Soleno maintains a conservative capital structure with a debt-to-equity ratio of 0.01 as of 2026Q1, though the $400.0M accumulated deficit in retained earnings underscores the substantial historical capital consumption.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 |
|---|
| Total Current Assets | 326.38M | 355.81M | 293.89M | 171.36M | 15.65M | 22.42M | 50.24M | 21.14M | 24.67M | 17.99M | 3.8M | 6.4M | 8.34M | 1.52M | 2.39M |
| Cash & Short-Term Investments | 255.6M | 305.47M | 291.44M | 169.68M | 14.6M | 21.3M | 49.22M | 20.73M | 24.08M | 17.1M | 2.73M | 5.49M | 7.96M | 1.27M | 2.16M |
| Cash Only | 133.03M | 70.11M | 87.93M | 169.68M | 14.6M | 21.3M | 49.22M | 20.73M | 23.1M | 17.1M | 2.73M | 5.49M | 7.96M | 1.27M | 2.16M |
| Short-Term Investments | 122.57M | 235.37M | 203.51M | 0 | 0 | 0 | 0 | 0 | 978K | 0 | 0 | 0 | 0 | 0 | 0 |
| Accounts Receivable | 47.14M | 28.21M | 0 | 0 | 0 | 0 | 0 | 0 | 64K | 0 | 133.34K | 156.13K | 0 | 149.6K | 150.78K |
| Days Sales Outstanding | 40.17 | 54.07 | - | - | - | - | - | - | - | - | 33.55 | 147.04 | - | 18.2 | - |
| Inventory | 17.31M | 15.02M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 660.39K | 551.01K | 109.34K | 0 | 0 |
| Days Inventory Outstanding | 968.24 | 2.03K | - | - | - | - | - | - | - | - | 159.7 | 570.25 | - | - | - |
| Other Current Assets | 6.33M | 7.11M | 2.45M | 1.68M | 1.04M | 0 | 0 | 0 | 0 | 551K | 695.39K | 35K | 20K | 20K | 20K |
| Total Non-Current Assets | 282.01M | 208.02M | 37.08M | 9.33M | 10.85M | 13.13M | 14.74M | 17.03M | 18.48M | 21.03M | 1.76M | 1.8M | 57.61K | 63.17K | 126.54K |
| Property, Plant & Equipment | 4.09M | 2.38M | 2.98M | 419K | 157K | 454K | 158K | 444K | 12K | 22.89K | 102.56K | 85.75K | 57.61K | 63.17K | 105.45K |
| Fixed Asset Turnover | 98.85x | 80.14x | - | - | - | - | - | - | - | -67861.13x | 14.15x | 4.52x | - | 47.49x | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 125.53K | 718K | 718K | 0 | 0 | 0 |
| Intangible Assets | 4.37M | 4.86M | 6.8M | 8.75M | 10.69M | 12.64M | 14.58M | 16.52M | 18.47M | 20.41M | 817.47K | 916.81K | 0 | 0 | 0 |
| Long-Term Investments | 64.15M | 0 | 27.21M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Assets | 273.55M | 200.78M | 83K | 165K | 0 | 40K | 0 | 59K | 0 | 591.92K | 125.53K | 76.34K | 0 | 0 | 21.09K |
| Total Assets | 608.39M | 563.83M | 330.97M | 180.69M | 26.5M | 35.55M | 64.98M | 38.17M | 43.15M | 39.02M | 5.56M | 8.2M | 8.4M | 1.59M | 2.51M |
| Asset Turnover | 0.54x | 0.34x | - | - | - | - | - | - | - | -39.80x | 0.26x | 0.05x | - | 1.89x | - |
| Asset Growth % | 273.07% | 70.36% | 83.17% | 581.93% | -25.47% | -45.29% | 70.23% | -11.54% | 10.58% | 601.22% | -32.15% | -2.32% | 429.15% | -36.89% | - |
| Total Current Liabilities | 58.05M | 61.36M | 18.75M | 11.51M | 7.31M | 8.01M | 8.62M | 4.96M | 1.88M | 1.73M | 1.71M | 3.19M | 1.29M | 14.18M | 11.54M |
| Accounts Payable | 12.39M | 12.44M | 8.88M | 3.15M | 1.78M | 3.25M | 3.49M | 2M | 934K | 633K | 410.51K | 495.34K | 986.8K | 57.72K | 219.52K |
| Days Payables Outstanding | 917.23 | 1.68K | - | - | - | - | 580.44 | 317.01 | 177.65 | 143.42 | 99.28 | 512.64 | - | - | - |
| Short-Term Debt | 1.16M | 726K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 101.53K | 13.99M | 11.13M |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -13.99M | -11.13M |
| Other Current Liabilities | 44.5M | 48.2M | 9.34M | 4.95M | 2.16M | 1.05M | 1.2M | 665K | 623K | 127K | 246.4K | 2.18M | 0 | 0 | 0 |
| Current Ratio | 5.62x | 5.80x | 15.68x | 14.89x | 2.14x | 2.80x | 5.83x | 4.26x | 13.14x | 10.38x | 2.23x | 2.01x | 6.46x | 0.11x | 0.21x |
| Quick Ratio | 5.32x | 5.55x | 15.68x | 14.89x | 2.14x | 2.80x | 5.83x | 4.26x | 13.14x | 10.38x | 1.84x | 1.83x | 6.38x | 0.11x | 0.21x |
| Cash Conversion Cycle | 91.18 | 404.07 | - | - | - | - | - | - | - | - | 93.97 | 204.65 | - | - | - |
| Total Non-Current Liabilities | 54.54M | 52.35M | 67.11M | 11.68M | 8.84M | 9.75M | 10.82M | 18.26M | 10.86M | 10.75M | 422.28K | 1.78M | 17.44M | 25.27M | 25.17M |
| Long-Term Debt | 3.24M | 1.96M | 49.83M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1.46M | 1.36M |
| Capital Lease Obligations | 2.25M | 0 | 2.47M | 130K | 0 | 175K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 51.3M | 50.39M | 14.81M | 11.55M | 8.84M | 9.58M | 10.82M | 18.26M | 10.86M | 10.47M | 422.28K | 1.78M | 17.44M | 23.81M | 23.81M |
| Total Liabilities | 112.59M | 113.72M | 85.86M | 23.18M | 16.15M | 17.76M | 19.43M | 23.23M | 12.74M | 12.49M | 2.13M | 4.98M | 18.73M | 39.45M | 36.71M |
| Total Debt | 4.41M | 2.69M | 52.83M | 403K | 155K | 457K | 139K | 305K | 0 | 0 | 0 | 0 | 101.53K | 13.99M | 11.13M |
| Net Debt | -128.62M | -67.42M | -35.1M | -169.28M | -14.45M | -20.85M | -49.09M | -20.43M | -23.1M | -17.1M | -2.73M | -5.49M | -7.86M | 12.72M | 8.98M |
| Debt / Equity | 0.01x | 0.01x | 0.22x | 0.00x | 0.01x | 0.03x | 0.00x | 0.02x | - | - | - | - | - | - | - |
| Debt / EBITDA | 0.05x | 0.16x | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | -1.43x | -3.97x | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | 18.59x | 4.81x | -760.26x | - | - | - | - | - | -221.52x | - | - | -3.99x | -2.36x | -0.30x | -1.26x |
| Total Equity | 495.8M | 450.12M | 245.11M | 157.51M | 10.35M | 17.79M | 45.55M | 14.95M | 30.41M | 26.53M | 3.44M | 3.22M | -10.33M | -37.86M | -34.2M |
| Equity Growth % | 269.57% | 83.64% | 55.62% | 1422.1% | -41.84% | -60.93% | 204.72% | -50.85% | 14.62% | 672.44% | 6.56% | 131.2% | 72.71% | -10.73% | - |
| Book Value per Share | 9.34 | 8.28 | 6.10 | 9.55 | 1.23 | 3.35 | 10.91 | 6.57 | 21.75 | 44.33 | 16.61 | 25.65 | -610.20 | -2026.90 | -1830.50 |
| Total Shareholders' Equity | 495.8M | 450.12M | 245.11M | 157.51M | 10.35M | 17.79M | 45.55M | 14.95M | 30.41M | 26.53M | 3.44M | 3.22M | -10.33M | -37.86M | -34.2M |
| Common Stock | 52K | 52K | 46K | 32K | 8K | 80K | 80K | 45K | 32K | 19.24K | 16.79K | 14.02K | 6.77K | 536 | 522 |
| Retained Earnings | -399.99M | -431.37M | -452.26M | -276.41M | -237.42M | -213.35M | -182.44M | -157.81M | -127.03M | -113.98M | -98.31M | -86.25M | -70.98M | -57.1M | -53.39M |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | -1.84M | 415K | 361K | 0 | 0 | 0 | 0 | 0 | -93K | -73.65K | -159.36K | -211.85K | -144.83K | -155.35K | -216.18K |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Binary clinical trial dependency
As reported in recent financial statements, Soleno's total assets fluctuated from $168.8M in 2024Q1 to $608.4M by 2026Q1, a trend driven primarily by non-recurring milestone-related cash inflows rather than organic growth, which complicates the assessment of the company's underlying financial stability as it approaches commercialization.
The significant swings in total assets and equity suggest that the balance sheet is currently a reflection of episodic capital events rather than steady-state business accumulation. Investors should monitor whether these asset levels can be sustained through organic operations once the current milestone-driven revenue cycle concludes.
Based on quarterly filings, Soleno's cash position reached $133.0M in 2026Q1, yet the historical volatility—ranging from $42.8M to $246.7M over the last ten quarters—suggests that liquidity is heavily dependent on the timing of partnership payments rather than consistent, self-sustaining operational cash flow generation.
While the current ratio of 5.62 indicates a comfortable short-term buffer, the high R&D burn rate typical of Phase III clinical programs implies that this liquidity could be depleted rapidly. The reliance on non-recurring inflows warrants caution regarding the company's ability to fund operations through the full regulatory review process.
According to the provided balance sheet data, Soleno's retained earnings remain deeply negative at -$400.0M as of 2026Q1, highlighting the substantial capital consumption required to advance the DCCR program, which continues to weigh on the overall quality of the company's equity base despite recent milestone-driven improvements.
The persistent deficit in retained earnings underscores the long-term nature of the company's R&D investment cycle. Future equity quality will likely depend on the successful commercialization of its lead asset to reverse these historical losses and establish a sustainable capital structure.
As indicated by the financial data, the presence of $4.4M in goodwill alongside minimal net PPE of $4.1M suggests that the company's asset base is largely intangible, which may pose a risk of future impairment if the clinical development of DCCR fails to meet regulatory expectations.
The lack of significant physical assets confirms the company's status as a pure-play R&D entity, where value is almost entirely tied to intellectual property. Any negative regulatory outcome could lead to a rapid reassessment of these intangible assets, potentially impacting the reported equity value.
Quick answers to the most common questions about buying SLNO stock.
As of 2025, Soleno Therapeutics, Inc. (SLNO) had total assets of $563.8M including $355.8M in current assets.
Soleno Therapeutics, Inc. (SLNO) carries total debt of $2.7M, offset by $305.5M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
Soleno Therapeutics, Inc. (SLNO) has total shareholders' equity (book value) of $450.1M ($8.28 book value per share). Book value represents the net worth of the company belonging to common stock holders.
Soleno Therapeutics, Inc. (SLNO) reported a current ratio of 5.80x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.