0001193125-18-212701.txt : 20180705 0001193125-18-212701.hdr.sgml : 20180705 20180705060805 ACCESSION NUMBER: 0001193125-18-212701 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20180629 ITEM INFORMATION: Regulation FD Disclosure ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20180705 DATE AS OF CHANGE: 20180705 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Orexigen Therapeutics, Inc. CENTRAL INDEX KEY: 0001382911 STANDARD INDUSTRIAL CLASSIFICATION: PHARMACEUTICAL PREPARATIONS [2834] IRS NUMBER: 651178822 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-33415 FILM NUMBER: 18939448 BUSINESS ADDRESS: STREET 1: 3344 N. TORREY PINES CT. STREET 2: SUITE 200 CITY: LA JOLLA STATE: CA ZIP: 92037 BUSINESS PHONE: (858) 875-8600 MAIL ADDRESS: STREET 1: 3344 N. TORREY PINES CT. STREET 2: SUITE 200 CITY: LA JOLLA STATE: CA ZIP: 92037 8-K 1 d855550d8k.htm FORM 8-K Form 8-K

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

 

FORM 8-K

 

 

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): June 29, 2018

 

 

OREXIGEN THERAPEUTICS, INC.

(Exact Name of Registrant as Specified in its Charter)

 

 

 

Delaware   001-33415   65-1178822

(State or Other Jurisdiction

of Incorporation)

 

(Commission

File Number)

 

(IRS Employer

Identification No.)

3344 N. Torrey Pines Ct., Suite 200, La Jolla, CA   92037
(Address of Principal Executive Offices)   (Zip Code)

Registrant’s telephone number, including area code: (858) 875-8600

(Former Name or Former Address, if Changed Since Last Report.)

 

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2. below):

 

Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

 

Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

 

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

 

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

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.  ☐

 

 

 


Item 7.01. Regulation FD Disclosure.

As previously reported, on March 12, 2018, Orexigen Therapeutics, Inc. (the “Company”) filed a voluntary petition for bankruptcy protection under Chapter 11 of Title 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware (the “Bankruptcy Court”) (Case No. 18-10518).

On June 29, 2018, the Company filed its monthly operating report with the Bankruptcy Court for the reporting period of May 1 to May 31, 2018 (the “Monthly Operating Report”), a copy of which is attached hereto as Exhibit 99.1.

Cautionary Statements Regarding the Monthly Operating Report

The Company cautions investors and potential investors not to place undue reliance upon the information contained in the Monthly Operating Report, which was not prepared for the purpose of providing the basis for an investment decision relating to any of the securities of the Company. The Monthly Operating Report is limited in scope and has been prepared solely for the purpose of complying with requirements of the Bankruptcy Court. The Monthly Operating Report was not reviewed by independent accountants, is in a format prescribed by applicable bankruptcy laws, and is subject to future adjustment. The financial information in the Monthly Operating Report is not prepared in accordance with accounting principles generally accepted in the United States (“GAAP”) and, therefore, may exclude items required by GAAP, such as certain reclassifications, eliminations, accruals, valuations and disclosures. The Monthly Operating Report also relates to periods which are different from the historical periods required in the Company’s reports pursuant to the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

Cautionary Statements Regarding Trading in the Company’s Securities

The Company’s securityholders are cautioned that trading in the Company’s securities during the pendency of the Chapter 11 process will be highly speculative and will pose substantial risks. Trading prices for the Company’s securities may bear little or no relationship to the actual recovery, if any, by holders thereof in the Company’s Chapter 11 process. Accordingly, the Company urges extreme caution with respect to existing and future investments in its securities.

Cautionary Statement Regarding Forward-Looking Statements

This Current Report on Form 8-K and Exhibit 99.1 hereto (collectively, this “Current Report”) may contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are those involving future events and future results that are based on current expectations, estimates, forecasts, and projections as well as the current beliefs and assumptions of the Company’s management. We often use words such as “anticipate,” “estimate,” “expect,” “project,” “intend,” “plan,” “believe,” “may,” “predict,” “will,” “would,” “could,” “should,” “target” and similar expressions to identify forward-looking statements. All statements contained in this Current Report that are not statements of historical fact and other estimates, projections, future trends and the outcome of events that have not yet occurred referenced in this Current Report should be considered forward-looking statements. Actual results or events could differ materially from those indicated in forward-looking statements as a result of risks and uncertainties, including, among others, the potential adverse impact of the Chapter 11 filings on our liquidity or results of operations, changes in our ability to meet financial obligations during the Chapter 11 process or to maintain contracts that are critical to our operations, the outcome or timing of the Chapter 11 process, the effect of the Chapter 11 filings or related proposed asset sale on our relationships with third parties, regulatory authorities and employees, proceedings that may be brought by third parties in connection with the Chapter 11 process and the timing or amount of any distributions to the Company’s stakeholders. Many of such factors relate to events and circumstances that are beyond the Company’s control. You should not place undue reliance on forward-looking statements. The Company does not assume any obligation to update the information contained in this Current Report.

Limitation on Incorporation by Reference

In accordance with General Instruction B.2 of Form 8-K, the information in this Item 7.01 is being furnished for informational purposes only and shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liabilities of that section, nor shall such information be deemed incorporated by reference in any filing under the Securities Act of 1933, as amended, except as otherwise expressly stated in such filing. The filing of this current report (including Exhibit 99.1 attached hereto) will not be deemed an admission as to the materiality of any information required to be disclosed solely by Regulation FD.


Additional Information regarding the Chapter 11 Case

Additional information about the Chapter 11 process and proposed asset sale, as well as other documents related to the restructuring and reorganization proceedings, is available through the Company’s claims agent Kurtzman Carson Consultants LLC at www.kccllc.net/orexigen. Information contained on, or that can be accessed through, such web site or the Bankruptcy Court’s web site is not part of this Current Report.

 

Item 9.01. Financial Statements and Exhibits.

(d) Exhibits:

 

99.1    Monthly Operating Report, dated June 29, 2018.


SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

 

    OREXIGEN THERAPEUTICS, INC.
Date: July 5, 2018     By:  

/s/ Thomas P. Lynch

    Name:   Thomas P. Lynch
    Title:   Executive Vice President, Chief Administrative Officer, General Counsel and Secretary
EX-99.1 2 d855550dex991.htm EX-99.1 EX-99.1

Exhibit 99.1

Case 18-10518-KG    Doc 446    Filed 06/29/18    Page 1 of 11

UNITED STATES BANKRUPTCY COURT

FOR THE DISTRICT OF DELAWARE

 

In re: Orexigen Therapeutics, Inc.    Case No. 18-10518 (KG)
Debtor    Reporting Period: May 1, 2018 - May 31, 2018

MONTHLY OPERATING REPORT

File with Court and submit copy to United States Trustee within 20 days after end of month.

Submit copy of report to any official committee appointed in the case.

 

REQUIRED DOCUMENTS

  Form No.   Document
Attached
   Explanation
Attached
    Affidavit/Supplement
Attached
 

Schedule of Cash Receipts and Disbursements

  MOR-1   x     

Schedule of Disbursements by Debtor Entity

  MOR-la   x     

Schedule of Debtor Bank Account Balances

  MOR-lb   x     

Schedule of Professional Fees and Expenses Paid

  MOR-lc   x     

Copies of bank statements

           Certification Attached  

Cash disbursements journals

           Certification Attached  

Bank reconciliation

           Certification Attached  

Statement of Operations

  MOR-2   x     

Balance Sheet

  MOR-3   x     

Status of Postpetition Taxes

           Certification Attached  

Copies of IRS Form 6123 or payment receipt

           Certification Attached  

Copies of tax returns filed during reporting period

           Certification Attached  

Summary of Unpaid Postpetition Debts

        

Summary of Unpaid Post Petition Accounts Payables

  MOR-4   x     

Accounts Receivable Aging

  MOR-5   x     

Debtor Questionnaire

  MOR-5   x     

I declare under penalty of perjury (28 U.S.C. Section 1746) that this report and the attached documents are true and correct to the best of my knowledge and belief.

 

/s/ Stephen Moglia

     

6/28/19

Signature of Authorized Individual*     Date

Stephen Moglia

   

VP, CAO

Printed Name of Authorized Individual     Title of Authorized Individual

 

* Authorized individual must be an officer, director or shareholder if debtor is a corporation; a partner if debtor is a partnership; a manager or member if debtor is a limited liability company.

Notes:

 

The last four digits of Debtor’s federal tax identification number are (8822). The Debtor’s mailing address for purposes of this chapter 11 case is 3344 North Torrey Pines Court, Suite 200, La Jolla, CA, 92037.


Case 18-10518-KG    Doc 446    Filed 06/29/18    Page 2 of 11

UNITED STATES BANKRUPTCY COURT

FOR THE DISTRICT OF DELAWARE

 

In re: Orexigen Therapeutics, Inc.    Case No. 18-10518 (KG)
Debtor    Reporting Period: May 1, 2018 - May 31, 2018

 

CERTIFICATION REGARDING POST-PETITION BANK ACCOUNT

RECONCILIATIONS, CASH DISBURSEMENT JOURNALS AND

COMPLIANCE AND PAYMENT OF POST-PETITION TAXES

I, Stephen Moglia, Chief Accounting Officer, of Orexigen Therapeutics, Inc. (the “Debtor”) hereby certify the following:

1. Attached to MOR-1 is a listing of the Debtor’s bank accounts, by account number, and the opening and closing balances. These accounts are reconciled monthly in accordance with the Debtor’s ordinaiy course accounting practices and are available to the United States Trustee upon request.

2. Cash disbursement journals are maintained in accordance with the Debtor’s ordinary course accounting practices and are available to the United States Trustee upon request.

3. To the best of my knowledge and belief, the Debtor is current on all post-petition taxes, and no post-petition tax amounts are past due.

 

/s/ Stephen Moglia

     

6/28/18

Stephen Moglia

Chief Accounting Officer

    Date


Case 18-10518-KG    Doc 446    Filed 06/29/18    Page 3 of 11

UNITED STATES BANKRUPTCY COURT

FOR THE DISTRICT OF DELAWARE

 

In re: Orexigen Therapeutics, Inc.    Case No. 18-10518 (KG)
Debtor    Reporting Period: May 1, 2018 - May 31, 2018

 

Notes to Monthly Operating Report

Debtor in Possession Financial Statements

The financial statements and supplemental information presented in this Monthly Operating Report (“MOR”) have been prepared using the Debtor’s books and records solely to comply with the requirements of the monthly reporting requirements under the United States Bankruptcy Code and those of the United States Trustee for Region Three.

The financial statements and supplemental information presented herein are unaudited, preliminary in nature, and may not comply with generally accepted accounting principles in the United States of America (“U.S. GAAP”) in all material respects. These preliminary unaudited financial statements and other information represent the Debtor’s good faith attempt to comply with the requirements of the United States Bankruptcy Code and those of the United States Trustee using the resources available. This information is limited in scope to the requirements of this report.

These preliminary unaudited financial statements have not been subject to procedures that would typically be applied to financial information presented in accordance with U.S. GAAP, and upon application of such procedures, the Debtor believes that the financial information could be subject to changes, which could be material. Certain totals may not sum due to rounding.

All related tax implications are not currently reflected in the preliminary unaudited financial statements herein. The financial impact of potential tax and other adjustments on the accompanying preliminary unaudited financial statements cannot be determined at this time.

There may be adjustments to the opening balance sheet as of March 12, 2018 that will impact these accompanying preliminary unaudited financial statements. ASC 805 permits a one-year measurement period in which the opening balance sheet can be adjusted if additional information becomes available.

Liabilities Subject to Compromise

As a result of the commencement of the Debtor’s chapter 11 case, the payment of certain prepetition indebtedness of the Debtor is subject to compromise or other treatment under a plan of reorganization.

Reorganization Items

ASC 852 requires expenses and income directly associated with the Debtor’s chapter 11 cases to be reported separately in the income statement as reorganization items. Reorganization items include expenses related to legal advisory and representation services, and other professional consulting and advisory services. Reorganization costs also include adjustment to record debt at the estimated amount of the claim.

Litigation

The Debtor is subject to lawsuits and claims that arise out of its operations in the normal course of business. Prior to the petition date, the Debtor was the defendant to various legal proceedings, described in detail in the most recent publicly filed financial statements, which are stayed during the course of the chapter 11 bankruptcy proceedings.

There are uncertainties inherent in any litigation and appeal and the Debtor cannot predict the outcome. At this time the Debtor is unable to estimate possible losses or ranges of losses that may result from such legal proceedings described in detail in the most recent publicly filed financial statements, and it has not accrued any amounts in connection with such legal proceedings in the financial statements herein, other than attorney’s fees accrued prior to the petition date.


Case 18-10518-KG    Doc 446    Filed 06/29/18    Page 4 of 11

 

In re: Orexigen Therapeutics, Inc.    Case No. 18-10518 (KG)
Debtor    Reporting Period: May 1, 2018 - May 31, 2018

 

MOR - 1

Consolidated Schedule of Cash Receipts and Disbursements (1)

For the Period: May 1, 2018 - May 31, 2018

(Unaudited)

 

$ USD ‘000s

   May 1, 2018 - May 31, 2018      Cumulative
Since Filing
 

Beginning Cash Balance (Book)

   $ 4,519      $ 21,372  

Receipts

     

Operating Receipts

     24,980        33,959  

Miscellaneous Receipts

     13        230  
  

 

 

    

 

 

 

Total Receipts

     24,993        34,189  

Operating Disbursements

     

Payroll & Benefits / Contractors

     (3,682      (6,469

Inventory

     (146      (2,266

Manufacturing and Logistics

     (69      (77

Gross to Net Disbursements

     (7,620      (19,941

Marketing / Commercial Operations

     (1,482      (14,370

Ordinary Course Professionals

     (286      (287

Rent / Facilities / Equipment

     (139      (279

Insurance

     (76      (152

IT / Utilities

     (100      (174

Regulatory and Compliance

     (280      (287

Other G&A

     (186      (405
  

 

 

    

 

 

 

Total Operating Disbursements

     (14,066      (44,705

Operating Cash Flow

     10,927        (10,516 ) 

Reorganization Costs

     

DIP Loan Interest and Fees

     (233      (286

US Trustee Fees

     —          (121

Restructuring Professional Fees

     —          (439
  

 

 

    

 

 

 

Total Reorganization Costs

     (233      (846

Total Disbursements

   $ (14,299    $ (45,551
  

 

 

    

 

 

 

Lender Professional Fees

     (103      (501

Net Cash Flow

   $ 10,591      $ (11,863

DIP Draw - Cash

     2,000        7,600  
  

 

 

    

 

 

 

Ending Cash Balance (Book)

   $ 17,109      $ 17,109  

Notes:

 

(1) The Schedule of Cash Receipts and Disbursements is presented on a book basis.


Case 18-10518-KG    Doc 446    Filed 06/29/18    Page 5 of 11

 

In re: Orexigen Therapeutics, Inc.    Case No. 18-10518 (KG)
Debtor    Reporting Period: May 1, 2018 - May 31, 2018

 

MOR - 1a

Schedule of Disbursements by Debtor Entity (1)

For the Period: May 1, 2018 - May 31, 2018

(Unaudited)

 

$ USD ‘000s

Debtor

   May 1, 2018 - May 31, 2018      Cumulative
Since Filing
 

Orexigen Therapeutics, Inc.

   $ 14,402      $ 46,052  
  

 

 

    

 

 

 

Total

   $ 14,402      $ 46,052  

Notes:

 

(1) The Schedule of Disbursements is presented on a book basis.


Case 18-10518-KG    Doc 446    Filed 06/29/18    Page 6 of 11

 

In re: Orexigen Therapeutics, Inc.    Case No. 18-10518 (KG)
Debtor    Reporting Period: May 1, 2018 - May 31, 2018

 

MOR - 1b

Schedule of Debtor Bank Account Balances (1)

For the Period: May 1, 2018 - May 31, 2018

(Unaudited)

 

$ USD ‘000s

Debtor

  

Bank

   Last Four Digits
Account No.
    

Account Description

   Beginning
Balance
5/1/2018
     Ending
Balance
5/31/2018
 

Orexigen Therapeutics, Inc.

   Silicon Valley Bank      6813      General checking    $ —        $ 2  

Orexigen Therapeutics, Inc.

   Silicon Valley Bank      1180      Zero-balance lockbox      —          —    

Orexigen Therapeutics, Inc.

   Silicon Valley Bank      3036      Sweep account      11,072        17,301  

Orexigen Therapeutics, Inc.

   Silicon Valley Bank      7307      Utility adequate assurance      —          10  

Orexigen Therapeutics, Inc.

   Silicon Valley Bank      5177      Collateral      100        100  

Orexigen Therapeutics, Inc.

   U.S. Bank      4219      Investment account(2)      11,577        —    

Orexigen Therapeutics, Inc.

   State Street Bank & Trust      2355      Investment account(2)      —          —    

Orexigen Therapeutics, Inc.

   Wells Fargo      3348      Foreign wire transfer account(2)      —          —    

Orexigen Therapeutics, Inc.

   JMP Securities LLC      0041      Investment account(2)      —          —    
           

 

 

    

 

 

 

Total Bank Account Balances

            $ 22,749      $ 17,413  
           

 

 

    

 

 

 

Notes:

 

(1) The Consolidated Schedule of Cash Receipts and Disbursements (MOR-1) and Schedule of Disbursements by Debtor Entity (MOR-1a) represent book balances while MOR-1b represents bank balances. The balances differ primarily due to the bank’s delayed recording of intrabank activity between the general checking and sweep accounts.
(2) Account was closed in April 2018.


Case 18-10518-KG    Doc 446    Filed 06/29/18    Page 7 of 11

 

In re: Orexigen Therapeutics, Inc.    Case No. 18-10518 (KG)
Debtor    Reporting Period: May 1, 2018 - May 31, 2018

 

MOR - 1c

Schedule of Professional Fees and Expenses Paid

For the Period: May 1, 2018 - May 31, 2018

(Unaudited)

 

                        Month Ended
5/31/18
    Cumulative Since Filing  

Payee

 

Category

 

Payor

  Date     Period Covered     Fees     Expenses     Fees     Expenses  

Retained Professionals

               

Perella Weinberg Partners1

  Debtor Investment Banker   Orexigen Therapeutics, Inc.           $ 437,500       1,738  

Other Restructuring Professionals

               

Wilmington Trust, National Association

  DIP Administrative Agent   Orexigen Therapeutics, Inc.           $ 50,000       —    

Arnold & Porter Kaye Scholer LLP

  DIP Administrative Agent Counsel   Orexigen Therapeutics, Inc.             60,650       —    

Quinn Emanuel Urquhart & Sullivan, LLP

  DIP Lenders Counsel   Orexigen Therapeutics, Inc.             172,846       236  

Brown Rudnick LLP

  DIP Lender Counsel   Orexigen Therapeutics, Inc.     5/11/2018       3/1/2018 - 3/31/2018     $ 25,333     $ 786       134,881       1,497  

Whiteford Taylor Preston

  DIP Lenders Local Counsel   Orexigen Therapeutics, Inc.     5/18/2018       3/1/2018 - 3/31/2018       75,959       1,243       129,090    
        5/29/2018       4/1/2018 - 4/30/2018             1,383  
         

 

 

   

 

 

   

 

 

   

 

 

 

Total

          $  101,292     $ 2,029     $ 984,966     $ 4,855  

Notes:

 

(1) The 4/18/2018 Perella Weinberg Partners payment was a clerical error and paid prior to the filing of a fee application. The amount paid will be offset against future fee applications filed.


Case 18-10518-KG    Doc 446    Filed 06/29/18    Page 8 of 11

 

In re: Orexigen Therapeutics, Inc.    Case No. 18-10518 (KG)
Debtor    Reporting Period: May 1, 2018 - May 31, 2018

 

MOR - 2

Statement of Operations

For the Period: May 1, 2018 - May 31, 2018

(Unaudited)

 

$ USD ‘000s

   May 1, 2018 - May 31, 2018     March 12 - May 31 2018  

Net product sales

   $ 7,895     $ 20,162  

Cost of product sales

     (1,728     (4,465

Operating expenses:

    

Research and development

     (636     (1,813

Selling, general and administrative

     (8,842     (24,645

Amortization expense of intangible assets

     (661     (1,750
  

 

 

   

 

 

 

Total operating expenses

     (10,139     (28,208
  

 

 

   

 

 

 

Loss from operations

     (3,972     (12,511

Other income/(expense):

    

Interest income

     148       394  

Refundable tax credit(2)

     —         1,300  

Interest expense

     (147     (453
  

 

 

   

 

 

 

Total other income (expenses)

     1       1,241  
  

 

 

   

 

 

 

Net loss

     (3,972     (11,269

Reorganization expenses(1)

     (3,800     (174,539
  

 

 

   

 

 

 

Net loss

   $ (7,772   $ (185,808
  

 

 

   

 

 

 

Notes:

 

(1) Reorganization expenses includes the write up of the notes to the principle balance and the elimination of the debt discount and debt costs related to the 2013 debt.
(2) Refundable tax credit includes refundable alternative minimum tax as created by the Tax Cuts and Jobs Act.


Case 18-10518-KG    Doc 446    Filed 06/29/18    Page 9 of 11

 

In re: Orexigen Therapeutics, Inc.    Case No. 18-10518 (KG)
Debtor    Reporting Period: May 1, 2018 - May 31, 2018

 

MOR - 3

Balance Sheet

(Unaudited)

 

     Orexigen Therapeutics, Inc.  

$ USD ‘000s

   As of March 11, 2018      As of May 31, 2018  

Assets

     

Current assets:

     

Cash and cash equivalents

   $ 21,372      $ 17,109  

Accounts receivable, net

     19,203        30,126  

Inventory

     8,857        7,517  

Prepaid expenses and other current assets

     6,868        6,519  

Intercompany receivable(1)

     93,353        94,060  
  

 

 

    

 

 

 

Total current assets

     149,653        155,331  

Non-current assets:

     

Property and equipment, net

     543        471  

Investment in Subsidiary(1)

     19,000        19,000  

Intangible assets

     66,566        64,817  

Other long-term assets

     588        1,615  

Restricted cash

     100        110  
  

 

 

    

 

 

 

Total assets

   $ 236,450      $ 241,344  
  

 

 

    

 

 

 

Liabilities and Stockholders’ Equity

     

Current liabilities:

     

Accounts payable (2)

     925        1,181  

DIP loan (3)

     —          8,040  

Accrued expenses

     3,921        18,330  
  

 

 

    

 

 

 

Total current liabilities:

     4,846        27,551  
  

 

 

    

 

 

 

Total liabilities not subject to compromise

     4,846        27,551  

Total liabilities subject to compromise

     110,381        279,881  

Series Z preferred stock

     3,343        —    

Stockholders’ equity (deficit)

     117,880        (66,089 ) 
  

 

 

    

 

 

 

Total liabilities and stockholders’ equity (deficit)

   $ 236,450      $ 241,344  
  

 

 

    

 

 

 

Notes:

 

(1) Investment in Subsidiary $19m reclassed from Intercompany Receivable at March 11, 2018 to properly align for reporting.
(2) Accounts payable includes pre-petition amounts approved by the Court and paid post-petition.
(3) DIP loan includes accrued interest.


Case 18-10518-KG    Doc 446    Filed 06/29/18    Page 10 of 11

 

In re: Orexigen Therapeutics, Inc.    Case No. 18-10518 (KG)
Debtor    Reporting Period: May 1, 2018 - May 31, 2018

 

MOR-4

Summary of Unpaid Post Petition Accounts Payables

As of May 31, 2018

(Unaudited)

 

$ USD ‘000s

 
                   Number of Days Past Due                

Post Petition Accounts Payable Aging

   Current      0-30      31-60      61-90      Over 90      Total  

Post-Petition Accounts Payable (1)

   $ 995      $ 155      $ —        $ —        $ —        $ 1,150  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
   $ 995      $ 155      $ —        $ —        $ —        $ 1,150  

Notes:

 

(1) The above figures represent post petition trade payables recorded in the Debtors’ subledger.


Case 18-10518-KG    Doc 446    Filed 06/29/18    Page 11 of 11

 

In re: Orexigen Therapeutics, Inc.    Case No. 18-10518 (KG)
Debtor    Reporting Period: May 1, 2018 - May 31, 2018

 

MOR-5

Accounts Receivable Aging

As of May 31, 2018

(Unaudited)

 

$ USD ‘000s

 

Accounts Receivable Aging

   Current      0-30 Days      31-60 Days      61-90 Days      91 Days +      Total  

Accounts Receivable, net

   $ 26,366      $ 217      $ 3,500      $ 2      $ 41      $ 30,126  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 
   $ 26,366      $ 217      $ 3,500      $ 2      $ 41      $ 30,126  

Debtor Questionnaire

 

Must be completed each month

  

Yes

  

No

1. Have any assets been sold or transferred outside the normal course of business this reporting period? If yes, provide an explanation below.

      x

2. Have any funds been disbursed from any account other than a debtor in possession account this reporting period? If yes, provide an explanation below.

      x

3. Have all post petition tax returns been timely filed? If no, provide an explanation below.

   x   

4. Are workers compensation, general liability and other necessary insurance coverages in effect? If no, provide an explanation below.

   x   

5. Has any bank account been opened during the reporting period? If yes, provide documentation identifying the opened account(s). If an investment account has been opened provide the required documentation pursuant to the Delaware Local Rule 4001-3.

      x


Case 18-10518-KG    Doc 446-1    Filed 06/29/18    Page 1 of 1

CERTIFICATE OF SERVICE

I, Jose F. Bibiloni, certify that I am not less than 18 years of age, and that service of the foregoing Monthly Operating Report for the reporting period May 1, 2018 – May 31, 2018, was caused to be made on June 29, 2018, in the manner indicated upon the party identified below.

VIA HAND DELIVERY

Attn: Timothy Fox, Esq.

Office of the United States Trustee

J. Caleb Boggs Federal Building

844 North King Street, Suite 2207

Wilmington, DE 19801

 

Dated: June 29, 2018      

          /s/ Jose F. Bibiloni

            Jose F. Bibiloni (No. 6261)