Soleno Therapeutics, Inc. (SLNO), announced Tuesday that its Board of Directors has authorized a share repurchase programme of up to $100 million. Following the news, Soleno shares rose more than 9% in pre-market trading.
The company said it has entered into an Accelerated Share Repurchase (ASR) Agreement with Jefferies LLC. Under the agreement, Soleno will make an initial payment of $100 million, with an initial delivery of approximately 1.51 million shares, based on the company's closing price on November 10, 2025.
"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," said Anish Bhatnagar, Chief Executive Officer and Chairman of the Board of Soleno Therapeutics. "We achieved profitability in the third quarter of 2025 and believe the expected future cash generation profile of our business is significantly underappreciated by the capital markets, making share repurchases a compelling and attractive opportunity."
Vykat XR, approved by the FDA in March this year, is the only approved therapy for the treatment of hyperphagia in patients with Prader-Willi syndrome. Soleno generated $66 million in revenue from Vykat XR sales in the third quarter of 2025.
Soleno stock closed at $46.31 on Monday, down 2.91%.
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