Sorrento Therapeutics, Inc.
sorrentotherapeutics.comNo Longer Reporting
The company has not filed an annual or quarterly report since its Q2 FY2023 10-Q, filed Aug 14, 2023. Its latest SEC filing is a SEC STAFF ACTION from Feb 21, 2025.
10-Q for Q2 FY2023, filed Aug 14, 2023
The sections below describe the company as of the FY2022 annual report.
What Did They Do?
Develops treatments and diagnostic tests for cancer, infectious diseases and pain, and sells prescription pain products and diagnostic tests for patients.
10-K for FY2022, filed Mar 16, 2023Sorrento Therapeutics, Inc. (together with its subsidiaries, “Sorrento”, the “Company”, “we”, “us” and “our”) is a clinical and commercial…View ↗
Infectious Disease. We are focused on preventing, detecting and treating in the fight against COVID-19 today, and aim to be positioned to…View ↗
Our diagnostics platforms include the COVIMARK™ lateral flow antigen test (launched as COVISTIX™ in Mexico and Brazil) and the VIREX™…View ↗
Pain. In November 2022, we announced the Nasdaq debut of Scilex Holding following the completion of its business combination with Vickers…View ↗
How Did They Make Money?
Scilex invoices for ZTlido when it ships; other product sales are delivered to customers. Service revenue comes from reagent sales, manufacturing work over a contract, and license fees paid upfront or over a license term.
10-K for FY2022, filed Mar 16, 2023Revenues from Scilex product sales is fully comprised of sales of ZTlido. The Company's performance obligation with respect to sales of…View ↗
Most of Sorrento product revenues are comprised of sales of COVISTIX™, the Company's lateral flow rapid diagnostic test for detection of…View ↗
Contract manufacturing revenue associated with sales of customized reagents related to delivering proprietary cytotoxins, linkers and…View ↗
F-16 intellectual property is bundled with other promises that are not distinct, the Company assesses the nature of the combined…View ↗
-
10-K for FY2022, filed Mar 16, 2023
FY2022 revenue by product or service ↗
$62.8M
-
10-K for FY2022, filed Mar 15, 2023
$62.8M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Product
Sold outright
10-K for FY2022, filed Mar 16, 2023 |
72%
FY2019: 70%
|
Product, FY2022
$45M Sources
|
Sold outright |
|
Service
Mix
10-K for FY2022, filed Mar 16, 2023 |
28%
FY2019: 30%
|
Service, FY2022
$17.8M Sources
|
Mix |
Who Were Their Customers?
Scilex sells ZTlido through a direct distribution network to national and regional wholesalers and pharmacies, with a distributor handling logistics. Nearly all COVISTIX sales were in Mexico; other customers buy customized reagents and manufacturing and development services.
10-K for FY2022, filed Mar 16, 2023Revenues from Scilex product sales is fully comprised of sales of ZTlido. The Company's performance obligation with respect to sales of…View ↗
Prior to April 2, 2022, sales to Scilex’s sole distributor represented 100% of Scilex's net revenue. On April 2, 2022, Scilex announced the…View ↗
Most of Sorrento product revenues are comprised of sales of COVISTIX™, the Company's lateral flow rapid diagnostic test for detection of…View ↗
Contract manufacturing revenue associated with sales of customized reagents related to delivering proprietary cytotoxins, linkers and…View ↗
Contract manufacturing services associated with the Company’s Bioserv operations related to finish and fill activities for drug products…View ↗
Did Revenues Turn Into Profits?
No. It lost $572.8M in FY2022.
10-K for FY2022, filed Mar 15, 2023
−$504.3MView ↗
10-K for FY2022, filed Mar 15, 2023
−$572.8MView ↗
10-K for FY2022, filed Mar 15, 2023
−$307.5MView ↗
How Were They Changing?
- Net income
-
Sources
10-Q for Q2 FY2023, filed Aug 11, 2023
−$95.2MView ↗
- ▼ −56% (Loss)
- vs −$218.8M in Q2 FY2022
10-Q for Q2 FY2023, filed Aug 14, 2023
Open tableView ↗
-
Nov 7, 2023
Terminated its chief financial officer
Sources
8-K, filed Nov 7, 2023
On November 3, 2023, in connection with the reduction in headcount described below, Sorrento Therapeutics, Inc. (“Sorrento” or the…View ↗
-
Nov 3, 2023
Completed sale of its ImmuneOncia stake and related assets
Sources
8-K, filed Nov 3, 2023
On October 30, 2023, Sorrento and Yuhan Corporation (the “Purchaser”) entered into that certain Asset Purchase Agreement (the “APA”)…View ↗
-
Sep 26, 2023
Transferred Scilex securities and gave up control
Scilex acquired Sorrento's shares, preferred stock and warrants; Scilex assumed debt and legal obligations.
Sources
8-K, filed Sep 26, 2023
On September 21, 2023, as contemplated by the Scilex Term Sheets, Sorrento and Scilex entered into that certain Stock Purchase Agreement…View ↗
Grew. Revenue grew 3.0x in 4 years, from $21.2M in FY2018 to $62.8M in FY2022, about 31% a year.
Added infectious-disease programs
The older overview centers on antibody-based cancer therapies and non-opioid pain treatments; the latest adds infectious-disease diagnostics, treatments and vaccine development.
10-K for FY2019, filed Mar 3, 2020 10-K for FY2022, filed Mar 16, 2023Sorrento Therapeutics, Inc. (Nasdaq: SRNE), together with its subsidiaries (collectively, the “Company”, “we”, “us” and “our”) is a…View ↗
At our core, we are an antibody-centric company and leverage our proprietary G-MAB™ library and targeted delivery modalities to generate…View ↗
Outside of immune-oncology programs, as part of our global aim to provide a wide range of therapeutic products to meet underserved markets…View ↗
Sorrento Therapeutics, Inc. (together with its subsidiaries, “Sorrento”, the “Company”, “we”, “us” and “our”) is a clinical and commercial…View ↗
Infectious Disease. We are focused on preventing, detecting and treating in the fight against COVID-19 today, and aim to be positioned to…View ↗
Our diagnostics platforms include the COVIMARK™ lateral flow antigen test (launched as COVISTIX™ in Mexico and Brazil) and the VIREX™…View ↗
Who Did They Compete With?
Competes with Teva, Mylan, and Par Pharmaceutical
10-K for FY2022, filed Mar 16, 2023ZTlido and our product candidate, SP-103, if approved, will likely face competition from prescription, generic, and over-the-counter…View ↗
Loading...
