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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 March 31, 2020
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 April 24, 2020 was 209,690,497.
Sorrento Therapeutics, Inc.
Form 10-Q for the Quarter Ended March 31, 2020
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 |
|
March 31,
2020 |
|
|
December 31,
2019 |
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
21,897 |
|
|
$ |
22,521 |
|
Restricted cash |
|
|
— |
|
|
|
13,098 |
|
Accounts receivables, net |
|
|
10,023 |
|
|
|
14,454 |
|
Inventory |
|
|
3,038 |
|
|
|
3,362 |
|
Prepaid expenses and other |
|
|
14,674 |
|
|
|
14,153 |
|
Total current assets |
|
|
49,632 |
|
|
|
67,588 |
|
Property and equipment, net |
|
|
28,470 |
|
|
|
29,888 |
|
Operating lease right-of-use assets |
|
|
46,329 |
|
|
|
46,384 |
|
Intangibles, net |
|
|
62,316 |
|
|
|
63,308 |
|
Goodwill |
|
|
38,298 |
|
|
|
38,298 |
|
Cost method investments |
|
|
237,008 |
|
|
|
237,008 |
|
Equity method investments |
|
|
24,676 |
|
|
|
25,233 |
|
Restricted cash |
|
|
45,050 |
|
|
|
45,150 |
|
Other, net |
|
|
4,774 |
|
|
|
4,775 |
|
Total assets |
|
$ |
536,553 |
|
|
$ |
557,632 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
28,986 |
|
|
$ |
27,630 |
|
Accrued payroll and related benefits |
|
|
15,507 |
|
|
|
15,914 |
|
Accrued expenses |
|
|
14,241 |
|
|
|
18,728 |
|
Current portion of deferred revenue |
|
|
3,777 |
|
|
|
3,643 |
|
Acquisition consideration payable |
|
|
398 |
|
|
|
908 |
|
Current portion of derivative liabilities |
|
|
7,280 |
|
|
|
8,800 |
|
Current portion of debt |
|
|
16,585 |
|
|
|
36,261 |
|
Current portion of operating lease liabilities |
|
|
3,374 |
|
|
|
3,322 |
|
Total current liabilities |
|
|
90,148 |
|
|
|
115,206 |
|
Long-term debt, net of discount |
|
|
182,958 |
|
|
|
199,088 |
|
Deferred tax liabilities, net |
|
|
8,893 |
|
|
|
9,043 |
|
Deferred revenue |
|
|
114,085 |
|
|
|
114,389 |
|
Derivative liabilities |
|
|
36,600 |
|
|
|
35,000 |
|
Operating lease liabilities |
|
|
52,094 |
|
|
|
52,111 |
|
Other long-term liabilities |
|
|
549 |
|
|
|
39 |
|
Total liabilities |
|
$ |
485,327 |
|
|
$ |
524,876 |
|
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 204,566,004 and 167,798,120
shares issued and outstanding at March 31, 2020 and December 31, 2019, respectively |
|
|
23 |
|
|
|
18 |
|
Additional paid-in capital |
|
|
875,712 |
|
|
|
788,122 |
|
Accumulated other comprehensive loss |
|
|
(215 |
) |
|
|
(270 |
) |
Accumulated deficit |
|
|
(725,013 |
) |
|
|
(659,818 |
) |
Treasury stock, 7,568,182 shares at cost at March 31, 2020, and December 31, 2019 |
|
|
(49,464 |
) |
|
|
(49,464 |
) |
Total Sorrento Therapeutics, Inc. stockholders’ equity |
|
|
101,043 |
|
|
|
78,588 |
|
Noncontrolling interests |
|
|
(49,817 |
) |
|
|
(45,832 |
) |
Total equity |
|
|
51,226 |
|
|
|
32,756 |
|
Total liabilities and stockholders’ equity |
|
$ |
536,553 |
|
|
$ |
557,632 |
|
See accompanying notes to unaudited consolidated financial statements
3
SORRENTO THERAPEUTICS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except for per share amounts; unaudited)
|
|
Three Months Ended
March 31, |
|
|
|
2020 |
|
|
2019 |
|
Revenues: |
|
|
|
|
|
|
|
|
Net product revenues |
|
$ |
5,248 |
|
|
$ |
3,359 |
|
Service revenues |
|
|
2,473 |
|
|
|
2,784 |
|
Total revenues |
|
|
7,721 |
|
|
|
6,143 |
|
Operating costs and expenses: |
|
|
|
|
|
|
|
|
Cost of products sold |
|
|
548 |
|
|
|
441 |
|
Cost of services |
|
|
1,891 |
|
|
|
1,867 |
|
Research and development |
|
|
21,154 |
|
|
|
25,616 |
|
Acquired in-process research and development |
|
|
— |
|
|
|
75,301 |
|
Selling, general and administrative |
|
|
26,299 |
|
|
|
25,122 |
|
Intangible amortization |
|
|
992 |
|
|
|
966 |
|
Total operating costs and expenses |
|
|
50,884 |
|
|
|
129,313 |
|
Loss from operations |
|
|
(43,163 |
) |
|
|
(123,170 |
) |
(Loss) gain on trading securities |
|
|
(59 |
) |
|
|
94 |
|
Loss on partial debt settlement |
|
|
(23,645 |
) |
|
|
— |
|
Gain (loss) on derivative liabilities |
|
|
4,920 |
|
|
|
(14,501 |
) |
(Loss) gain on foreign currency exchange |
|
|
(147 |
) |
|
|
313 |
|
Interest expense |
|
|
(6,825 |
) |
|
|
(9,080 |
) |
Interest income |
|
|
19 |
|
|
|
534 |
|
Loss before income tax |
|
|
(68,900 |
) |
|
|
(145,810 |
) |
Income tax benefit |
|
|
(276 |
) |
|
|
(178 |
) |
Loss on equity method investments |
|
|
(556 |
) |
|
|
(897 |
) |
Net loss |
|
|
(69,180 |
) |
|
|
(146,529 |
) |
Net loss attributable to noncontrolling interests |
|
|
(3,985 |
) |
|
|
(38,458 |
) |
Net loss attributable to Sorrento |
|
$ |
(65,195 |
) |
|
$ |
(108,071 |
) |
Net loss per share - basic per share attributable to Sorrento |
|
$ |
(0.36 |
) |
|
$ |
(0.88 |
) |
Net loss per share - diluted per share attributable to Sorrento |
|
$ |
(0.36 |
) |
|
$ |
(0.88 |
) |
Weighted-average shares used during period - basic per share
attributable to Sorrento |
|
|
182,609 |
|
|
|
122,281 |
|
Weighted-average shares used during period - diluted per share
attributable to Sorrento |
|
|
182,609 |
|
|
|
122,281 |
|
See accompanying notes to unaudited consolidated financial statements
4
SORRENTO THERAPEUTICS, INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
(In thousands; unaudited)
|
|
Three Months Ended
March 31, |
|
|
|
2020 |
|
|
2019 |
|
Net loss |
|
$ |
(69,180 |
) |
|
$ |
(146,529 |
) |
Other comprehensive loss: |
|
|
|
|
|
|
|
|
Foreign currency translation adjustments |
|
|
55 |
|
|
|
85 |
|
Total other comprehensive loss |
|
|
55 |
|
|
|
85 |
|
Comprehensive loss |
|
|
(69,125 |
) |
|
|
(146,444 |
) |
Comprehensive loss attributable to noncontrolling interests |
|
|
(3,985 |
) |
|
|
(38,458 |
) |
Comprehensive loss attributable to Sorrento |
|
$ |
(65,140 |
) |
|
$ |
(107,986 |
) |
See accompanying notes to unaudited consolidated financial statements
5
SORRENTO THERAPEUTICS, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY
(In thousands, except for share amounts; unaudited)
|
|
Three Months Ended March 31, 2020 |
|
|
|
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, 2019 |
|
|
167,798,120 |
|
|
$ |
18 |
|
|
|
7,568,182 |
|
|
$ |
(49,464 |
) |
|
$ |
788,122 |
|
|
$ |
(270 |
) |
|
$ |
(659,818 |
) |
|
$ |
(45,832 |
) |
|
$ |
32,756 |
|
Exercise of stock options, net |
|
|
49,193 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
99 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
99 |
|
Issuance of common stock upon exercise of
warrants |
|
|
5,008,609 |
|
|
|
1 |
|
|
|
— |
|
|
|
— |
|
|
|
13,534 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
13,535 |
|
Issuance of common stock for public
placement, net |
|
|
2,090,802 |
|
|
|
1 |
|
|
|
— |
|
|
|
— |
|
|
|
7,325 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
7,326 |
|
Stock-based compensation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,682 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
3,682 |
|
Issuance of common stock from
Aspire Purchase Agreement |
|
|
29,619,280 |
|
|
|
3 |
|
|
|
— |
|
|
|
— |
|
|
|
62,950 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
62,953 |
|
Foreign currency translation adjustment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
55 |
|
|
|
|
|
|
|
— |
|
|
|
55 |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(65,195 |
) |
|
|
(3,985 |
) |
|
|
(69,180 |
) |
Balance, March 31, 2020 |
|
|
204,566,004 |
|
|
$ |
23 |
|
|
|
7,568,182 |
|
|
$ |
(49,464 |
) |
|
$ |
875,712 |
|
|
$ |
(215 |
) |
|
$ |
(725,013 |
) |
|
$ |
(49,817 |
) |
|
$ |
51,226 |
|
|
|
Three Months Ended March 31, 2019 |
|
|
|
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, 2018 |
|
|
122,280,092 |
|
|
$ |
13 |
|
|
|
7,568,182 |
|
|
$ |
(49,464 |
) |
|
$ |
626,658 |
|
|
$ |
15 |
|
|
$ |
(367,750 |
) |
|
$ |
(1,972 |
) |
|
$ |
207,500 |
|
Issuance of common stock upon exercise of stock
options |
|
|
31,825 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
81 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
81 |
|
Equity contribution related to Semnur acquisition |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
28,400 |
|
|
|
— |
|
|
|
— |
|
|
|
26,600 |
|
|
|
55,000 |
|
Stock-based compensation |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,976 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
1,976 |
|
Foreign currency translation adjustment |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
85 |
|
|
|
— |
|
|
|
— |
|
|
|
85 |
|
Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(108,071 |
) |
|
|
(38,458 |
) |
|
|
(146,529 |
) |
Balance, March 31, 2019 |
|
|
122,311,917 |
|
|
$ |
13 |
|
|
|
7,568,182 |
|
|
$ |
(49,464 |
) |
|
$ |
657,115 |
|
|
$ |
100 |
|
|
$ |
(475,821 |
) |
|
$ |
(13,830 |
) |
|
$ |
118,113 |
|
See accompanying notes to unaudited consolidated financial statements
6
SORRENTO THERAPEUTICS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS
(In thousands; unaudited)
|
|
Three Months Ended March 31, |
|
Operating activities |
|
2020 |
|
|
2019 |
|
Net loss |
|
$ |
(69,180 |
) |
|
$ |
(146,529 |
) |
Adjustments to reconcile net loss to net cash used for operating activities: |
|
|
|
|
|
|
|
|
Depreciation and amortization |
|
|
3,058 |
|
|
|
3,471 |
|
Non-cash operating lease cost |
|
|
842 |
|
|
|
1,292 |
|
Non-cash interest expense and amortization of debt issuance costs |
|
|
4,386 |
|
|
|
6,200 |
|
Acquired in-process research and development |
|
|
— |
|
|
|
75,301 |
|
Stock-based compensation |
|
|
3,682 |
|
|
|
1,976 |
|
Loss on partial debt settlement |
|
|
23,645 |
|
|
|
— |
|
(Gain) Loss on derivative liabilities |
|
|
(4,920 |
) |
|
|
14,501 |
|
Loss on equity method investments |
|
|
556 |
|
|
|
897 |
|
Deferred tax provision |
|
|
(150 |
) |
|
|
(186 |
) |
Changes in operating assets and liabilities, excluding effect of acquisitions: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
4,432 |
|
|
|
(3,575 |
) |
Accrued payroll |
|
|
(407 |
) |
|
|
(76 |
) |
Prepaid expenses, deposits and other assets |
|
|
185 |
|
|
|
(2,677 |
) |
Accounts payable |
|
|
728 |
|
|
|
(3,439 |
) |
Accrued expenses and other liabilities |
|
|
(4,488 |
) |
|
|
8,691 |
|
Deferred revenue |
|
|
(169 |
) |
|
|
(319 |
) |
Other |
|
|
(750 |
) |
|
|
163 |
|
Net cash used for operating activities |
|
|
(38,550 |
) |
|
|
(44,309 |
) |
Investing activities |
|
|
|
|
|
|
|
|
Purchases of property and equipment |
|
|
(21 |
) |
|
|
(5,228 |
) |
Purchase of assets related to Semnur, net of cash acquired |
|
|
— |
|
|
|
(17,040 |
) |
Net cash used for investing activities |
|
|
(21 |
) |
|
|
(22,268 |
) |
Financing activities |
|
|
|
|
|
|
|
|
Proceeds from equity offerings, net of issuance costs |
|
|
69,896 |
|
|
|
— |
|
Proceeds from short-term debt |
|
|
725 |
|
|
|
— |
|
Proceeds from exercise of stock options and warrants |
|
|
13,634 |
|
|
|
|