{ "docId": "019dd923-622c-750b-8b9a-3bcd52c6e583", "docSlug": "f06b0b5d2079", "documentTitle": "Soleno Therapeutics (SLNO)", "authorId": "58_Scorpion_Capital", "authorName": "Scorpion Capital", "documentKindSlug": "activist-deck", "documentKindLabel": "Activist deck", "sourceTypeSlug": "short_seller", "sourceTypeLabel": "Short seller", "presentationDate": "2025-08-15 00:00:00", "orientation": "landscape", "aspectRatio": 1.3333334, "pageNumber": 139, "pageCount": 415, "prevPage": 138, "nextPage": 140, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "overcrowded", "nDataPoints": 24, "notes": "The slide uses a combination of a table excerpt and a text excerpt to highlight a specific reporting discrepancy.", "elementsJson": [ "headline_text", "paragraph", "data_table", "screenshot", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-3bcd52c6e583/139", "deckHref": "/decks/019dd923-622c-750b-8b9a-3bcd52c6e583", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-3bcd52c6e583.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-3bcd52c6e583#slide-139", "components": [ { "bbox": null, "kind": "callout", "text": "Based upon color from an ex-employee and a trial investigator, we suspect this participant may have been hospitalized in the UK for pulmonary edema with cardiac involvement.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-64ce-7561-b2a1-e77cdb0859ae", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.85, "x": 0.07, "y": 0.19 }, "kind": "paragraph", "text": "The AE table in the phase 3 paper lists only “peripheral edema” as a category, indicating 20% prevalence in the treatment group; plus 10% prevalence of “upper respiratory tract infections,” an unexplained category we find suspicious given its pulmonary nature. The safety discussion mentions pulmonary edema once but is vague and appears to conflate it with peripheral edema – “Six participants experienced serious AEs in the study, all occurring in the DCCR group, which in only one participant was considered drug related (peripheral and pulmonary edema in the setting of an unrelated concurrent pneumonia).” Based upon color from an ex-employee and a trial investigator, we suspect this participant may have been hospitalized in the UK for pulmonary edema with cardiac involvement.", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "85bc5392-4499-4aee-b662-c6e63cf97310", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.4, "w": 0.5, "x": 0.42, "y": 0.51 }, "kind": "paragraph", "text": "Safety Patients with PWS experience frequent complications and co-morbidities. Treatment-emergent adverse events (TEAEs) occurred in 83.3% of participants in the DCCR group compared to 73.8% of the placebo group (Fisher exact test, NS, Table 3). Study drug-related TEAEs occurred in 63.1% of participants in the DCCR group compared to 52.4% of the placebo group (Fisher exact test, NS). Six participants experienced serious AEs in the study, all occurring in the DCCR group, which in only one participant was considered drug related (peripheral and pulmonary edema in the setting of an unrelated concurrent pneumonia). The most common TEAEs in the DCCR", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "ab60556f-8f50-4af3-9240-7d52983a1e6d", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "Six participants experienced serious AEs in the study, all occurring in the DCCR group, which in only one participant was considered drug related (peripheral and pulmonary edema in the setting of an unrelated concurrent pneumonia). — Phase 3 paper safety discussion", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-64ce-7561-b2a1-e8430cb16b6a", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.75, "x": 0.07, "y": 0.94 }, "kind": "source-note", "text": "Source: https://pmc.ncbi.nlm.nih.gov/articles/PMC10271219/; Scorpion Capital analysis and estimates; Scorpion Capital consultation calls with experts", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "b2e43dac-7bdb-4e5e-a150-3e95834df72f", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.4, "w": 0.32, "x": 0.07, "y": 0.51 }, "kind": "table", "text": "Table 3. Summary of treatment-emergent adverse events", "attrs": null, "subkind": "data", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "92e2be23-28ce-4a6d-94d8-1f4b6a4a23c0", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.03, "w": 0.85, "x": 0.07, "y": 0.46 }, "kind": "title", "text": "AE table and safety discussion in Phase 3 paper, excerpts – obscures pulmonary edema", "attrs": null, "subkind": "action-title", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "57e0b0d4-f7a8-4715-aa06-ee720c27ac5b", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.12, "w": 0.85, "x": 0.07, "y": 0.07 }, "kind": "title", "text": "Soleno’s adverse event tables obscure the risk of pulmonary edema by burying it under peripheral edema.", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "816a96b6-3ab1-4dc9-8d8c-5441f615e785", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "fraud-exposure", "slug": null, "matchId": "e1a08d04-32ff-49a7-baf7-cd0ec3a6a739", "evidence": "The slide explicitly claims the company is 'burying' data and 'obscuring' risks to mislead stakeholders.", "confidence": 0.9 } ], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }