0000950170-25-029545 | 10-K | XBRL Viewer

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Commitments and Contingencies - Schedule of Components of Lease Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]
Operating lease cost	$ 548	$ 312	$ 324
Variable lease cost	16
Short-term lease cost	157	44	29
Total operating lease cost	$ 721	$ 356	$ 353

Commitments and Contingencies - Additional Information (Details)		1 Months Ended	12 Months Ended
	Jun. 13, 2024 USD ($) ft²	Sep. 30, 2024 USD ($)	Dec. 31, 2024 USD ($)	Dec. 31, 2023 USD ($)
Commitments And Contingencies [Line Items]
Operating lease, extension expiration			2025-05
Increase in right of use assets		$ 2,800,000		$ 600,000
Operating lease, short-term liability			$ 526,000	$ 273,000
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]			Operating lease, short-term liability	Operating lease, short-term liability
Long-term operating lease liabilities			$ 2,472,000	$ 130,000
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]			Long-term operating lease liabilities	Long-term operating lease liabilities
Increase in lease liability		$ 2,800,000		$ 600,000
Operating lease, weighted average discount rate			8.50%	8.25%
Operating lease remaining term			4 years 8 months 12 days	17 months
Non-cancelable other commitments			$ 900,000
Redwood City, California [Member]
Commitments And Contingencies [Line Items]
Operating lease, description			began in June 2021 and expired in May 2023
Operating lease beginning date			2021-06
Operating lease, expiration			2023-05
Operating lease, term of contract	5 years		24 months
Area of operating lease \| ft²	18,026
Rent payments	$ 57,400
Rent payments annual increase percentage	3.00%

Basis of Presentation and Summary of Significant Accounting Policies

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Basis of Presentation and Summary of Significant Accounting Policies

Note 3. Basis of Presentation and Summary of Significant Accounting Policies

Basis of Presentation

The accompanying consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (GAAP), and the applicable rules and regulations of the Securities and Exchange Commission (SEC). Certain reclassifications on the consolidated statements of cash flows have been made to conform to current period presentation.

The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.

Use of Estimates

The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and reported amounts of expenses in the financial statements and accompanying notes. Actual results could differ from those estimates. Key estimates included in the financial statements include the valuation of deferred income tax assets, the valuation of financial instruments, stock-based compensation, accrued costs for services rendered in connection with third-party contractor clinical trial activities, and the valuation of contingent liabilities for the purchase price of assets obtained through acquisition.

Concentration of Credit Risk

Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash and cash equivalents and marketable securities at U.S. banking institutions. At December 31, 2024 and 2023, the Company’s cash and cash equivalents and marketable securities were held by three and two separate financial institutions, respectively, and at times these balances may exceed the federally-insured limits. Operating cash in excess of federally-insured limits is custodied at a separate financial institution with an overnight sweep feature into a U.S. government money market fund.

Segments

The Company operates in one segment. Management uses one measurement of profitability and does not segregate its business for internal reporting, making operating decisions, and assessing financial performance. All long-lived assets are maintained in the U.S.

Cash and Cash Equivalents

The Company considers all highly liquid investments, including its money market funds, purchased with an original maturity of three months or less to be cash equivalents. The Company’s cash and cash equivalents are held primarily in institutions in the U.S. and include deposits in a money market funds which were unrestricted as to withdrawal or use.

Marketable Securities

The Company classifies its marketable securities as available-for-sale and records such assets at estimated fair value in the balance sheets, with unrealized gains and non-credit related losses that are determined to be temporary, if any, reported as a component of other comprehensive income (loss) within the statements of operations and comprehensive loss and as a separate component of stockholders’ equity. The Company classifies marketable securities with remaining maturities greater than three months but less than one year as marketable securities, and those with remaining maturities greater than one year are classified as long-term marketable securities. Realized gains and losses are calculated using the specific identification method and recorded as interest income and were immaterial for all periods presented. To the extent the amortized cost basis of the available-for-sale debt securities exceeds the fair value, management assesses the debt securities for credit loss; however, management considers the risk of credit loss to be minimized by the Company's policy of investing in financial instruments issued by highly-rated financial institutions. When assessing the risk of credit loss, management considers factors such as the severity and the reason of the decline in value (i.e., any changes to the rating of the security by a rating agency or other adverse conditions specifically related to the security) and management's intended holding period and time horizon for selling. During the year ended December 31, 2024, the Company did not recognize any credit losses related to its available-for-sale debt securities. Further, as of December 31, 2024, the Company did not record an allowance for credit losses related to its available-for-sale debt securities. During 2023 and 2022, the Company did not hold any marketable securities.

Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consist of payments primarily related to clinical trials, insurance and short-term deposits. Prepaid expenses are initially recorded upon payment and are expensed as goods or services are received.

Property and Equipment, Net

Property and equipment are stated at cost net of accumulated depreciation and amortization calculated using the straight-line method over the estimated useful lives of the assets, generally between three and five years. Leasehold improvements are amortized on a straight-line basis over the lesser of their useful life or the remaining term of the lease. Maintenance and repairs are charged to expense as incurred, and improvements are capitalized. When assets are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the balance sheet and any resulting gain or loss is reflected in operations in the period realized.

Leases

The Company determines whether an arrangement is a lease at inception. Specifically, it considers whether it controls the underlying asset and has the right to obtain substantially all the economic benefits or outputs from the asset. If the contractual arrangement contains a lease, the Company then determines whether it is an operating or finance lease. Right-of-Use (ROU) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. Finance lease classification results in a front-loaded expense recognition pattern over the lease term as it recognizes interest expense and amortization expense as separate components of lease expense.

The Company does not separate lease components from non-lease components for all classes of underlying assets, and instead accounts for the lease and non-lease components as a single component. Variable lease payments are recognized as they are incurred and primarily include common area maintenance, utilities, real estate taxes, insurance and other operating costs that are passed on from the lessor in proportion to the space leased by the Company. The Company does not recognize lease assets and lease liabilities for leases with an original lease term of less than one year.

Long-Lived Assets

The Company reviews its long-lived assets for impairment annually and whenever events or changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable. The Company evaluates assets for potential impairment by comparing estimated future undiscounted net cash flows to the carrying amount of the asset. If the carrying amount of the assets exceeds the estimated future undiscounted cash flows, impairment is measured based on the difference between the carrying amount and the fair value of the assets.

Intangible Assets

In March 2017, the Company completed the acquisition of Essentialis in accordance with the merger agreement by and between the Company and Essentialis dated December 22, 2016 (the Merger Agreement). The merger transaction was accounted for as an asset acquisition under the acquisition method of accounting and accordingly, the value of $22.0 million was assigned to the identifiable intangible asset relating to the patent for DCCR, which patent is currently set to expire in June 2028.

Intangible assets with finite lives are amortized on a straight-line basis over their estimated useful lives, which for the patent is 11 years. The useful life of the intangible asset is evaluated each reporting period to determine whether events and circumstances warrant a revision to the remaining useful life.

Debt

Debt is recognized at its principal amounts upon issuance, net of any issuance costs. The Company categorizes its debt into current and long-term liabilities based on the maturity date. Interest expense on debt is recorded in the period in which it is incurred. Debt issuance costs are accreted into interest expense using the straight-line method over the contractual term of the debt. The Company regularly reviews its debt agreements for compliance with covenants and assesses its ability to meet future obligations.

Research and Development

Research and development costs are charged to operations as incurred. Research and development costs consist primarily of salaries, benefits, bonus, stock-based compensation, consultant fees, certain facility costs and other costs associated with clinical trials and the manufacture of our drug product. Clinical trial costs are a significant component of research and development expenses and include costs associated with CROs and other vendors. Invoicing CROs and CMOs for services performed can often occur several months later. The Company accrues the costs incurred for clinical trial activities as measured by patient progression and the timing of various aspects of the trial. For other services the Company accrues the costs in connection with third-party contractor activities based on its estimate of fees and costs associate with the contract that were rendered during the period and they are expensed as incurred.

Costs to acquire technologies to be used in research and development that have not reached technological feasibility and have no alternative future use are expensed to research and development costs when incurred.

Change in fair value of contingent consideration

The Company recorded the value of contingent future consideration to be paid for the acquisition of Essentialis as a liability in March 2017 at the date of the acquisition. The changes in value of the liability for the contingent consideration since the acquisition date are recorded as operating expense in the consolidated statements of operations and comprehensive loss.

Income Taxes

The Company accounts for income taxes using the asset and liability method. Under this method, deferred income tax assets and liabilities are recorded based on the estimated future tax effects of differences between the amounts at which assets and liabilities are recorded for financial reporting purposes and the amounts recorded for income tax purposes. A valuation allowance is provided against the Company’s deferred income tax assets when their realization is not reasonably assured.

The Company assesses all material positions taken in any income tax return, including all significant uncertain positions, in all tax years that are still subject to assessment or challenge by relevant taxing authorities. Assessing an uncertain tax position begins with the initial determination of the position’s sustainability and is measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. As of each balance sheet date, unresolved uncertain tax positions must be reassessed, and the Company will determine whether (i) the factors underlying the sustainability assertion have changed and (ii) the amount of the recognized tax benefit is still appropriate. The recognition and measurement of tax benefits requires significant judgment. Judgments concerning the recognition and measurement of a tax benefit might change as new information becomes available.

Common Stock Purchase Warrants and Other Derivative Financial Instruments

The Company classifies common stock purchase warrants and other free standing derivative financial instruments as equity if the contracts (i) require physical settlement or net-share settlement or (ii) give the Company a choice of net-cash settlement or settlement in its own shares (physical settlement or net-share settlement). The Company classifies any contracts that (i) require net-cash settlement (including a requirement to net cash settle the contract if an event occurs and if that event is outside the control of the Company), (ii) give the counterparty a choice of net-cash settlement or settlement in shares (physical settlement or net-share settlement), or (iii) contain reset provisions as either an asset or a liability. The Company assesses classification of its freestanding derivatives at each reporting date to determine whether a change in classification between equity and liabilities is required.

The Company determined that certain freestanding derivatives, which principally consist of 2018 PIPE Warrants, do not satisfy the criteria for classification as equity instruments due to the existence of certain cash settlement features that are not within the sole control of the Company or variable settlement provision that cause them to not be indexed to the Company’s own stock.

The Company classified the 2018 PIPE Warrants at their fair value and re-measured them at each balance sheet date until they were exercised or expired. Any changes in the fair value were recognized as Other income (expense), net in the consolidated statements of operations. The 2018 PIPE Warrants expired in December 2023.

Stock-Based Compensation

Stock-based compensation costs related to stock options and restricted stock units granted to employees, directors and consultants are measured at the date of grant based on the estimated fair value of the award. For restricted stock units this fair value is based on the Company’s common stock price on the grant date. The Company estimates the grant date fair value of stock options, and the resulting stock-based compensation expense, using the Black-Scholes option-pricing model. The grant date fair value of stock-based awards is recognized on a straight-line basis over the requisite service period, which is generally the vesting period for service-based awards. For performance-based awards the requisite service period is the longest explicit, implicit or derived service period based on management’s estimate of the probability of the performance criteria being satisfied, adjusted at each balance sheet date.

The Black-Scholes option-pricing model requires the use of highly subjective assumptions to estimate the fair value of stock-based awards. If the Company had made different assumptions, its stock-based compensation expense, net loss and net loss per share of common stock could have been significantly different. These assumptions include:

•

Expected life: The expected life of stock options represents the period of time that the options are expected to be outstanding. Due to the lack of historical exercise history, the expected life of the Company’s service-based stock options has been determined utilizing the “simplified method”, based on the average of the contractual term of the options and the weighted-average vesting period. The expected life for the performance-based options was determined based on consideration of the contractual term of the stock options, an estimate of the date the performance criteria would be met and expectations of employee behavior.

•

Risk-free interest rate: The risk-free interest rate is based on the yields of U.S. Treasury securities with maturities similar to the expected life of the stock options.

•

Volatility: The estimated volatility rate is based on the volatilities of the Company’s common stock for a historical period equal to the expected life of the stock options.

•

Dividend rate: The Company has never declared or paid any cash dividends and does not presently plan to pay cash dividends in the foreseeable future. Consequently, the Company used an expected dividend yield of zero.

The Company accounts for forfeitures as they occur.

Recent Adopted Accounting Pronouncements

From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (FASB) or other standard setting bodies that are adopted by the Company as of the specified effective date.

In November 2023, the FASB issued ASU 2023-07, Segment Reporting – Improvements to Reportable Segment Disclosures, which provides updates to qualitative and quantitative reportable segment disclosure requirements, including enhanced disclosures about significant segment expenses and increased interim disclosure requirements, among others. The ASU requires disclosures to include significant segment expenses that are regularly provided to the chief operating decision maker (CODM), a description of other segment items by reportable segment, and any additional measures of a segment's profit or loss used by the CODM when deciding how to allocate resources. The ASU also requires all annual disclosures to be disclosed in interim periods. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods in fiscal years beginning after December 15, 2024. The Company adopted ASU 2023-07 on October 1, 2024 for the fiscal year ended December 31, 2024.

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which amends the guidance in ASC 740, Income Taxes. This amendment is intended to improve the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. The amendment is effective for fiscal years beginning after December 15, 2024. Adoption is permitted either prospectively or retrospectively, and the Company will adopt the amendment on a prospective basis. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures.

In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expense, which requires the disclosure of additional information related to certain costs and expenses, including amounts of inventory purchases, employee compensation, and depreciation and amortization included in each income statement line item. The guidance also requires disclosure of the total amount of selling expenses and the Company’s definition of selling expenses. The guidance is effective for the Company for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. The Company is currently assessing the impacts of the new guidance on its financial statement disclosures.

Other accounting standards that have been issued or proposed by FASB or other standards-setting bodies that do not require adoption until a future date are not currently expected to have a material impact on the Company’s financial statements upon adoption.

Consolidated Balance Sheets (Parenthetical) - $ / shares	Dec. 31, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	10,000,000	10,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized	100,000,000	100,000,000
Common stock, shares issued	45,703,811	31,678,159
Common stock, shares outstanding	45,703,811	31,678,159

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash flows from operating activities:
Net loss	$ (175,850)	$ (38,988)	$ (24,067)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,987	1,958	1,964
Accretion of premium/discount on marketable securities	(4,895)	0	0
Noncash lease expense	444	321	290
Stock-based compensation expense	99,958	5,945	2,530
Change in fair value of stock warrants	0	182	(30)
Change in fair value of contingent consideration	3,242	2,714	(712)
Change in operating assets and liabilities:
Prepaid expenses, other current assets and other assets	(750)	(837)	113
Accounts payable	5,672	1,372	(1,477)
Accrued compensation	1,641	1,460	947
Accrued clinical trial site costs	(1,567)	171	(198)
Operating lease liabilities	(183)	(309)	(302)
Other liabilities	1,205	1,071	161
Net cash used in operating activities	(69,096)	(24,940)	(20,781)
Cash flows from investing activities:
Purchases of property and equipment	(218)	0	(13)
Purchases of marketable securities	(356,464)	0	0
Maturities of marketable securities	131,000	0	0
Net cash used in investing activities	(225,682)	0	(13)
Cash flows from financing activities:
Proceeds from issuance of debt, net of issuance costs	49,888	0	0
Proceeds from the sale of common stock, net of issuance costs	148,955	0	0
Proceeds from the sale of common stock, common stock warrants and pre-funded stock warrants, net of issuance costs	0	137,857	14,108
Proceeds from exercise of common stock and pre-funded stock warrants	12,866	41,815	0
Proceeds from exercise of stock options	1,316	347	0
Tax withholding payments for net share-settled equity awards	0	0	(16)
Net cash provided by financing activities	213,025	180,019	14,092
Net increase (decrease) in cash and cash equivalents	(81,753)	155,079	(6,702)
Cash and cash equivalents, beginning of period	169,681	14,602	21,304
Cash and cash equivalents, end of period	87,928	169,681	14,602
Supplemental disclosure of non-cash operating and financing information
Operating lease right-of-use assets obtained in exchange for operating lease obligations	2,835	597	0
Non-cash exercise of 2018 PIPE Warrants	0	183	0
Purchases of property and equipment included in accounts payable	1	0	0
Debt issuance costs included in accounts payable	$ 62	$ 0	$ 0

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Geographical Distribution of Loss before Income Taxes

The geographical distribution of loss before income taxes are summarized below (in thousands):


	Years Ended December 31,
	2024			2023			2022
United States	$	(175,921	)	$	(39,180	)	$	(24,173	)
Foreign		71			192			106
Loss before income taxes	$	(175,850	)	$	(38,988	)	$	(24,067	)

Provision for Income Tax Benefit by Applying Statutory Federal Income Tax Rate to Operating Loss

The provision for income tax benefit differs from the amount estimated by applying the statutory federal income tax rate to the operating loss due to the following (in thousands):


	Years Ended December 31,
	2024			2023			2022
Tax (benefit) on the loss before income tax expense computed at the federal statutory rate	$	(36,928	)	$	(8,187	)	$	(5,055	)
State tax (benefit) at statutory rate, net of federal benefit		(1,083	)		(505	)		(527	)
Foreign rate differential		(5	)		6			-
Change in valuation allowance		17,626			8,934			5,702
Change in research and development credits		(7,052	)		(1,631	)		(652	)
Stock-based compensation		8,694			(600	)		(734	)
Change in fair value of warrants		-			38			(6	)
Change in fair value of contingent consideration		681			570			(150	)
Section 162(m) limitation		—			589			-
Change in net operating loss true up		18,025			39			739
Change in capital losses		432			—			405
Change in state rates		(424	)		653			375
Other		34			94			(97	)
Provision for income tax benefit	$	—		$	—		$	—

Significant Components of Company's Deferred Tax Assets and Liabilities

Significant components of the Company’s deferred tax assets and liabilities are as follows at December 31, 2024 and 2023 (in thousands):


	December 31,
	2024			2023
Non-current deferred tax assets:
Federal and state net operating loss carryforwards	$	44,319		$	51,481
Research and other credits		14,127			6,352
Capitalized research and development		17,200			6,778
Reserves and accruals		555			655
Fixed assets		23			29
Capital loss carryover		-			432
Stock-based compensation		8,628			2,013
Lease liability		636			85
Other deferred tax assets		57			54
Gross non-current deferred tax assets		85,545			67,879
Intangible assets		(1,445	)		(1,837	)
Right-of-use assets		(594	)		(86	)
Total non-current deferred tax liabilities		(2,039	)		(1,923	)
Total deferred tax assets		83,506			65,956
Valuation allowance		(83,506	)		(65,956	)
Net deferred tax assets	$	—		$	—

Summary of Gross Unrecognized Tax Benefits

The following tables summarize the activities of gross unrecognized tax benefits (in thousands):


	Years Ended December 31,
	2024			2023		2022
Beginning balance	$	2,938		$	1,936	$	1,557
Increase related to current year tax positions		2,884			1,002		379
Increase related to prior year tax positions		1,332			—		—
Decrease related to prior year tax positions		(787	)		—		—
Ending balance	$	6,367		$	2,938	$	1,936

Income Taxes

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Income Taxes

Note 10. Income Taxes

The geographical distribution of loss before income taxes are summarized below (in thousands):


	Years Ended December 31,
	2024			2023			2022
United States	$	(175,921	)	$	(39,180	)	$	(24,173	)
Foreign		71			192			106
Loss before income taxes	$	(175,850	)	$	(38,988	)	$	(24,067	)

The provision for income tax benefit differs from the amount estimated by applying the statutory federal income tax rate to the operating loss due to the following (in thousands):


	Years Ended December 31,
	2024			2023			2022
Tax (benefit) on the loss before income tax expense computed at the federal statutory rate	$	(36,928	)	$	(8,187	)	$	(5,055	)
State tax (benefit) at statutory rate, net of federal benefit		(1,083	)		(505	)		(527	)
Foreign rate differential		(5	)		6			-
Change in valuation allowance		17,626			8,934			5,702
Change in research and development credits		(7,052	)		(1,631	)		(652	)
Stock-based compensation		8,694			(600	)		(734	)
Change in fair value of warrants		-			38			(6	)
Change in fair value of contingent consideration		681			570			(150	)
Section 162(m) limitation		—			589			-
Change in net operating loss true up		18,025			39			739
Change in capital losses		432			—			405
Change in state rates		(424	)		653			375
Other		34			94			(97	)
Provision for income tax benefit	$	—		$	—		$	—

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities are as follows at December 31, 2024 and 2023 (in thousands):


	December 31,
	2024			2023
Non-current deferred tax assets:
Federal and state net operating loss carryforwards	$	44,319		$	51,481
Research and other credits		14,127			6,352
Capitalized research and development		17,200			6,778
Reserves and accruals		555			655
Fixed assets		23			29
Capital loss carryover		-			432
Stock-based compensation		8,628			2,013
Lease liability		636			85
Other deferred tax assets		57			54
Gross non-current deferred tax assets		85,545			67,879
Intangible assets		(1,445	)		(1,837	)
Right-of-use assets		(594	)		(86	)
Total non-current deferred tax liabilities		(2,039	)		(1,923	)
Total deferred tax assets		83,506			65,956
Valuation allowance		(83,506	)		(65,956	)
Net deferred tax assets	$	—		$	—

The Company has recorded a full valuation allowance against its net deferred tax assets due to the uncertainty as to whether such assets will be realized. The valuation allowance increased by $17.6 million from December 31, 2023 to December 31, 2024 primarily due to the generation of current year net operating losses, research and development and orphan drug tax credits claimed, capitalized research and experimental costs, and stock-based compensation.

As of December 31, 2024, the Company had $173.5 million of federal, $113.5 million of state and no foreign net operating losses available to offset future taxable income. The Federal net operating loss carryforwards arising from years prior to 2018 began to expire in 2022, however post 2017 federal net operating loss carryforwards of $152.6 million may be carried forward indefinitely. The state net operating loss carryforwards will begin to expire in 2028. As of December 31, 2024, the Company also had $16.3 million of federal orphan drug and research and development credits and $5.0 million of state research and development credit carryforwards. The federal research and development credit carryforward begin to expire in 2024 and the state research and development credit can be carried forward indefinitely. Beginning in fiscal year 2023, the Tax Cuts and Jobs Act of 2017 eliminates the option to deduct research and development expenditures currently and requires taxpayers to amortize such costs over a period of five or fifteen years. While it is possible that Congress may modify, defer, or repeal such provision, we have no assurance that the provision will be modified, deferred or repealed.

Utilization of net operating loss and tax credit carryforwards may be subject to certain limitations under Section 382 of the Internal Revenue Code of 1986, as amended, in the event of a change in the Company’s ownership, as defined. The annual limitation may result in the expiration of the net operating loss and tax credit before utilization. The Company has completed a Section 382 analysis from January 1, 2017 through December 31, 2023 and determined that a change in ownership has occurred on March 7, 2017, December 21, 2018, June 30, 2020 and September 26, 2023. As a result, the net operating loss carryforwards generated on or prior to September 26, 2023 are subject to annual limitations before being applied to reduce future income tax liabilities. Of the $214.7 million net operating loss carryforwards generated on or before December 31, 2023, approximately $90 million are expected to be unavailable for future utilizations. For years ended after

December 31, 2023, the utilization of such net operating losses and tax credit carryforwards maybe subject to further limitation in the event an additional ownership change were to occur for tax purposes.

U.S. taxes and foreign withholding taxes have not been provided on undistributed earnings for certain non-U.S. subsidiaries as of December 31, 2024, as the earnings, if any, are intended to be indefinitely reinvested.

The following tables summarize the activities of gross unrecognized tax benefits (in thousands):


	Years Ended December 31,
	2024			2023		2022
Beginning balance	$	2,938		$	1,936	$	1,557
Increase related to current year tax positions		2,884			1,002		379
Increase related to prior year tax positions		1,332			—		—
Decrease related to prior year tax positions		(787	)		—		—
Ending balance	$	6,367		$	2,938	$	1,936

The Company uses the “more likely than not” criterion for recognizing the tax benefit of uncertain tax positions and to establish measurement criteria for income tax benefits. The Company has determined it has $6.4 million of unrecognized assets and liabilities related to uncertain tax positions as of December 31, 2024. Changes in the unrecognized tax benefits within the next 12 months are expected to be similar to prior years and should not significantly increase or decrease. In the event the Company should need to recognize interest and penalties related to unrecognized tax liabilities, this amount will be recorded as a component of other expense.

There were no unrecognized tax benefits that would impact the effective tax rate as of December 31, 2024 and December 31, 2023. As of December 31, 2024, unrecognized tax benefits of $6.4 million would be offset by a change in valuation allowance.

The Company files income tax returns in the U.S. federal jurisdiction, certain state jurisdictions, United Kingdom and Ireland. The Company paid minimal foreign taxes in 2024 and zero in each of 2023 and 2022. In the normal course of business, the Company is subject to examination by federal, state, local and foreign jurisdictions, where applicable. In the U.S federal jurisdiction, tax years 2003 forward remain open to examination, in the state tax jurisdiction, years 2008 forward remain open to examination and in the foreign jurisdiction, years 2015 forward remain open to examination. The Company is currently not under audit by any federal, state, local or foreign jurisdiction.

- Definition

The entire disclosure for income tax.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
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-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12C
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12B
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 270
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477891/740-270-50-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 6.I.5.Q1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/740/tableOfContent

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482603/740-30-50-2

+ Details

Stockholders' Equity - Summary of Restricted Stock Unit Transactions (Detail) - Restricted Stock Units [Member] - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Restricted stock units granted	420,710	414,710	8,965
Restricted stock units vested	(137,780)
Weighted-average grant date fair value
Restricted stock units granted (in dollars per share)	$ 46.47	$ 5.49	$ 5.33
2014 Equity Incentive Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance	15,534
Restricted stock units granted	2,012,645
Restricted stock units vested	(1,088,314)
Ending balance	939,865	15,534
Weighted-average grant date fair value
Beginning balance (in dollars per share)	$ 43.92
Restricted stock units granted (in dollars per share)	46.47
Restricted stock units vested (in dollars per share)	44.64
Ending balance (in dollars per share)	$ 48.55	$ 43.92

Stockholders' Equity (Tables)

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Summary of Outstanding Common Stock Warrants

As of December 31, 2024, 2023 and 2022, the following table summarizes the Company's outstanding common stock warrants:


	As of December 31, 2024				As of December 31, 2023				As of December 31, 2022
	Number of Common Warrant Shares		Weighted Average Exercise Price per Share		Number of Common Warrant Shares		Weighted Average Exercise Price per Share		Number of Common Warrant Shares		Weighted Average Exercise Price per Share		Expiration Date
Common stock warrants		—	$	—		7,904	$	388.94		7,904	$	388.94	November 2024
2018 PIPE warrants		—	$	—		—	$	—		34,241	$	30.00	December 2023
March 2022 Common warrants		1,255,346	$	4.50		1,929,066	$	4.50		4,000,000	$	4.50	March 2027
March 2022 Pre-funded warrants		—	$	—		—	$	—		1,280,965	$	0.15	March 2027
May 2023 Tranche A Pre-funded warrants		—	$	—		2,758,281	$	0.01		—	$	—	November 2026
May 2023 Tranche B warrants		2,065,305	$	2.50		6,750,000	$	2.50		—	$	—	November 2026 (1)
May 2023 Tranche B Pre-funded warrants		—	$	—		451,632	$	0.01		—	$	—	November 2026
October 2023 Pre-funded warrants		250,000	$	0.01		1,175,000	$	0.01		—	$	—	N/A
Total		3,570,651				13,071,883				5,323,110

(1) Subject to earlier expiration as described above.

Summary of Stock Based Compensation Expense

Stock-based compensation expense was recognized in the consolidated statements of operations and comprehensive loss as follows (in thousands):


	Years Ended December 31,
	2024		2023		2022
Research and development	$	33,743	$	2,434	$	692
General and administrative		66,215		3,511		1,838
Total	$	99,958	$	5,945	$	2,530

Schedule of Fair Value of Award Granted Using Black-Scholes Option Pricing Model

The fair value of each award granted was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions:


	Years Ended December 31,
	2024	2023	2022
Expected life (years)	5.8-6.1	5.3-6.1	5.5-6.0
Risk-free interest rate	3.7%-4.6%	3.5%-4.5%	1.7%-3.1%
Volatility	121%-124%	98%-122%	88%-95%
Dividend rate	— %	— %	— %

Summary of Stock Option and Restricted Stock Unit Transactions

The following table summarizes stock option transactions for the year ended December 31, 2024 under the 2014 Plan and the Inducement Plan:


	Number of Options			Weighted- Average Exercise Price per		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
	Outstanding			Share		(in years)		(in thousands)
Balance at December 31, 2023		2,369,665		$	11.56		8.72
Options granted		1,819,324			45.54
Options exercised		(171,520	)		7.59
Options canceled/forfeited		(45,671	)		59.01
Balance at December 31, 2024		3,971,798		$	26.75		8.48	$	79,578
Options exercisable at December 31, 2024		1,301,183		$	14.45		7.33	$	41,417
Options vested and expected to vest at December 31, 2024		3,971,798		$	26.75		8.48	$	79,578

Summary of Restricted Stock Unit Transactions

The following table summarizes restricted stock unit transactions for the year ended December 31, 2024 under the 2014 Plan:


	Number of Restricted Stock Units			Weighted- Average Grant-Date Fair Value per Share
Outstanding at December 31, 2023		15,534		$	43.92
Restricted stock units granted		2,012,645			46.47
Restricted stock units vested		(1,088,314	)		44.64
Restricted stock units cancelled/forfeited		-			-
Outstanding at December 31, 2024		939,865		$	48.55

Commitments and Contingencies - Schedule of Supplemental Cash Flow Information Related to Leases (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$ 344	$ 341	$ 354

Income Taxes - Summary of Gross Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Unrecognized Tax Benefits [Roll Forward]
Beginning balance	$ 2,938	$ 1,936	$ 1,557
Increase related to current year tax positions	2,884	1,002	379
Increase related to prior year tax positions	1,332
Decrease related to prior year tax positions	(787)
Ending balance	$ 6,367	$ 2,938	$ 1,936

Stockholders' Equity - Schedule of Fair Value of Award Granted Using Black-Scholes Option Pricing Model (Detail)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Dividend rate	0.00%	0.00%	0.00%
Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected life (years)	5 years 9 months 18 days	5 years 3 months 18 days	5 years 6 months
Risk-free interest rate	3.70%	3.50%	1.70%
Volatility	121.00%	98.00%	88.00%
Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected life (years)	6 years 1 month 6 days	6 years 1 month 6 days	6 years
Risk-free interest rate	4.60%	4.50%	3.10%
Volatility	124.00%	122.00%	95.00%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 35
-Paragraph 1D
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-1D

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 35
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480483/718-10-35-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147480429/718-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 18: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Income Taxes - Significant Components of Company's Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Non-current deferred tax assets:
Federal and state net operating loss carryforwards	$ 44,319	$ 51,481
Research and other credits	14,127	6,352
Capitalized research and development	17,200	6,778
Reserves and accruals	555	655
Fixed assets	23	29
Capital loss carryover	0	432
Stock based compensation	8,628	2,013
Lease liability	636	85
Other deferred tax assets	57	54
Gross non-current deferred tax assets	85,545	67,879
Intangible assets	(1,445)	(1,837)
Right-of-use assets	(594)	(86)
Total non-current deferred tax liabilities	(2,039)	(1,923)
Total deferred tax assets	83,506	65,956
Valuation allowance	$ (83,506)	$ (65,956)

Overview

12 Months Ended

Dec. 31, 2024

Accounting Policies [Abstract]

Overview

Note 1. Overview

Soleno Therapeutics, Inc. (the Company or Soleno) is a biopharmaceutical company developing novel therapeutics for the treatment of rare diseases. The Company has submitted a new drug application (NDA) to the U.S. Food and Drug Administration (FDA) for its lead product candidate, diazoxide choline extended-release tablets (DCCR) for the treatment of Prader-Willi syndrome (PWS) in individuals four years and older who have hyperphagia. On August 27, 2024, the Company announced that the FDA had accepted the NDA for filing, designated the application for priority review and set a Prescription Drug User Fee Act (PDUFA) target action date of December 27, 2024. On November 26, 2024, the Company announced that the FDA had extended the review period for the NDA and set a new PDUFA target action date of March 27, 2025. DCCR previously received Breakthrough Therapy and Fast-Track designations in the United States (U.S.) and Orphan Drug designations in the U.S. and European Union (E.U.).

The Company incorporated in the State of Delaware on August 25, 1999, and is located in Redwood City, California. It initially established its operations as Capnia, a diversified healthcare company that developed and commercialized innovative diagnostics, devices and therapeutics addressing unmet medical needs. During 2017, the Company merged with Essentialis, Inc. (Essentialis) and subsequently received stockholder approval to amend its Amended and Restated Certificate of Incorporation to change its name from “Capnia, Inc.” to “Soleno Therapeutics, Inc.”. Essentialis was a privately held clinical-stage company focused on the development of breakthrough medicines for the treatment of rare diseases where there is increased mortality and risk of cardiovascular and endocrine complications. After the merger, the Company’s primary focus has been the development and commercialization of novel therapeutics for the treatment of rare diseases and the Company divested all prior business efforts.

Net Loss per Share - Schedule of Weighted-Average Common Shares Outstanding (Detail) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Class of Stock [Line Items]
Weighted-average common shares outstanding used to calculate basic shares	40,175,926	16,492,132	8,397,088
Weighted-average common shares outstanding used to calculate diluted shares	40,175,926	16,492,132	8,397,088
Common Stock [Member]
Class of Stock [Line Items]
Weighted-average common shares outstanding used to calculate basic shares	37,689,804	15,040,036	7,409,165
Weighted-average common shares outstanding used to calculate diluted shares	37,689,804	15,040,036	7,409,165
March 2022 Pre-funded Warrants [Member]
Class of Stock [Line Items]
Weighted-average common shares outstanding used to calculate basic shares		290,665	987,923
Weighted-average common shares outstanding used to calculate diluted shares		290,665	987,923
May 2023 Tranche A Pre-funded Exchange Warrants [Member]
Class of Stock [Line Items]
Weighted-average common shares outstanding used to calculate basic shares	1,685,181	778,904
Weighted-average common shares outstanding used to calculate diluted shares	1,685,181	778,904
May 2023 Tranche B Pre-funded Exchange Warrants [Member]
Class of Stock [Line Items]
Weighted-average common shares outstanding used to calculate basic shares	373,892	92,801
Weighted-average common shares outstanding used to calculate diluted shares	373,892	92,801
October 2023 Pre-funded Warrants [Member]
Class of Stock [Line Items]
Weighted-average common shares outstanding used to calculate basic shares	427,049	289,726
Weighted-average common shares outstanding used to calculate diluted shares	427,049	289,726

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
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+ Details

Net Loss per Share

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Net Loss per Share

Note 11. Net Loss per Share

Basic net loss per share is computed by dividing net loss by the weighted-average number of common stock outstanding during the period. Shares of common stock that are potentially issuable for little or no cash consideration at issuance, such as the Company's pre-funded warrants issued in March 2022 and October 2023 and in connection with the exercise of certain May 2023 Tranche A and Tranche B warrants, are considered outstanding common stock and are included in the calculation of basic and diluted net loss per share in connection with ASC 260 Earnings Per Shares. Diluted net loss per share is computed by dividing net loss by the weighted-average number of common stock outstanding and dilutive potential common stock that would be issued upon the exercise or vesting of common stock awards and exercise of common stock warrants that are not pre-funded. The Company applies the two-class method to calculate basic and diluted earnings per share as its warrants issued in March 2022, May 2023 and October 2023 are participating securities. However, the two-class method does not impact the net loss per share of common stock as the March 2022, May 2023 and October 2023 common warrants issued do not participate in losses. For the years ended December 31, 2024, 2023 and 2022, the effect of issuing the respective potential common stock is anti-dilutive due to the net losses in those periods and therefore the number of shares used to compute basic and diluted net loss per share are the same in each of those periods.

The following securities are included in the weighted-average common shares outstanding used to calculate basic and diluted net loss per common share:


	Years Ended December 31,
	2024		2023		2022
Common stock		37,689,804		15,040,036		7,409,165
March 2022 pre-funded warrants		-		290,665		987,923
May 2023 Tranche A pre-funded exchange warrants		1,685,181		778,904		-
May 2023 Tranche B pre-funded exchange warrants		373,892		92,801		-
October 2023 pre-funded warrants		427,049		289,726		-
Total		40,175,926		16,492,132		8,397,088

The following potentially dilutive securities outstanding have been excluded from the computations of diluted weighted-average shares outstanding because such securities have an antidilutive impact due to losses reported (in common stock equivalent shares):


	Years Ended December 31,
	2024		2023		2022
Warrants issued to 2010/2012 convertible note holders to purchase common stock		-		6,804		6,804
Warrants issued to underwriter to purchase common stock		-		1,100		1,100
2018 PIPE warrants		-		-		34,241
March 2022 common warrants		1,255,346		1,929,066		4,000,000
May 2023 Tranche B warrants		2,065,305		6,750,000		-
Options to purchase common stock		3,971,798		2,369,665		686,574
Outstanding restricted stock units		939,865		15,534		19,068
Total		8,232,314		11,072,169		4,747,787

Consolidated Statements of Stockholders' Equity (Parenthetical) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Less transaction costs		$ 8,449
Warrants [Member]
Less transaction costs			$ 333
Common Stock [Member]
Less transaction costs	$ 9,746		10
Common Stock [Member] \| Public Offering [Member]
Less transaction costs			$ 701

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying consolidated financial statements of the Company have been prepared in accordance with U.S. generally accepted accounting principles (GAAP), and the applicable rules and regulations of the Securities and Exchange Commission (SEC). Certain reclassifications on the consolidated statements of cash flows have been made to conform to current period presentation. The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany transactions and balances have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities, and reported amounts of expenses in the financial statements and accompanying notes. Actual results could differ from those estimates. Key estimates included in the financial statements include the valuation of deferred income tax assets, the valuation of financial instruments, stock-based compensation, accrued costs for services rendered in connection with third-party contractor clinical trial activities, and the valuation of contingent liabilities for the purchase price of assets obtained through acquisition.
Concentration of Credit Risk	Concentration of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist of cash and cash equivalents and marketable securities at U.S. banking institutions. At December 31, 2024 and 2023, the Company’s cash and cash equivalents and marketable securities were held by three and two separate financial institutions, respectively, and at times these balances may exceed the federally-insured limits. Operating cash in excess of federally-insured limits is custodied at a separate financial institution with an overnight sweep feature into a U.S. government money market fund.
Segments	Segments The Company operates in one segment. Management uses one measurement of profitability and does not segregate its business for internal reporting, making operating decisions, and assessing financial performance. All long-lived assets are maintained in the U.S.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all highly liquid investments, including its money market funds, purchased with an original maturity of three months or less to be cash equivalents. The Company’s cash and cash equivalents are held primarily in institutions in the U.S. and include deposits in a money market funds which were unrestricted as to withdrawal or use.
Marketable Securities	Marketable Securities The Company classifies its marketable securities as available-for-sale and records such assets at estimated fair value in the balance sheets, with unrealized gains and non-credit related losses that are determined to be temporary, if any, reported as a component of other comprehensive income (loss) within the statements of operations and comprehensive loss and as a separate component of stockholders’ equity. The Company classifies marketable securities with remaining maturities greater than three months but less than one year as marketable securities, and those with remaining maturities greater than one year are classified as long-term marketable securities. Realized gains and losses are calculated using the specific identification method and recorded as interest income and were immaterial for all periods presented. To the extent the amortized cost basis of the available-for-sale debt securities exceeds the fair value, management assesses the debt securities for credit loss; however, management considers the risk of credit loss to be minimized by the Company's policy of investing in financial instruments issued by highly-rated financial institutions. When assessing the risk of credit loss, management considers factors such as the severity and the reason of the decline in value (i.e., any changes to the rating of the security by a rating agency or other adverse conditions specifically related to the security) and management's intended holding period and time horizon for selling. During the year ended December 31, 2024, the Company did not recognize any credit losses related to its available-for-sale debt securities. Further, as of December 31, 2024, the Company did not record an allowance for credit losses related to its available-for-sale debt securities. During 2023 and 2022, the Company did not hold any marketable securities.
Prepaid Expenses and Other Current Assets	Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of payments primarily related to clinical trials, insurance and short-term deposits. Prepaid expenses are initially recorded upon payment and are expensed as goods or services are received.
Property and Equipment, Net	Property and Equipment, Net Property and equipment are stated at cost net of accumulated depreciation and amortization calculated using the straight-line method over the estimated useful lives of the assets, generally between three and five years. Leasehold improvements are amortized on a straight-line basis over the lesser of their useful life or the remaining term of the lease. Maintenance and repairs are charged to expense as incurred, and improvements are capitalized. When assets are retired or otherwise disposed of, the cost and accumulated depreciation are removed from the balance sheet and any resulting gain or loss is reflected in operations in the period realized.
Leases	Leases The Company determines whether an arrangement is a lease at inception. Specifically, it considers whether it controls the underlying asset and has the right to obtain substantially all the economic benefits or outputs from the asset. If the contractual arrangement contains a lease, the Company then determines whether it is an operating or finance lease. Right-of-Use (ROU) assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets and lease liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Lease expense for operating lease payments is recognized on a straight-line basis over the lease term. Finance lease classification results in a front-loaded expense recognition pattern over the lease term as it recognizes interest expense and amortization expense as separate components of lease expense. The Company does not separate lease components from non-lease components for all classes of underlying assets, and instead accounts for the lease and non-lease components as a single component. Variable lease payments are recognized as they are incurred and primarily include common area maintenance, utilities, real estate taxes, insurance and other operating costs that are passed on from the lessor in proportion to the space leased by the Company. The Company does not recognize lease assets and lease liabilities for leases with an original lease term of less than one year.
Long-Lived Assets	Long-Lived Assets The Company reviews its long-lived assets for impairment annually and whenever events or changes in circumstances indicate that the carrying amount of the assets may not be fully recoverable. The Company evaluates assets for potential impairment by comparing estimated future undiscounted net cash flows to the carrying amount of the asset. If the carrying amount of the assets exceeds the estimated future undiscounted cash flows, impairment is measured based on the difference between the carrying amount and the fair value of the assets.
Intangible Assets	Intangible Assets In March 2017, the Company completed the acquisition of Essentialis in accordance with the merger agreement by and between the Company and Essentialis dated December 22, 2016 (the Merger Agreement). The merger transaction was accounted for as an asset acquisition under the acquisition method of accounting and accordingly, the value of $22.0 million was assigned to the identifiable intangible asset relating to the patent for DCCR, which patent is currently set to expire in June 2028. Intangible assets with finite lives are amortized on a straight-line basis over their estimated useful lives, which for the patent is 11 years. The useful life of the intangible asset is evaluated each reporting period to determine whether events and circumstances warrant a revision to the remaining useful life.
Debt	Debt Debt is recognized at its principal amounts upon issuance, net of any issuance costs. The Company categorizes its debt into current and long-term liabilities based on the maturity date. Interest expense on debt is recorded in the period in which it is incurred. Debt issuance costs are accreted into interest expense using the straight-line method over the contractual term of the debt. The Company regularly reviews its debt agreements for compliance with covenants and assesses its ability to meet future obligations.
Research and Development	Research and Development Research and development costs are charged to operations as incurred. Research and development costs consist primarily of salaries, benefits, bonus, stock-based compensation, consultant fees, certain facility costs and other costs associated with clinical trials and the manufacture of our drug product. Clinical trial costs are a significant component of research and development expenses and include costs associated with CROs and other vendors. Invoicing CROs and CMOs for services performed can often occur several months later. The Company accrues the costs incurred for clinical trial activities as measured by patient progression and the timing of various aspects of the trial. For other services the Company accrues the costs in connection with third-party contractor activities based on its estimate of fees and costs associate with the contract that were rendered during the period and they are expensed as incurred. Costs to acquire technologies to be used in research and development that have not reached technological feasibility and have no alternative future use are expensed to research and development costs when incurred.
Change in Fair Value of Contingent Consideration	Change in fair value of contingent consideration The Company recorded the value of contingent future consideration to be paid for the acquisition of Essentialis as a liability in March 2017 at the date of the acquisition. The changes in value of the liability for the contingent consideration since the acquisition date are recorded as operating expense in the consolidated statements of operations and comprehensive loss.
Income Taxes	Income Taxes The Company accounts for income taxes using the asset and liability method. Under this method, deferred income tax assets and liabilities are recorded based on the estimated future tax effects of differences between the amounts at which assets and liabilities are recorded for financial reporting purposes and the amounts recorded for income tax purposes. A valuation allowance is provided against the Company’s deferred income tax assets when their realization is not reasonably assured. The Company assesses all material positions taken in any income tax return, including all significant uncertain positions, in all tax years that are still subject to assessment or challenge by relevant taxing authorities. Assessing an uncertain tax position begins with the initial determination of the position’s sustainability and is measured at the largest amount of benefit that is greater than fifty percent likely of being realized upon ultimate settlement. As of each balance sheet date, unresolved uncertain tax positions must be reassessed, and the Company will determine whether (i) the factors underlying the sustainability assertion have changed and (ii) the amount of the recognized tax benefit is still appropriate. The recognition and measurement of tax benefits requires significant judgment. Judgments concerning the recognition and measurement of a tax benefit might change as new information becomes available.
Common Stock Purchase Warrants and Other Derivative Financial Instruments	Common Stock Purchase Warrants and Other Derivative Financial Instruments The Company classifies common stock purchase warrants and other free standing derivative financial instruments as equity if the contracts (i) require physical settlement or net-share settlement or (ii) give the Company a choice of net-cash settlement or settlement in its own shares (physical settlement or net-share settlement). The Company classifies any contracts that (i) require net-cash settlement (including a requirement to net cash settle the contract if an event occurs and if that event is outside the control of the Company), (ii) give the counterparty a choice of net-cash settlement or settlement in shares (physical settlement or net-share settlement), or (iii) contain reset provisions as either an asset or a liability. The Company assesses classification of its freestanding derivatives at each reporting date to determine whether a change in classification between equity and liabilities is required. The Company determined that certain freestanding derivatives, which principally consist of 2018 PIPE Warrants, do not satisfy the criteria for classification as equity instruments due to the existence of certain cash settlement features that are not within the sole control of the Company or variable settlement provision that cause them to not be indexed to the Company’s own stock. The Company classified the 2018 PIPE Warrants at their fair value and re-measured them at each balance sheet date until they were exercised or expired. Any changes in the fair value were recognized as Other income (expense), net in the consolidated statements of operations. The 2018 PIPE Warrants expired in December 2023.
Stock-Based Compensation	Stock-Based Compensation Stock-based compensation costs related to stock options and restricted stock units granted to employees, directors and consultants are measured at the date of grant based on the estimated fair value of the award. For restricted stock units this fair value is based on the Company’s common stock price on the grant date. The Company estimates the grant date fair value of stock options, and the resulting stock-based compensation expense, using the Black-Scholes option-pricing model. The grant date fair value of stock-based awards is recognized on a straight-line basis over the requisite service period, which is generally the vesting period for service-based awards. For performance-based awards the requisite service period is the longest explicit, implicit or derived service period based on management’s estimate of the probability of the performance criteria being satisfied, adjusted at each balance sheet date. The Black-Scholes option-pricing model requires the use of highly subjective assumptions to estimate the fair value of stock-based awards. If the Company had made different assumptions, its stock-based compensation expense, net loss and net loss per share of common stock could have been significantly different. These assumptions include: • Expected life: The expected life of stock options represents the period of time that the options are expected to be outstanding. Due to the lack of historical exercise history, the expected life of the Company’s service-based stock options has been determined utilizing the “simplified method”, based on the average of the contractual term of the options and the weighted-average vesting period. The expected life for the performance-based options was determined based on consideration of the contractual term of the stock options, an estimate of the date the performance criteria would be met and expectations of employee behavior. • Risk-free interest rate: The risk-free interest rate is based on the yields of U.S. Treasury securities with maturities similar to the expected life of the stock options. • Volatility: The estimated volatility rate is based on the volatilities of the Company’s common stock for a historical period equal to the expected life of the stock options. • Dividend rate: The Company has never declared or paid any cash dividends and does not presently plan to pay cash dividends in the foreseeable future. Consequently, the Company used an expected dividend yield of zero. The Company accounts for forfeitures as they occur.
Recent Adopted Accounting Pronouncements	Recent Adopted Accounting Pronouncements From time to time, new accounting pronouncements are issued by the Financial Accounting Standards Board (FASB) or other standard setting bodies that are adopted by the Company as of the specified effective date. In November 2023, the FASB issued ASU 2023-07, Segment Reporting – Improvements to Reportable Segment Disclosures, which provides updates to qualitative and quantitative reportable segment disclosure requirements, including enhanced disclosures about significant segment expenses and increased interim disclosure requirements, among others. The ASU requires disclosures to include significant segment expenses that are regularly provided to the chief operating decision maker (CODM), a description of other segment items by reportable segment, and any additional measures of a segment's profit or loss used by the CODM when deciding how to allocate resources. The ASU also requires all annual disclosures to be disclosed in interim periods. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods in fiscal years beginning after December 15, 2024. The Company adopted ASU 2023-07 on October 1, 2024 for the fiscal year ended December 31, 2024. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures, which amends the guidance in ASC 740, Income Taxes. This amendment is intended to improve the transparency of income tax disclosures by requiring (1) consistent categories and greater disaggregation of information in the rate reconciliation and (2) income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. The amendment is effective for fiscal years beginning after December 15, 2024. Adoption is permitted either prospectively or retrospectively, and the Company will adopt the amendment on a prospective basis. The Company is currently evaluating the impact of adopting this ASU on its consolidated financial statements and disclosures. In November 2024, the FASB issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expense, which requires the disclosure of additional information related to certain costs and expenses, including amounts of inventory purchases, employee compensation, and depreciation and amortization included in each income statement line item. The guidance also requires disclosure of the total amount of selling expenses and the Company’s definition of selling expenses. The guidance is effective for the Company for fiscal years beginning after December 15, 2026, and for interim periods within fiscal years beginning after December 15, 2027. The Company is currently assessing the impacts of the new guidance on its financial statement disclosures. Other accounting standards that have been issued or proposed by FASB or other standards-setting bodies that do not require adoption until a future date are not currently expected to have a material impact on the Company’s financial statements upon adoption.

Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands	Total	Public Offering [Member]	Common Stock [Member]	Common Stock [Member] Public Offering [Member]	Additional Paid-In Capital [Member]	Additional Paid-In Capital [Member] Public Offering [Member]	Accumulated Other Comprehensive Income [Member]	Accumulated Deficit [Member]
Balances at beginning at Dec. 31, 2021	$ 17,793		$ 5		$ 231,143			$ (213,355)
Balances at beginning (shares) at Dec. 31, 2021			5,324,287
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	2,530				2,530
Issuance of common stock in connection with vesting of restricted stock units (shares)			18,650
Tax withholding payments for net share-settled equity awards	(16)				(16)
Tax withholding payments for net share-settled equity awards (shares)			(3,683)
Sale of common stock, net of issuance costs	342	$ 9,327		$ 3	342	$ 9,324
Sale of common stock, net of issuance costs (shares)			104,773	2,666,667
Sale of pre-funded warrants in public offering, net of issuance costs	4,439				4,439
Exercise of common stock warrants (shares)			48,688
Net Income (Loss)	(24,067)							(24,067)
Balances at ending at Dec. 31, 2022	10,348		$ 8		247,762			(237,422)
Balances at end (shares) at Dec. 31, 2022			8,159,382
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	5,809				5,809
Issuance of common stock in connection with exercise of stock options and vesting of restricted stock units	483		$ 1		482
Issuance of common stock in connection with exercise of stock options and vesting of restricted stock units (shares)			510,241
Tax withholding payments for net share-settled equity awards (shares)			(128)
Sale of common stock and issuance of common stock warrants and pre-funded common stock warrants, net of issuance costs	137,857		$ 6		137,851
Sale of common stock and issuance of common stock warrants and pre-funded common stock warrants, net of issuance costs (shares)			7,047,397
Exercise of common stock warrants	41,998		$ 17		41,981
Exercise of common stock warrants (shares)			15,961,267
Net Income (Loss)	(38,988)							(38,988)
Balances at ending at Dec. 31, 2023	157,507		$ 32		433,885			(276,410)
Balances at end (shares) at Dec. 31, 2023			31,678,159
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation	99,958				99,958
Issuance of common stock in connection with exercise of stock options and vesting of restricted stock units	1,316		$ 1		1,315
Issuance of common stock in connection with exercise of stock options and vesting of restricted stock units (shares)			1,125,054
Sale of common stock, net of issuance costs	148,955		$ 4		148,951
Sale of common stock, net of issuance costs (shares)			3,450,000
Exercise of common stock warrants and pre-funded common stock warrants	12,866		$ 9		12,857
Exercise of common stock warrants and pre-funded common stock warrants (shares)			9,450,598
Unrealized gain on marketable securities	361						$ 361
Net Income (Loss)	(175,850)							(175,850)
Balances at ending at Dec. 31, 2024	$ 245,113		$ 46		$ 696,966		$ 361	$ (452,260)
Balances at end (shares) at Dec. 31, 2024			45,703,811

Commitments and Contingencies

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Note 7. Commitments and Contingencies

Facility Leases

On June 13, 2024, the Company entered into a new office lease in Redwood City, California for office space for its headquarters facility. The lease provides office space of approximately 18,026 square feet and for base monthly rent payments beginning at $57,400 that increase annually by approximately 3.0% over the term of five years from the date of occupancy. In addition to base rent, the Company has agreed to reimburse the landlord for certain operating expenses under the terms of the lease. The lease commencement date was September 1, 2024 when the premises became available for occupancy and the related operating lease ROU assets and liabilities were recorded in the Company's consolidated balance sheet as of December 31, 2024.

The Company's operating lease ROU assets, current operating lease liabilities and long-term operating lease liabilities each appear as a separate line within the Company's consolidated balance sheets. In September 2024, the Company recorded an increase to its right-of-use assets by $2.8 million and an increase to its lease liability of $2.8 million as a result of the June 2024 office lease. As of December 31, 2024 and December 31, 2023, the Company's short-term liabilities were equal to $0.5 million and $0.3 million, respectively, and the long-term operating lease liabilities were equal to $2.5 million and $0.1 million, respectively.

The Company's prior operating lease for its predecessor headquarters facility office space in Redwood City, California began in June 2021 and expired in May 2023. In April 2023, the Company entered into a twenty-four month lease extension commencing on June 1, 2023. The term of the lease extension expires in May 2025. As a result of the lease extension, in 2023, the Company recorded an increase to its right-of-use assets by $0.6 million and an increase to its lease liability by $0.6 million.

The weighted average discount rate related to the Company’s lease liabilities was 8.5% as of December 31, 2024 over a remaining term of 4.7 years, and 8.25% as of December 31, 2023 over the remaining term of 17 months. The discount rates were determined based on estimates of the Company's incremental borrowing rate, as the discount rates implicit in the Company’s leases cannot be readily determined.

The components of lease expense were as follows (in thousands):


	Years Ended December 31,
	2024		2023		2022
Operating lease cost:
Operating lease cost	$	548	$	312	$	324
Variable lease cost		16		-		-
Short-term lease cost		157		44		29
Total operating lease cost	$	721	$	356	$	353

Supplemental cash flow information related to leases was as follows (in thousands):


	Years Ended December 31,
	2024		2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	344	$	341	$	354

The following is a schedule by year of future maturities of the Company’s operating lease liabilities as of December 31, 2024 (in thousands):


2025	$	494
2026		751
2027		861
2028		942
2029		665
Total lease payments		3,713
Less interest		(715	)
Total	$	2,998

Other Commitments

The Company enters into agreements in the normal course of business, including with contract research organizations for clinical trials, contract manufacturing organizations for certain manufacturing services, and vendors for preclinical studies as well as other services and products for operating purposes, which are generally cancelable upon written notice. As of December 31, 2024, the Company's non-cancelable other commitments aggregated $0.9 million.

Contingencies

In the normal course of business, the Company enters into contracts and agreements that contain a variety of representations and warranties and provide for general indemnifications. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future but have not yet been made. The Company accrues a liability for such matters when it is probable that future expenditures will be made, and such expenditures can be reasonably estimated.

Income Taxes - Schedule of Geographical Distribution of Loss before Income Taxes (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
United States	$ (175,921)	$ (39,180)	$ (24,173)
Foreign	71	192	106
Loss before income taxes	$ (175,850)	$ (38,988)	$ (24,067)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 48
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482785/280-10-55-48

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-30

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 270
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482964/270-10-50-1

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (ee)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 7: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-32

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477250/944-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482810/280-10-50-31

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147477314/942-235-S99-1

Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483621/220-10-S99-2

Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478524/942-220-S99-1

+ Details

Net Loss per Share - Schedule of Potentially Dilutive Securities Outstanding Excluded from Computations of Diluted Weighted-Average Shares Outstanding (Detail) - shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computations of diluted weighted-average shares outstanding	8,232,314	11,072,169	4,747,787
Warrants Issued to 2010/2012 Convertible Note Holders to Purchase Common Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computations of diluted weighted-average shares outstanding		6,804	6,804
Options to Purchase Common Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computations of diluted weighted-average shares outstanding	3,971,798	2,369,665	686,574
Outstanding Restricted Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computations of diluted weighted-average shares outstanding	939,865	15,534	19,068
Warrants Issued to Underwriter to Purchase Common Stock [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computations of diluted weighted-average shares outstanding		1,100	1,100
2018 PIPE Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computations of diluted weighted-average shares outstanding			34,241
March 2022 Common Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computations of diluted weighted-average shares outstanding	1,255,346	1,929,066	4,000,000
May 2023 Tranche B Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computations of diluted weighted-average shares outstanding	2,065,305	6,750,000

Other Financial Statement Details - Future Amortization Expense (Detail) - Patents And Trademark [Member] $ in Thousands	Dec. 31, 2024 USD ($)
Finite Lived Intangible Assets [Line Items]
2025	$ 1,944
2026	1,944
2027	1,944
2028 and thereafter	973
Net Amount	$ 6,805

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Segment Reporting - Additional Information (Details)	12 Months Ended
Segment Reporting - Additional Information (Details)	Dec. 31, 2024 Segment
Segment Reporting [Abstract]
Number of operating segments	1
Number of reportable segments	1
Segment Reporting, CODM, Profit (Loss) Measure, How Used, Description	The Company’s chief operating decision maker (CODM) is the chief executive officer who reviews cash operating expenses on a consolidated basis to make decisions about allocating resources and assessing performance for the entire Company.
Segment Reporting, CODM, Individual Title and Position or Group Name [Extensible Enumeration]	srt:ChiefExecutiveOfficerMember

Warrants - Additional Information (Detail) - 2018 PIPE Warrant Liability [Member] - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2022	Dec. 19, 2018
Class Of Warrant Or Right [Line Items]
Number of common stock purchased upon issuance of warrants			34,241
Exercise price of warrants (in dollars per share)		$ 30	$ 30
Warrant issuance description	The 2018 PIPE Warrants were issued on December 19, 2018 in the 2018 PIPE Offering, pursuant to a Warrant Agreement with each of the investors in the 2018 PIPE Offering, and prior to their expiration on December 21, 2023, entitled the holders to purchase 34,241 shares of the Company’s common stock at an exercise price equal to $30.00 per share, subject to adjustments.

Document and Entity Information - USD ($) $ in Billions	12 Months Ended
Document and Entity Information - USD ($) $ in Billions	Dec. 31, 2024	Feb. 26, 2025	Jun. 28, 2024
Cover [Abstract]
Document Type	10-K
Amendment Flag	false
Document Period End Date	Dec. 31, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	FY
Entity Registrant Name	SOLENO THERAPEUTICS INC
Entity Central Index Key	0001484565
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	Yes
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	true
Entity Shell Company	false
Entity Emerging Growth Company	false
Document Annual Report	true
Document Transition Report	false
Entity File Number	001-36593
Entity Tax Identification Number	77-0523891
Entity Address, Address Line One	100 Marine Parkway
Entity Address, Address Line Two	Suite 400
Entity Address, City or Town	Redwood City
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	94065
City Area Code	650
Local Phone Number	213-8444
Entity Incorporation, State or Country Code	DE
ICFR Auditor Attestation Flag	true
Document Financial Statement Error Correction [Flag]	false
Entity Common Stock, Shares Outstanding		45,857,291
Entity Public Float			$ 1.4
Auditor Name	Marcum LLP
Auditor Location	San Francisco, CA
Auditor Firm ID	688
Auditor Opinion	Opinion on the Financial Statements We have audited the accompanying consolidated balance sheets of Soleno Therapeutics, Inc. (the Company) as of December 31, 2024 and 2023, the related consolidated statements of operations and comprehensive loss, stockholders’ equity and cash flows for each of the three years in the period ended December 31, 2024, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2024, in conformity with accounting principles generally accepted in the United States of America. We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company's internal control over financial reporting as of December 31, 2024, based on the criteria established in Internal Control - Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO) in 2013 and our report dated February 28, 2025, expressed an adverse opinion on the effectiveness of the Company’s internal control over financial reporting because of the existence of a material weakness.
Title of 12(b) Security	Common Stock, $0.001 par value
Trading Symbol	SLNO
Security Exchange Name	NASDAQ
Documents Incorporated by Reference	DOCUMENTS INCORPORATED BY REFERENCE Portions of the registrant’s Definitive Proxy Statement to be filed with the Commission pursuant to Regulation 14A in connection with the registrant’s 2025 Annual Meeting of Stockholders, to be filed subsequent to the date hereof, are incorporated by reference into Part III of this Report. Such Definitive Proxy Statement will be filed with the Securities and Exchange Commission not later than 120 days after the conclusion of the registrant’s fiscal year ended December 31, 2024. Except with respect to information specifically incorporated by reference in this Form 10-K, the Proxy Statement is not deemed to be filed as part of this Form 10-K.

Subsequent Events

12 Months Ended

Dec. 31, 2024

Subsequent Events [Abstract]

Subsequent Events

Note 14. Subsequent Events

The Company has evaluated its subsequent events from December 31, 2024 through the date these condensed consolidated financial statements were issued and has determined that there are no subsequent events disclosure required.

Fair Value of Financial Instruments - Summary of Changes in Fair Value of Level 3 Financial Instruments (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at the beginning of period, in shares	13,071,883	5,323,110
Balance at the end of period, in shares	3,570,651	13,071,883
Purchase price contingent liability [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at the beginning of period	$ 11,549	$ 8,835
Change in value of liabilities	3,242	2,714
Balance at end of period	$ 14,791	$ 11,549
2018 PIPE Warrant Liability [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at the beginning of period, in shares		34,241
2018 PIPE Warrant Liability [Member] \| Common stock warrant liability [Member]
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at the beginning of period		$ 1
Balance at the beginning of period, in shares	0	34,241
Change in value of liabilities		$ 419
Fair Value, Liability, Recurring Basis, Unobservable Input Reconciliation, Gain (Loss), Statement of Income or Comprehensive Income [Extensible Enumeration]		Fair Value Adjustment of Warrants
Exercise of warrants, shares		(21,789)
Exercise of warrants		$ (183)
Expiration of warrants, in shares		(12,452)
Expiration of warrants		$ (237)
Balance at the end of period, in shares		0

Income Taxes - Provision for Income Tax Benefit by Applying Statutory Federal Income Tax Rate to Operating Loss (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Expense (Benefit), Effective Income Tax Rate Reconciliation, Amount [Abstract]
Tax (benefit) on the loss before income tax expense computed at the federal statutory rate	$ (36,928)	$ (8,187)	$ (5,055)
State tax (benefit) at statutory rate, net of federal benefit	(1,083)	(505)	(527)
Foreign rate differential	(5)	6
Change in valuation allowance	17,626	8,934	5,702
Change in research and development credits	(7,052)	(1,631)	(652)
Stock-based compensation	8,694	(600)	(734)
Change in fair value of warrants	0	38	(6)
Change in fair value of contingent consideration	681	570	(150)
Section 162(m) limitation		589
Change in net operating loss true up	18,025	39	739
Change in capital losses	432		405
Change in state rates	(424)	653	375
Other	$ 34	$ 94	$ (97)

Leases - Additional Information (Detail) - USD ($) $ in Thousands	1 Months Ended	12 Months Ended
	Sep. 30, 2024	Dec. 31, 2023	Dec. 31, 2024
Lessee Lease Description [Line Items]
Operating Lease, Liability, Current		$ 273	$ 526
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration]		Operating Lease, Liability, Current	Operating Lease, Liability, Current
Long-term lease liabilities		$ 130	$ 2,472
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration]		Long-term lease liabilities	Long-term lease liabilities
Increase in lease liability	$ 2,800	$ 600

Leases (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Schedule of Components of Lease Expense

The components of lease expense were as follows (in thousands):


	Years Ended December 31,
	2024		2023		2022
Operating lease cost:
Operating lease cost	$	548	$	312	$	324
Variable lease cost		16		-		-
Short-term lease cost		157		44		29
Total operating lease cost	$	721	$	356	$	353

Schedule Of Supplemental Cash Flow Information Related To Leases

Supplemental cash flow information related to leases was as follows (in thousands):


	Years Ended December 31,
	2024		2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	344	$	341	$	354

Operating Lease Liability Maturity

The following is a schedule by year of future maturities of the Company’s operating lease liabilities as of December 31, 2024 (in thousands):


2025	$	494
2026		751
2027		861
2028		942
2029		665
Total lease payments		3,713
Less interest		(715	)
Total	$	2,998

Basis of Presentation and Summary of Significant Accounting Policies - Additional Information (Detail)	12 Months Ended
	Dec. 31, 2024 USD ($) Segment	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)
Schedule Of Significant Accounting Policies [Line Items]
Number of operating segments \| Segment	1
Estimated useful life	11 years
Credit losses related to available-for-sale debt securities	$ 0	$ 0	$ 0
Allowance for credit losses related to available-for-sale debt securities	0	$ 0
Essentialis, Inc. [Member]
Schedule Of Significant Accounting Policies [Line Items]
Net intangible assets acquired	$ 22,000,000
Minimum [Member]
Schedule Of Significant Accounting Policies [Line Items]
Estimated useful lives of property and equipment	3 years
Maximum [Member]
Schedule Of Significant Accounting Policies [Line Items]
Estimated useful lives of property and equipment	5 years
ASU No. 2023-07 [Member]
Schedule Of Significant Accounting Policies [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Oct. 01, 2024
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true

Pay vs Performance Disclosure - USD ($) $ in Thousands	12 Months Ended
Pay vs Performance Disclosure - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (175,850)	$ (38,988)	$ (24,067)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147483443/250-10-50-6

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147478666/740-323-65-2

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-Name Accounting Standards Codification
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147482765/220-10-50-6

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org/1943274/2147483443/250-10-50-3

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-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1A

Reference 27: http://www.xbrl.org/2003/role/disclosureRef
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-Subparagraph (SX 210.13-02(a)(4)(i))
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Reference 28: http://www.xbrl.org/2003/role/disclosureRef
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Reference 29: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 30: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 31: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480097/470-10-S99-1B

Reference 32: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 60B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482689/260-10-45-60B

Reference 33: http://www.xbrl.org/2003/role/disclosureRef
-Topic 205
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-Paragraph 7
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-URI https://asc.fasb.org/1943274/2147483499/205-20-50-7

Reference 34: http://fasb.org/us-gaap/role/ref/legacyRef
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-Section 45
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Reference 35: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 45
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-Subparagraph (a)
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-URI https://asc.fasb.org/1943274/2147482790/220-10-45-1A

Reference 36: http://www.xbrl.org/2003/role/disclosureRef
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Reference 37: http://fasb.org/us-gaap/role/ref/legacyRef
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+ Details

Segment Reporting (Tables)

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Schedule of Cash Operating Expenses Reconciled to Net Loss on Consolidated Basis

Cash operating expenses reconciled to net loss on a consolidated basis were as follows (in thousands):


	Years Ended December 31,
	2024			2023			2022
Net operating loss	$	(175,850	)	$	(38,988	)	$	(24,067	)
Less total other income, net		11,821			2,396			330
Operating loss		(187,671	)		(41,384	)		(24,397	)
Total operating expenses		187,671			41,384			24,397
Less non-cash expenses
Depreciation and amortization		(1,987	)		(1,958	)		(1,964	)
Noncash lease expense		(444	)		(321	)		(290	)
Change in fair value of contingent consideration		(3,242	)		(2,714	)		712
Stock-based compensation		(99,958	)		(5,945	)		(2,530	)
Cash operating expenses	$	82,040		$	30,446		$	20,325

Long-term Debt

12 Months Ended

Dec. 31, 2024

Debt Disclosure [Abstract]

Long-term Debt

Note 8. Long-term Debt

On December 17, 2024, the Company entered into a loan and security agreement for up to $200 million with Oxford. The loan is collateralized by substantially all of the Company's assets, including its intellectual property, subject to certain limitations.

As of December 31, 2024, the Company had $50.0 million outstanding under the Oxford loan agreement. An additional $100 million may become available in three tranches, with tranches of $50 million and $25 million contingent upon FDA approval of DCCR for the treatment of PWS and one tranche of $25 million contingent upon certain commercial milestones. A final $50 million may be made available upon the mutual consent of the Company and Oxford. The loan carries an interest-only period of 48 months and a total term of 60 months; provided that if specific milestones are achieved prior to September 30, 2026, the interest-only period and maturity date will be extended by 12 months. The term loans accrue interest, payable monthly, at a floating rate equal to, subject to certain conditions, (a) 1-month term SOFR plus (b) 5.50%. The principal portion of the loan is due in eleven equal monthly installments beginning February 1, 2029, through December 1, 2029. However, if a specified milestone is achieved on or after December 17, 2025, then the term loan will begin to amortize in equal monthly installments beginning on February 1, 2030, and the maturity date will be extended to December 1, 2030. At maturity, the final principal payment will include a fee of 5% of the total

principal borrowed. The $2.5 million final interest payment related to the $50 million borrowed as of December 31, 2024 is accrued over the term of loan as long-term accrued interest payable. However, if a specified milestone is achieved on or after December 17, 2025, then the term loan will begin to amortize in equal monthly installments beginning on February 1, 2030, the maturity date will be extended to December 1, 2030, and the final payment will include a fee of 6.5% of the total principal borrowed. As of December 31, 2024, $21 thousand was accrued as part of other long-term liabilities on the consolidated balance sheet. Loan issuance costs of $174 thousand are recorded as a reduction of the principal loan balance on the consolidated balance sheet and are amortized as interest expense over the term of the loan. For the year ended December 31, 2024, the Company recorded $231 thousand in interest expense and $209 thousand of interest was paid.

The loan and security agreement provides for both affirmative and negative covenants. including covenants limiting the ability of the Company and their subsidiaries to, among other things, dispose of assets, incur debt, grant liens, pay dividends and distributions on their capital stock, make investments and acquisitions, and enter into transactions with affiliates, in each case subject to customary exceptions for a loan facility of this size and type. In addition, the loan and security agreement contains (1) a minimum cash covenant commencing on June 30, 2025 if the Company has not obtained FDA approval for DCCR for the treatment of Prader-Willi syndrome and at all times thereafter until such approval is received and (2) a minimum revenue covenant commencing on the earlier of the date that the more than $50 million principal amount of term loans have been funded under the loan and security agreement and June 30, 2026; provided that such minimum revenue covenant shall not be tested during periods when the Company’s market capitalization or unrestricted cash meet certain minimum thresholds. The occurrence of an event of default could result in the acceleration of the Borrowers’ obligations under the loan and security agreement, the termination of the Lenders’ commitments, a 5.0% increase in the applicable rate of interest and the exercise by the Lender of other rights and remedies provided for under the loan and security agreement.

Stockholders' Equity

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Stockholders' Equity

Note 9. Stockholders’ Equity

Preferred Stock

The Company is authorized to issue 10,000,000 shares of Preferred Stock.

Public Offering of Common Stock

On May 9, 2024, the Company closed an underwritten public offering of 3,450,000 shares of its common stock at a public offering price of $46.00 per share, which included the exercise in full by the underwriters of their option to purchase additional shares. The gross proceeds of the public offering were $158.7 million, before deducting the underwriter discount and other offering expenses, totaling approximately $9.7 million.

Public Offering of Common Stock and Concurrent Private Placement of Common Stock and Pre-Funded Warrants

On October 2, 2023, the Company closed an underwritten public offering of 3,450,000 shares of its common stock at a public offering of $20.00 per share, which included the exercise in full by the underwriters of their option to purchase additional shares. The gross proceeds of the public offering were $69.0 million, before deducting the underwriting discount and other offering expenses. Concurrently, the Company also completed the closing of approximately $60.0 million for 1,825,000 shares of its common stock and 1,175,000 pre-funded warrants in a private offering pursuant to a securities purchase agreement with certain investors, including entities affiliated with existing stockholders, at a price per share of common stock equal to the public offering price of $20.00 and a price per per-funded warrant of $19.99. In aggregate, the Company received $129.0 million of gross proceeds less offering costs of $8.2 million The Company is not required under any circumstance to settle any of the pre-funded warrants for cash, and therefore classified the pre-funded warrants as permanent equity.

Securities Purchase Agreement

On December 16, 2022, the Company entered into a Securities Purchase Agreement for a private placement (Private Placement) with certain entities and members of management (collectively, Purchasers). Pursuant to the Securities Purchase Agreement, the Company agreed to sell to the Purchasers warrants to purchase up to an aggregate of 22,598,870 shares of the Company’s common stock, at a purchase price of $0.4425 per warrant. The closing of the Private Placement occurred on May 8, 2023 (the Issue Date), following the satisfaction of certain closing conditions, including the completion of enrollment in the randomized withdrawal period of Study C602. The Company received gross proceeds of $10.0 million for the sale and issuance of warrants to purchase common stock.

The warrants were separated into two tranches with 8,598,870 Tranche A warrants with an exercise price of $1.75 and aggregate proceeds of up to approximately $15.0 million, and 14,000,000 Tranche B warrants with an exercise price of $2.50 and aggregate proceeds of up to $35.0 million. The Tranche A warrants were immediately exercisable and were required to be exercised within 30 days of announcement of positive top-line data from the randomized withdrawal period of Study C602. On September 26, 2023, the Company announced positive top-line data and subsequently received $15.0 million from the exercise of the Tranche A warrants. The Tranche B warrants are also immediately exercisable and expire upon the earlier of 3.5 years from the date of issuance or 30 days following receipt of FDA approval of DCCR for the treatment of PWS. Through December 31, 2024, certain investors had exercised their Tranche B warrants and the Company has received $29.8 million. The receipt of the aggregate exercise price of up to $5.2 million for the remaining Tranche B warrants is contingent upon the exercise of such warrants.

Underwritten Public Offering

On March 31, 2022, the Company sold 2,666,667 shares of its common stock at a public offering price of $3.75, and for certain investors, in lieu of common stock, pre-funded warrants (the March 2022 pre-funded warrants) to purchase 1,333,333 shares of its common stock at a public offering price $3.60 per pre-funded warrant, which represents the per share public offering price for the common stock less the $0.15 per share exercise price for each March 2022 pre-funded warrant. The March 2022 pre-funded warrants are immediately exercisable and may be exercised at any time until all of the March 2022 pre-funded warrants are exercised in full. Each share of common stock or March 2022 pre-funded warrant was sold together with one, immediately exercisable, common warrant (the 2022 common warrants) with a five-year term to purchase one share of common stock at an exercise price of $4.50 per share. The net proceeds of the offering were $13.8 million, after deducting the underwriting discount and other offering expenses. The Company is not required under any circumstance to settle any of the 2022 pre-funded warrants or the 2022 common warrants for cash, and therefore classified both types of warrants as permanent equity.

In 2024, 254,664 of the March 2022 common warrants were exercised for gross proceeds of $1.1 million and 419,056 warrants were exercised using the cashless exercise option with no proceeds to the Company. In 2023, 2,070,934 March 2022 warrants were exercised for gross proceeds of $9.3 million and the remainder of the March 2022 pre-funded warrants totaling 1,280,965 were exercised using the cashless exercise option with no additional proceeds received by the Company. As of December 31, 2024, 1,255,346 of the March 2022 common warrants remain outstanding.

At the Market Offering

In July 2024, the Company entered into the Sales Agreement with Jefferies, pursuant to which the Company may offer and sell up to $150.0 million of shares of its common stock, from time to time, through Jefferies.

The Company will pay Jefferies a commission of 3.0% of the aggregate gross proceeds from the sale of shares and has agreed to provide Jefferies with customary indemnification and contribution rights. The Company has also agreed to reimburse Jefferies for certain specified expenses. The Company is not obligated to sell any shares under the Sales Agreement. The offering of the shares pursuant to the Sales Agreement will terminate upon the termination of the Sales Agreement by Jefferies or the Company, as permitted therein.

In July 2021, the Company entered into a Controlled Equity Offering Sales Agreement with Cantor Fitzgerald under which the Company may sell shares of its common stock having an aggregate offering price of up to $25.0 million from time to time in any method permitted by law deemed to be an “at the market” Rule 415 under the Securities Act of 1933, as amended. As of December 31, 2023, the Company had sold 1,877,170 shares of common stock through the at the market program, totaling $7.4 million in net proceeds. The Controlled Equity Offering Sales Agreement was terminated in connection with the October 2, 2023 financing.

Common Stock Warrants

As of December 31, 2024, 2023 and 2022, the following table summarizes the Company's outstanding common stock warrants:


	As of December 31, 2024				As of December 31, 2023				As of December 31, 2022
	Number of Common Warrant Shares		Weighted Average Exercise Price per Share		Number of Common Warrant Shares		Weighted Average Exercise Price per Share		Number of Common Warrant Shares		Weighted Average Exercise Price per Share		Expiration Date
Common stock warrants		—	$	—		7,904	$	388.94		7,904	$	388.94	November 2024
2018 PIPE warrants		—	$	—		—	$	—		34,241	$	30.00	December 2023
March 2022 Common warrants		1,255,346	$	4.50		1,929,066	$	4.50		4,000,000	$	4.50	March 2027
March 2022 Pre-funded warrants		—	$	—		—	$	—		1,280,965	$	0.15	March 2027
May 2023 Tranche A Pre-funded warrants		—	$	—		2,758,281	$	0.01		—	$	—	November 2026
May 2023 Tranche B warrants		2,065,305	$	2.50		6,750,000	$	2.50		—	$	—	November 2026 (1)
May 2023 Tranche B Pre-funded warrants		—	$	—		451,632	$	0.01		—	$	—	November 2026
October 2023 Pre-funded warrants		250,000	$	0.01		1,175,000	$	0.01		—	$	—	N/A
Total		3,570,651				13,071,883				5,323,110

(1) Subject to earlier expiration as described above.

Equity Incentive Plans

2014 Plan

The Company maintains the 2014 Equity Incentive Plan (the 2014 Plan). Under the 2014 Plan the Company may grant stock options, stock appreciation rights, restricted stock, restricted stock units, performance units or performance shares to employees, directors, advisors, and consultants. Options granted under the 2014 Plan may be incentive stock options (ISOs) or nonqualified stock options (NSOs). ISOs may be granted only to Company employees, including officers and directors.

The Board has the authority to determine to whom stock options will be granted, the number of options, the term, and the exercise price. Options are to be granted at an exercise price not less than fair value. For individuals holding more than 10% of the voting rights of all classes of stock, the exercise price of an option will not be less than 110% of fair value. Performance-based grants have vesting contingent upon the achievement of certain performance criteria related to the Company’s commercialization of its therapeutics. The contractual term of an option is no longer than five years for ISOs for which the grantee owns greater than 10% of the voting power of all classes of stock and no longer than ten years for all other options. The terms and conditions governing restricted stock units is at the sole discretion of the Board.

On January 17, 2024, the Company filed a Registration Statement on Form S-8 which registered an additional 1 million shares automatically available for issuance under the 2014 Plan as of January 1, 2024. On June 6, 2024, the stockholders approved the Amended and Restated 2014 Plan which included an increase of 2 million shares, which became immediately available for issuance. As of December 31, 2024, a total of 155,517 shares were available for future grant under the 2014 Plan.

Inducement Plan

The Company maintains the 2020 Inducement Equity Incentive Plan (the Inducement Plan). The Inducement Plan provides for the grant of equity-based awards, including non-statutory stock options, restricted stock units, restricted stock, stock appreciation rights, performance shares and performance units, and its terms are substantially similar to the Company’s 2014 Equity Incentive Plan.

In accordance with Rule 5635(c)(4) and Rule 5635(c)(3) of the Nasdaq Listing Rules, awards under the Inducement Plan may only be made to individuals not previously employees or non-employee directors of the Company (or following such individuals’ bona fide period of non-employment with the Company), as an inducement material to the individuals’ entry into employment with the Company, or, to the extent permitted by Rule 5635(c)(3) of the Nasdaq Listing Rules, in connection with a merger or acquisition. On January 31, 2024, the Company filed a Registration Statement on Form S-8 which registered 500,000 shares available for issuance under the Inducement Plan, which became available for issuance following approval of the Board of Directors on January 24, 2024.

As of December 31, 2024, a total of 5,318 shares were available for future grant under the Inducement Plan.

Stock-based compensation expense

The Company recognized stock-based compensation expense related to options and restricted stock units granted to employees, directors and consultants for the years ended December 31, 2024, 2023 and 2022 of $100.0 million, $5.9 million and $2.5 million, respectively. The compensation expense is allocated on a departmental basis, based on the classification of the option holder. For the years ended December 31, 2024, 2023 and 2022, the total income tax benefit related to stock-based compensation was $5.7 million, $1.9 million and zero, respectively, however, due to net operating losses and a full valuation allowance, no tax benefit was recognized in the financial statements.

Stock-based compensation expense was recognized in the consolidated statements of operations and comprehensive loss as follows (in thousands):


	Years Ended December 31,
	2024		2023		2022
Research and development	$	33,743	$	2,434	$	692
General and administrative		66,215		3,511		1,838
Total	$	99,958	$	5,945	$	2,530

Stock Options

The Company granted options to purchase 1,819,324 of the Company's common stock to employees and a consultant during year ended December 31, 2024, and 1,821,784 and 283,919 to employees during year ended December 31, 2023 and 2022, respectively. There were no performance-based options granted in 2024, 2023 and 2022. The fair value of each award granted was estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions:


	Years Ended December 31,
	2024	2023	2022
Expected life (years)	5.8-6.1	5.3-6.1	5.5-6.0
Risk-free interest rate	3.7%-4.6%	3.5%-4.5%	1.7%-3.1%
Volatility	121%-124%	98%-122%	88%-95%
Dividend rate	— %	— %	— %

The Black-Scholes option-pricing model requires the use of highly subjective assumptions to estimate the fair value of stock-based awards. These assumptions include the following estimates:

•

Risk-free interest rate: The risk-free interest rate is based on the yields of U.S. Treasury securities with maturities similar to the expected life of the stock options.

•

Volatility: The estimated volatility rate is based on the volatilities of the Company’s common stock for a historical period equal to the expected life of the stock options.

•

The following table summarizes stock option transactions for the year ended December 31, 2024 under the 2014 Plan and the Inducement Plan:


	Number of Options			Weighted- Average Exercise Price per		Weighted Average Remaining Contractual Term		Aggregate Intrinsic Value
	Outstanding			Share		(in years)		(in thousands)
Balance at December 31, 2023		2,369,665		$	11.56		8.72
Options granted		1,819,324			45.54
Options exercised		(171,520	)		7.59
Options canceled/forfeited		(45,671	)		59.01
Balance at December 31, 2024		3,971,798		$	26.75		8.48	$	79,578
Options exercisable at December 31, 2024		1,301,183		$	14.45		7.33	$	41,417
Options vested and expected to vest at December 31, 2024		3,971,798		$	26.75		8.48	$	79,578

The weighted-average grant date fair value of employee options granted was $40.13, $5.04 and $2.62 per share for the years ended December 31, 2024, 2023 and 2022, respectively. The intrinsic value of the stock options exercised was $6.7 million, $2.2 million and zero for the years ended December 31, 2024, 2023 and 2022, respectively. At December 31, 2024, total unrecognized employee stock-based compensation for options that are expected to vest was $65.4 million, which is expected to be recognized over the weighted-average remaining vesting period of 2.7 years.

Restricted Stock Units

There were 1,249,375 performance-based restricted stock units and 763,270 restricted stock units granted to employees and directors during the year ended December 31, 2024. During the year ended December 31, 2023, the Company granted 420,710 restricted stock units, of which 414,710 were granted to employees with a six-month vesting period, and all such restricted stock units vested during 2023. The Company granted 8,965 restricted stock units to employees and certain directors during the year ended December 31, 2022. The restricted stock units granted to certain directors in 2022 were 100% vested on the grant date and represent compensation for past board services.

The following table summarizes restricted stock unit transactions for the year ended December 31, 2024 under the 2014 Plan:


	Number of Restricted Stock Units			Weighted- Average Grant-Date Fair Value per Share
Outstanding at December 31, 2023		15,534		$	43.92
Restricted stock units granted		2,012,645			46.47
Restricted stock units vested		(1,088,314	)		44.64
Restricted stock units cancelled/forfeited		-			-
Outstanding at December 31, 2024		939,865		$	48.55

The weighted-average grant-date fair value of all restricted stock units granted was $46.47, $5.49, and $5.33 per share during the year ended December 31, 2024, 2023 and 2022, respectively. The fair value of all restricted stock units vested during the year ended December 31, 2024, 2023 and 2022, was $50.9 million, $12.0 million and $0.1 million, respectively. At December 31, 2024, total unrecognized employee stock-based compensation related to restricted stock units was $10.9 million, which is expected to be recognized over the weighted-average remaining vesting period of 0.7 years. 137,780 restricted stock units vested on December 31, 2024 and are included in the Restricted stock units vested line item above. The shares of common stock were

subsequently issued after December 31, 2024 and therefore are not included in the outstanding common stock as of December 31, 2024.

2014 Employee Stock Purchase Plan

The Company’s board of directors and stockholders have adopted the 2014 Employee Stock Purchase Plan (the ESPP). The ESPP has become effective, and the board of directors will implement commencement of offers thereunder in its discretion. A total of 1,864 shares of the Company’s common stock has been made available for sale under the ESPP. In addition, the ESPP provides for annual increases in the number of shares available for issuance under the plan on the first day of each year beginning in the year following the initial date that the board of directors authorizes commencement, equal to the least of:

•

1.0% of the outstanding shares of the Company’s common stock on the first day of such year;

•

3,729 shares; or

•

such amount as determined by the board of directors.

As of December 31, 2024, there were no purchases by employees under this plan.

Defined Contribution Plan

12 Months Ended

Dec. 31, 2024

Retirement Benefits [Abstract]

Defined Contribution Plan

Note 12. Defined Contribution Plan

The Company sponsors a 401(k) Plan, which stipulates that eligible employees can elect to contribute to the 401(k) Plan, subject to certain limitations of eligible compensation. The Company may match employee contributions in amounts to be determined at the Company’s sole discretion. In 2024, the Company made matching contributions of $0.2 million and no matching contributions in 2023 or 2022.

- Definition

The entire disclosure for retirement benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 70
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480794/715-70-50-1

Reference 2: http://www.xbrl.org/2003/role/exampleRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 1
-Subparagraph (r)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480506/715-20-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 20
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480126/715-20-S99-2

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 715
-SubTopic 60
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480266/715-60-50-3

+ Details

Other Financial Statement Details

12 Months Ended

Dec. 31, 2024

Other Financial Statement Details Disclosure [Abstract]

Other Financial Statement Details

Note 5. Other Financial Statement Details

Property and Equipment, Net

Property and equipment are summarized in the following table (in thousands):


	December 31, 2024			December 31, 2023
Computer hardware	$	24		$	72
Leasehold Improvements		52			—
Furniture and fixtures		180			29
		256			101
Less accumulated depreciation and amortization		(70	)		(89	)
Total	$	186		$	12

Depreciation expense was approximately $43 thousand, $14 thousand, and $20 thousand for the years ended December 31, 2024, 2023, and 2022, respectively.

Intangible Assets, Net

Intangible assets consist of the following (in thousands):


	December 31, 2024							December 31, 2023
	Amount		Accumulated Amortization			Net Amount		Amount		Accumulated Amortization			Net Amount
Patents and merger costs	$	22,003	$	(15,198	)	$	6,805	$	22,003	$	(13,254	)	$	8,749

Future amortization expense for intangible assets over their remaining useful lives is as follows (in thousands):


Year ending December 31	Patents and trademarks
2025		1,944
2026		1,944
2027		1,944
2028 and thereafter		973
Total	$	6,805

Amortization expense was $1.9 million for the years ended December 31, 2024, 2023 and 2022.

Long-term Debt - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2024 USD ($) Installment Tranche	Dec. 17, 2024 USD ($)
Debt Instrument [Line Items]
Number of tranches \| Tranche	3
Number of installments \| Installment	11
Loan and Security Agreement [Member] \| Oxford [Member]
Debt Instrument [Line Items]
Debt instrument, face amount		$ 200,000
Long-term debt outstanding	$ 50,000
Loan available in additional tranches	$ 100,000
Debt instrument interest period	48 months
Debt instrument term	60 months
Debt instrument maturity extension period	12 months
Debt Instrument interest rate stated percentage	5.50%
Debt instrument payment terms	The loan carries an interest-only period of 48 months and a total term of 60 months; provided that if specific milestones are achieved prior to September 30, 2026, the interest-only period and maturity date will be extended by 12 months. The term loans accrue interest, payable monthly, at a floating rate equal to, subject to certain conditions, (a) 1-month term SOFR plus (b) 5.50%. The principal portion of the loan is due in eleven equal monthly installments beginning February 1, 2029, through December 1, 2029.
Debt instrument date of first required payment	Feb. 01, 2029
Debt instrument date of final required payment	Dec. 01, 2029
Debt instrument frequency of periodic payment	monthly
Debt instrument maturity date description	However, if a specified milestone is achieved on or after December 17, 2025, then the term loan will begin to amortize in equal monthly installments beginning on February 1, 2030, and the maturity date will be extended to December 1, 2030.
Debt instrument maturity start date	Feb. 01, 2030
Debt instrument maturity end date	Dec. 01, 2030
Final principal fee payment percentage	5.00%
Debt instrument final interest payment	$ 2,500
Amount borrowed	50,000
Long-term accrued interest payable	21
Loan issuance costs	174
Interest expense	231
Interest paid	$ 209
Percentage of increase in applicable rate of interest under termination of the lenders' commitments	5.00%
Debt instrument fee	6.50%
Loan and Security Agreement [Member] \| Oxford [Member] \| Minimum [Member]
Debt Instrument [Line Items]
Principal amount of term loans	$ 50,000
Loan and Security Agreement [Member] \| Contingent upon FDA Approval of DCCR for Treatment of PWS Tranche One [Member] \| Oxford [Member]
Debt Instrument [Line Items]
Debt instrument additional borrowing amount	50,000
Loan and Security Agreement [Member] \| Contingent upon FDA Approval of DCCR for Treatment of PWS Tranche Two [Member] \| Oxford [Member]
Debt Instrument [Line Items]
Debt instrument additional borrowing amount	25,000
Loan and Security Agreement [Member] \| Contingent upon Certain Commercial Milestones [Member] \| Oxford [Member]
Debt Instrument [Line Items]
Debt instrument additional borrowing amount	25,000
Loan and Security Agreement [Member] \| Mutual Consent of Soleno and Oxford [Member] \| Oxford [Member]
Debt Instrument [Line Items]
Debt instrument additional borrowing amount	$ 50,000

Stockholders' Equity - Summary of Stock Based Compensation Expense (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 99,958	$ 5,945	$ 2,530
Research and Development [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	33,743	2,434	692
General and Administrative [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Stock-based compensation expense	$ 66,215	$ 3,511	$ 1,838

Fair Value of Financial Instruments

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value of Financial Instruments

Note 4. Fair Value of Financial Instruments

The carrying value of the Company’s cash, cash equivalents and accounts payable, approximate fair value due to the short-term nature of these items.

Fair value is defined as the exchange price that would be received for an asset or an exit price paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs.

The fair value hierarchy defines a three-level valuation hierarchy for disclosure of fair value measurements as follows:

•

Level I — Unadjusted quoted prices in active markets for identical assets or liabilities;

•

Level II — Inputs other than quoted prices included within Level I that are observable, unadjusted quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the related assets or liabilities; and

•

Level III — Unobservable inputs that are supported by little or no market activity for the related assets or liabilities.

The categorization of a financial instrument within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

The fair value of marketable securities, which are Level 2 financial instruments, is based upon market prices quoted on the last day of the fiscal period or other observable market inputs. The Company obtains pricing information from its investment manager and generally determines the fair value of investment securities using standard observable inputs, including reported trades, broker/dealer quotes, bids and/or offers. Marketable securities, all of which are classified as available-for-sale securities, consisted of the following at December 31, 2024 (in thousands):


	December 31, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
U.S. treasury securities	$	197,678	$	449	$	(62	)	$	198,065
Corporate debt securities and commercial paper		32,681		2		(28	)		32,655
Total	$	230,359	$	451	$	(90	)	$	230,720

The following table sets forth the Company’s financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):


	Fair Value Measurements at December 31, 2024
	Total		Level 1		Level 2		Level 3
Assets
Cash equivalents:
Money market funds	$	59,885	$	59,885	$	—	$	—
Total cash equivalents	$	59,885	$	59,885	$	—	$	—

Marketable securities:
U.S. treasury securities	$	198,065	$	—	$	198,065	$	—
Corporate debt securities and commercial paper		32,655		—		32,655		—
Total marketable securities	$	230,720	$	—	$	230,720	$	—
Total assets	$	290,605	$	59,885	$	230,720	$	—

Liabilities
Essentialis purchase price contingency liability	$	14,791	$	—	$	—	$	14,791
Total liabilities	$	14,791	$	—	$	—	$	14,791


	Fair Value Measurements at December 31, 2023
	Total		Level 1		Level 2		Level 3
Assets
Cash equivalents:
Money market funds	$	157,281	$	157,281	$	—	$	—
Total cash equivalents and assets	$	157,281	$	157,281	$	—	$	—

Liabilities
Essentialis purchase price contingency liability	$	11,549	$	—	$	—	$	11,549
Total liabilities	$	11,549	$	—	$	—	$	11,549

Based on the terms of the completed merger with Essentialis on March 7, 2017, the Company is obligated to make cash earnout payments of up to a maximum of $21.2 million to the former Essentialis stockholders. The fair value of the Essentialis purchase price contingent liability is estimated using scenario-based methods based upon the Company’s analysis of the likelihood of obtaining specified approvals from the U.S. Food and Drug Administration (FDA) as well as achieving two commercial sales milestones of $100 million and $200 million in cumulative revenue. The Level 3 estimates are based, in part, on subjective assumptions. In determining the likelihood of this occurring, the analysis relied on published research relating to clinical development success rates. Based on management’s assessment, an 88% probability of achieving all three milestones was determined to be reasonable as of both December 31, 2024 and December 31, 2023. During the periods presented, the Company has not changed the manner in which it values its Essentialis purchase price contingent liability.

The Company recognizes transfers between levels of the fair value hierarchy as of the end of the reporting period. There were no transfers within the hierarchy during the periods presented.

The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 assets and liabilities (dollars in thousands):


							Purchase Price
							Contingent
							Liability
Balance at January 1, 2024							$	11,549
Change in value of contingent liability								3,242
Balance at December 31, 2024							$	14,791

	2018 PIPE Warrants						Purchase Price
	Number of						Contingent
	Warrants			Liability			Liability
Balance at December 31, 2022		34,241		$	1		$	8,835
Change in value of 2018 PIPE Warrants		—			419			—
Exercise of 2018 PIPE Warrants		(21,789	)		(183	)		—
Expiration of 2018 PIPE Warrants		(12,452	)		(237	)		—
Change in value of contingent liability		—			—			2,714
Balance at December 31, 2023		0		$	—		$	11,549

The Company’s estimated fair value of the 2018 PIPE Warrants was calculated using a Black-Scholes pricing model. The Black-Scholes pricing model requires the input of highly subjective assumptions including

the expected stock price volatility, the expected term, the expected dividend yield and the risk-free interest rate. The 2018 PIPE Warrants expired on December 21, 2023.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 107
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-107

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(3)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2E
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6A
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (g)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 940
-SubTopic 820
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478119/940-820-50-1

+ Details

Defined Contribution Plan - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Retirement Benefits [Abstract]
Matching contribution by Company	$ 200,000	$ 0	$ 0

Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Marketable Securities Classified as Available-for-sale Securities

Marketable securities, all of which are classified as available-for-sale securities, consisted of the following at December 31, 2024 (in thousands):


	December 31, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
U.S. treasury securities	$	197,678	$	449	$	(62	)	$	198,065
Corporate debt securities and commercial paper		32,681		2		(28	)		32,655
Total	$	230,359	$	451	$	(90	)	$	230,720

Summary of Financial Instruments Measured at Fair Value on Recurring Basis

The following table sets forth the Company’s financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):


	Fair Value Measurements at December 31, 2024
	Total		Level 1		Level 2		Level 3
Assets
Cash equivalents:
Money market funds	$	59,885	$	59,885	$	—	$	—
Total cash equivalents	$	59,885	$	59,885	$	—	$	—

Marketable securities:
U.S. treasury securities	$	198,065	$	—	$	198,065	$	—
Corporate debt securities and commercial paper		32,655		—		32,655		—
Total marketable securities	$	230,720	$	—	$	230,720	$	—
Total assets	$	290,605	$	59,885	$	230,720	$	—

Liabilities
Essentialis purchase price contingency liability	$	14,791	$	—	$	—	$	14,791
Total liabilities	$	14,791	$	—	$	—	$	14,791


	Fair Value Measurements at December 31, 2023
	Total		Level 1		Level 2		Level 3
Assets
Cash equivalents:
Money market funds	$	157,281	$	157,281	$	—	$	—
Total cash equivalents and assets	$	157,281	$	157,281	$	—	$	—

Liabilities
Essentialis purchase price contingency liability	$	11,549	$	—	$	—	$	11,549
Total liabilities	$	11,549	$	—	$	—	$	11,549

Summary of Changes in Fair Value of Level 3 Financial Instruments

The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 assets and liabilities (dollars in thousands):


							Purchase Price
							Contingent
							Liability
Balance at January 1, 2024							$	11,549
Change in value of contingent liability								3,242
Balance at December 31, 2024							$	14,791

	2018 PIPE Warrants						Purchase Price
	Number of						Contingent
	Warrants			Liability			Liability
Balance at December 31, 2022		34,241		$	1		$	8,835
Change in value of 2018 PIPE Warrants		—			419			—
Exercise of 2018 PIPE Warrants		(21,789	)		(183	)		—
Expiration of 2018 PIPE Warrants		(12,452	)		(237	)		—
Change in value of contingent liability		—			—			2,714
Balance at December 31, 2023		0		$	—		$	11,549

Segment Reporting - Schedule of Cash Operating Expenses Reconciled to Net Loss on Consolidated Basis (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Segment Reporting [Abstract]
Net operating loss	$ (175,850)	$ (38,988)	$ (24,067)
Less total other income, net	11,821	2,396	330
Operating loss	(187,671)	(41,384)	(24,397)
Total operating expenses	187,671	41,384	24,397
Depreciation and amortization	(1,987)	(1,958)	(1,964)
Noncash lease expense	(444)	(321)	(290)
Change in fair value of contingent consideration	(3,242)	(2,714)	712
Stock-based compensation	(99,958)	(5,945)	(2,530)
Cash operating expenses	$ 82,040	$ 30,446	$ 20,325

Other Financial Statement Details (Tables)

12 Months Ended

Dec. 31, 2024

Other Financial Statement Details Disclosure [Abstract]

Schedule of Property and Equipment

Property and equipment are summarized in the following table (in thousands):


	December 31, 2024			December 31, 2023
Computer hardware	$	24		$	72
Leasehold Improvements		52			—
Furniture and fixtures		180			29
		256			101
Less accumulated depreciation and amortization		(70	)		(89	)
Total	$	186		$	12

Schedule of Intangible Assets

Intangible assets consist of the following (in thousands):


	December 31, 2024							December 31, 2023
	Amount		Accumulated Amortization			Net Amount		Amount		Accumulated Amortization			Net Amount
Patents and merger costs	$	22,003	$	(15,198	)	$	6,805	$	22,003	$	(13,254	)	$	8,749

Schedule of Future Amortization Expense

Future amortization expense for intangible assets over their remaining useful lives is as follows (in thousands):


Year ending December 31	Patents and trademarks
2025		1,944
2026		1,944
2027		1,944
2028 and thereafter		973
Total	$	6,805

Other Financial Statements Details - Intangible Assets (Detail) - Patents and Merger Costs [Member] - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Finite Lived Intangible Assets [Line Items]
Amount	$ 22,003	$ 22,003
Accumulated Amortization	(15,198)	(13,254)
Net Amount	$ 6,805	$ 8,749

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Other Financial Statement Details - Additional Information (Detail) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Other Financial Statement Details Disclosure [Abstract]
Depreciation expense	$ 43	$ 14	$ 20
Amortization	$ 1,900	$ 1,900	$ 1,900

Consolidated Balance Sheets - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Current assets
Cash and cash equivalents	$ 87,928	$ 169,681
Marketable securities	203,509
Prepaid expenses and other current assets	2,452	1,677
Total current assets	293,889	171,358
Long-term assets
Property and equipment, net	186	12
Operating lease right-of-use assets	2,798	407
Intangible assets, net	6,805	8,749
Long-term marketable securities	27,211
Other long-term assets	83	165
Total assets	330,972	180,691
Current liabilities
Accounts payable	8,882	3,149
Accrued compensation	4,776	3,135
Accrued clinical trial site costs	1,826	3,393
Operating lease liabilities	526	273
Other current liabilities	2,737	1,555
Total current liabilities	18,747	11,505
Long-term liabilities
Contingent liability for Essentialis purchase price	14,791	11,549
Long-term debt, net	49,828
Long-term lease liabilities	2,472	130
Other Liabilities, Noncurrent	21
Total liabilities	85,859	23,184
Commitments and contingencies (Note 7)
Stockholders’ equity
Preferred stock, $0.001 par value; 10,000,000 shares authorized, no shares issued and outstanding
Common stock, $0.001 par value, 100,000,000 shares authorized, 45,703,811 and 31,678,159 shares issued and outstanding at December 31, 2024 and 2023, respectively	46	32
Additional paid-in-capital	696,966	433,885
Accumulated other comprehensive gain	361
Accumulated deficit	(452,260)	(276,410)
Total stockholders' equity	245,113	157,507
Total liabilities and stockholders'equity	$ 330,972	$ 180,691

Stockholders' Equity - Summary of Stock Option and Restricted Stock Unit Transactions (Detail) - Employee Stock Option - USD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Options granted	1,819,324	1,821,784	283,919
2014 Plan and Inducement Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Beginning balance	2,369,665
Options granted	1,819,324
Options exercised	(171,520)
Options canceled/forfeited	(45,671)
Ending balance	3,971,798	2,369,665
Options exercisable at end of period (shares)	1,301,183
Options vested and expected to vest at end of period (shares)	3,971,798
Weighted-Average Exercise Price per Share
Beginning balance (in dollars per share)	$ 11.56
Options granted (in dollars per share)	45.54
Options exercised (in dollars per share)	7.59
Options canceled/forfeited (in dollars per share)	59.01
Ending balance (in dollars per share)	26.75	$ 11.56
Options exercisable at end of period (in dollars per share)	14.45
Options vested and expected to vest at end of period (in dollars per share)	$ 26.75
Weighted Average Remaining Contractual Term
Options outstanding at end of period	8 years 5 months 23 days	8 years 8 months 19 days
Options exercisable at end of period	7 years 3 months 29 days
Options vested and expected to vest at end of period	8 years 5 months 23 days
Options outstanding at end of period	$ 79,578
Options exercisable at end of period	41,417
Options vested and expected to vest at end of period	$ 79,578

Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Components of Lease Expense

The components of lease expense were as follows (in thousands):


	Years Ended December 31,
	2024		2023		2022
Operating lease cost:
Operating lease cost	$	548	$	312	$	324
Variable lease cost		16		-		-
Short-term lease cost		157		44		29
Total operating lease cost	$	721	$	356	$	353

Schedule Of Supplemental Cash Flow Information Related To Leases

Supplemental cash flow information related to leases was as follows (in thousands):


	Years Ended December 31,
	2024		2023		2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	344	$	341	$	354

Reconciliation of Undiscounted Future Minimum Lease Payments Remaining under Operating Lease

The following is a schedule by year of future maturities of the Company’s operating lease liabilities as of December 31, 2024 (in thousands):


2025	$	494
2026		751
2027		861
2028		942
2029		665
Total lease payments		3,713
Less interest		(715	)
Total	$	2,998

Warrants

12 Months Ended

Dec. 31, 2024

Text Block [Abstract]

Warrants

Note 6. Warrants

The Company has issued multiple warrant series, of which the 2018 PIPE Warrants were determined to be liabilities pursuant to the guidance established by ASC 815 Derivatives and Hedging.

Warrants Issued as Part of the Units in the 2018 PIPE Offering

The 2018 PIPE Warrants were issued on December 19, 2018 in the 2018 PIPE Offering, pursuant to a Warrant Agreement with each of the investors in the 2018 PIPE Offering, and prior to their expiration on December 21, 2023, entitled the holders to purchase 34,241 shares of the Company’s common stock at an exercise price equal to $30.00 per share, subject to adjustments.

In the event of a change of control of the Company, the holders of unexercised warrants had the option to present their unexercised warrants to the Company, or its successor, to be purchased by the Company, or its successor, in an amount equal to the per share value determined by the Black-Scholes methodology.

Since the Company may have been obligated to settle the 2018 PIPE Warrants in cash, the Company classified the 2018 PIPE Warrants as long-term liabilities at their fair value and re-measured the warrants at each balance sheet date until they were exercised or expire. Any change in the fair value is recognized as Other income (expense), net in the Company’s consolidated statements of operations and comprehensive loss.

The 2018 PIPE Warrants were either exercised prior to or expired on December 21, 2023.

Liquidity

12 Months Ended

Dec. 31, 2024

Cash and Cash Equivalents [Abstract]

Liquidity

Note 2. Liquidity

The Company used $69.1 million of cash in its operating activities, had a net loss of $175.9 million during 2024 and has an accumulated deficit of $452.3 million at December 31, 2024 resulting from having incurred losses since its inception. The Company had $87.9 million of cash and cash equivalents and $230.7 million of marketable securities on December 31, 2024.

As of December 31, 2024, the Company had $50.0 million outstanding under the loan and security agreement with Oxford Financing LLC and its affiliates (collectively, Oxford) entered into in December 2024. Under the terms of the loan agreement with Oxford, an additional $100 million may become available in three additional tranches, with tranches of $50 million and $25 million contingent upon FDA approval of DCCR for the treatment of PWS and one tranche of $25 million contingent upon certain commercial milestones. A final $50 million may be made available upon the Company's mutual consent with Oxford. The loan carries an interest-only period of 48 months and a total term of 60 months; provided that if specific milestones are achieved prior to September 30, 2026, the interest-only period and maturity date will be extended by 12 months. The term loans accrue interest at a floating rate equal to, subject to certain conditions, (a) 1-month term SOFR plus (b) 5.50%.

Prior to entering into the Oxford loan and security agreement, the Company had historically financed its operations principally through issuance of equity securities. On May 9, 2024, the Company closed an underwritten public offering of 3,450,000 shares of its common stock at a public offering price of $46.00 per share, which included the exercise in full by the underwriters of their option to purchase additional shares. The gross proceeds of the public offering were $158.7 million, before deducting the underwriter discount and other offering expenses, totaling approximately $9.7 million. On July 19, 2024, the Company entered into an Open Market AgreementSM (the Sales Agreement) with Jefferies LLC, as sales agent (Jefferies), pursuant to which the Company may offer and sell, from time to time, through Jefferies shares of its common stock having an aggregate offering price of up to $150 million.

In December 2022, the Company entered into a Securities Purchase Agreement providing for the sale of up to $60.0 million in warrants (Tranche A and Tranche B) and the common stock issuable upon the exercise thereof. Cumulative to date through December 31, 2024, the Company has received $10.0 million from the sale of these warrants and $44.8 million in proceeds from the exercise of certain of these warrants. Warrants with an aggregate exercise price of $5.2 million are still outstanding.

The Company expects to continue incurring losses for the foreseeable future. However, the Company expects that its current cash and cash equivalents and marketable securities balances will be sufficient to enable the Company to meet its obligations for at least the next twelve months from the date of this filing.

Segment Reporting

12 Months Ended

Dec. 31, 2024

Segment Reporting [Abstract]

Segment Reporting

Note 13. Segment Reporting

The Company has one operating and reporting segment focused on the development and commercialization of its lead therapeutic candidate, DCCR. The Company’s chief operating decision maker (CODM) is the chief executive officer who reviews 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.

Cash operating expenses reconciled to net loss on a consolidated basis were as follows (in thousands):


	Years Ended December 31,
	2024			2023			2022
Net operating loss	$	(175,850	)	$	(38,988	)	$	(24,067	)
Less total other income, net		11,821			2,396			330
Operating loss		(187,671	)		(41,384	)		(24,397	)
Total operating expenses		187,671			41,384			24,397
Less non-cash expenses
Depreciation and amortization		(1,987	)		(1,958	)		(1,964	)
Noncash lease expense		(444	)		(321	)		(290	)
Change in fair value of contingent consideration		(3,242	)		(2,714	)		712
Stock-based compensation		(99,958	)		(5,945	)		(2,530	)
Cash operating expenses	$	82,040		$	30,446		$	20,325

- Definition

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

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+ Details

Liquidity - Additional Information (Detail)			1 Months Ended	12 Months Ended
Liquidity - Additional Information (Detail)	May 09, 2024 USD ($) $ / shares shares	Oct. 02, 2023 USD ($) $ / shares shares	Mar. 31, 2022 USD ($) $ / shares shares	Dec. 31, 2024 USD ($) Tranche	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Jul. 19, 2024 USD ($)	Dec. 16, 2022 USD ($)
Cash And Cash Equivalents [Line Items]
Net Income (Loss)				$ (175,850,000)	$ (38,988,000)	$ (24,067,000)
Accumulated deficit				(452,260,000)	(276,410,000)
Cash and cash equivalents				87,928,000	169,681,000
Marketable securities				$ 230,700,000
Number of tranches \| Tranche				3
Net cash used in operating activities				$ (69,096,000)	(24,940,000)	(20,781,000)
Proceeds from issuance or sale of equity					129,000,000
Proceeds from the sale of common stock, net of issuance costs				148,955,000	0	0
Securities Purchase Agreement [Member]
Cash And Cash Equivalents [Line Items]
Sale and issuance of warrants				10,000,000
Proceeds from warrant exercise				44,800,000
Warrants aggregate exercise price				5,200,000
Jefferies LLC [Member] \| Maximum [Member]
Cash And Cash Equivalents [Line Items]
Aggregrate Offering Price							$ 150,000,000
Loan and Security Agreement [Member] \| Oxford [Member]
Cash And Cash Equivalents [Line Items]
Long-term debt outstanding				50,000,000
Loan available in additional tranches				$ 100,000,000
Debt instrument interest period				48 months
Debt instrument term				60 months
Debt Instrument interest rate stated percentage				5.50%
Debt instrument maturity extension period				12 months
Loan and Security Agreement [Member] \| Oxford [Member] \| Contingent upon FDA Approval of DCCR for Treatment of PWS Tranche One [Member]
Cash And Cash Equivalents [Line Items]
Debt instrument additional borrowing amount				$ 50,000,000
Loan and Security Agreement [Member] \| Oxford [Member] \| Contingent upon FDA Approval of DCCR for Treatment of PWS Tranche Two [Member]
Cash And Cash Equivalents [Line Items]
Debt instrument additional borrowing amount				25,000,000
Loan and Security Agreement [Member] \| Oxford [Member] \| Contingent upon Certain Commercial Milestones [Member]
Cash And Cash Equivalents [Line Items]
Debt instrument additional borrowing amount				25,000,000
Loan and Security Agreement [Member] \| Oxford [Member] \| Mutual Consent of Soleno and Oxford [Member]
Cash And Cash Equivalents [Line Items]
Debt instrument additional borrowing amount				50,000,000
Tranche A [Member]
Cash And Cash Equivalents [Line Items]
ExercisableWarrants Maximum Aggregate Exercise price								$ 15,000,000
Tranche B [Member]
Cash And Cash Equivalents [Line Items]
Contingent receipt upon exerise of warrants and future performance of company				5,200,000
Proceeds from warrant exercise				$ 29,800,000
ExercisableWarrants Maximum Aggregate Exercise price								$ 35,000,000
Underwritten Public Offering [Member]
Cash And Cash Equivalents [Line Items]
Issuance of common stock (shares) \| shares	3,450,000	3,450,000	2,666,667
Price per unit \| $ / shares	$ 46	$ 20	$ 3.75
Proceeds from offering after deducting underwriting discount and other estimated offering expenses	$ 158,700,000	$ 69,000,000	$ 13,800,000
Underwriter discount and other offering expenses	$ 9,700,000
Proceeds from warrant exercise					$ 0
Underwritten Public Offering [Member] \| Securities Purchase Agreement [Member] \| Maximum [Member]
Cash And Cash Equivalents [Line Items]
Proceeds from the sale of common stock, net of issuance costs						$ 60,000,000

Income Taxes - Additional Information (Detail) - USD ($)	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Income Tax Contingency [Line Items]
Increase (decrease) in valuation allowance	$ 17,600,000
Operating loss carryforwards		$ 214,700,000
Operating loss carryforward unavailable for future utilization		90,000,000
Unrecognized assets and liabilities related to uncertain tax positions	6,400,000
Unrecognized tax benefits that would impact effective tax rate	0	0
Unrecognized tax benefit offset by change in valuation allowance	$ 6,400,000
Foreign income taxes paid		$ 0	$ 0
Minimum [Member]
Income Tax Contingency [Line Items]
Research and development costs, amortization period	5 years
Maximum [Member]
Income Tax Contingency [Line Items]
Research and development costs, amortization period	15 years
U.S. Federal Jurisdiction [Member]
Income Tax Contingency [Line Items]
Operating loss carryforwards	$ 173,500,000
Operating loss carryforwards, carried forward indefinitely	152,600,000
U.S. Federal Jurisdiction [Member] \| Research Tax Credit Carryforward [Member]
Income Tax Contingency [Line Items]
Tax credit carryforwards	16,300,000
State Tax Jurisdiction [Member]
Income Tax Contingency [Line Items]
Operating loss carryforwards	113,500,000
State Tax Jurisdiction [Member] \| Research Tax Credit Carryforward [Member]
Income Tax Contingency [Line Items]
Tax credit carryforwards	5,000,000
Foreign Tax Authority [Member] \| Her Majesty's Revenue and Customs (HMRC) [Member]
Income Tax Contingency [Line Items]
Operating loss carryforwards	$ 0

Stockholders' Equity - Additional Information (Detail) - USD ($)					1 Months Ended		12 Months Ended
	May 09, 2024	Oct. 02, 2023	Sep. 26, 2023	Dec. 16, 2022	Oct. 31, 2023	Mar. 31, 2022	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Jul. 19, 2024	Jun. 06, 2024	Jan. 24, 2024	Jan. 17, 2024	Jul. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Preferred stock, shares authorized							10,000,000	10,000,000
Number of Common Warrant Shares							3,570,651	13,071,883	5,323,110
Public offering price per pre-funded warrant		$ 19.99
Proceeds from issuance or sale of equity								$ 129,000,000
Offering costs					$ 8,200,000
Net proceeds from sale of common stock							$ 148,955,000	0	$ 0
Stock-based compensation expense							$ 99,958,000	$ 5,945,000	$ 2,530,000
Expected dividend yield							0.00%	0.00%	0.00%
Weighted average grant date fair value per option granted (in dollars per share)							$ 40.13	$ 5.04	$ 2.62
Number of shares available for issuance under the plan on the first day of each year							45,703,811	31,678,159
Tranche A [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Common Warrant Shares				8,598,870
Warrants and rights immediately exercisable term				30 days
Sale and issuance of warrants to purchase common stock			$ 15,000,000
Weighted Average Exercise Price per Share				$ 1.75
Exercisable warrants maximum aggregate exercise price				$ 15,000,000
Tranche B [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Common Warrant Shares				14,000,000
Warrants expire term prior to anniversary date of issuance				3 years 6 months
Warrants and rights exercisable term from following receipt of U.S. Food and drug administration approval				30 days
Proceeds from warrant exercise							$ 29,800,000
Contingent receipt upon exerise of warrants and future performance of company							$ 5,200,000
Weighted Average Exercise Price per Share				$ 2.5
Exercisable warrants maximum aggregate exercise price				$ 35,000,000
Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Ownership interest of voting rights of all classes of stock (percent)							10.00%
2020 Inducement Equity Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for grant							5,318					500,000
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Intrinsic value of stock options exercised							$ 6,700,000	$ 2,200,000	$ 0
Income tax benefits recognized from stock-based compensation							$ 5,700,000	$ 1,900,000	$ 0
Number of options granted							1,819,324	1,821,784	283,919
Expected dividend yield							0.00%
Future stock-based compensation for unvested employee options granted and outstanding							$ 65,400,000
Future stock-based compensation, requisite service period							2 years 8 months 12 days
Employee Stock Option \| 2014 Equity Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for grant							155,517				2,000,000		1,000,000
Employee Stock Option \| 2014 Equity Incentive Plan [Member] \| Minimum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of fair market value							110.00%
Employee Stock Option \| 2014 Equity Incentive Plan [Member] \| Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Contractual term of option							10 years
ISOs [Member] \| 2014 Equity Incentive Plan [Member] \| Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Contractual term of option							5 years
Performance-Based Restricted Stock Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock units granted							1,249,375
Restricted Stock Units [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units vested							137,780
Unrecognized stock based compensation expense							$ 10,900,000
Stock units granted							420,710	414,710	8,965
Vesting percentage									100.00%
Fair value of restricted stock units vested							$ 50,900,000	$ 12,000,000	$ 100,000
Weighted average grant-date fair value of all restricted stock units granted							$ 46.47	$ 5.49	$ 5.33
Weighted average remaining vesting period							8 months 12 days
Restricted Stock Units [Member] \| Employees and Directors [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Stock units granted							763,270
Restricted Stock Units [Member] \| 2014 Equity Incentive Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Restricted stock units vested							1,088,314
Stock units granted							2,012,645
Weighted average grant-date fair value of all restricted stock units granted							$ 46.47
March 2022 Common Warrants [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Common Warrant Shares							1,255,346	1,929,066	4,000,000
Weighted Average Exercise Price per Share							$ 4.5	$ 4.5	$ 4.5
Expiration period							2027-03
March 2022 Pre-funded Warrants [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Common Warrant Shares									1,280,965
Weighted Average Exercise Price per Share									$ 0.15
Expiration period							2027-03
Controlled Equity Offering Sales Agreement [Member] \| Cantor [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance of common stock (shares)							1,877,170
Common stock, maximum aggregate purchase price														$ 25,000,000
Net proceeds from sale of common stock							$ 7,400,000
Jefferies LLC [Member] \| Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Aggregrate Offering Price										$ 150,000,000
Sales Agreement [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Percentage of aggregate gross proceeds to pay commission										3.00%
Securities Purchase Agreement [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Proceeds from warrant exercise							44,800,000
Sale and issuance of warrants to purchase common stock							$ 10,000,000
Number of common stock purchased upon issuance of warrants				22,598,870
Weighted Average Exercise Price per Share				$ 0.4425
Proceeds from sale of common stock and pre-funded warrants		$ 60,000,000
Shares issued from sale of common stock		1,825,000
Shares issued from sale of pre-funded warrants		1,175,000
Public Offering [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Price per unit		$ 20
Underwritten Public Offering [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Issuance of common stock (shares)	3,450,000	3,450,000				2,666,667
Price per unit	$ 46	$ 20				$ 3.75
Underwriter discount and other offering expenses	$ 9,700,000
Proceeds from warrant exercise								$ 0
Warrants exercised							419,056	1,280,965
Number of common stock purchased upon issuance of warrants						1,333,333
Public offering price per pre-funded warrant						$ 3.6
Per share exercise price for pre-funded warrant						$ 0.15
Measurement term						5 years
Weighted Average Exercise Price per Share						$ 4.5
Proceeds from offering after deducting underwriting discount and other estimated offering expenses	$ 158,700,000	$ 69,000,000				$ 13,800,000
Underwritten Public Offering [Member] \| March 2022 Common Warrants [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of Common Warrant Shares							1,255,346
Proceeds from warrant exercise							$ 1,100,000	$ 9,300,000
Warrants exercised							254,664	2,070,934
Underwritten Public Offering [Member] \| Securities Purchase Agreement [Member] \| Maximum [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Net proceeds from sale of common stock									$ 60,000,000
Employee Stock Purchase Plan [Member]
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for grant							1,864
Percentage of outstanding stock maximum							1.00%
Number of shares available for issuance under the plan on the first day of each year							3,729
Number of shares purchases by employees							0

Net Loss per Share (Tables)

12 Months Ended

Dec. 31, 2024

Earnings Per Share [Abstract]

Schedule of Weighted-Average Common Shares Outstanding

The following securities are included in the weighted-average common shares outstanding used to calculate basic and diluted net loss per common share:


	Years Ended December 31,
	2024		2023		2022
Common stock		37,689,804		15,040,036		7,409,165
March 2022 pre-funded warrants		-		290,665		987,923
May 2023 Tranche A pre-funded exchange warrants		1,685,181		778,904		-
May 2023 Tranche B pre-funded exchange warrants		373,892		92,801		-
October 2023 pre-funded warrants		427,049		289,726		-
Total		40,175,926		16,492,132		8,397,088

Schedule of Potentially Dilutive Securities Outstanding Excluded from Computations of Diluted Weighted-Average Shares Outstanding


	Years Ended December 31,
	2024		2023		2022
Warrants issued to 2010/2012 convertible note holders to purchase common stock		-		6,804		6,804
Warrants issued to underwriter to purchase common stock		-		1,100		1,100
2018 PIPE warrants		-		-		34,241
March 2022 common warrants		1,255,346		1,929,066		4,000,000
May 2023 Tranche B warrants		2,065,305		6,750,000		-
Options to purchase common stock		3,971,798		2,369,665		686,574
Outstanding restricted stock units		939,865		15,534		19,068
Total		8,232,314		11,072,169		4,747,787

Insider Trading Arrangements	3 Months Ended
Insider Trading Arrangements	Dec. 31, 2024
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	Securities Trading Plans of Directors and Executive Officers During the three months ended December 31, 2024, the Company did not adopt, modify or terminate and no directors or officers, as defined in Rule 16a-1(f), adopted, modified or terminated a Rule 10b5-1 trading arrangement or a non-Rule 10b5-1 trading arrangement, each as defined in Regulation S-K Item 408.
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Rule 10b51 Arr Modified Flag	false
Non Rule 10b51 Arr Modified Flag	false

Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022
Operating expenses
Research and development	$ 78,568	$ 25,189	$ 15,265
General and administrative	105,861	13,481	9,844
Change in fair value of contingent consideration	3,242	2,714	(712)
Total operating expenses	187,671	41,384	24,397
Operating loss	(187,671)	(41,384)	(24,397)
Other income (expense), net
Change in fair value of warrant liability	0	(182)	30
Interest income, net	12,052	2,578	300
Interest expense	(231)	0	0
Total other income (expense), net	11,821	2,396	330
Net loss	(175,850)	(38,988)	(24,067)
Other comprehensive income (loss)
Net unrealized gain on marketable securities	361	0	0
Total comprehensive loss	$ (175,489)	$ (38,988)	$ (24,067)
Net loss per common share basic	$ (4.38)	$ (2.36)	$ (2.87)
Net loss per common share diluted	$ (4.38)	$ (2.36)	$ (2.87)
Weighted-average common shares outstanding used to calculate basic net loss per common share	40,175,926	16,492,132	8,397,088
Weighted-average common shares outstanding used to calculate diluted net loss per common share	40,175,926	16,492,132	8,397,088

Other Financial Statement Details - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 256	$ 101
Less accumulated depreciation and amortization	(70)	(89)
Total	186	12
Computer Hardware [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	24	72
Leasehold Improvements [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	52
Furniture and Fixtures [Member]
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 180	$ 29

Fair Value of Financial Instruments - Additional Information (Detail) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Mar. 07, 2017
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Milestones payment	$ 100.0	$ 200.0
Percentage of probability of achieving milestone	88.00%	88.00%
Essentialis, Inc. [Member]
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Maximum potential cash earnout payments			$ 21.2

Commitments and Contingencies - Reconciliation of Undiscounted Future Minimum Lease Payments Remaining under Operating Lease (Detail) $ in Thousands	Dec. 31, 2024 USD ($)
Operating lease liabilities
2025	$ 494
2026	751
2027	861
2028	942
2029	665
Total lease payments	3,713
Less interest	(715)
Total	$ 2,998

Fair Value of Financial Instruments - Schedule of Marketable Securities Classified as Available-for-sale Securities (Details) $ in Thousands	Dec. 31, 2024 USD ($)
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	$ 230,359
Unrealized Gains	451
Unrealized Losses	(90)
Estimated Fair Value	230,720
US Treasury Securities [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	197,678
Unrealized Gains	449
Unrealized Losses	(62)
Estimated Fair Value	198,065
Corporate Debt Securities and Commercial Paper [Member]
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Amortized Cost	32,681
Unrealized Gains	2
Unrealized Losses	(28)
Estimated Fair Value	$ 32,655

- Definition

Amount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 320
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Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481830/320-10-45-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-03(6))
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478546/942-210-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479130/326-30-45-1

+ Details

Fair Value of Financial Instruments - Summary of Financial Instruments Measured at Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands	Dec. 31, 2024	Dec. 31, 2023
Liabilities
Essentialis purchase price contingency liability	$ 14,791	$ 11,549
Fair Value, Measurements, Recurring [Member]
Assets
Total cash equivalents	59,885
Total marketable securities	230,720
Total assets	290,605	157,281
Liabilities
Essentialis purchase price contingency liability	14,791	11,549
Total liabilities	14,791	11,549
Fair Value, Measurements, Recurring [Member] \| Money Market Funds [Member]
Assets
Total cash equivalents	59,885	157,281
Fair Value, Measurements, Recurring [Member] \| US Treasury Securities [Member]
Assets
Total marketable securities	198,065
Fair Value, Measurements, Recurring [Member] \| Corporate Debt Securities and Commercial Paper [Member]
Assets
Total marketable securities	32,655
Level 1 [Member] \| Fair Value, Measurements, Recurring [Member]
Assets
Total cash equivalents	59,885
Total assets	59,885	157,281
Level 1 [Member] \| Fair Value, Measurements, Recurring [Member] \| Money Market Funds [Member]
Assets
Total cash equivalents	59,885	157,281
Level 2 [Member] \| Fair Value, Measurements, Recurring [Member]
Assets
Total marketable securities	230,720
Total assets	230,720
Level 2 [Member] \| Fair Value, Measurements, Recurring [Member] \| US Treasury Securities [Member]
Assets
Total marketable securities	198,065
Level 2 [Member] \| Fair Value, Measurements, Recurring [Member] \| Corporate Debt Securities and Commercial Paper [Member]
Assets
Total marketable securities	32,655
Level 3 [Member] \| Fair Value, Measurements, Recurring [Member]
Liabilities
Essentialis purchase price contingency liability	14,791	11,549
Total liabilities	$ 14,791	$ 11,549

Stockholders' Equity - Summary of Outstanding Common Stock Warrants (Detail) - $ / shares	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 19, 2018
Class of Warrant or Right [Line Items]
Number of Common Shares	3,570,651	13,071,883	5,323,110
Common Stock Warrants [Member]
Class of Warrant or Right [Line Items]
Number of Common Shares		7,904	7,904
Weighted Average Exercise Price per Share		$ 388.94	$ 388.94
Expiration Date	2024-11
2018 PIPE Warrants [Member]
Class of Warrant or Right [Line Items]
Number of Common Shares			34,241
Weighted Average Exercise Price per Share			$ 30	$ 30
Expiration Date	2023-12
March 2022 Common Warrants [Member]
Class of Warrant or Right [Line Items]
Number of Common Shares	1,255,346	1,929,066	4,000,000
Weighted Average Exercise Price per Share	$ 4.5	$ 4.5	$ 4.5
Expiration Date	2027-03
March 2022 Pre-funded Warrants [Member]
Class of Warrant or Right [Line Items]
Number of Common Shares			1,280,965
Weighted Average Exercise Price per Share			$ 0.15
Expiration Date	2027-03
May 2023 Tranche A Pre-funded Warrants [Member]
Class of Warrant or Right [Line Items]
Number of Common Shares		2,758,281
Weighted Average Exercise Price per Share		$ 0.01
Expiration Date	2026-11
May 2023 Tranche B Warrants [Member]
Class of Warrant or Right [Line Items]
Number of Common Shares	2,065,305	6,750,000
Weighted Average Exercise Price per Share	$ 2.5	$ 2.5
Expiration Date	2026-11
May 2023 Tranche B Pre-funded Warrants [Member]
Class of Warrant or Right [Line Items]
Number of Common Shares		451,632
Weighted Average Exercise Price per Share		$ 0.01
Expiration Date	2026-11
October 2023 Pre-funded Warrants [Member]
Class of Warrant or Right [Line Items]
Number of Common Shares	250,000	1,175,000
Weighted Average Exercise Price per Share	$ 0.01	$ 0.01