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  "documentTitle": "Soleno Therapeutics (SLNO)",
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  "authorName": "Scorpion Capital",
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  "presentationDate": "2025-08-15 00:00:00",
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  "notes": "The slide uses red annotations to re-interpret the company's original chart data.",
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      "text": "DEXA \"LBM\" dataset suggests to us that DCCR linearly increases fluid retention over time, with no signs of plateau = 7.3 kg/16 lbs of fluid in 3 years",
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      "text": "DEXA “LBM” dataset suggests to us that DCCR linearly increases fluid retention over time, with no signs of plateau = 7.3 kg/16 lbs of fluid in 3 years",
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      "text": "Figure 2. LS Mean (± SE) Increase in Lean Mass (kg) from Baseline",
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      "text": "Long-term Administration of Diazoxide Choline Extended-Release (DCCR) Tablets in People with Prader-Willi Syndrome",
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      "text": "DEXA cannot distinguish between edema and LBM. Diazoxide causes mechanism-based fluid retention... If so, no attenuation of linear increase... In a 130 kg patient, 7.3 Kg of fluid accumulation is a significant risk...",
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      "text": "Lean Body Mass: 7.3 kg",
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      "text": "A May 2025 paper by lead investigator Jennifer Miller and Soleno’s Neal Cowen shows a shocking 16 lb steady and linear increase over 3 years of Vykat – brazenly asserted to be LBM but which we think is clearly fluid.",
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      "text": "Source: https://investors.soleno.life/static-files/946b0269-ce30-4c6f-943c-8fa4ed54f44a; Scorpion Capital analysis and estimates",
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      "text": "We think that Soleno has concealed the alarming level of fluid retention by misrepresenting it in its studies as an increase in lean body mass (LBM)",
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