachs, Guggenheim Securities, TD Cowen, Cantor y Oppenheimer, se espera que cierre alrededor del 11 de julio de 2025.

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Soleno Therapeutics (NASDAQ : SLNO) a annoncé le prix de son offre publique de 2 352 941 actions ordinaires à 85,00 $ par action, visant à lever environ 200 millions de dollars de produit brut. La société a également accordé aux souscripteurs une option de 30 jours pour acheter jusqu'à 352 941 actions supplémentaires.

Les fonds serviront principalement à financer la commercialisation de VYKATT� XR, leur thérapie récemment approuvée par la FDA pour l'hyperphagie chez les patients atteints du syndrome de Prader-Willi. Des fonds supplémentaires soutiendront les activités réglementaires dans l'UE, la recherche et développement ainsi que les besoins généraux de l'entreprise. L'offre, gérée par Goldman Sachs, Guggenheim Securities, TD Cowen, Cantor et Oppenheimer, devrait se clôturer aux alentours du 11 juillet 2025.

Soleno Therapeutics (NASDAQ: SLNO) hat die Preisfestsetzung für sein öffentliches Angebot von 2.352.941 Stammaktien zu 85,00 USD pro Aktie bekanntgegeben, mit dem Ziel, etwa 200 Millionen USD Bruttoerlös zu erzielen. Das Unternehmen hat den Underwritern außerdem eine 30-tägige Option eingeräumt, bis zu 352.941 zusätzliche Aktien zu erwerben.

Die Erlöse werden hauptsächlich zur Kommerzialisierung von VYKATT� XR verwendet, ihrer kürzlich von der FDA zugelassenen Therapie gegen Hyperphagie bei Patienten mit Prader-Willi-Syndrom. Zusätzliche Mittel unterstützen die EU-Zulassungsaktivitäten, Forschung und Entwicklung sowie allgemeine Unternehmenszwecke. Das Angebot, verwaltet von Goldman Sachs, Guggenheim Securities, TD Cowen, Cantor und Oppenheimer, soll voraussichtlich um den 11. Juli 2025 abgeschlossen werden.

Positive
  • Recently received FDA approval for VYKATT XR as the first therapy for Prader-Willi syndrome hyperphagia
  • Substantial capital raise of $200 million to support commercialization efforts
  • Strong syndicate of investment banks supporting the offering
  • Potential for European market expansion with regulatory activities planned
Negative
  • Significant dilution for existing shareholders through new share issuance
  • Stock offering priced at $85.00 may impact short-term trading performance
  • No immediate revenue generation from commercialization efforts
  • Additional capital needs possible for European expansion and R&D efforts

Insights

Soleno raises $200M to commercialize its newly FDA-approved Prader-Willi syndrome drug, strengthening its financial position for market launch.

Soleno Therapeutics has successfully priced a $200 million public offering of 2,352,941 shares at $85.00 per share, securing crucial funding for the commercialization of VYKATT� XR. This is a significant capital raise that substantially bolsters the company's balance sheet at a critical juncture following their recent FDA approval in March 2025.

The timing of this offering is strategically sound, coming just over three months after VYKATT� XR became the first approved therapy specifically addressing hyperphagia (excessive hunger) in Prader-Willi syndrome (PWS) - a rare genetic disorder affecting approximately 1 in 15,000 births. This approval represents a major milestone as PWS patients previously had no FDA-approved treatment options for this debilitating symptom.

The allocated use of proceeds reveals Soleno's comprehensive strategy: primarily funding VYKATT� XR's U.S. commercialization while simultaneously pursuing European regulatory approval and market development. This dual-market approach could significantly expand the revenue potential for their lead asset. The additional allocation toward research and development suggests Soleno aims to leverage its expertise in rare diseases beyond its initial indication.

The strong syndicate of underwriters (Goldman Sachs, Guggenheim Securities, TD Cowen, Cantor, and Oppenheimer) indicates solid institutional interest in Soleno's commercial prospects. The inclusion of a 30-day option for underwriters to purchase an additional 352,941 shares suggests confidence in market demand for this offering. This financing provides Soleno the runway needed to execute its commercial launch effectively while advancing additional strategic initiatives.

REDWOOD CITY, Calif., July 10, 2025 (GLOBE NEWSWIRE) -- Soleno Therapeutics, Inc. (Soleno) (Nasdaq: SLNO), a biopharmaceutical company developing novel therapeutics for the treatment of rare diseases, announced today that it has priced its previously announced underwritten public offering of 2,352,941 shares of its common stock at a price to the public of $85.00 per share. All of the shares are being sold by Soleno. In addition, Soleno has granted the underwriters a 30-day option to purchase up to an additional 352,941 shares of its common stock at the public offering price. The gross proceeds from the offering are expected to be approximately $200 million before deducting underwriting discounts and commissions and other offering expenses, assuming no exercise of the underwriters� option to purchase additional shares. The offering is expected to close on or about July 11, 2025, subject to satisfaction of customary closing conditions.

Goldman Sachs & Co. LLC, Guggenheim Securities, TD Cowen, Cantor and Oppenheimer & Co. are acting as joint book-running managers for the public offering.

Soleno intends to use the net proceeds from this offering to fund the commercialization of VYKATTM XR, the first approved therapy to address hyperphagia in individuals with Prader-Willi syndrome, which was approved by the U.S. Food and Drug Administration on March 26, 2025. Soleno also intends to use the proceeds from the public offering to fund its regulatory and market development activities in the European Union and further research and development efforts, as well as general corporate purposes, which may include working capital, capital expenditures, other clinical trials, other corporate expenses and acquisitions of complementary products, technologies or businesses, though the company does not have agreements or commitments for any specific acquisitions at this time.

The shares are being offered pursuant to a registration statement on Form S-3ASR (File No. 333-276344), which became automatically effective upon filing with the Securities and Exchange Commission (the “SECâ€�) on January 2, 2024. The offering is being made solely by means of a written prospectus and a prospectus supplement that form a part of the registration statement. A preliminary prospectus supplement and accompanying prospectus relating to this offering was filed with the SEC on July 10, 2025. A final prospectus supplement and accompanying prospectus relating to the offering will also be filed with the SEC. These documents can be accessed for free through the SEC’s website at www.sec.gov. When available, copies of the final prospectus supplement and the accompanying prospectus relating to this offering may be obtained from Goldman Sachs & Co. LLC, 200 West Street, New York, New York 10282, Attention: Prospectus Department, by telephone at (866) 471-2526, or by email at [email protected]; Guggenheim Securities, LLC, Attention: Equity Syndicate Department, 330 Madison Avenue, 8th Floor, New York, New York 10017, by telephone at (212) 518-9544, or by email at [email protected]; TD Securities (USA) LLC, 1 Vanderbilt Avenue, New York, NY 10017, by telephone at (833) 297-2926 or by email at [email protected]; Cantor Fitzgerald & Co. by mail at Attention: Capital Markets, 110 East 59th Street, New York 10022 or by email at [email protected]; or Oppenheimer & Co. Inc., Attention: Syndicate Prospectus Department, 85 Broad Street, 26th Floor, New York, New York 10004, by telephone at (212) 667-8055, or by email at [email protected].

This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of any such jurisdiction.

About Soleno Therapeutics, Inc.

Soleno is focused on the development and commercialization of novel therapeutics for the treatment of rare diseases. The company’s first commercial product, VYKAT XR (diazoxide choline) extended-release tablets, formerly known as DCCR, is a once-daily oral treatment for hyperphagia in adults and children 4 years of age and older with Prader-Willi syndrome.

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts contained in this press release are forward-looking statements, including statements regarding the expected completion and timing of closing of the offering, the anticipated total gross proceeds from the offering, the anticipated use of proceeds therefrom, and all other statements that are not statements of historical facts. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expect," "plan," "anticipate," "could," "intend," "target," "project," "contemplates," "believes," "estimates," "predicts," "potential" or "continue" or the negative of these terms or other similar expressions. These forward-looking statements speak only as of the date of this press release and are subject to a number of risks, uncertainties and assumptions, whether or not Soleno will be able to raise capital through the sale of securities or consummate the offering, the final terms of the offering, the satisfaction of customary closing conditions, as well as risks and uncertainties inherent in Soleno’s business, including those described in Soleno's Annual Report on Form 10-K for the year ended December 31, 2024, Soleno’s Quarterly Report on Form 10-Q for the three months ended March 31, 2025, prior press releases and in other filings and reports filed with the SEC. The events and circumstances reflected in Soleno’s forward-looking statements may not be achieved or occur, and actual results could differ materially from those projected in the forward-looking statements. Except as required by applicable law, Soleno does not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances or otherwise.

Corporate Contact:

Brian Ritchie
LifeSci Advisors, LLC
212-915-2578Ìý

Media Contact:


FAQ

What is the size and price of Soleno Therapeutics (SLNO) stock offering in July 2025?

Soleno Therapeutics is offering 2,352,941 shares at $85.00 per share, aiming to raise approximately $200 million in gross proceeds, with an additional 30-day option for underwriters to purchase up to 352,941 shares.

How will Soleno Therapeutics use the proceeds from its $200M stock offering?

The proceeds will primarily fund the commercialization of VYKATT XR, support EU regulatory activities, fund research and development efforts, and provide working capital for general corporate purposes.

What is VYKATT XR and when was it approved by the FDA?

VYKATT XR is the first approved therapy for hyperphagia in Prader-Willi syndrome, receiving FDA approval on March 26, 2025.

Who are the underwriters for Soleno Therapeutics' public offering?

The joint book-running managers are Goldman Sachs & Co. LLC, Guggenheim Securities, TD Cowen, Cantor, and Oppenheimer & Co.

When will Soleno Therapeutics' stock offering close?

The offering is expected to close on or about July 11, 2025, subject to customary closing conditions.
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4.16B
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Biotechnology
Electromedical & Electrotherapeutic Apparatus
United States
REDWOOD CITY