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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the quarterly period ended June 30, 2021

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 

For the transition period from                      to                     

Commission File Number 001-36150  

SORRENTO THERAPEUTICS, INC.

(Exact Name of Registrant as Specified in Its Charter)

 

Delaware

 

33-0344842

(State or Other Jurisdiction of

Incorporation or Organization)

 

(I.R.S. Employer

Identification Number)

 

4955 Directors Place

San Diego, California 92121

(Address of Principal Executive Offices)

 

(858) 203-4100

 

(Registrant’s Telephone Number, Including Area Code)

Securities Registered pursuant to Section 12(b) of the Act:

 

Title of each class:

 

Trading Symbol (s)

 

Name of each exchange on which registered:

Common Stock, $0.0001 par value

 

SRNE

 

The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes     No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated file, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act:

 

Large accelerated filer

 

  

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

  

Smaller reporting company

 

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. 

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  .

The number of shares of the issuer’s common stock, par value $0.0001 per share, outstanding as of July 23, 2021 was 298,099,574.

 

 


 

 

Sorrento Therapeutics, Inc.

Form 10-Q for the Quarter Ended June 30, 2021

Table of Contents

 

Part I

Financial Information

3

Item 1.

Consolidated Financial Statements (Unaudited)

3

 

Consolidated Balance Sheets (Unaudited) as of June 30, 2021 and December 31, 2020

3

 

Consolidated Statements of Operations (Unaudited) for the Three and Six Months Ended June 30, 2021 and 2020

4

 

Consolidated Statements of Comprehensive Loss (Unaudited) for the Three and Six Months Ended June 30, 2021 and 2020

5

 

Consolidated Statements of Stockholders’ Equity (Unaudited) for the Three and Six Months Ended June 30, 2021 and 2020

6

 

Consolidated Statements of Cash Flows (Unaudited) for the Six Months Ended June 30, 2021 and 2020

7

 

Notes to Consolidated Financial Statements (Unaudited)

8

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

22

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

30

Item 4.

Controls and Procedures

31

 

 

Part II

Other Information

32

Item 1.

Legal Proceedings

32

Item 1A.

Risk Factors

33

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

39

Item 3.

Defaults Upon Senior Securities

39

Item 4.

Mine Safety Disclosures

39

Item 5.

Other Information

39

Item 6.

Exhibits

42

SIGNATURES

46

 

 

 

 


Table of Contents

 

 

PART I. FINANCIAL INFORMATION

Item 1.Consolidated Financial Statements.

SORRENTO THERAPEUTICS, INC.

CONSOLIDATED BALANCE SHEETS

(In thousands, except for share amounts; unaudited)

 

ASSETS

 

June 30, 2021

 

 

December 31, 2020

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

77,291

 

 

$

56,464

 

Marketable investment

 

 

34,410

 

 

 

 

Accounts receivables, net

 

 

22,437

 

 

 

15,506

 

Inventory

 

 

2,684

 

 

 

1,831

 

Prepaid expenses

 

 

11,656

 

 

 

8,712

 

Other current assets

 

 

6,784

 

 

 

3,721

 

Total current assets

 

 

155,262

 

 

 

86,234

 

Property and equipment, net

 

 

45,991

 

 

 

31,861

 

Operating lease right-of-use assets

 

 

37,769

 

 

 

42,052

 

Intangibles, net

 

 

322,005

 

 

 

73,675

 

Goodwill

 

 

52,892

 

 

 

43,554

 

Equity investments

 

 

162,956

 

 

 

256,397

 

Other assets, net

 

 

2,049

 

 

 

2,049

 

Total assets

 

$

778,924

 

 

$

535,822

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

33,969

 

 

$

24,706

 

Accrued payroll and related benefits

 

 

19,112

 

 

 

20,859

 

Accrued expenses

 

 

25,267

 

 

 

19,198

 

Current portion of deferred revenue

 

 

2,641

 

 

 

4,485

 

Current portion of operating lease liabilities

 

 

3,936

 

 

 

3,626

 

Current portion of contingent consideration and acquisition consideration payable

 

 

65,682

 

 

 

398

 

Current portion of debt

 

 

29,845

 

 

 

23,208

 

Total current liabilities

 

 

180,452

 

 

 

96,480

 

Long-term debt, net of discount

 

 

82,574

 

 

 

92,258

 

Deferred tax liabilities, net

 

 

6,002

 

 

 

6,918

 

Deferred revenue

 

 

119,209

 

 

 

113,185

 

Derivative liabilities

 

 

33,500

 

 

 

35,400

 

Operating lease liabilities

 

 

48,387

 

 

 

50,301

 

Contingent consideration and acquisition consideration payable

 

 

121,504

 

 

 

549

 

Other long-term liabilities

 

 

1,761

 

 

 

 

Total liabilities

 

$

593,389

 

 

$

395,091

 

Commitments and contingencies (See Note 10)

 

 

 

 

 

 

 

 

Equity:

 

 

 

 

 

 

 

 

Sorrento Therapeutics, Inc. equity

 

 

 

 

 

 

 

 

Preferred stock, $0.0001 par value; 100,000,000 shares authorized and no shares issued or outstanding

 

 

 

 

 

 

Common stock, $0.0001 par value 750,000,000 shares authorized and 297,974,503 and 275,285,582 shares issued and outstanding at June 30, 2021 and December 31, 2020, respectively

 

 

30

 

 

 

28

 

Additional paid-in capital

 

 

1,356,853

 

 

 

1,172,346

 

Accumulated other comprehensive loss

 

 

1,133

 

 

 

520

 

Accumulated deficit

 

 

(1,122,384

)

 

 

(958,279

)

Treasury stock, 7,568,182 shares at cost at June 30, 2021, and December 31, 2020

 

 

(49,464

)

 

 

(49,464

)

Total Sorrento Therapeutics, Inc. stockholders’ equity

 

 

186,168

 

 

 

165,151

 

Noncontrolling interests

 

 

(633

)

 

 

(24,420

)

Total equity

 

 

185,535

 

 

 

140,731

 

Total liabilities and stockholders’ equity

 

$

778,924

 

 

$

535,822

 

 

See accompanying notes to unaudited consolidated financial statements

3


Table of Contents

 

SORRENTO THERAPEUTICS, INC.  

CONSOLIDATED STATEMENTS OF OPERATIONS

(In thousands, except for per share amounts; unaudited)

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net product revenues

 

$

7,854

 

 

$

5,794

 

 

$

14,877

 

 

$

11,042

 

Service revenues

 

 

5,657

 

 

 

3,213

 

 

 

12,889

 

 

 

5,686

 

Total revenues

 

 

13,511

 

 

 

9,007

 

 

 

27,766

 

 

 

16,728

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cost of products sold

 

 

525

 

 

 

699

 

 

 

1,377

 

 

 

1,247

 

Cost of services

 

 

2,596

 

 

 

1,550

 

 

 

5,130

 

 

 

3,441

 

Research and development

 

 

54,506

 

 

 

24,150

 

 

 

98,339

 

 

 

45,304

 

Acquired in-process research and development

 

 

4,971

 

 

 

4,881

 

 

 

12,483

 

 

 

4,881

 

Selling, general and administrative

 

 

50,393

 

 

 

24,463

 

 

 

93,787

 

 

 

50,762

 

Intangible amortization

 

 

1,070

 

 

 

992

 

 

 

2,105

 

 

 

1,984

 

Total operating costs and expenses

 

 

114,061

 

 

 

56,735

 

 

 

213,221

 

 

 

107,619

 

Loss from operations

 

 

(100,550

)

 

 

(47,728

)

 

 

(185,455

)

 

 

(90,891

)

(Loss) gain on derivative liabilities

 

 

(300

)

 

 

1,980

 

 

 

1,900

 

 

 

6,900

 

(Loss) gain on foreign currency exchange

 

 

(1

)

 

 

124

 

 

 

(541

)

 

 

(23

)

Interest expense, net

 

 

(2,016

)

 

 

(8,295

)

 

 

(4,382

)

 

 

(15,101

)

(Loss) gain on marketable investment

 

 

(63,901

)

 

 

 

 

 

30,530

 

 

 

 

Loss on equity method investments

 

 

(22

)

 

 

(4,699

)

 

 

(441

)

 

 

(5,255

)

Loss on debt extinguishment, net

 

 

(584

)

 

 

(28,294

)

 

 

(6,695

)

 

 

(51,939

)

Other income (loss)

 

 

34

 

 

 

 

 

 

(44

)

 

 

(59

)

Loss before income tax

 

 

(167,340

)

 

 

(86,912

)

 

 

(165,128

)

 

 

(156,368

)

Income tax benefit

 

 

(641

)

 

 

(1,919

)

 

 

(847

)

 

 

(2,195

)

Net loss

 

 

(166,699

)

 

 

(84,993

)

 

 

(164,281

)

 

 

(154,173

)

Net loss attributable to noncontrolling interests

 

 

(84

)

 

 

(7,253

)

 

 

(176

)

 

 

(11,238

)

Net loss attributable to Sorrento

 

$

(166,615

)

 

$

(77,740

)

 

$

(164,105

)

 

$

(142,935

)

Net loss per share - basic per share attributable to Sorrento

 

$

(0.57

)

 

$

(0.36

)

 

$

(0.58

)

 

$

(0.72

)

Net loss per share - diluted per share attributable to Sorrento

 

$

(0.57

)

 

$

(0.36

)

 

$

(0.58

)

 

$

(0.72

)

Weighted-average shares used during period - basic per share

   attributable to Sorrento

 

 

290,003

 

 

 

216,956

 

 

 

285,330

 

 

 

199,782

 

Weighted-average shares used during period - diluted per

   share attributable to Sorrento

 

 

290,003

 

 

 

216,956

 

 

 

285,330

 

 

 

199,782

 

 

See accompanying notes to unaudited consolidated financial statements

4


Table of Contents

 

SORRENTO THERAPEUTICS, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(In thousands; unaudited)

 

 

 

Three Months Ended

June 30,

 

 

Six Months Ended

June 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net loss

 

$

(166,699

)

 

$

(84,993

)

 

$

(164,281

)

 

$

(154,173

)

Other comprehensive income (loss):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

688

 

 

 

(10

)

 

 

613

 

 

 

45

 

Total other comprehensive income (loss)

 

 

688

 

 

 

(10

)

 

 

613

 

 

 

45

 

Comprehensive loss

 

 

(166,011

)

 

 

(85,003

)

 

 

(163,668

)

 

 

(154,128

)

Comprehensive loss attributable to noncontrolling

   interests

 

 

(84

)

 

 

(7,253

)

 

 

(176

)

 

 

(11,238

)

Comprehensive loss attributable to Sorrento

 

$

(165,927

)

 

$

(77,750

)

 

$

(163,492

)

 

$

(142,890

)

 

See accompanying notes to unaudited consolidated financial statements

5


Table of Contents

 

SORRENTO THERAPEUTICS, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(In thousands, except for share amounts; unaudited)

 

 

 

Six Months Ended June 30, 2021

 

 

 

Common Stock

 

 

Treasury Stock

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Additional

Paid-in

Capital

 

 

Other

Comprehensive

Income (Loss)

 

 

Accumulated

Deficit

 

 

Noncontrolling

Interest

 

 

Total

 

Balance, December 31, 2020

 

 

275,286

 

 

$

28

 

 

 

7,568

 

 

$

(49,464

)

 

$

1,172,346

 

 

$

520

 

 

$

(958,279

)

 

$

(24,420

)

 

$

140,731

 

Issuance of common stock under equity compensation plans

 

 

500

 

 

 

 

 

 

 

 

 

 

 

 

5,394

 

 

 

 

 

 

 

 

 

 

 

 

5,394

 

Issuance of common stock upon exercise of warrants

 

 

2,550

 

 

 

 

 

 

 

 

 

 

 

 

9,050

 

 

 

 

 

 

 

 

 

 

 

 

9,050

 

Issuance of common stock for equity offerings

 

 

3,901

 

 

 

1

 

 

 

 

 

 

 

 

 

42,208

 

 

 

 

 

 

 

 

 

 

 

 

42,209

 

Other acquisitions, license agreements and investments paid in equity

 

 

851

 

 

 

 

 

 

 

 

 

 

 

 

7,500

 

 

 

 

 

 

 

 

 

 

 

 

7,500

 

Changes to noncontrolling interests from increased ownership in Scilex Holding

 

 

2,567

 

 

 

 

 

 

 

 

 

 

 

 

(23,963

)

 

 

 

 

 

 

 

 

23,963

 

 

 

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

23,660

 

 

 

 

 

 

 

 

 

 

 

 

23,660

 

Foreign currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(75

)

 

 

 

 

 

 

 

 

 

(75

)

Net Income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2,510

 

 

 

(92

)

 

 

2,418

 

Balance, March 31, 2021

 

 

285,655

 

 

$

29

 

 

 

7,568

 

 

$

(49,464

)

 

$

1,236,195

 

 

$

445

 

 

$

(955,769

)

 

$

(549

)

 

$

230,887

 

Issuance of common stock under equity compensation plans

 

 

300

 

 

 

 

 

 

 

 

 

 

 

 

1,377

 

 

 

 

 

 

 

 

 

 

 

 

1,377

 

Issuance of common stock for equity offerings

 

 

5,886

 

 

 

1

 

 

 

 

 

 

 

 

 

50,751

 

 

 

 

 

 

 

 

 

 

 

 

50,752

 

Equity issued for the acquisition of ACEA Therapeutics, Inc.

 

 

5,519

 

 

 

 

 

 

 

 

 

 

 

 

42,168

 

 

 

 

 

 

 

 

 

 

 

 

42,168

 

Other acquisitions, license agreements and investments paid in equity

 

 

615

 

 

 

 

 

 

 

 

 

 

 

 

5,378

 

 

 

 

 

 

 

 

 

 

 

 

5,378

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

20,984

 

 

 

 

 

 

 

 

 

 

 

 

20,984

 

Foreign currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

688

 

 

 

 

 

 

 

 

 

688

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(166,615

)

 

 

(84

)

 

 

(166,699

)

Balance, June 30, 2021

 

 

297,975

 

 

$

30

 

 

 

7,568

 

 

$

(49,464

)

 

$

1,356,853

 

 

$

1,133

 

 

$

(1,122,384

)

 

$

(633

)

 

$

185,535

 

 

 

 

Six Months Ended June 30, 2020

 

 

 

Common Stock

 

 

Treasury Stock

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Shares

 

 

Amount

 

 

Shares

 

 

Amount

 

 

Additional

Paid-in

Capital

 

 

Other

Comprehensive

Income (Loss)

 

 

Accumulated

Deficit

 

 

Noncontrolling

Interest

 

 

Total

 

Balance, December 31, 2019

 

 

167,798

 

 

$

18

 

 

 

7,568

 

 

$

(49,464

)

 

$

788,122

 

 

$

(270

)

 

$

(659,818

)

 

$

(45,832

)

 

$

32,756

 

Issuance of common stock under equity compensation plans

 

 

49

 

 

 

 

 

 

 

 

 

 

 

 

99

 

 

 

 

 

 

 

 

 

 

 

 

99

 

Issuance of common stock upon exercise of warrants

 

 

5,009

 

 

 

1

 

 

 

 

 

 

 

 

 

13,534

 

 

 

 

 

 

 

 

 

 

 

 

13,535

 

Issuance of common stock for public placement, net

 

 

2,091

 

 

 

1

 

 

 

 

 

 

 

 

 

7,325

 

 

 

 

 

 

 

 

 

 

 

 

7,326

 

Stock-based compensation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

3,682

 

 

 

 

 

 

 

 

 

 

 

 

3,682

 

Issuance of common stock from Aspire Purchase Agreement

 

 

29,619

 

 

 

3

 

 

 

 

 

 

 

 

 

62,950

 

 

 

 

 

 

 

 

 

 

 

 

62,953

 

Foreign currency translation adjustment

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

55

 

 

 

 

 

 

 

 

 

 

55

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(65,195

)

 

 

(3,985

)

 

 

(69,180

)

Balance, March 31, 2020

 

 

204,566

 

 

$

23

 

 

 

7,568

 

 

$

(49,464

)

 

$

875,712

 

 

$

(215

)

 

$

(725,013

)

 

$

(49,817

)

 

$

51,226

 

Exercise of stock options, net

 

 

877

 

 

 

 

 

 

 

 

 

 

 

 

3,797

 

 

 

 

 

 

 

 

 

 

 

 

3,797

 

Issuance of common stock upon exercise of warrants

 

 

8,115

 

 

 

1

 

 

 

 

 

 

 

 

 

25,326

 

 

 

 

 

 

 

 

 

 

 

 

25,327

 

Issuance of common stock for equity offerings

 

 

18,289

 

 

 

1