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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": "Uses a red-annotated chart to highlight the discrepancy between reported LBM and suspected fluid retention.",
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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": "Chart from Soleno paper – May 25, 2025",
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      "text": "DEXA cannot distinguish between edema and LBM. Diazoxide causes mechanism-based fluid retention, but Soleno has provided no plausible mechanism for diazoxide’s purported increased muscle mass. No exercise program or activity monitoring. If so, no attenuation of linear increase in fluid retention is observed out to 3 years, suggesting serious and progressive fluid retention. In a 130 kg patient, 7.3 Kg of fluid accumulation is a significant risk (5.6% fluid gain) for chronic organ stress (kidneys & heart), hypertension, and worsening insulin resistance.",
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      "text": "fluid retention: 16 lb",
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      "text": "Soleno used DEXA scans to assess LBM, but DEXA cannot distinguish between LBM and edema. We later discuss why we think that purported body composition improvements are simply illusions caused by fluid. DEXA artifact is well-known in this context, and Soleno’s omission of this obvious issue is, we believe, part of the cover-up. Thus, we think the paper buries a shocking 16 lb steady, linear increase in fluid over 3 years on drug – sufficient to drive chronic stress on the heart and kidneys, hypertension, and insulin resistance.",
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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 this chart conceals the alarming level of fluid retention by misrepresenting it as an increase in lean body mass (LBM).",
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