{ "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": 224, "pageCount": 415, "prevPage": 223, "nextPage": 225, "slideType": "testimonial", "function": "expose_contradiction", "density": "dense", "nDataPoints": 0, "notes": "The slide uses a Q&A transcript format to highlight negative sentiment from former employees.", "elementsJson": [ "paragraph", "quote_block", "footnote" ], "metadataConfidence": 0.95, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-3bcd52c6e583/224", "deckHref": "/decks/019dd923-622c-750b-8b9a-3bcd52c6e583", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-3bcd52c6e583.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-3bcd52c6e583#slide-224", "components": [ { "bbox": { "x": 0.93, "y": 0.62 }, "kind": "callout", "text": "\"Substantial number\" of trial investigators are skeptical of the drug; potentially devastating adverse events", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "7ac44327-caf2-407c-a169-73a83d4d5ec7", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "callout", "text": "I fail to see how any third-party payor would accept this as a treatment...I just find it very hard to think that third-party payers are just going to do that. It’s a bit like the Sarepta drug or something. You have one devastating DKA and heart failure. I think they had some serious adverse effects where somebody was admitted to the ICU.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-64ce-7561-b2a9-18fcae1627fa", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "x": 0.93, "y": 0.55 }, "kind": "paragraph", "text": "We interviewed three ex-employees of Soleno, in key roles involving the clinical trial program, engagement with study sites and investigators, as well as medical affairs. All three questioned Soleno's conduct and that of a key investigator; two stated they left as they doubted the drug's efficacy and safety profile - and all three opined that the Vykat launch is likely to be dead-on-arrival. We begin with the first ex-employee, who stated that Soleno's own trial investigators think the drug is a failure and are unlikely to prescribe it: “...other physicians are not so bullish about it...if you talk to some of the other investigators other than Jennifer Miller, you might get a different impression...I would say that you have a substantial number of investigators who are not so bullish about the drug”; “I fail to see how any third-party payor would accept this as a treatment...it’s a little bit like the Sarepta drug...you have one devastating DKA and heart failure...I think they had some serious adverse effects where somebody was admitted to the ICU.”", "attrs": null, "subkind": "paragraph", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "7433fbff-476f-4c3e-a04a-92a64788724a", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "x": 0.93, "y": 0.88 }, "kind": "quote", "text": "A: \"I fail to see how any third-party payer would accept this as a treatment...I just find it very hard to think that third-party payers are just going to do that. It's a bit like the Sarepta drug or something. You have one devastating DKA and heart failure. You might want to talk — Jennifer Miller is a big advocate of this drug, and she has put a large number of patients into the trial. But, tother physicians are not so bullish about it.\"\nQ: \"You mean the investigators?\"\nA: \"Yeah, if you talk to some of the other investigators other than Jennifer Miller, you might get a different opinion.\"\nQ: \"Do you think most investigators, would you say that they would be not enthusiastic about the drug? Is that your assessment, talking to them?\"\nA: \"I would say you have a substantial number of investigators who are not so bullish about the drug.\" - Ex-Soleno employee #1, key role in clinical trial program", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "e98a8700-8d61-4a10-9a49-b17b08a852e6", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“...other physicians are not so bullish about it...if you talk to some of the other investigators other than Jennifer Miller, you might get a different impression...I would say that you have a substantial number of investigators who are not so bullish about the drug”; “I fail to see how any third-party payor would accept this as a treatment...it’s a little bit like the Sarepta drug...you have one devastating DKA and heart failure...I think they had some serious adverse effects where somebody was admitted to the ICU.” — Ex-Soleno employee #1", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-64ce-7561-b2a9-1dad6dc7b5b1", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "x": 0.35, "y": 0.97 }, "kind": "source-note", "text": "Source: Scorpion Capital consultation calls with experts", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "da9679cd-6b12-4481-ab6d-54bbb2d1b89d", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }