Liquidity remains highly variable, as evidenced by the $22.4M working capital outflow in 2026Q1 and a cash position that has fluctuated between $42.8M and $246.7M over the last ten quarters.
| 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 |
|---|
| Cash from Operations | 105.71M | 46.8M | -69.1M | -24.94M | -20.78M | -27.77M | -25.22M | -17.38M | -11.68M | -9.95M | -13.5M | -10.3M | -4.48M | -885.22K | -3.5M |
| Operating CF Margin % | - | 24.58% | - | - | - | - | - | - | - | 0.64% | -930.39% | -2657.51% | - | -29.51% | - |
| Operating CF Growth % | 903.23% | 167.73% | -177.05% | -20.01% | 25.17% | -10.09% | -45.17% | -48.72% | -17.42% | 26.29% | -31.06% | -129.67% | -406.58% | 74.68% | - |
| Net Income | 96.04M | 20.89M | -175.85M | -38.99M | -24.07M | -30.91M | -24.64M | -30.77M | -11.84M | -12.07M | -12.07M | -15.91M | -13.87M | -3.71M | -6.48M |
| Depreciation & Amortization | 2.03M | 2.02M | 1.99M | 1.96M | 1.96M | 1.96M | 1.95M | 1.96M | 1.96M | 1.61M | 131.64K | 108.23K | 28.52K | 42.11K | 43.79K |
| Stock-Based Compensation | 21.17M | 45.85M | 99.96M | 5.95M | 2.53M | 3.28M | 1.5M | 825K | 988K | 880.03K | 871.27K | 942.37K | 345.44K | 38.42K | 24.41K |
| Deferred Taxes | 0 | 0 | 0 | 0 | 0 | 0 | -11.64M | 6.96M | -3.88M | -1.65M | 21.7K | 3.57M | 4.59M | 106.77K | 22.41K |
| Other Non-Cash Items | 27.11M | 2.68M | -1.21M | 3.22M | -452K | -951K | 4.62M | 1.15M | 1M | 1.31M | -1.64M | 183.32K | 4.13M | 2.86M | 2.87M |
| Working Capital Changes | -40.64M | -24.63M | 6.02M | 2.93M | -756K | -1.15M | 2.98M | 2.5M | 82K | -24.07K | -815.43K | 810.06K | 299.85K | -225.54K | 28.88K |
| Change in Receivables | -47.14M | -28.21M | 0 | 0 | 0 | 0 | 0 | 64K | -64K | 0 | 22.79K | -156.13K | 149.6K | -149.6K | 0 |
| Change in Inventory | -15.86M | -14.03M | 0 | 0 | 0 | 0 | 0 | -64K | 0 | 0 | -109.38K | -441.67K | -109.34K | 12.74M | 0 |
| Change in Payables | 3.98M | 3.61M | 5.67M | 1.37M | -1.48M | -235K | 1.49M | 1.06M | 249K | 190.63K | -149.16K | 211.94K | 353.9K | -161.8K | 45.47K |
| Cash from Investing | -186.74M | -201.78M | -225.68M | 0 | -13K | -22K | -7K | 528K | -180K | 378.78K | -38.68K | -1.32M | -30.68K | -1.27K | -2.49K |
| Capital Expenditures | -108K | -73K | -218K | 0 | -13K | -22K | -7K | -21K | -8K | -2.57K | -38.68K | -305.78K | -30.68K | -1.27K | -2.49K |
| CapEx % of Revenue | 0.04% | 0.04% | - | - | - | - | - | - | - | -0% | 2.67% | 78.9% | - | 0.04% | - |
| Acquisitions | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 500K | 0 | -572.59K | 0 | -1M | 0 | 0 | 0 |
| Investments | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Investing | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 49K | -172K | 953.94K | -23.89K | -15K | 0 | 0 | 0 |
| Cash from Financing | 132.72M | 137.16M | 213.03M | 180.02M | 14.09M | -128K | 53.72M | 14.48M | 17.83M | 23.94M | 10.77M | 9.16M | 11.2M | 0 | 5.03M |
| Debt Issued (Net) | 0 | 0 | 49.89M | 0 | 0 | -8K | -17K | -2K | 0 | 0 | 0 | 0 | 2.59M | 0 | 5M |
| Equity Issued (Net) | 134.73M | 137.96M | 148.96M | 137.86M | 14.11M | 0 | 53.72M | 14.48M | 16.3M | 25.01M | 10.77M | 0 | 10.73M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Share Repurchases | -100.15M | -100.15M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -7.78M | 0 | 0 | 0 | 0 |
| Other Financing | -2.01M | -803K | 14.18M | 42.16M | -16K | -120K | 17K | 0 | 1.52M | -838K | -1.39K | 9.16M | -2.12M | 0 | 27.66K |
| Net Change in Cash | 51.7M | -17.82M | -81.75M | 155.08M | -6.7M | -27.92M | 28.49M | -2.37M | 5.96M | 14.37M | -2.77M | -2.46M | 6.69M | -886.49K | 1.53M |
| Free Cash Flow | 105.6M | 46.73M | -69.31M | -24.94M | -20.79M | -27.79M | -25.23M | -17.4M | -11.69M | -9.95M | -13.54M | -10.61M | -4.52M | -886.49K | -3.5M |
| FCF Margin % | 37.05% | 24.54% | - | - | - | - | - | - | - | 0.64% | -933.06% | -2736.41% | - | -29.55% | - |
| FCF Growth % | 217.95% | 167.41% | -177.92% | -19.94% | 25.18% | -10.15% | -45.04% | -48.8% | -17.47% | 26.48% | -27.64% | -134.88% | -409.32% | 74.66% | - |
| FCF per Share | 1.99 | 0.86 | -1.73 | -1.51 | -2.48 | -5.23 | -6.04 | -7.64 | -8.36 | -16.63 | -65.47 | -84.38 | -266.64 | -47.45 | -187.30 |
| FCF Conversion (FCF/Net Income) | 1.10x | 2.24x | 0.39x | 0.64x | 0.86x | 0.90x | 1.02x | 0.56x | 0.88x | 0.64x | 1.12x | 0.65x | 0.32x | 0.24x | 0.54x |
| Interest Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Taxes Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 800 | 0 | 0 | 0 | 0 | 0 |
Binary regulatory approval dependency
According to recent financial statements, Soleno's operating cash flow to net income ratio has fluctuated significantly, reaching 0.83 in 2026Q1, which suggests that the company's reported profitability is heavily reliant on non-recurring milestone payments rather than consistent, cash-generative operational activities inherent to a commercial-stage pharmaceutical business.
The divergence between net income and operating cash flow highlights the lumpy nature of the company's revenue recognition. Investors should monitor whether future cash flows can sustain the current burn rate once these one-time licensing events conclude.
As reported in quarterly filings, Soleno's free cash flow trajectory shifted from a $32.8M outflow in 2025Q1 to a $25.9M inflow by 2026Q1, illustrating the extreme sensitivity of the company's cash position to project-based revenue events rather than stable, recurring commercial product sales.
The transition to positive free cash flow appears to be a temporary byproduct of milestone recognition rather than a fundamental shift in operational efficiency. This volatility warrants caution, as the underlying clinical-stage cost structure remains high and largely unoptimized for long-term commercial viability.
Based on reported figures, Soleno experienced a significant working capital outflow of $22.4M in 2026Q1, which suggests that the company's cash conversion cycle is currently being distorted by the timing of milestone-related receivables and the ongoing requirements of its intensive Phase III clinical trial program.
These swings in working capital indicate that the company's cash position is highly susceptible to the timing of contractual payments. Analysts should interpret these fluctuations as evidence of a pre-commercial entity managing liquidity through lumpy inflows rather than efficient operational cycle management.
As indicated by the cash flow statement, Soleno utilized $100.1M for share repurchases in 2025Q4, a move that appears counterintuitive for a clinical-stage firm, potentially signaling management's attempt to manage equity dilution or signal confidence despite the ongoing, high-burn nature of its R&D-heavy business model.
The decision to deploy significant capital toward repurchases while still in a clinical-stage phase warrants further investigation into management's long-term capital allocation strategy. Investors should consider whether these funds might have been better preserved to extend the runway for the upcoming regulatory submission process.
Quick answers to the most common questions about buying SLNO stock.
Soleno Therapeutics, Inc. (SLNO) generated $46.8M in net cash from operating activities in 2025. This reflects the cash generated directly from core business operations.
Soleno Therapeutics, Inc. (SLNO) generated $46.7M in free cash flow in 2025. Free cash flow is the cash left over after capital expenditures, which can be used to pay dividends, repurchase shares, or pay down debt.
Soleno Therapeutics, Inc. (SLNO) spent $0.1M on capital expenditures in 2025. CapEx represents the cash invested in physical assets like property, plant, and equipment to maintain or grow the business.
In 2025, Soleno Therapeutics, Inc. (SLNO) spent $100.1M on share repurchases. This shows the company's commitment to returning capital to its equity investors.