Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2025	Dec. 31, 2024	Dec. 31, 2023
Cash flows from operating activities:
Net income (loss)	$ 20,890	$ (175,850)	$ (38,988)
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	2,017	1,987	1,958
Accretion of premium/discount on marketable securities	(3,517)	(4,895)	0
Non-cash lease expense	607	444	321
Amortization of debt issuance costs	35	0	0
Stock-based compensation expense	45,846	99,958	5,945
Change in fair value of stock warrants	0	0	182
Change in fair value of contingent consideration	5,536	3,242	2,714
Other non-cash reconciling items	17	0	0
Change in operating assets and liabilities:
Accounts receivable	(28,208)	0	0
Inventory	(14,031)	0	0
Prepaid expenses, other current assets and other assets	(4,738)	(750)	(837)
Accounts payable	3,612	5,672	1,372
Accrued compensation	4,901	1,641	1,460
Operating lease liabilities	(308)	(183)	(309)
Other liabilities	14,139	(362)	1,242
Net cash provided by (used in) operating activities	46,798	(69,096)	(24,940)
Cash flows from investing activities:
Purchases of property and equipment	(73)	(218)	0
Purchases of marketable securities	(455,776)	(356,464)	0
Maturities of marketable securities	254,068	131,000	0
Net cash used in investing activities	(201,781)	(225,682)	0
Cash flows from financing activities:
Proceeds from issuance of debt, net of issuance costs	0	49,888	0
Payment of debt issuance costs	(62)	0	0
Proceeds from the sale of common stock, net of issuance costs	215,721	148,955	0
Proceeds from the sale of common stock, common stock warrants and pre-funded stock warrants, net of issuance costs	0	0	137,857
Payment for repurchase of common stock	100,146	0	0
Proceeds from exercise of common stock and pre-funded stock warrants	5,187	12,866	41,815
Proceeds from exercise of stock options	17,202	1,316	347
Tax withholding payments for net share-settled equity awards	(741)	0	0
Net cash provided by financing activities	137,161	213,025	180,019
Net increase (decrease) in cash and cash equivalents	(17,822)	(81,753)	155,079
Cash and cash equivalents, beginning of period	87,928	169,681	14,602
Cash and cash equivalents, end of period	70,106	87,928	169,681
Supplemental disclosure of non-cash operating and financing information
Operating lease right-of-use assets obtained in exchange for operating lease obligations	0	2,835	597
Cash paid for interest	4,534	209	0
Common stock repurchase costs included in accounts payable	4	0	0
Non-cash exercise of 2018 PIPE Warrants	0	0	183
Purchases of property and equipment included in accounts payable	0	1	0
Debt issuance costs included in accounts payable	$ 0	$ 62	$ 0

SOLENO THERAPEUTICS INC 10-K