Insider filing report for Changes in Beneficial Ownership
- Schedule 13G & 13D forms are used to report a party's ownership of stock which exceeds 5% of a company's total stock issue.
- Schedule 13G is a shorter version of Schedule 13D with fewer reporting requirements.
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
SCHEDULE 13D
Under the Securities Exchange Act of 1934
(Amendment No. 9)*
Soleno Therapeutics, Inc.
(Name of Issuer)
Common Stock, par value $0.001 per share
(Title of Class of Securities)
834203200
(CUSIP Number)
Jeffrey Ferguson
The Carlyle Group
1001 Pennsylvania Avenue, NW
Suite 220 South
Washington, D.C. 20004
(202) 729-5626
(Name, Address and Telephone Number of Person
Authorized to Receive Notices and Communications)
September 6, 2024
(Date of Event Which Requires Filing of This Statement)
If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), Rule 13d-1(f) or Rule 13d-1(g), check the following box. ☐
Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Rule 13d-7(b) for other parties to whom copies are to be sent.
* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter disclosures provided in a prior cover page.
The information required on the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
| CUSIP No. 834203200 | 13D | Page 1 of 14 pages |
| 1 | Names of Reporting Persons
The Carlyle Group Inc. |
|
| 2 | Check the Appropriate Box if a Member of a Group
|
(a) ☐ (b) ☐ |
| 3 | SEC Use Only
|
|
| 4 | Source of Funds (See Instructions)
OO |
|
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e) ☐
|
|
| 6 | Citizenship or Place of Organization
Delaware |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH |
7 | Sole Voting Power
0 |
| 8 | Shared Voting Power
3,996,365 | |
| 9 | Sole Dispositive Power
0 | |
| 10 | Shared Dispositive Power
3,996,365 |
| 11 | Aggregate Amount Beneficially Owned by Each Reporting Person
3,996,365 |
| 12 | Check if the Aggregate Amount in Row (11) Excludes Certain Shares ☐
|
| 13 | Percent of Class Represented by Amount in Row (11)
9.99% |
| 14 | Type of Reporting Person
CO |
| CUSIP No. 834203200 | 13D | Page 2 of 14 pages |
| 1 | Names of Reporting Persons
Carlyle Holdings I GP Inc. |
|
| 2 | Check the Appropriate Box if a Member of a Group
|
(a) ☐ (b) ☐ |
| 3 | SEC Use Only
|
|
| 4 | Source of Funds (See Instructions)
OO |
|
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e) ☐
|
|
| 6 | Citizenship or Place of Organization
Delaware |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH |
7 | Sole Voting Power
0 |
| 8 | Shared Voting Power
3,996,365 | |
| 9 | Sole Dispositive Power
0 | |
| 10 | Shared Dispositive Power
3,996,365 |
| 11 | Aggregate Amount Beneficially Owned by Each Reporting Person
3,996,365 |
| 12 | Check if the Aggregate Amount in Row (11) Excludes Certain Shares ☐
|
| 13 | Percent of Class Represented by Amount in Row (11)
9.99% |
| 14 | Type of Reporting Person
CO |
| CUSIP No. 834203200 | 13D | Page 3 of 14 pages |
| 1 | Names of Reporting Persons
Carlyle Holdings I GP Sub L.L.C. |
|
| 2 | Check the Appropriate Box if a Member of a Group
|
(a) ☐ (b) ☐ |
| 3 | SEC Use Only
|
|
| 4 | Source of Funds (See Instructions)
OO |
|
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e) ☐
|
|
| 6 | Citizenship or Place of Organization
Delaware |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH |
7 | Sole Voting Power
0 |
| 8 | Shared Voting Power
3,996,365 | |
| 9 | Sole Dispositive Power
0 | |
| 10 | Shared Dispositive Power
3,996,365 |
| 11 | Aggregate Amount Beneficially Owned by Each Reporting Person
3,996,365 |
| 12 | Check if the Aggregate Amount in Row (11) Excludes Certain Shares ☐
|
| 13 | Percent of Class Represented by Amount in Row (11)
9.99% |
| 14 | Type of Reporting Person
OO (Limited Liability Company) |
| CUSIP No. 834203200 | 13D | Page 4 of 14 pages |
| 1 | Names of Reporting Persons
Carlyle Holdings I L.P. |
|
| 2 | Check the Appropriate Box if a Member of a Group
|
(a) ☐ (b) ☐ |
| 3 | SEC Use Only
|
|
| 4 | Source of Funds (See Instructions)
OO |
|
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e) ☐
|
|
| 6 | Citizenship or Place of Organization
Delaware |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH |
7 | Sole Voting Power
0 |
| 8 | Shared Voting Power
3,996,365 | |
| 9 | Sole Dispositive Power
0 | |
| 10 | Shared Dispositive Power
3,996,365 |
| 11 | Aggregate Amount Beneficially Owned by Each Reporting Person
3,996,365 |
| 12 | Check if the Aggregate Amount in Row (11) Excludes Certain Shares ☐
|
| 13 | Percent of Class Represented by Amount in Row (11)
9.99% |
| 14 | Type of Reporting Person
PN |
| CUSIP No. 834203200 | 13D | Page 5 of 14 pages |
| 1 | Names of Reporting Persons
CG Subsidiary Holdings L.L.C. |
|
| 2 | Check the Appropriate Box if a Member of a Group
|
(a) ☐ (b) ☐ |
| 3 | SEC Use Only
|
|
| 4 | Source of Funds (See Instructions)
OO |
|
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e) ☐
|
|
| 6 | Citizenship or Place of Organization
Delaware |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH |
7 | Sole Voting Power
0 |
| 8 | Shared Voting Power
3,996,365 | |
| 9 | Sole Dispositive Power
0 | |
| 10 | Shared Dispositive Power
3,996,365 |
| 11 | Aggregate Amount Beneficially Owned by Each Reporting Person
3,996,365 |
| 12 | Check if the Aggregate Amount in Row (11) Excludes Certain Shares ☐
|
| 13 | Percent of Class Represented by Amount in Row (11)
9.99% |
| 14 | Type of Reporting Person
OO (Limited Liability Company) |
| CUSIP No. 834203200 | 13D | Page 6 of 14 pages |
| 1 | Names of Reporting Persons
TC Group, L.L.C. |
|
| 2 | Check the Appropriate Box if a Member of a Group
|
(a) ☐ (b) ☐ |
| 3 | SEC Use Only
|
|
| 4 | Source of Funds (See Instructions)
OO |
|
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e) ☐
|
|
| 6 | Citizenship or Place of Organization
Delaware |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH |
7 | Sole Voting Power
0 |
| 8 | Shared Voting Power
3,996,365 | |
| 9 | Sole Dispositive Power
0 | |
| 10 | Shared Dispositive Power
3,996,365 |
| 11 | Aggregate Amount Beneficially Owned by Each Reporting Person
3,996,365 |
| 12 | Check if the Aggregate Amount in Row (11) Excludes Certain Shares ☐
|
| 13 | Percent of Class Represented by Amount in Row (11)
9.99% |
| 14 | Type of Reporting Person
OO (Limited Liability Company) |
| CUSIP No. 834203200 | 13D | Page 7 of 14 pages |
| 1 | Names of Reporting Persons
Carlyle Investment Management L.L.C. |
|
| 2 | Check the Appropriate Box if a Member of a Group
|
(a) ☐ (b) ☐ |
| 3 | SEC Use Only
|
|
| 4 | Source of Funds (See Instructions)
OO |
|
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e) ☐
|
|
| 6 | Citizenship or Place of Organization
Delaware |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH |
7 | Sole Voting Power
0 |
| 8 | Shared Voting Power
3,996,365 | |
| 9 | Sole Dispositive Power
0 | |
| 10 | Shared Dispositive Power
3,996,365 |
| 11 | Aggregate Amount Beneficially Owned by Each Reporting Person
3,996,365 |
| 12 | Check if the Aggregate Amount in Row (11) Excludes Certain Shares ☐
|
| 13 | Percent of Class Represented by Amount in Row (11)
9.99% |
| 14 | Type of Reporting Person
OO (Limited Liability Company) |
| CUSIP No. 834203200 | 13D | Page 8 of 14 pages |
| 1 | Names of Reporting Persons
Carlyle Genesis UK LLC |
|
| 2 | Check the Appropriate Box if a Member of a Group
|
(a) ☐ (b) ☐ |
| 3 | SEC Use Only
|
|
| 4 | Source of Funds (See Instructions)
OO |
|
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e) ☐
|
|
| 6 | Citizenship or Place of Organization
Delaware |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH |
7 | Sole Voting Power
0 |
| 8 | Shared Voting Power
3,996,365 | |
| 9 | Sole Dispositive Power
0 | |
| 10 | Shared Dispositive Power
3,996,365 |
| 11 | Aggregate Amount Beneficially Owned by Each Reporting Person
3,996,365 |
| 12 | Check if the Aggregate Amount in Row (11) Excludes Certain Shares ☐
|
| 13 | Percent of Class Represented by Amount in Row (11)
9.99% |
| 14 | Type of Reporting Person
OO (Limited Liability Company) |
| CUSIP No. 834203200 | 13D | Page 9 of 14 pages |
| 1 | Names of Reporting Persons
Abingworth LLP |
|
| 2 | Check the Appropriate Box if a Member of a Group
|
(a) ☐ (b) ☐ |
| 3 | SEC Use Only
|
|
| 4 | Source of Funds (See Instructions)
OO |
|
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e) ☐
|
|
| 6 | Citizenship or Place of Organization
England and Wales |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH |
7 | Sole Voting Power
0 |
| 8 | Shared Voting Power
3,996,365 | |
| 9 | Sole Dispositive Power
0 | |
| 10 | Shared Dispositive Power
3,996,365 |
| 11 | Aggregate Amount Beneficially Owned by Each Reporting Person
3,996,365 |
| 12 | Check if the Aggregate Amount in Row (11) Excludes Certain Shares ☐
|
| 13 | Percent of Class Represented by Amount in Row (11)
9.99% |
| 14 | Type of Reporting Person
PN |
| CUSIP No. 834203200 | 13D | Page 10 of 14 pages |
| 1 | Names of Reporting Persons
Abingworth Bioventures VII LP |
|
| 2 | Check the Appropriate Box if a Member of a Group
|
(a) ☐ (b) ☐ |
| 3 | SEC Use Only
|
|
| 4 | Source of Funds (See Instructions)
OO |
|
| 5 | Check if disclosure of legal proceedings is required pursuant to Items 2(d) or 2(e) ☐
|
|
| 6 | Citizenship or Place of Organization
England and Wales |
NUMBER OF SHARES BENEFICIALLY OWNED BY EACH REPORTING PERSON WITH |
7 | Sole Voting Power
0 |
| 8 | Shared Voting Power
3,996,365 | |
| 9 | Sole Dispositive Power
0 | |
| 10 | Shared Dispositive Power
3,996,365 |
| 11 | Aggregate Amount Beneficially Owned by Each Reporting Person
3,996,365 |
| 12 | Check if the Aggregate Amount in Row (11) Excludes Certain Shares ☐
|
| 13 | Percent of Class Represented by Amount in Row (11)
9.99% |
| 14 | Type of Reporting Person
PN |
| CUSIP No. 834203200 | 13D | Page 11 of 14 pages |
Explanatory Note
This Amendment No. 9 to Schedule 13D (“Amendment No. 9”) amends and supplements the Schedule 13D originally filed with the United States Securities and Exchange Commission on December 27, 2018 (as amended to date, the “Schedule 13D”), relating to the shares of common stock, par value $0.001 per share (the “Common Stock”), of Soleno Therapeutics, Inc., a Delaware corporation (the “Issuer”). Capitalized terms used herein without definition shall have the meanings set forth in the Schedule 13D.
Item 4. Purpose of Transaction.
Item 4 of the Schedule 13D is hereby amended and supplemented as follows:
The 10b5-1 Plan
On September 6, 2024, Abingworth Bioventures VII LP entered into a 10b5-1 plan (the “10b-5 Plan”), pursuant to which Abingworth Bioventures VII LP may make periodic sales of up to 4,586,228 shares of Common Stock, which includes 1,728,424 shares of Common Stock underlying warrants. The plan also provides for the sale of the unexercised warrants. The amount and timing of sales pursuant to the 10b5-1 Plan, if any, will be determined based on the terms of the 10b5-1 Plan, market conditions and other factors.
The foregoing description of the 10b5-1 Plan is qualified in its entirety by reference to the full text of the 10b5-1 Plan, which is filed as an exhibit to this Schedule 13D and incorporated by reference herein.
| CUSIP No. 834203200 | 13D | Page 12 of 14 pages |
Item 5. Interest in Securities of the Issuer.
Item 5 of the Schedule 13D is hereby amended and restated in its entirety as follows:
(a) – (b) The following sets forth, as of the date of this Schedule 13D, the aggregate number of shares of Common Stock and percentage of Common Stock beneficially owned by each of the Reporting Persons, as well as the number of shares of Common Stock as to which each Reporting Person has the sole power to vote or to direct the vote, shared power to vote or to direct the vote, sole power to dispose or to direct the disposition of, or shared power to dispose or to direct the disposition of, as of the date hereof, based on 40,003,655 shares of Common Stock, which includes (i) 38,871,594 shares of Common Stock outstanding as of August 2, 2024, as disclosed in the Issuer’s quarterly report on Form 10-Q filed on August 7, 2024, (ii) 22,913 shares of Common Stock underlying stock options exercisable within 60 days as of the date hereof, and (iii) 1,109,148 shares of Common Stock underlying the portion of the Prefunded Warrants that are currently exercisable.
| Reporting Person | Amount beneficially owned | Percent of class | Sole power to vote or to direct the vote | Shared power to vote or to direct the vote | Sole power to dispose or to direct the disposition | Shared power to dispose or to direct the disposition | ||||||||||||||||||
| The Carlyle Group Inc. | 3,996,365 | 9.99 | % | 0 | 3,996,365 | 0 | 3,996,365 | |||||||||||||||||
| Carlyle Holdings I GP Inc. | 3,996,365 | 9.99 | % | 0 | 3,996,365 | 0 | 3,996,365 | |||||||||||||||||
| Carlyle Holdings I GP Sub L.L.C. | 3,996,365 | 0; | 9.99 | % | 0 | 3,996,365 | 0 | 3,996,365 | ||||||||||||||||
| Carlyle Holdings I L.P. | 3,996,365 | 9.99 | % | 0 | 3,996,365 | 0 | 3,996,365 | |||||||||||||||||
| CG Subsidiary Holdings L.L.C. | 3,996,365 | 9.99 | % | 0 | 3,996,365 | 0 | 3,996,365 | |||||||||||||||||
| TC Group, L.L.C. | 3,996,365 | 9.99 | % | 0 | 3,996,365 | 0 | 3,996,365 | |||||||||||||||||
| Carlyle Investment Management L.L.C. | 3,996,365 | 9.99 | % | 0 | 3,996,365 | 0 | 3,996,365 | |||||||||||||||||
| Carlyle Genesis UK LLC | 3,996,365 | 9.99 | % | 0 | 3,996,365 | 0 | 3,996,365 | |||||||||||||||||
| Abingworth LLP | 3,996,365 | 9.99 | % | 0 | 3,996,365 | 0 | 3,996,365 | |||||||||||||||||
| Abingworth Bioventures VII LP | 3,996,365 | 9.99 | % | 0 | 3,996,365 | 0 | 3,996,365 | |||||||||||||||||
Includes (i) 2,857,804 shares of Common Stock held of record by Abingworth Bioventures VII LP, (ii) 6,500 shares of Common Stock held of record by Andrew Sinclair for the benefit of Abingworth Bioventures VII LP (iii) 22,913 shares of Common Stock underlying stock options exercisable within 60 days as of the date hereof, and (iv) 1,109,148 shares of Common Stock underlying a portion of the Prefunded Warrants, which are currently exercisable.
| CUSIP No. 834203200 | 13D | Page 13 of 14 pages |
The amount of securities disclosed excludes (i) 514,666 shares of Common Stock underlying the March 2022 Warrants, which contain a provision prohibiting exercise to the extent that the holder, together with its affiliates, would beneficially own in excess of 4.99% of the total number of shares of Common Stock then issued and outstanding, and (ii) 104,610 shares of Common Stock underlying a portion of the Prefunded Warrants, which are not currently exercisable due to a provision prohibiting exercise to the extent that the holder, together with its affiliates, would beneficially own in excess of 9.99% of the total number of shares of Common Stock then issued and outstanding.
The Carlyle Group Inc., which is a publicly traded entity listed on Nasdaq, is the sole shareholder of Carlyle Holdings I GP Inc., which is the sole member of Carlyle Holdings I GP Sub L.L.C., which is the general partner of Carlyle Holdings I L.P., which, with respect to the securities reported herein, is the managing member of CG Subsidiary Holdings L.L.C., which is the managing member of TC Group, L.L.C., which is the managing member of Carlyle Investment Management L.L.C., which is the sole member of Carlyle Genesis UK LLC, which is the principal member of Abingworth LLP. Abingworth Bioventures VII LP has delegated to Abingworth LLP all investment and dispositive power over the securities held of record by Abingworth Bioventures VII LP. Accordingly, each of the foregoing entities may be deemed to share beneficial ownership of the securities held of record by Abingworth Bioventures VII LP, but each disclaims beneficial ownership of such securities.
| (c) | During the past 60 days, the Reporting Persons have not effected any transactions with respect to the Common Stock. |
| (d) | None. |
| (e) | Not applicable. |
Item 6. Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer.
Item 6 of the Schedule 13D is hereby amended and supplemented with the following:
Item 4 above summarizes certain provisions of the 10b5-1 Plan and is incorporated herein by reference. A copy of the 10b5-1 Plan is filed as an exhibit to this Schedule 13D, and is incorporated herein by reference.
Except as set forth herein, none of the Reporting Persons or Related Persons has any contracts, arrangements, understandings or relationships (legal or otherwise) with any person with respect to any securities of the Issuer, including but not limited to any contracts, arrangements, understandings or relationships concerning the transfer or voting of such securities, finder’s fees, joint ventures, loan or option arrangements, puts or calls, guarantees of profits, division of profits or losses, or the giving or withholding of proxies.
Item 7. Materials to be Filed as Exhibits
Item 7 of the Schedule 13D is hereby amended and supplemented as follows:
Exhibit Number |
Description | ||
| 5 | 10b5-1 Plan dated September 6, 2024. |
| CUSIP No. 834203200 | 13D | Page 14 of 14 pages |
SIGNATURES
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.
Date: September 10, 2024
| The Carlyle Group Inc. | ||
| By: | /s/ Anne Frederick, attorney-in-fact | |
| Name: | John C. Redett | |
| Title: | Chief Financial Officer | |
| Carlyle Holdings I GP Inc. | ||
| By: | /s/ Anne Frederick, attorney-in-fact | |
| Name: | John C. Redett | |
| Title: | Managing Director and Chief Financial Officer | |
| Carlyle Holdings I GP Sub L.L.C. | ||
| By: | Carlyle Holdings I GP Inc., its sole member | |
| By: | /s/ Anne Frederick, attorney-in-fact | |
| Name: | John C. Redett | |
| Title: | Managing Director and Chief Financial Officer | |
| Carlyle Holdings I L.P. | ||
| By: | /s/ Anne Frederick, attorney-in-fact | |
| Name: | John C. Redett | |
| Title: | Managing Director | |
| CG Subsidiary Holdings L.L.C. | ||
| By: | /s/ Anne Frederick, attorney-in-fact | |
| Name: | John C. Redett | |
| Title: | Managing Director | |
| TC Group, L.L.C. | ||
| By: | /s/ Anne Frederick, attorney-in-fact | |
| Name: | John C. Redett | |
| Title: | Managing Director | |
| Carlyle Investment Management L.L.C. | ||
| By: | /s/ Anne Frederick, attorney-in-fact | |
| Name: | John C. Redett | |
| Title: | Chief Financial Officer | |
| Carlyle Genesis UK LLC | ||
| By: | Carlyle Investment Management L.L.C., its sole member | |
| By: | /s/ Anne Frederick, attorney-in-fact | |
| Name: | John C. Redett | |
| Title: | Chief Financial Officer | |
| Abingworth LLP | ||
| By: | /s/ John Heard | |
| Name: | John Heard | |
| Title: | Authorized Signatory | |
| Abingworth Bioventures VII LP | ||
| By: | /s/ John Heard | |
| Name: | John Heard | |
| Title: | Authorized Signatory | |