Soleno (SLNO) Q4 2025 Earnings Call Transcript

The Motley Fool

by newsfeedback@fool.com (Motley Fool Transcribing)

February 25, 2026

AI-Generated Deep Dive Summary

Soleno Therapeutics (SLNO) delivered a strong Q4 2025 earnings report, showcasing rapid commercial adoption of its lead product, VICAT XR. The company reported $91.7 million in net revenue for the fiscal fourth quarter and achieved profitability with a net income of $20.9 million for the year, marking a significant turnaround from a prior-year net loss of $175.9 million. Despite only nine months of commercial sales, Soleno demonstrated impressive financial resilience, generating $48.7 million in operating cash flow during the quarter and ending the year with $506.1 million in cash reserves. The company also highlighted its growing patient base, with 859 active VICAT XR users by the end of Q4, up from 764 in the prior quarter, and a cumulative 1,250 start forms representing 12.5% of the U.S. addressable market. Soleno’s progress extends beyond its U.S. operations, with strong advancements in its European regulatory strategy. The company submitted all required responses to the EMA’s Day 120 questions and expects a regulatory decision by mid-2026. Additionally, Soleno is expanding its pipeline, planning an IND filing for glycogen storage disease type 1 (GSD1) in 2026, which could open new rare disease treatment opportunities. Meanwhile, the company’s leadership transitioned smoothly with James H. MacKaness retiring as CFO and Jennifer Volk taking over, ensuring continuity while maintaining Soleno’s strategic direction. The earnings call also revealed details about VICAT XR’s real-world performance, including a launch-to-date discontinuation rate of 12% due to adverse events and a total discontinuation rate of 15% by year-end. Management expects long-term rates to stabilize between 15%-20%, indicating manageable safety profiles for sustained patient use. Payer coverage remains robust, with policies covering over 180 million lives across commercial, Medicaid, and Medicare channels, further supporting Soleno’s market penetration efforts. Soleno’s financial strength and strategic

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Originally published on The Motley Fool on 2/25/2026