Core Viewpoint - Soleno Therapeutics is currently not providing full-year guidance as it seeks to better understand its business dynamics, but management indicates that guidance may be offered in the future when more comfortable with the data [1] Group 1: Company Overview - Soleno Therapeutics is a commercial-stage company focused on rare diseases, specifically with an approved product for Prader-Willi syndrome (PWS), which is characterized by hyperphagia [3][18] - The company has been marketing its product for approximately three quarters [3] Group 2: Launch and Market Dynamics - The company expects to capture about 10% of the total addressable market (TAM), translating to approximately 1,000 start forms over a 9 to 12-month period, with variability from quarter to quarter [2][6] - The first-quarter report will be the last to disclose start-form metrics, after which the focus will shift to revenue and active patient reporting [2][6] Group 3: Reimbursement and Coverage - Reimbursement has exceeded expectations, with coverage through nearly 48 Medicaid programs and Medicare being a strong payer [5][14] - The prescriber base has grown to over 600, although many prescribers are new to PWS and require education on the drug [15] Group 4: Patient Conversion and Revenue - Start forms typically convert to active patients within 30 to 45 days, with a single-digit cancellation rate and overall discontinuation around 15% to 20% [6][8] - Revenue is primarily driven by active paid patients, adherence, wholesale acquisition cost (WAC), and gross-to-net dynamics [8] Group 5: International Regulatory Progress - The company is progressing with its European regulatory review, expecting Day 180 questions by the end of February for a patient pool of approximately 9,500 in the EU4 plus the UK [5][16] - Soleno is building its European team and is considering direct market engagement while also exploring partnerships [16] Group 6: Future Plans and Capital Deployment - Capital deployment priorities include supporting U.S. and international launches, pursuing additional indications for its product, and evaluating inorganic growth opportunities, though significant deals are not anticipated in the short term [17]