$SRNE
Sorrento Therapeutics Inc

2023 Q2 Form 10-Q Financial Statement

#000095017023022152 Filed on May 15, 2023

View on sec.gov

Income Statement

Concept 2023 Q2 2023 Q1 2022 Q1
Revenue $15.03M $16.25M $18.39M
YoY Change 31.1% -11.61% 28.97%
Cost Of Revenue $8.500M $5.200M $5.758M
YoY Change 49.02% -9.69% 69.35%
Gross Profit $6.600M $11.10M $12.63M
YoY Change 14.64% -12.09% 15.84%
Gross Profit Margin 43.93% 68.3% 68.68%
Selling, General & Admin $48.90M $55.00M $44.33M
YoY Change 1.59% 24.08% 2.14%
% of Gross Profit 740.91% 495.5% 351.05%
Research & Development $33.27M $43.81M $63.98M
YoY Change -31.35% -31.53% 45.96%
% of Gross Profit 504.11% 394.64% 506.67%
Depreciation & Amortization $3.600M $3.620M $3.298M
YoY Change 11.25% 9.76% 12.95%
% of Gross Profit 54.55% 32.61% 26.12%
Operating Expenses $33.27M $43.81M $63.98M
YoY Change -31.35% -31.53% 45.96%
Operating Profit -$77.23M -$106.3M -$106.9M
YoY Change -34.75% -0.5% 25.89%
Interest Expense $2.668M $1.132M $3.249M
YoY Change 15.3% -65.16% 37.32%
% of Operating Profit
Other Income/Expense, Net -$4.300M $0.00
YoY Change
Pretax Income -$107.9M -$142.8M -$38.95M
YoY Change -51.1% 266.64% -1860.67%
Income Tax $700.0K $11.50M $1.500M
% Of Pretax Income
Net Earnings -$95.21M -$139.6M -$40.82M
YoY Change -56.48% 242.07% -1726.1%
Net Earnings / Revenue -633.69% -859.12% -222.0%
Basic Earnings Per Share -$0.17 -$0.26 -$0.12
Diluted Earnings Per Share -$0.17 -$0.26 -$0.12
COMMON SHARES
Basic Shares Outstanding 551.3M 551.3M 337.1M
Diluted Shares Outstanding 551.3M 543.1M 337.1M

Balance Sheet

Concept 2023 Q2 2023 Q1 2022 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $80.60M $50.30M $270.7M
YoY Change -39.67% -81.42% 14.64%
Cash & Equivalents $69.75M $37.66M $111.9M
Short-Term Investments $10.90M $12.70M $158.8M
Other Short-Term Assets $4.878M $4.784M $8.140M
YoY Change -39.57% -41.23% 111.54%
Inventory $9.700M $11.30M $14.09M
Prepaid Expenses $5.222M $7.827M $13.56M
Receivables $32.73M $26.52M $24.67M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $133.1M $100.8M $331.1M
YoY Change -32.1% -69.57% 24.62%
LONG-TERM ASSETS
Property, Plant & Equipment $53.24M $54.86M $41.71M
YoY Change 25.18% 31.55% 20.25%
Goodwill $80.30M $80.30M $79.50M
YoY Change -1.35% 1.01% 82.34%
Intangibles $122.3M $123.9M $258.7M
YoY Change -29.14% -52.11% 256.1%
Long-Term Investments $12.00M $12.00M $50.67M
YoY Change -76.35% -76.32% -67.52%
Other Assets $2.376M $2.892M $9.059M
YoY Change -15.26% -68.08% 352.95%
Total Long-Term Assets $323.6M $359.3M $524.5M
YoY Change -25.8% -31.5% 50.77%
TOTAL ASSETS
Total Short-Term Assets $133.1M $100.8M $331.1M
Total Long-Term Assets $323.6M $359.3M $524.5M
Total Assets $456.7M $460.1M $855.6M
YoY Change -27.75% -46.23% 39.45%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $18.55M $14.59M $25.02M
YoY Change -25.6% -41.68% -0.33%
Accrued Expenses $91.92M $68.86M $48.15M
YoY Change 100.64% 43.0% 0.94%
Deferred Revenue $256.0K $252.0K $673.0K
YoY Change -74.85% -62.56%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $120.4M $49.64M $56.94M
YoY Change 407.56% -12.83% 162.41%
Total Short-Term Liabilities $264.9M $165.6M $204.2M
YoY Change 82.32% -18.9% 112.64%
LONG-TERM LIABILITIES
Long-Term Debt $21.74M $21.40M $96.09M
YoY Change -73.83% -77.73% 20.17%
Other Long-Term Liabilities $3.305M $3.428M $1.761M
YoY Change -38.92% 94.66% 220.77%
Total Long-Term Liabilities $25.05M $24.83M $97.85M
YoY Change -71.69% -74.63% 21.54%
TOTAL LIABILITIES
Total Short-Term Liabilities $264.9M $165.6M $204.2M
Total Long-Term Liabilities $25.05M $24.83M $97.85M
Total Liabilities $654.6M $587.5M $629.4M
YoY Change 31.89% -6.67% 64.46%
SHAREHOLDERS EQUITY
Retained Earnings -$2.194B -$2.099B -$1.427B
YoY Change 33.3% 47.05% 49.35%
Common Stock $2.036B $2.021B $1.704B
YoY Change 11.47% 18.64% 37.81%
Preferred Stock
YoY Change
Treasury Stock (at cost) $49.46M $49.46M $49.46M
YoY Change 0.0% 0.0% 0.0%
Treasury Stock Shares $7.568M $7.568M
Shareholders Equity -$205.1M -$125.5M $226.5M
YoY Change
Total Liabilities & Shareholders Equity $456.7M $460.1M $855.6M
YoY Change -27.75% -46.23% 39.44%

Cashflow Statement

Concept 2023 Q2 2023 Q1 2022 Q1
OPERATING ACTIVITIES
Net Income -$95.21M -$139.6M -$40.82M
YoY Change -56.48% 242.07% -1726.1%
Depreciation, Depletion And Amortization $3.600M $3.620M $3.298M
YoY Change 11.25% 9.76% 12.95%
Cash From Operating Activities -$55.66M -$49.46M -$83.36M
YoY Change -31.27% -40.67% 73.46%
INVESTING ACTIVITIES
Capital Expenditures $140.0K $86.00K $2.593M
YoY Change -105.18% -96.68% 30.04%
Acquisitions $4.527M
YoY Change 37625.0%
Other Investing Activities $0.00 $1.770M -$11.07M
YoY Change -100.0% -115.99% 110610.0%
Cash From Investing Activities -$140.0K $1.684M -$13.66M
YoY Change -91.9% -112.32% 581.16%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $3.557M $48.32M
YoY Change -92.64% 65.36%
Cash From Financing Activities 88.81M 61.20M 173.4M
YoY Change 112.61% -64.7% 390.34%
NET CHANGE
Cash From Operating Activities -55.66M -49.46M -83.36M
Cash From Investing Activities -140.0K 1.684M -13.66M
Cash From Financing Activities 88.81M 61.20M 173.4M
Net Change In Cash 33.01M 13.42M 76.35M
YoY Change -180.62% -82.42% -619.14%
FREE CASH FLOW
Cash From Operating Activities -$55.66M -$49.46M -$83.36M
Capital Expenditures $140.0K $86.00K $2.593M
Free Cash Flow -$55.80M -$49.55M -$85.95M
YoY Change -28.72% -42.36% 71.73%

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CY2023Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
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CY2022Q1 us-gaap Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
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CY2023Q1 us-gaap Stock Issued During Period Value New Issues
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325000
CY2023Q1 us-gaap Profit Loss
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CY2022Q1 us-gaap Profit Loss
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CY2022Q1 us-gaap Profit Loss
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CY2022Q1 us-gaap Paid In Kind Interest
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CY2022Q1 us-gaap Research And Development In Process
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CY2023Q1 us-gaap Share Based Compensation
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CY2022Q1 us-gaap Derivative Gain Loss On Derivative Net
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CY2023Q1 us-gaap Gain Loss On Investments
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CY2022Q1 us-gaap Gain Loss On Investments
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CY2023Q1 us-gaap Income Loss From Equity Method Investments
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CY2022Q1 us-gaap Income Loss From Equity Method Investments
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CY2023Q1 srne Debtor In Possession Facility Upfront Lender Fees And Debt Issuance Costs
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CY2023Q1 srne Debtor In Possession Facility Exit Fees
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CY2023Q1 srne Increase Decrease On Contingent Consideration
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CY2022Q1 srne Increase Decrease On Contingent Consideration
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CY2023Q1 us-gaap Deferred Income Taxes And Tax Credits
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CY2022Q1 us-gaap Deferred Income Taxes And Tax Credits
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CY2023Q1 srne Current Income Taxes
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CY2023Q1 us-gaap Increase Decrease In Receivables
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CY2022Q1 us-gaap Increase Decrease In Receivables
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5982000
CY2023Q1 us-gaap Increase Decrease In Inventories
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CY2022Q1 us-gaap Increase Decrease In Inventories
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CY2023Q1 us-gaap Increase Decrease In Employee Related Liabilities
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CY2022Q1 us-gaap Increase Decrease In Employee Related Liabilities
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3949000
CY2023Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2022Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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1640000
CY2023Q1 us-gaap Increase Decrease In Accounts Payable
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CY2022Q1 us-gaap Increase Decrease In Accounts Payable
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CY2023Q1 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
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16357000
CY2022Q1 us-gaap Increase Decrease In Accrued Liabilities And Other Operating Liabilities
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9122000
CY2023Q1 us-gaap Increase Decrease In Contract With Customer Liability
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563000
CY2022Q1 us-gaap Increase Decrease In Contract With Customer Liability
IncreaseDecreaseInContractWithCustomerLiability
-1709000
CY2023Q1 srne Increase Decrease In Accrued Legal Settlements
IncreaseDecreaseInAccruedLegalSettlements
1797000
CY2023Q1 srne Deferred Rent And Other Period Increase Decrease
DeferredRentAndOtherPeriodIncreaseDecrease
-518000
CY2022Q1 srne Deferred Rent And Other Period Increase Decrease
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179000
CY2023Q1 us-gaap Net Cash Provided By Used In Operating Activities
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CY2022Q1 us-gaap Net Cash Provided By Used In Operating Activities
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CY2023Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2022Q1 us-gaap Payments To Acquire Property Plant And Equipment
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CY2023Q1 us-gaap Proceeds From Sale Of Equity Method Investments
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1770000
CY2022Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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4527000
CY2023Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2022Q1 us-gaap Net Cash Provided By Used In Investing Activities
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CY2023Q1 srne Proceeds From Debtor In Possession Facility Net Of Lender Fees And Debt Issuance Cost
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CY2023Q1 us-gaap Proceeds From Other Short Term Debt
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CY2022Q1 us-gaap Proceeds From Other Short Term Debt
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57121000
CY2023Q1 srne Proceeds From Short Term Convertible Debt
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CY2022Q1 us-gaap Proceeds From Stock Options Exercised
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CY2023Q1 us-gaap Repayments Of Long Term Debt
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CY2022Q1 us-gaap Repayments Of Long Term Debt
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CY2023Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2022Q1 us-gaap Net Cash Provided By Used In Financing Activities
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CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
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13421000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Excluding Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect
76345000
CY2023Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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600000
CY2022Q1 us-gaap Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
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CY2022Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
23634000
CY2021Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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36665000
CY2023Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
37655000
CY2022Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
111906000
CY2022Q1 us-gaap Interest Paid Net
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CY2022Q1 us-gaap Income Taxes Paid Net
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CY2023Q1 us-gaap Dividends Stock
DividendsStock
14282000
CY2023Q1 srne Noncash Or Part Noncash Debtor In Possession Facility Exit Fees Incurred But Not Paid
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5250000
CY2022Q1 srne Noncash Or Part Noncash Acquisition Value Of Equity Assumed
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4435000
CY2023Q1 srne Noncash Or Part Noncash Bridge Loan Settlement Through Atm Proceeds
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6166000
CY2023Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
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5301000
CY2022Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
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CY2023Q1 us-gaap Inventory Net
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CY2023Q1 us-gaap Inventory Finished Goods
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CY2023Q1 us-gaap Inventory Raw Materials And Supplies
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CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
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0.080
CY2022Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.037
CY2023Q1 us-gaap Debtor In Possession Financing Amount Arranged
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75000000
CY2023Q1 srne Debtor In Possession Financing Initial Draw
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30000000
CY2023Q1 srne Debtor In Possession Financing Access To Remaining Facility
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CY2023Q1 us-gaap Finite Lived Intangible Assets Net
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CY2023Q1 us-gaap Interest Expense Debt
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CY2023Q1 us-gaap Debt Instrument Interest Rate During Period
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CY2023Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.210
CY2023Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
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CY2023Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Use of Estimates</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">To prepare consolidated financial statements in conformity with accounting principles generally accepted in the U.S., management must make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from those estimates.</span></p>
CY2023Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<p style="text-indent:0.0%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;font-style:italic;min-width:fit-content;">Customer Concentration Risk</span></p><p style="text-indent:4.533%;font-size:10.0pt;margin-top:6.0pt;font-family:Times New Roman;margin-bottom:0.0pt;text-align:left;"><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">Scilex Holding had </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">three</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> customers during the three months ended March 31, 2023,</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;"> each of which individually generated </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">10</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">% or more of the Company's consolidated gross product revenue. These customers accounted for </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">81</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">% of the Company's consolidated gross product revenue for the three months ended March 31, 2023, individually ranging from </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">20</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">% to </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">32</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">%. As of March 31, 2023, these customers represented </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">68</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">% of the Company's outstanding accounts receivable, individually ranging from </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">16</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">% to </span><span style="font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">27</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">%. Additionally, during the three months ended March 31, 2023, Scilex Holding purchased inventory from its sole supplier, Itochu Chem</span><span style="background-color:rgba(0,0,0,0);color:rgba(0,0,0,1);white-space:pre-wrap;font-weight:normal;font-size:10.0pt;font-family:&quot;Times New Roman&quot;, serif;min-width:fit-content;">ical Frontier Corporation. This exposes Scilex Holding to concentration of customer and supplier risk. Scilex Holding monitors the financial condition of its customers, limits its credit exposure by setting credit limits, and has not experienced any credit losses during the three months ended March 31, 2023.</span></p>
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
11500000
CY2023Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
11500000
CY2022Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
1500000
CY2023Q1 us-gaap Debtor In Possession Financing Amount Arranged
DebtorInPossessionFinancingAmountArranged
75000000.0
CY2022Q1 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
7500000
CY2023Q1 us-gaap Goodwill
Goodwill
80300000
CY2023Q1 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
82300000
CY2023Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
148831000
CY2023Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
24956000
CY2023Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
123875000
CY2022Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
160731000
CY2022Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
23829000
CY2022Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
136902000
CY2023Q1 us-gaap Adjustment For Amortization
AdjustmentForAmortization
1100000
CY2022Q1 us-gaap Adjustment For Amortization
AdjustmentForAmortization
1000000.0
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
3288000
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
4239000
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
4214000
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
4214000
CY2023Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
4187000
CY2023Q1 srne Finite Lived Intangible Assets Amortization Expense After Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFour
21393000
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
20861760
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.05
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
653505
CY2023Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
6.45
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
20208255
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
6.04
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingNumber
20208255
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageExercisePrice
6.04
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
8284498
CY2022Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
3.73
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
83900
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
4.44
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
8200598
CY2023Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
3.72
CY2023Q1 srne Antibody Award Judgment Exceeds Offset
AntibodyAwardJudgmentExceedsOffset
50000000.0
CY2023Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
4227000
CY2022Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
2894000
CY2022Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
632000
CY2023Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P13Y7M6D
CY2022Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P14Y9M18D
CY2023Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.128
CY2022Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.128
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
11680000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
15433000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
14413000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
14104000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Five
LesseeOperatingLeaseLiabilityPaymentsDueYearFive
14315000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
14678000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due After Year Five
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFive
140754000
CY2023Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
225377000
CY2023Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
126865000
CY2023Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
98512000
CY2023Q1 us-gaap Net Income Loss
NetIncomeLoss
-139616000
CY2022Q1 us-gaap Net Income Loss
NetIncomeLoss
-40815000
CY2023Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-139616000
CY2022Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-40815000
CY2023Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
543137000
CY2022Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
337123000
CY2023Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
543137000
CY2022Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
337123000
CY2023Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.26
CY2022Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.12
CY2023Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.26
CY2022Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.12
CY2023Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
28739000
CY2022Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
23648000
CY2023Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2
CY2023Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2023Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
16251000
CY2022Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
18385000
CY2023Q1 us-gaap Costs And Expenses
CostsAndExpenses
122595000
CY2022Q1 us-gaap Costs And Expenses
CostsAndExpenses
125268000
CY2023Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-106344000
CY2022Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-106883000
CY2023Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
37655000
CY2022Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
111906000
CY2023Q1 us-gaap Accounts Payable Related Parties Noncurrent
AccountsPayableRelatedPartiesNoncurrent
52795000
CY2023Q1 us-gaap Accrued Liabilities And Other Liabilities
AccruedLiabilitiesAndOtherLiabilities
11289000
CY2023Q1 srne Liabilities Subject To Compromise Accrued Legal Settlements
LiabilitiesSubjectToCompromiseAccruedLegalSettlements
176549000
CY2023Q1 srne Liabilities Subject To Compromise Current Portion Of Contingent Consideration
LiabilitiesSubjectToCompromiseCurrentPortionOfContingentConsideration
7079000
CY2023Q1 srne Liabilities Subject To Compromise Long Term Portion Of Contingent Considerations And Acquisition Consideration
LiabilitiesSubjectToCompromiseLongTermPortionOfContingentConsiderationsAndAcquisitionConsideration
61498000
CY2023Q1 us-gaap Accounts Payable And Accrued Liabilities Noncurrent
AccountsPayableAndAccruedLiabilitiesNoncurrent
309210000
CY2023Q1 us-gaap Debtor Reorganization Items Debtor In Possession Facility Financing Costs
DebtorReorganizationItemsDebtorInPossessionFacilityFinancingCosts
2762000
CY2022Q1 us-gaap Debtor Reorganization Items Debtor In Possession Facility Financing Costs
DebtorReorganizationItemsDebtorInPossessionFacilityFinancingCosts
0
CY2023Q1 srne Debtor In Possession Facility Exit Fees
DebtorInPossessionFacilityExitFees
5250000
CY2022Q1 srne Debtor In Possession Facility Exit Fees
DebtorInPossessionFacilityExitFees
0
CY2023Q1 srne Reorganization Professional Fees
ReorganizationProfessionalFees
12219000
CY2022Q1 srne Reorganization Professional Fees
ReorganizationProfessionalFees
0
CY2023Q1 us-gaap Reorganization Items
ReorganizationItems
20231000
CY2022Q1 us-gaap Reorganization Items
ReorganizationItems
0

Files In Submission

Name View Source Status
srne-20230331_def.xml Edgar Link unprocessable
FilingSummary.xml Edgar Link unprocessable
srne-20230331_pre.xml Edgar Link unprocessable
srne-20230331_lab.xml Edgar Link unprocessable
srne-20230331_cal.xml Edgar Link unprocessable
0000950170-23-022152-index-headers.html Edgar Link pending
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0000950170-23-022152.txt Edgar Link pending
0000950170-23-022152-xbrl.zip Edgar Link pending
Financial_Report.xlsx Edgar Link pending
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srne-20230331.htm Edgar Link pending
srne-20230331.xsd Edgar Link pending
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srne-20230331_htm.xml Edgar Link completed
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