Soleno Therapeutics prices $200M offering of stock

Soleno Therapeutics prices $200M offering of stock

Soleno Therapeutics (NASDAQ: SLNO) has announced plans for a $200 million public offering of common stock, with an additional 30-day option for underwriters to purchase up to $30 million of shares. The offering will be managed jointly by Goldman Sachs and Guggenheim Securities [1].

The proceeds will primarily fund the commercialization of VYKAT™ XR, the company's recently FDA-approved therapy for hyperphagia in Prader-Willi syndrome. Additional funds will support EU regulatory activities, research and development, and general corporate purposes. The offering will be made through a previously filed Form S-3ASR registration statement [1].

The capital raise comes at a strategically important time, just over three months after VYKAT XR received FDA approval on March 26, 2025. The therapy represents a meaningful advancement as the first approved treatment specifically addressing hyperphagia (excessive hunger) in Prader-Willi syndrome patients, a rare genetic disorder affecting approximately 1 in 15,000 births [1].

The financing will support not only the U.S. commercialization but also fund regulatory and market development activities in the European Union, potentially expanding the therapy's reach. This dual-market strategy could significantly increase the addressable patient population [1].

Goldman Sachs and Guggenheim Securities serving as joint book-running managers adds credibility to this offering. The size of the raise ($200-230 million) is substantial relative to most biotechnology companies commercializing their first product, suggesting strong institutional interest and confidence in VYKAT XR's market potential [1].

This offering will substantially strengthen Soleno's balance sheet, providing crucial resources for the critical early commercialization phase when revenue generation is beginning but significant investments in sales infrastructure, market access, and physician education are required. The additional capital for research and development also indicates the company is planning pipeline expansion beyond its lead asset [1].

References:
[1] https://www.stocktitan.net/news/SLNO/soleno-therapeutics-announces-proposed-200-million-public-offering-b5pzf4od6wru.html