SOLENO THERAPEUTICS INC Segments Disclosure
Note 12. Segment Reporting
The Company has one operating and reporting segment focused on the development and commercialization of its sole therapeutic product, VYKAT XR. The Company’s chief operating decision maker (CODM) is the who reviews product revenue, net and cash operating expenses on a consolidated basis to make decisions about allocating resources and assessing performance for the entire Company. The CODM does not review assets at a level or category different than the amounts disclosed in the consolidated balance sheet.
The following table presents selected financial information with respect to the Company's single operating segment for the years ended December 31, 2025, 2024 and 2023 (in thousands):
|
|
Years Ended December 31, |
|
|||||||||
|
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Product revenue, net |
|
$ |
190,405 |
|
|
$ |
- |
|
|
$ |
- |
|
Net income (loss) |
|
|
20,890 |
|
|
|
(175,850 |
) |
|
|
(38,988 |
) |
Less total other income, net |
|
|
11,476 |
|
|
|
11,821 |
|
|
|
2,396 |
|
Operating income (loss) |
|
|
9,414 |
|
|
|
(187,671 |
) |
|
|
(41,384 |
) |
Total operating expenses |
|
|
180,991 |
|
|
|
187,671 |
|
|
|
41,384 |
|
Less non-cash expenses |
|
|
|
|
|
|
|
|
|
|||
Depreciation and amortization |
|
|
(2,017 |
) |
|
|
(1,987 |
) |
|
|
(1,958 |
) |
Non-cash lease expense |
|
|
(607 |
) |
|
|
(444 |
) |
|
|
(321 |
) |
Change in fair value of contingent consideration |
|
|
(5,536 |
) |
|
|
(3,242 |
) |
|
|
(2,714 |
) |
Stock-based compensation |
|
|
(45,846 |
) |
|
|
(99,958 |
) |
|
|
(5,945 |
) |
Cash operating expenses |
|
$ |
126,985 |
|
|
$ |
82,040 |
|
|
$ |
30,446 |
|
|
|
|
|
|
|
|
|
|
|
|||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 25, 2026 | Showing above |
| 2024 | Feb 28, 2025 | |
About Segments Disclosures
Segment disclosures break a company into its reportable operating units, revealing revenue, profit, and asset allocation that consolidated financial statements obscure. Under ASC 280, segments must match how the chief operating decision maker views the business, providing a window into internal management structure and resource allocation priorities.
Key signals: compare segment margins to identify which units drive profitability and which destroy value. Watch for changes in the number of reportable segments — segment aggregation or disaggregation often coincides with strategic shifts or attempts to obscure declining performance. Intersegment elimination patterns reveal internal pricing practices. The reconciliation between segment totals and consolidated figures exposes corporate overhead allocation and unallocated items. Geographic revenue concentration highlights regulatory and currency exposure. Compare segment-level capital expenditure against segment revenue to assess where management is investing for future growth versus harvesting existing assets.