Soleno Therapeutics secures up to $200M debt financing from Oxford Finance; initial $50M drawn

SOLENO THERAPEUTICS INC

Initial $50 million draw at closing; up to $100 million in milestone tranches tied to FDA approval of DCCR for PWS.
Pro-forma cash, equivalents and marketable securities of $334.7 million as of September 30, 2024 including the draw.
Loan terms: 48-month interest-only period, 60-month maturity (extendable 12 months), floating rate of 1-month SOFR + 5.50%.
Proceeds to support commercial launch activities for DCCR (diazoxide choline) extended-release tablets for Prader-Willi syndrome.
Covenants include minimum cash (starting June 30, 2025) and revenue triggers; loan secured by substantially all assets including IP.

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