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  "documentTitle": "Soleno Therapeutics (SLNO)",
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  "presentationDate": "2025-08-15 00:00:00",
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  "notes": "The slide uses a direct quote from a medical paper to highlight a discrepancy between the company's claim and the reported data.",
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      "text": "The HbA1c and fasting glucose figures explicitly cited in the paper to support this claim appear to be pulled from thin air, as we analyze on the next page – and that HbA1c and fasting glucose stay elevated, do not return to baseline, and spin out of control.",
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      "kind": "paragraph",
      "text": "Diazoxide choline extended-release tablet in people with Prader-Willi syndrome: results from long-term open-label study",
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      "text": "The astounding assertion is made in the Miller et al (2024) publication for the Phase 3 open-label extension. The HbA1c and fasting glucose figures explicitly cited in the paper to support this claim appear to be pulled from thin air, as we analyze on the next page – and that HbA1c and fasting glucose stay elevated, do not return to baseline, and spin out of control. We highlight the key figures in the paper, and then analyze them on the next page.",
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      "text": "Consistent with the observation of hyperglycemia as an adverse event, fasting glucose rose through Week 26 (Change from baseline mean±SD 0.35±0.81 mmol/L) and had returned nearly to baseline by 65 weeks of treatment (Baseline mean±SD 4.997±0.635 mmol/L; 65 weeks 5.126±0.692 mmol/L). HbA1c followed a similar pattern, being elevated at 26 Weeks (Change from Baseline mean±SD 0.19±0.50%) and returned nearly to baseline by 65 Weeks (Baseline mean±SD 5.547%±0.4069%; 65 weeks 5.572% ±0.5103%).",
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      "kind": "paragraph",
      "text": "Jennifer L Miller 1, Evelien Gevers 2, Nicola Bridges 3, Jack A Yanovski 4, Parisa Salehi 5,",
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      "text": "In addition to obfuscating diabetes risk by burying HbA1c data for treatment vs. placebo groups, Soleno claims that HbA1c and fasting glucose rose initially through week 26 but “returned nearly to baseline by 65 weeks.”",
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      "text": "“Consistent with the observation of hyperglycemia as an adverse event, fasting glucose rose through Week 26 (Change from baseline mean±SD 0.35±0.81 mmol/L) and had returned nearly to baseline by 65 weeks of treatment (Baseline mean±SD 4.997±0.635 mmol/L; 65 weeks 5.126±0.692 mmol/L). HbA1c followed a similar pattern, being elevated at 26 Weeks (Change from Baseline mean±SD 0.19±0.50%) and returned nearly to baseline by 65 Weeks (Baseline mean±SD 5.547%±0.4069%; 65 weeks 5.572% ±0.5103%).” — Miller et al (2024)",
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      "text": "Source: https://pubmed.ncbi.nlm.nih.gov/37919617/; Scorpion Capital estimates and analysis",
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      "text": "Phase 3 open-label study paper - Miller et al (2024), excerpt",
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