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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 September 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 October 23, 2021 was 306,335,789.

 


 

Sorrento Therapeutics, Inc.

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

Table of Contents

 

Part I

Financial Information

3

Item 1.

Consolidated Financial Statements (Unaudited)

3

 

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

3

 

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

4

 

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

5

 

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

6

 

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

8

 

Notes to Consolidated Financial Statements (Unaudited)

9

Item 2.

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

26

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

35

Item 4.

Controls and Procedures

36

 

 

Part II

Other Information

37

Item 1.

Legal Proceedings

37

Item 1A.

Risk Factors

37

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

46

Item 3.

Defaults Upon Senior Securities

46

Item 4.

Mine Safety Disclosures

46

Item 5.

Other Information

46

Item 6.

Exhibits

47

SIGNATURES

49

 

 

 

 


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

 

September 30, 2021

 

 

December 31, 2020

 

Current assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

39,735

 

 

$

56,464

 

Marketable investments

 

 

122,934

 

 

 

 

Accounts receivables, net

 

 

16,454

 

 

 

15,506

 

Inventory

 

 

5,427

 

 

 

1,831

 

Prepaid expenses

 

 

12,196

 

 

 

8,712

 

Other current assets

 

 

3,974

 

 

 

3,721

 

Total current assets

 

 

200,720

 

 

 

86,234

 

Property and equipment, net

 

 

45,750

 

 

 

31,861

 

Operating lease right-of-use assets

 

 

76,674

 

 

 

42,052

 

Intangibles, net

 

 

320,970

 

 

 

73,675

 

Goodwill

 

 

52,892

 

 

 

43,554

 

Equity investments

 

 

51,120

 

 

 

256,397

 

Other assets, net

 

 

4,664

 

 

 

2,049

 

Total assets

 

$

752,790

 

 

$

535,822

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

27,839

 

 

$

24,706

 

Accrued payroll and related benefits

 

 

16,674

 

 

 

20,859

 

Accrued expenses

 

 

23,575

 

 

 

19,198

 

Current portion of deferred revenue

 

 

2,284

 

 

 

4,485

 

Current portion of operating lease liabilities

 

 

11,644

 

 

 

3,626

 

Current portion of contingent consideration and acquisition consideration payable

 

 

65,682

 

 

 

398

 

Current portion of debt

 

 

27,486

 

 

 

23,208

 

Total current liabilities

 

 

175,184

 

 

 

96,480

 

Long-term debt, net of discount

 

 

83,495

 

 

 

92,258

 

Deferred tax liabilities, net

 

 

5,083

 

 

 

6,918

 

Deferred revenue

 

 

119,206

 

 

 

113,185

 

Derivative liabilities

 

 

35,300

 

 

 

35,400

 

Operating lease liabilities

 

 

79,930

 

 

 

50,301

 

Contingent consideration and acquisition consideration payable

 

 

121,504

 

 

 

549

 

Other long-term liabilities

 

 

1,761

 

 

 

 

Total liabilities

 

$

621,463

 

 

$

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 303,466,554 and 275,285,582 shares issued and outstanding at September 30, 2021 and December 31, 2020, respectively

 

 

31

 

 

 

28

 

Additional paid-in capital

 

 

1,421,966

 

 

 

1,172,346

 

Accumulated other comprehensive loss

 

 

1,155

 

 

 

520

 

Accumulated deficit

 

 

(1,242,187

)

 

 

(958,279

)

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

 

 

(49,464

)

 

 

(49,464

)

Total Sorrento Therapeutics, Inc. stockholders’ equity

 

 

131,501

 

 

 

165,151

 

Noncontrolling interests

 

 

(174

)

 

 

(24,420

)

Total equity

 

 

131,327

 

 

 

140,731

 

Total liabilities and stockholders’ equity

 

$

752,790

 

 

$

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 September 30,

 

 

Nine Months Ended September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenues:

 

 

 

 

 

 

 

 

 

 

 

 

Net product revenues

 

$

7,562

 

 

$

7,874

 

 

$

22,439

 

 

$

18,916

 

Service revenues

 

 

4,500

 

 

 

3,879

 

 

 

17,389

 

 

 

9,565

 

Total revenues

 

 

12,062

 

 

 

11,753

 

 

 

39,828

 

 

 

28,481

 

Operating costs and expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Cost of products sold

 

 

1,172

 

 

 

549

 

 

 

2,549

 

 

 

1,796

 

Cost of services

 

 

2,215

 

 

 

2,122

 

 

 

7,345

 

 

 

5,563

 

Research and development

 

 

49,448

 

 

 

32,003

 

 

 

147,787

 

 

 

77,307

 

Acquired in-process research and development

 

 

11,125

 

 

 

34,884

 

 

 

23,608

 

 

 

39,765

 

Selling, general and administrative

 

 

48,489

 

 

 

24,265

 

 

 

142,276

 

 

 

75,027

 

Intangible amortization

 

 

1,000

 

 

 

1,034

 

 

 

3,105

 

 

 

3,018

 

Total operating costs and expenses

 

 

113,449

 

 

 

94,857

 

 

 

326,670

 

 

 

202,476

 

Loss from operations

 

 

(101,387

)

 

 

(83,104

)

 

 

(286,842

)

 

 

(173,995

)

(Loss) gain on derivative liabilities

 

 

(1,800

)

 

 

(1,000

)

 

 

100

 

 

 

5,900

 

(Loss) gain on marketable investments

 

 

(13,483

)

 

 

 

 

 

17,047

 

 

 

 

Loss on debt extinguishment, net

 

 

 

 

 

 

 

 

(6,695

)

 

 

(51,939

)

(Loss) gain on foreign currency exchange

 

 

(300

)

 

 

30

 

 

 

(841

)

 

 

7

 

Interest expense, net

 

 

(2,900

)

 

 

(2,562

)

 

 

(7,282

)

 

 

(17,664

)

Other income

 

 

97

 

 

 

238

 

 

 

53

 

 

 

179

 

Loss before income tax

 

 

(119,773

)

 

 

(86,398

)

 

 

(284,460

)

 

 

(237,512

)

Income tax expense (benefit)

 

 

386

 

 

 

145

 

 

 

(461

)

 

 

(2,050

)

(Loss) gain on equity method investments

 

 

164

 

 

 

(566

)

 

 

(277

)

 

 

(5,821

)

Net loss

 

 

(119,995

)

 

 

(87,109

)

 

 

(284,276

)

 

 

(241,283

)

Net loss attributable to noncontrolling interests

 

 

(192

)

 

 

(3,086

)

 

 

(368

)

 

 

(14,324

)

Net loss attributable to Sorrento

 

$

(119,803

)

 

$

(84,023

)

 

$

(283,908

)

 

$

(226,959

)

Net loss per share - basic per share attributable to Sorrento

 

$

(0.40

)

 

$

(0.33

)

 

$

(0.98

)

 

$

(1.05

)

Net loss per share - diluted per share attributable to Sorrento

 

$

(0.40

)

 

$

(0.33

)

 

$

(0.98

)

 

$

(1.05

)

Weighted-average shares used during period - basic per share attributable to Sorrento

 

 

299,276

 

 

 

251,211

 

 

 

290,029

 

 

 

217,050

 

Weighted-average shares used during period - diluted per share attributable to Sorrento

 

 

299,276

 

 

 

257,670

 

 

 

290,029

 

 

 

223,509

 

 

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
September 30,

 

 

Nine Months Ended
September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Net loss

 

$

(119,995

)

 

$

(87,109

)

 

$

(284,276

)

 

$

(241,283

)

Other comprehensive income:

 

 

 

 

 

 

 

 

 

 

 

 

Foreign currency translation adjustments

 

 

22

 

 

 

669

 

 

 

635

 

 

 

714

 

Total other comprehensive income

 

 

22

 

 

 

669

 

 

 

635

 

 

 

714

 

Comprehensive loss

 

 

(119,973

)

 

 

(86,440

)

 

 

(283,641

)

 

 

(240,569

)

Comprehensive loss attributable to noncontrolling interests

 

 

(192

)

 

 

(3,086

)

 

 

(368

)

 

 

(14,324

)

Comprehensive loss attributable to Sorrento

 

$

(119,781

)

 

$

(83,354

)

 

$

(283,273

)

 

$

(226,245

)

 

See accompanying notes to unaudited consolidated financial statements

5


Table of Contents

 

SORRENTO THERAPEUTICS, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(In thousands; unaudited)

 

 

 

Nine Months Ended September 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