The successful commercial launch and profitability suggest VYKAT XR is gaining strong market acceptance. Traders should monitor patient growth metrics and upcoming EU regulatory developments as potential catalysts.
Price Chart
Executive Summary
Soleno Therapeutics reported strong first-year commercial results for VYKAT XR, generating $190.4 million in net product revenue and achieving profitability with $20.9 million in net income for 2025. The company demonstrated robust commercial uptake with 1,250 patient start forms and 859 active patients, while maintaining a strong cash position of $506.1 million after a $100 million share repurchase.
Key Financial Metrics
Key Facts
- Generated $190.4 million in net product revenue for full-year 2025, with $91.7 million in Q4 alone
- Achieved profitability with $20.9 million net income in 2025, compared to a $175.9 million net loss in 2024
- Reported $48.7 million in operating cash flow in Q4 2025
- Ended year with $506.1 million in cash, cash equivalents, and marketable securities
- Received 1,250 patient start forms and had 859 active patients on VYKAT XR as of December 31, 2025
Financial Impact
Revenue of $190.4 million and net income of $20.9 million in first full year of commercialization
Risk Factors
- Contingent consideration liability of $20.3 million related to commercial milestones
- Potential dilution from future equity offerings despite current strong cash position
- Dependence on a single product (VYKAT XR) for revenue
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001193125-26-071528 |
| Document: d251192d8k.htm | 0001193125-26-071528 |
| Document: 0001193125-26-071528-index-headers.html | 0001193125-26-071528 |
| Document: 0001193125-26-071528-index.html | 0001193125-26-071528 |
| Document: 0001193125-26-071528.txt | 0001193125-26-071528 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Jun 11, 2026 16w ago | Institutional Cluster | — | awaiting T+1 | — | — |
Jun 11, 2026 16w ago | Institutional Cluster | — | awaiting T+1 | — | — |
May 28, 2026 18w ago | 15-12G | — | awaiting T+1 | — | — |
May 28, 2026 18w ago | EFFECT | — | awaiting T+1 | — | — |
May 18, 2026 19w ago | 8-K / 25-NSE | $53.01 $53.01 | · 0.00% | ▲ +0.65% | — |
Apr 7, 2026 25w ago | 8-K | $52.35 $52.60 | ▼ −0.48% | ▲ +2.06% | — |
Apr 6, 2026 25w ago | 8-K | $52.25 $52.35 | ▲ +0.19% | ▲ +0.13% | — |
Mar 27, 2026 27w ago | Insider Cluster | $30.05 $30.44 | ▲ +1.30% | ▲ +1.66% | — |
Feb 26, 2026 31w ago | 8-K | $38.09 $39.07 | ▲ +2.57% | ▲ +3.03% | — |
Feb 25, 2026 31w ago | 8-K | $41.01 $38.09 | ▼ −7.12% | ▼ −6.57% | — |
US Market Status
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