{
  "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": 277,
  "pageCount": 415,
  "prevPage": 276,
  "nextPage": 278,
  "slideType": "quote_slide",
  "function": "expose_contradiction",
  "density": "dense",
  "nDataPoints": 0,
  "notes": "The slide uses a Q&A format to highlight negative expert sentiment.",
  "elementsJson": [
    "paragraph",
    "quote_block"
  ],
  "metadataConfidence": 1,
  "imagePath": null,
  "slideHref": "/slides/019dd923-622c-750b-8b9a-3bcd52c6e583/277",
  "deckHref": "/decks/019dd923-622c-750b-8b9a-3bcd52c6e583",
  "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-3bcd52c6e583.json",
  "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-3bcd52c6e583#slide-277",
  "components": [
    {
      "bbox": null,
      "kind": "callout",
      "text": "I just don't think the demand is that great...the market is just not that big. It's not...it's a nice little product as many rare disease products are. I just question how a small single-product company can really make a go of it...",
      "attrs": null,
      "subkind": null,
      "toolName": "Visual emphasis",
      "toolSlug": "visual-emphasis",
      "confidence": null,
      "componentId": "019dd953-64ce-7561-b2ad-eef85f60bcf2",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.13,
        "w": 0.86,
        "x": 0.07,
        "y": 0.82
      },
      "kind": "list",
      "text": "Skeptical of Vykat’s commercial opportunity and Soleno’s viability A: “I would be concerned for their part about being able to really, truly keep the company going.” Q: “You think that if they don’t get bought out, that you don’t think they would survive?” A: “I just don’t think the demand is that great...the market is just not that big. It’s not...it’s a nice little product as many rare disease products are. I just question how a small single-product company can really make a go of it...” - Formerly in a senior medical affairs role at Soleno",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "4bc3a03c-af30-4754-9bd7-fb639065506b",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.25,
        "w": 0.86,
        "x": 0.07,
        "y": 0.56
      },
      "kind": "list",
      "text": "Q: “How successful of a launch do you think this is going to be? How major a drug launch do you think this is really going to be, the adoption curve?” A: “Having sat inside and watched the commercial team get built, they’ve got strong, experienced personnel, but not in rare disease. I don’t know that they really have the right tool set. And I’m speaking very transparently here. Do they have the tool set to truly understand rare disease? I don’t know...the teams were built so late in the game, they didn’t have a whole lot of time to get out in the field and really do the education before the GLP-1’s just really took over.” Q: “Do you think it’s going to be a relatively muted launch, a bit of a dud? If you had to be very candid, is this going to be like a meh, or is it going to be some screaming runaway success in the community? Like, is it a game changer or not a game changer?” A: “I don’t think it’s going to be a game changer. But I don’t think it’s going to be a complete dud. I don’t think it’s going to be as successful as the company would hope for it to be.” - Formerly in a senior medical affairs role at Soleno",
      "attrs": null,
      "subkind": "bullet",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "8b8ba805-7293-4af2-9ebc-a49d0241b5b7",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.05,
        "w": 0.86,
        "x": 0.07,
        "y": 0.51
      },
      "kind": "paragraph",
      "text": "Won’t “be a complete dud”; lack rare disease experience; commercial team was built late; already lost momentum to GLP’s",
      "attrs": null,
      "subkind": "paragraph",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "0ae31c5a-d380-4887-a530-3c61867a0852",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": null,
      "kind": "quote",
      "text": "“I don't think it's going to be a game changer...I don't think it's going to be a complete dud...I don't think it's going to be as successful as the company would hope for”; “I'm speaking very transparently here...they didn't have a whole lot of time to get out in the field and really do the education before the GLP-1's just really took over”; “I would be concerned...about being able to really, truly keep the company going...I just don't think the demand is that great...the market is just not that big...it's not...it's a nice little product as many rare disease products are...I just question how a small single-product company can really make a go of it...” — Former Soleno employee in a senior medical affairs role.",
      "attrs": null,
      "subkind": null,
      "toolName": "Authority citation",
      "toolSlug": "authority-citation",
      "confidence": null,
      "componentId": "019dd953-64ce-7561-b2ad-f0b73381b0cd",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.02,
        "w": 0.25,
        "x": 0.07,
        "y": 0.96
      },
      "kind": "source-note",
      "text": "Source: Scorpion Capital consultation calls with experts",
      "attrs": null,
      "subkind": null,
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "2d0675b1-5c1b-4d22-873d-f488efcb1723",
      "frameworkName": null,
      "frameworkSlug": null
    },
    {
      "bbox": {
        "h": 0.45,
        "w": 0.86,
        "x": 0.07,
        "y": 0.07
      },
      "kind": "title",
      "text": "A Soleno ex-employee, in a senior medical affairs role stated that Vykat has at best a minor commercial opportunity and that the launch will fail, and even questioned the company’s longer-term viability as a one-trick pony",
      "attrs": null,
      "subkind": "headline",
      "toolName": null,
      "toolSlug": null,
      "confidence": null,
      "componentId": "b0b6c6fc-946b-43ca-9137-2999185560df",
      "frameworkName": null,
      "frameworkSlug": null
    }
  ],
  "metrics": [],
  "tools": [],
  "frameworks": [
    {
      "name": "antagonist-introduction",
      "slug": null,
      "matchId": "65c9d7e6-1665-4548-848b-6f6d8568d698",
      "evidence": "Uses expert testimony to frame the company as a failing entity.",
      "confidence": 0.8
    }
  ],
  "arcBeats": [],
  "loops": [],
  "imagePathAlt": null,
  "thumbSrc": null,
  "thumbSrcAlt": null,
  "locked": true
}