Soleno Therapeutics (NASDAQ:SLNO) shares surged 8% on Tuesday after the biopharmaceutical company announced a $100 million accelerated share repurchase (ASR) agreement with Jefferies LLC, underscoring confidence in its financial outlook and growth prospects.

The Board of Directors approved the buyback program, which includes an initial delivery of approximately 1,511,553 shares, based on Soleno’s closing price on November 10, 2025. The final number of shares to be repurchased will depend on the average volume-weighted price of Soleno’s stock during the transaction period. The company expects the ASR to be completed in the first quarter of 2026.

“These actions demonstrate our confidence in our commercial launch and the compelling opportunity for VYKAT XR to become a foundational therapy for patients with hyperphagia associated with Prader-Willi syndrome,” said Dr. Anish Bhatnagar, Chief Executive Officer and Chairman of Soleno Therapeutics.

The company, which focuses on developing innovative treatments for rare diseases, also highlighted that it achieved profitability in the third quarter of 2025 — a key milestone for its growth trajectory. Dr. Bhatnagar added that the firm believes “the expected future cash generation profile of our business is significantly underappreciated by the capital markets and that repurchasing shares of Soleno is a compelling and attractive opportunity.”

Under the agreement, Soleno will make an initial payment of $100 million to Jefferies, with the final share count subject to adjustments based on the terms and performance of the ASR agreement.

Soleno Therapeutics stock price

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