Soleno Therapeutics Q2 2025: Key Contradictions in Time to Fill and Revenue Growth Expectations

Time to fill expectations, revenue growth and expectations are the key contradictions discussed in Soleno Therapeutics' latest 2025Q2 earnings call.



Commercial Launch of Vykat XR:
- Soleno Therapeutics reported $32.7 million in total net revenue for Q2 2025, with a strong initial reception and demand for Vykat XR.
- The successful launch was attributed to the urgent need for an FDA-approved therapy to treat hyperphagia in PWS patients and effective outreach to patients, physicians, and payers by the experienced commercial team.

Patient and Payer Coverage Growth:
- The company received 646 patient start forms from launch through June 30, with 295 unique prescribers, indicating strong early momentum.
- Approximately 33% of all insured lives in the U.S. are now covered for Vykat XR, reflecting rapid and broad coverage surpassing recent rare disease launches.
- These positive outcomes are due to proactive engagement with payers, enabling recognition of the value of Vykat XR in addressing PWS-related hyperphagia.

Balance Sheet Strength and Financial Performance:
- Soleno Therapeutics had $293.8 million in cash, cash equivalents, and marketable securities at the end of Q2, following a $230 million gross proceed raise through an underwritten offering.
- The company used $12.6 million in cash for operating activities during the quarter.
- This financial strength supports the execution of an effective U.S. launch of Vykat XR and progress toward regulatory approvals and commercialization in other geographies.

European Market Expansion:
- The company submitted and EMA validated a marketing authorization application for Vykat XR in the EU in May.
- Gaining approval to market DCCR in the EU represents a significant expansion of the commercial market, adding to the high unmet need among PWS patients in Europe.
- This effort aligns with Soleno's strategy to make DCCR available to as many patients worldwide as possible, leveraging market research and strategic partnerships.