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Here's Why We're Not At All Concerned With Soleno Therapeutics' (NASDAQ:SLNO) Cash Burn Situation

Here's Why We're Not At All Concerned With Soleno Therapeutics' (NASDAQ:SLNO) Cash Burn Situation

這就是爲什麼我們對soleno therapeutics(納斯達克:SLNO)的現金燒損情況並不擔憂
Simply Wall St ·  11/08 18:36

We can readily understand why investors are attracted to unprofitable companies. For example, Soleno Therapeutics (NASDAQ:SLNO) shareholders have done very well over the last year, with the share price soaring by 158%. Having said that, unprofitable companies are risky because they could potentially burn through all their cash and become distressed.

我們可以很容易理解爲什麼投資者對虧損的公司感興趣。例如,soleno therapeutics(納斯達克:SLNO)的股東在過去一年表現非常出色,股價飆升了158%。儘管如此,虧損的公司很危險,因爲它們有可能把現金全部用完並陷入困境。

So notwithstanding the buoyant share price, we think it's well worth asking whether Soleno Therapeutics' cash burn is too risky. For the purpose of this article, we'll define cash burn as the amount of cash the company is spending each year to fund its growth (also called its negative free cash flow). First, we'll determine its cash runway by comparing its cash burn with its cash reserves.

儘管股價飆升,我們認爲值得問一問soleno therapeutics的現金消耗是否太冒險。在本文中,我們將現金消耗定義爲公司每年用於資助其增長的現金數量(也稱爲負自由現金流)。首先,我們將通過比較其現金消耗與現金儲備來確定其現金使用期限。

When Might Soleno Therapeutics Run Out Of Money?

soleno therapeutics何時會用盡資金?

A company's cash runway is the amount of time it would take to burn through its cash reserves at its current cash burn rate. When Soleno Therapeutics last reported its September 2024 balance sheet in November 2024, it had zero debt and cash worth US$257m. Importantly, its cash burn was US$52m over the trailing twelve months. Therefore, from September 2024 it had 5.0 years of cash runway. Importantly, though, analysts think that Soleno Therapeutics will reach cashflow breakeven before then. If that happens, then the length of its cash runway, today, would become a moot point. You can see how its cash balance has changed over time in the image below.

公司的現金使用期限是指以其當前現金消耗率耗盡現金儲備所需的時間。當soleno therapeutics於2024年9月份報告其2024年11月的資產負債表時,其沒有債務,現金價值爲25700萬美元。重要的是,其過去十二個月的現金消耗爲5200萬美元。因此,從2024年9月開始,它有5.0年的現金使用期限。儘管如此,分析師認爲soleno therapeutics將在那之前實現盈利達平衡。如果發生這種情況,那麼其現金使用期限的長度,即今天,將變得毫無意義。您可以看到其現金餘額的變化情況在下方的圖片中。

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NasdaqCM:SLNO Debt to Equity History November 8th 2024
納斯達克:SLNO 資產負債歷史記錄2024年11月8日

How Is Soleno Therapeutics' Cash Burn Changing Over Time?

soleno therapeutics的現金消耗隨時間如何變化?

Soleno Therapeutics didn't record any revenue over the last year, indicating that it's an early stage company still developing its business. Nonetheless, we can still examine its cash burn trajectory as part of our assessment of its cash burn situation. In fact, it ramped its spending strongly over the last year, increasing cash burn by 117%. That sort of ramp in expenditure is no doubt intended to generate worthwhile long term returns. While the past is always worth studying, it is the future that matters most of all. So you might want to take a peek at how much the company is expected to grow in the next few years.

soleno therapeutics過去一年沒有記錄任何營業收入,表明它仍處於早期發展階段,不斷髮展其業務。儘管如此,我們仍然可以通過研究其現金消耗軌跡來評估其現金消耗情況。事實上,過去一年,它的支出大幅增加,現金消耗增加了117%。這種支出的增長無疑是爲了帶來有價值的長期回報。雖然過去值得研究,但最重要的是未來。因此,您可能想看一看公司未來幾年預計增長多少。

How Hard Would It Be For Soleno Therapeutics To Raise More Cash For Growth?

Soleno Therapeutics要籌集更多現金用於增長會有多困難?

While Soleno Therapeutics does have a solid cash runway, its cash burn trajectory may have some shareholders thinking ahead to when the company may need to raise more cash. Issuing new shares, or taking on debt, are the most common ways for a listed company to raise more money for its business. One of the main advantages held by publicly listed companies is that they can sell shares to investors to raise cash and fund growth. By looking at a company's cash burn relative to its market capitalisation, we gain insight on how much shareholders would be diluted if the company needed to raise enough cash to cover another year's cash burn.

儘管Soleno Therapeutics擁有穩健的現金儲備,但其現金消耗軌跡可能會讓一些股東提前考慮公司可能需要籌集更多資金的時刻。上市公司籌集更多資金的最常見方式是發行新股或負債。上市公司持有的主要優勢之一是他們可以向投資者出售股票籌集現金並資助增長。通過查看公司的現金消耗與市值的比例,我們可以了解如果公司需要籌集足夠資金來支付另一年的現金消耗,股東的持股份額將受到多大的稀釋。

Soleno Therapeutics' cash burn of US$52m is about 2.3% of its US$2.2b market capitalisation. So it could almost certainly just borrow a little to fund another year's growth, or else easily raise the cash by issuing a few shares.

soleno therapeutics的現金消耗爲5200萬美元,約佔其22億美元的市值的2.3%。因此,它幾乎可以通過借款一點資金來資助另一年的增長,或者通過發行一些股票輕鬆籌集所需現金。

So, Should We Worry About Soleno Therapeutics' Cash Burn?

那麼,我們應該擔心Soleno Therapeutics的現金消耗嗎?

It may already be apparent to you that we're relatively comfortable with the way Soleno Therapeutics is burning through its cash. For example, we think its cash runway suggests that the company is on a good path. Although we do find its increasing cash burn to be a bit of a negative, once we consider the other metrics mentioned in this article together, the overall picture is one we are comfortable with. Shareholders can take heart from the fact that analysts are forecasting it will reach breakeven. Taking all the factors in this report into account, we're not at all worried about its cash burn, as the business appears well capitalized to spend as needs be. Taking a deeper dive, we've spotted 3 warning signs for Soleno Therapeutics you should be aware of, and 1 of them is a bit unpleasant.

您可能已經意識到我們對Soleno Therapeutics的現金消耗方式相對舒適。例如,我們認爲其現金儲備表明公司走在了正確的道路上。儘管我們發現其現金消耗增加有點負面,但一旦我們綜合考慮本文中提到的其他指標,整體情況讓我們感到滿意。股東可以因分析師預測會實現盈虧平衡而感到振奮。綜合考慮本報告中的所有因素,我們對其現金消耗並不擔心,因爲業務似乎具備足夠的資本支出能力。更深入地研究後,我們發現了關於Soleno Therapeutics的3個警告信號,您應該注意其中1個有點不愉快。

Of course, you might find a fantastic investment by looking elsewhere. So take a peek at this free list of companies with significant insider holdings, and this list of stocks growth stocks (according to analyst forecasts)

當然,您也可以通過在其他地方尋找找到出色的投資機會。因此,請查看具有重要內部股權的公司的免費列表,以及此分析師預測的股票成長列表。

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.
This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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Simply Wall St的這篇文章是一般性質的。我們僅基於歷史數據和分析師預測提供評論,使用公正的方法,我們的文章並非意在提供財務建議。這並不構成買入或賣出任何股票的建議,並且不考慮您的目標或財務狀況。我們旨在爲您帶來基於基礎數據驅動的長期聚焦分析。請注意,我們的分析可能未考慮最新的價格敏感公司公告或定性材料。Simply Wall St對提及的任何股票都沒有持倉。

譯文內容由第三人軟體翻譯。


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