Soleno Therapeutics Inc. (NASDAQ:SLNO), a medical device company, has entered into a lease agreement for a new office space in Redwood (NYSE:RWT) City, California, expanding its corporate footprint. On June 13, 2024, the company signed a five-year lease for approximately 18,026 square feet at 100 Marine Parkway.
The lease commences with a base monthly rent of $57,400, which is set to increase annually by about 3%. Soleno will also cover certain operating expenses as part of the agreement. The lease details will be fully disclosed in the company's upcoming Quarterly Report on Form 10-Q for the quarter ending June 30, 2024.
This move comes as Soleno Therapeutics continues its operations within the electromedical and electrotherapeutic apparatus sector, under the SIC code 3845. The company, previously known as Capnia, Inc., is headquartered at 203 Redwood Shores Parkway, Suite 500, in Redwood City, and is incorporated in Delaware.
In other recent news, Soleno Therapeutics has been actively engaging with investors, discussing the development and regulatory path of its drug candidate, DCCR. Piper Sandler maintained its Overweight rating on Soleno Therapeutics, with a consistent price target of $93.00, following the company's presentation at the ENDO conference. The firm highlighted the potential of DCCR to be expanded into other indications, enhancing its market position.
Simultaneously, Oppenheimer lowered its price target for Soleno but maintained an Outperform rating, emphasizing the high investor interest in DCCR's market potential. Baird also initiated coverage on Soleno Therapeutics with an Outperform rating and a stock price target of $72.00, suggesting that the market valuation does not fully account for the potential of DCCR.
In addition to these developments, Soleno Therapeutics announced plans for a public offering of its common stock at $46 each, aiming to raise approximately $138 million. The proceeds from the sale are intended to support the company's research and development, particularly for the advancement of DCCR. These recent developments underscore Soleno Therapeutics' ongoing efforts to bring innovative treatments to patients with rare diseases.
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