Soleno Therapeutics Inc. (NASDAQ:SLNO) stock rose Tuesday after the company said its board had approved a share repurchase program and entered into a $100 million accelerated share repurchase (ASR) agreement with Jefferies Financial Group Inc.’s (NYSE:JEF) Jefferies LLC to buy back its common stock.
Under the ASR agreement, the company will make an initial payment of $100 million and receive about 1.51 million shares, based on the company’s closing price on Nov. 10, 2025.
The final number of shares to be repurchased will depend on the volume-weighted average price of Soleno’s stock over the term of the transaction and will be adjusted in line with the agreement’s terms and conditions.
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The company expects the ASR to be completed in the first quarter of 2026.
CEO Commentary
Dr. Anish Bhatnagar, Chief Executive Officer and Chairman of the Board of Soleno Therapeutics, said, “These actions demonstrate our confidence in our commercial launch and the compelling opportunity for VYKAT XR to become a foundational therapy for patients with hyperphagia associated with Prader Willi syndrome.”
“We achieved profitability in the third quarter of 2025 and we believe the expected future cash generation profile of our business is significantly underappreciated by the capital markets and that repurchasing shares of Soleno is a compelling and attractive opportunity,” he added.
Quarterly Results
Last week, Soleno Therapeutics reported its third-quarter results, reporting earnings of 47 cents per share, sharply above analysts’ expectations of 6 cents. The company swung to a profit from a loss of $1.83 per share the previous year. Revenue rose to $66 million, surpassing the consensus estimate of $48.1 million.
Price Action: SLNO shares were trading higher by 4.25% to $48.28 at last check Tuesday.
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