{ "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": 55, "pageCount": 415, "prevPage": 54, "nextPage": 56, "slideType": "villain_critique", "function": "name_villain", "density": "overcrowded", "nDataPoints": 0, "notes": "The slide uses a 'villain_critique' approach by leveraging an expert's authority to discredit the company's product.", "elementsJson": [ "headline_text", "bullet_list", "footnote" ], "metadataConfidence": 1, "imagePath": null, "slideHref": "/slides/019dd923-622c-750b-8b9a-3bcd52c6e583/55", "deckHref": "/decks/019dd923-622c-750b-8b9a-3bcd52c6e583", "deckJsonHref": "/decks/019dd923-622c-750b-8b9a-3bcd52c6e583.json", "deckAnchorHref": "/decks/019dd923-622c-750b-8b9a-3bcd52c6e583#slide-55", "components": [ { "bbox": null, "kind": "callout", "text": "I didn't see $500,000 worth of – or $5,000 worth of benefit; I've been around a long time. I won't use it.", "attrs": null, "subkind": null, "toolName": "Visual emphasis", "toolSlug": "visual-emphasis", "confidence": null, "componentId": "019dd953-64cd-733b-acae-a0f0c43062c9", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.86, "x": 0.07, "y": 0.58 }, "kind": "list", "text": "Indicated the trials were just statistical artifacts with no observable difference in patients whether hyperphagia or weight; would advise other physicians to avoid using the drug: “I would say hold off...”; “I just didn’t think it worked...”; “they got a statistician who did all this remarkable testing and, oh, we came up with something...I think they played with the data until they finally got something that worked.”", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1f1af532-8890-4134-9f6c-f6fcbc7671d0", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.86, "x": 0.07, "y": 0.75 }, "kind": "list", "text": "Indicated widespread skepticism in the field of Vykat by other trial investigators and PWS specialists who collectively manage a large percentage of the patients; expects it to be a dud within 3 to 6 months as failures and safety issues mount; “I don’t think anyone would say ‘Whoa, we got to get these patients on this drug...look what it can do...a lot of people are taking a hands-off, let’s just see...I haven’t heard from people with much enthusiasm”; “those who are the most experienced are probably not as excited about it than those that are newer...”", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "1f914abc-6f34-405d-ba03-21f3494a3a9e", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.1, "w": 0.86, "x": 0.07, "y": 0.45 }, "kind": "list", "text": "Stated that he’s working on a paper about cardiac risk from Vykat: “I have more than concern about it...in fact, I’m writing an article on it...I’ve been asked to write my opinion on this trial in the medical literature”; “yeah, lots of different issues...we still don’t have a clear understanding, even though the drug has been around since 1976.”", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "243d7160-310e-465f-bbd2-4a1ea2f95de0", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.15, "w": 0.86, "x": 0.07, "y": 0.28 }, "kind": "list", "text": "Thinks that Vykat is a failure and has no effect on hyperphagia or weight; that it is dangerous and at risk of an existential Zafgen-type safety debacle; has no plans to put any patients on it; thinks that Soleno played games with the data; and that it should never have been approved by the FDA, which he believes was due to pressure from desperate families: “I didn’t see $500,000 worth of – or $5,000 worth of benefit”; “I’ve been around a long time. I won’t use it.”", "attrs": null, "subkind": "bullet", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "5d8c3746-7e94-41b6-bfea-dd105c36f34c", "frameworkName": null, "frameworkSlug": null }, { "bbox": null, "kind": "quote", "text": "I didn't see $500,000 worth of – or $5,000 worth of benefit; I've been around a long time. I won't use it. — Trial investigator #1", "attrs": null, "subkind": null, "toolName": "Authority citation", "toolSlug": "authority-citation", "confidence": null, "componentId": "019dd953-64cd-733b-acae-a43dfe4a703d", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.02, "w": 0.25, "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": "2c10dce5-e0ef-4a7c-9254-6f6e4b823cf3", "frameworkName": null, "frameworkSlug": null }, { "bbox": { "h": 0.18, "w": 0.86, "x": 0.07, "y": 0.07 }, "kind": "title", "text": "Trial investigator #1: One of the most prominent, published, and influential authorities in Prader Willi Syndrome; involved with a dozen clinical trials in the past; directly treats or monitors >100 PWS patients – one of the largest caseloads in the field; advises other PWS practitioners around the world. Long history with Soleno and played a key role in the Vykat trials; co-author on trial paper.", "attrs": null, "subkind": "headline", "toolName": null, "toolSlug": null, "confidence": null, "componentId": "16a9a35e-e112-4ee9-8bc0-2ce8cd96082f", "frameworkName": null, "frameworkSlug": null } ], "metrics": [], "tools": [], "frameworks": [], "arcBeats": [], "loops": [], "imagePathAlt": null, "thumbSrc": null, "thumbSrcAlt": null, "locked": true }