{ "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": 234, "pageCount": 415, "prevPage": 233, "nextPage": 235, "slideType": "expose_contradiction", "function": "expose_contradiction", "density": "dense", "nDataPoints": 0, "notes": "The slide uses a long, narrative-style headline that summarizes the ex-employee's critique, followed by a highlighted block quote.", "elementsJson": [ "headline_text", "paragraph", "callout_box", "footnote" ], "metadataConfidence": 0.95, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-3bcd52c6e583/234", "deckHref": "/decks/019dd923-622c-750b-8b9a-3bcd52c6e583", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-3bcd52c6e583.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-3bcd52c6e583#slide-234", "components": [ { "bbox": { "h": 0.03, "w": 0.5, "x": 0.07, "y": 0.35 }, "kind": "callout", "text": "Data is simply not compelling and side effect profile undermines its purpose", "attrs": null, "subkind": "primary", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1df53424-e2b2-416e-8805-9163abf5a282", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.45, "w": 0.86, "x": 0.07, "y": 0.38 }, "kind": "quote", "text": "I'll be frank and say I saw the top-line data, and I did not find it compelling. And that's why I left the company. We could not meet the primary endpoint. I think the other challenge is trying to show improvement on a lot of these behavioral endpoints is very challenging. The FDA and EMA want to see really robust data if you're going to demonstrate any kind of behavioral changes. And it's not — all these companies are looking for this kind of CRO data to support this. And they want to — a handful of patients might anecdotally say, oh, I noticed a significant improvement. Some clinicians may notice that in particular patients. But then, when you look at it overall, it's very difficult to prove both quantity and consistency in that data...you're just not seeing that kind of significant change. A lot of these patients, beyond their food issues, like aggression, emotional outbursts, obsessive-compulsive type behaviors, skin picking, all these, it's very difficult to assess this over time. What I saw was not very compelling, either on hyperphagia level, overall significant clinical improvement, or — we had DEXA data. It's just not very compelling. And then, if you combine that with a drug that has a side effect profile that is not fantastic, then what are you really hoping to accomplish? And these patients are on a lot of polypharmacy. They're on multiple antipsychotics or on growth hormone. They're on all kinds of drugs. And so you already have issues from that. They highlight the few cases where they're anecdotally reported benefit. But the data, overall, I think it's just not that exciting.", "attrs": null, "subkind": "testimonial", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "56e5e54c-e6a9-4057-8109-a1bb8b7bebf4", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "“I’ll be frank and say I saw the top-line data, and I did not find it compelling. And that’s why I left the company. We could not meet the primary endpoint... What I saw was not very compelling, either on hyperphagia level, overall significant clinical improvement, or — we had DEXA data...it’s just not very compelling...and then if you combine that with a drug that has a side effect profile that is not fantastic, then what are you really hoping to accomplish? And these patients are on a lot of polypharmacy... the data, overall, I think it’s just not that exciting.” — Ex-Soleno employee #2, key role in clinical trial program", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-64ce-7561-b2aa-07df90a0aac1", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.3, "x": 0.07, "y": 0.95 }, "kind": "source-note", "text": "Source: Scorpion Capital consultation calls with experts", "attrs": null, "subkind": null, "toolName": null, "toolSlug": null, "confidence": null, "componentId": "cd6f1a38-1ed1-4dba-93f3-9c326139c5b6", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.25, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "title", "text": "Ex-employee #2 also played a key role in the clinical trial program and oversight of study sites – and thoroughly rebuked Vykat as ineffective on all counts; as toxic and reckless; as perfectly substitutable with inexpensive generic diazoxide suspension; and as the result of dubious clinical trials and suspect behavior at the largest study site", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "d58e0045-f261-4142-a2f9-1c491bfa75c6", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [ { "name": "ceo-quote-contradiction", "slug": null, "matchId": "2c698f0d-ca9f-4718-a25e-0490491c87fe", "evidence": "Uses an expert testimonial to directly contradict the company's clinical trial claims.", "confidence": 0.85 } ], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }