Soleno Therapeutics(SLNO) - 2021 Q1 - Quarterly Report

Financial Performance - The company reported a net loss of $8.95 million for the three months ended March 31, 2021, compared to a net loss of $5.86 million for the same period in 2020, representing a 53% increase in losses[79]. - General and administrative expenses rose by 49% to $2.98 million for the three months ended March 31, 2021, compared to $2.00 million in the prior year[79]. - The company has an accumulated deficit of $191.4 million as of March 31, 2021, primarily due to research and development and general administrative expenses[77]. - Operating activities used net cash of $7.5 million during the three months ended March 31, 2021, compared to $5.7 million in the same period in 2020[87]. Research and Development - Research and development expenses increased by 7% to $7.16 million for the three months ended March 31, 2021, up from $6.70 million in the same period in 2020[79]. - The company has not yet commenced commercialization of its lead product, DCCR, and has generated no revenue from operations as of March 31, 2021[80]. - The company is in communication with regulatory authorities regarding the next steps for DCCR after the FDA indicated an additional clinical trial would be necessary for New Drug Approval[75]. Cash Position - Cash and cash equivalents stood at $41.6 million as of March 31, 2021, which management believes is sufficient to meet obligations for at least the next twelve months[77]. - The company raised $53.7 million in net proceeds from a public offering completed in June 2020[77]. Contingent Consideration - The fair value of contingent consideration related to the acquisition of Essentialis was estimated at $9.3 million as of March 31, 2021, a decrease of $1.0 million from the previous estimate[83].