$SRNE
Sorrento Therapeutics Inc

2021 Q1 Form 10-Q Financial Statement

#000156459021024135 Filed on May 05, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $14.26M $7.721M
YoY Change 84.63% 25.69%
Cost Of Revenue $3.400M $2.400M
YoY Change 41.67% 3.99%
Gross Profit $10.90M $5.300M
YoY Change 105.66% 38.2%
Gross Profit Margin 76.46% 68.64%
Selling, General & Admin $43.40M $26.30M
YoY Change 65.02% 4.78%
% of Gross Profit 398.17% 496.23%
Research & Development $43.83M $21.15M
YoY Change 107.21% -17.42%
% of Gross Profit 402.14% 399.13%
Depreciation & Amortization $2.920M $3.060M
YoY Change -4.58% 45.71%
% of Gross Profit 26.79% 57.74%
Operating Expenses $43.83M $21.15M
YoY Change 107.21% -17.42%
Operating Profit -$84.91M -$43.16M
YoY Change 96.71% -64.96%
Interest Expense $2.366M $6.806M
YoY Change -65.24% -25.04%
% of Operating Profit
Other Income/Expense, Net
YoY Change
Pretax Income $2.212M -$68.90M
YoY Change -103.21% -52.75%
Income Tax -$200.0K -$300.0K
% Of Pretax Income -9.04%
Net Earnings $2.510M -$65.20M
YoY Change -103.85% -39.67%
Net Earnings / Revenue 17.61% -844.39%
Basic Earnings Per Share $0.01 -$0.36
Diluted Earnings Per Share $0.01 -$0.36
COMMON SHARES
Basic Shares Outstanding 280.6M 182.6M
Diluted Shares Outstanding 297.9M 182.6M

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $236.1M $21.90M
YoY Change 978.08% -76.04%
Cash & Equivalents $41.68M $21.90M
Short-Term Investments $194.4M
Other Short-Term Assets $3.848M $14.70M
YoY Change -73.82% -2.65%
Inventory $1.800M $3.038M
Prepaid Expenses $7.656M
Receivables $16.30M $10.02M
Other Receivables $0.00 $0.00
Total Short-Term Assets $265.7M $49.63M
YoY Change 435.34% -58.14%
LONG-TERM ASSETS
Property, Plant & Equipment $34.68M $28.47M
YoY Change 21.82% -1.49%
Goodwill $43.60M $38.30M
YoY Change 13.84% 0.0%
Intangibles $72.64M
YoY Change
Long-Term Investments $156.0M $24.68M
YoY Change 532.19% -8.89%
Other Assets $2.000M $4.774M
YoY Change -58.11% -10.72%
Total Long-Term Assets $347.9M $486.9M
YoY Change -28.55% -0.81%
TOTAL ASSETS
Total Short-Term Assets $265.7M $49.63M
Total Long-Term Assets $347.9M $486.9M
Total Assets $613.6M $536.6M
YoY Change 14.36% -11.96%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $25.10M $28.99M
YoY Change -13.41% 97.83%
Accrued Expenses $47.70M $14.24M
YoY Change 234.95% -39.63%
Deferred Revenue $3.777M
YoY Change 19.64%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $21.70M $16.59M
YoY Change 30.84% 91.12%
Total Short-Term Liabilities $96.04M $90.15M
YoY Change 6.54% 21.69%
LONG-TERM LIABILITIES
Long-Term Debt $79.96M $183.0M
YoY Change -56.3% -20.34%
Other Long-Term Liabilities $549.0K $549.0K
YoY Change 0.0% -99.69%
Total Long-Term Liabilities $80.51M $183.5M
YoY Change -56.13% -20.1%
TOTAL LIABILITIES
Total Short-Term Liabilities $96.04M $90.15M
Total Long-Term Liabilities $80.51M $183.5M
Total Liabilities $382.7M $485.3M
YoY Change -21.14% -1.23%
SHAREHOLDERS EQUITY
Retained Earnings -$955.8M -$725.0M
YoY Change 31.83% 52.37%
Common Stock $1.236B $875.7M
YoY Change 41.16% 33.27%
Preferred Stock
YoY Change
Treasury Stock (at cost) $49.46M $49.46M
YoY Change 0.0% 0.0%
Treasury Stock Shares $7.568M $7.568M
Shareholders Equity $231.4M $101.0M
YoY Change
Total Liabilities & Shareholders Equity $613.6M $536.6M
YoY Change 14.36% -11.96%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income $2.510M -$65.20M
YoY Change -103.85% -39.67%
Depreciation, Depletion And Amortization $2.920M $3.060M
YoY Change -4.58% 45.71%
Cash From Operating Activities -$48.06M -$38.55M
YoY Change 24.66% -13.0%
INVESTING ACTIVITIES
Capital Expenditures $1.994M $21.00K
YoY Change 9395.24% -99.6%
Acquisitions $12.00K
YoY Change
Other Investing Activities -$10.00K
YoY Change
Cash From Investing Activities -$2.006M -$21.00K
YoY Change 9452.38% -99.91%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net $29.22M $59.53M
YoY Change -50.92% 4953.74%
Cash From Financing Activities 35.36M 24.72M
YoY Change 43.02% -2353.6%
NET CHANGE
Cash From Operating Activities -48.06M -38.55M
Cash From Investing Activities -2.006M -21.00K
Cash From Financing Activities 35.36M 24.72M
Net Change In Cash -14.71M -13.85M
YoY Change 6.19% -79.54%
FREE CASH FLOW
Cash From Operating Activities -$48.06M -$38.55M
Capital Expenditures $1.994M $21.00K
Free Cash Flow -$50.05M -$38.57M
YoY Change 29.76% -22.14%

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CY2020Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
21897000
CY2020Q1 us-gaap Restricted Cash
RestrictedCash
45050000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
41678000
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
66947000
CY2021Q1 us-gaap Use Of Estimates
UseOfEstimates
<p style="margin-top:18pt;margin-bottom:0pt;text-indent:0%;font-style:italic;font-size:10pt;font-family:Times New Roman;font-weight:normal;text-transform:none;font-variant: normal;">Use of Estimates</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-size:10pt;font-family:Times New Roman;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">To prepare consolidated financial statements in conformity with accounting principles generally accepted in the U.S. (“U.S. GAAP”), 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.</p>
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
10.41
CY2021Q1 us-gaap Derivative Gain Loss On Derivative Net
DerivativeGainLossOnDerivativeNet
2200000
CY2021Q1 us-gaap Marketable Securities Gain Loss
MarketableSecuritiesGainLoss
94400000
CY2021Q1 us-gaap Goodwill
Goodwill
43600000
CY2020Q4 us-gaap Goodwill
Goodwill
43600000
CY2021Q1 us-gaap Indefinite Lived Intangible Assets Excluding Goodwill
IndefiniteLivedIntangibleAssetsExcludingGoodwill
28300000
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeitures Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeituresWeightedAverageGrantDateFairValue
10.18
CY2021Q1 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
89040000
CY2021Q1 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
16400000
CY2021Q1 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
72640000
CY2020Q4 us-gaap Finite Lived Intangible Assets Gross
FiniteLivedIntangibleAssetsGross
89040000
CY2020Q4 us-gaap Finite Lived Intangible Assets Accumulated Amortization
FiniteLivedIntangibleAssetsAccumulatedAmortization
15365000
CY2020Q4 us-gaap Intangible Assets Net Excluding Goodwill
IntangibleAssetsNetExcludingGoodwill
73675000
CY2021Q1 us-gaap Adjustment For Amortization
AdjustmentForAmortization
1000000.0
CY2020Q1 us-gaap Adjustment For Amortization
AdjustmentForAmortization
1000000.0
CY2021Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Remainder Of Fiscal Year
FiniteLivedIntangibleAssetsAmortizationExpenseRemainderOfFiscalYear
3105000
CY2021Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Next Twelve Months
FiniteLivedIntangibleAssetsAmortizationExpenseNextTwelveMonths
4140000
CY2021Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
FiniteLivedIntangibleAssetsAmortizationExpenseYearTwo
4048000
CY2021Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
FiniteLivedIntangibleAssetsAmortizationExpenseYearThree
3870000
CY2021Q1 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseYearFour
3845000
CY2021Q1 srne Finite Lived Intangible Assets Amortization Expense After Year Four
FiniteLivedIntangibleAssetsAmortizationExpenseAfterYearFour
25373000
CY2021Q1 us-gaap Finite Lived Intangible Assets Net
FiniteLivedIntangibleAssetsNet
44381000
CY2021Q1 us-gaap Long Term Debt Maturities Repayments Of Principal Remainder Of Fiscal Year
LongTermDebtMaturitiesRepaymentsOfPrincipalRemainderOfFiscalYear
3731000
CY2021Q1 srne Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Released In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsReleasedInPeriod
132540
CY2021Q1 srne Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Released Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsReleasedWeightedAverageGrantDateFairValue
13.96
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Forfeited In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod
5941
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
2009589
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
10.18
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
18762920
CY2020Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
4.97
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
1771685
CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
10.58
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
474188
CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
4.81
CY2021Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
368375
CY2021Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
4.20
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
19692042
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
5.49
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
62105000
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Grants In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod
2148070
CY2021Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
2487000
CY2020Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
2414000
CY2020Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
795000
CY2021Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.122
CY2020Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.122
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Remainder Of Fiscal Year
LesseeOperatingLeaseLiabilityPaymentsRemainderOfFiscalYear
7621000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Next Twelve Months
LesseeOperatingLeaseLiabilityPaymentsDueNextTwelveMonths
10054000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Two
LesseeOperatingLeaseLiabilityPaymentsDueYearTwo
10285000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Three
LesseeOperatingLeaseLiabilityPaymentsDueYearThree
10418000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due Year Four
LesseeOperatingLeaseLiabilityPaymentsDueYearFour
9757000
CY2021Q1 srne Lessee Operating Lease Liability Payments Due After Year Four
LesseeOperatingLeaseLiabilityPaymentsDueAfterYearFour
37586000
CY2021Q1 us-gaap Lessee Operating Lease Liability Payments Due
LesseeOperatingLeaseLiabilityPaymentsDue
85721000
CY2021Q1 us-gaap Lessee Operating Lease Liability Undiscounted Excess Amount
LesseeOperatingLeaseLiabilityUndiscountedExcessAmount
32633000
CY2021Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
53088000
CY2021Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-200000
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-300000
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.093
CY2020Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.004
CY2021Q1 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
EffectiveIncomeTaxRateReconciliationAtFederalStatutoryIncomeTaxRate
0.21
CY2021Q1 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.093
CY2021Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
2510000
CY2020Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-65195000
CY2021Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
280604000
CY2020Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
182609000
CY2021Q1 srne Incremental Common Shares Attributable To Share Based Payment Arrangements And Warrants
IncrementalCommonSharesAttributableToShareBasedPaymentArrangementsAndWarrants
17305000
CY2021Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
297909000
CY2020Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
182609000
CY2021Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
0.01
CY2020Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.36
CY2021Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
0.01
CY2020Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.36
CY2021Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
2
CY2021Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
2
CY2021Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
14255000
CY2020Q1 us-gaap Revenue From Contract With Customer Including Assessed Tax
RevenueFromContractWithCustomerIncludingAssessedTax
7721000
CY2021Q1 us-gaap Costs And Expenses
CostsAndExpenses
99160000
CY2020Q1 us-gaap Costs And Expenses
CostsAndExpenses
50884000
CY2021Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-84905000
CY2020Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-43163000
CY2021Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
41678000
CY2020Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
21897000

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