Soleno Therapeutics is a commercial-stage biopharmaceutical company with a single product: VYKAT XR (diazoxide choline extended-release tablets), the first and only FDA-approved treatment for hyperphagia in patients with Prader-Willi syndrome (PWS). PWS is a rare genetic disorder affecting an estimated 300,000–400,000 people worldwide, characterized by a neurologically-driven, insatiable hunger that causes severe behavioral problems and obesity-related complications. VYKAT XR activates ATP-sensitive potassium channels in the brain, pancreas, and fat tissue to target the mechanisms driving hyperphagia, and is taken once daily as an oral tablet. Soleno sells VYKAT XR through a specialty pharmacy model, with prescriptions flowing through a dedicated patient start process to specialty pharmacy PANTHERx. Soleno's field force of roughly 65 people targets primarily pediatric and adult endocrinologists, geneticists, and psychiatrists. Revenue is generated exclusively from VYKAT XR sales, priced on a weight-based model at $6.0976 per milligram, meaning older and heavier patients generate more revenue per prescription. Key revenue drivers are the number of active patients, average patient weight, and payer coverage. Soleno does not manufacture VYKAT XR, relying instead on third-party contract manufacturers. The U.S. addressable market is estimated at roughly 10,000–12,000 diagnosed patients. Soleno has also submitted a Marketing Authorization Application to the European Medicines Agency targeting an additional estimated 9,500 patients across the EU4 and UK markets.