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SRNE Stock Price Correlated With Sorrento Therapeutics Financials

SRNE Stock Price vs. Quarterly
SRNE
Income Statement
Cash Flow
Balance Sheet

SRNE Income Statement

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SRNE Cash Flow

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SRNE Balance Sheet

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COMPANY PROFILE
2. Nature of Operations and Summary of Significant Accounting Policies
Nature of Operations and Basis of Presentation
The Company is a biopharmaceutical company focused on the discovery, development and commercialization of novel and proprietary
biotherapeutics for the treatment of a variety of disease conditions, including cancer, inflammation, metabolic and infectious diseases. The Company’s objective is to either independently or through one or more partnerships with pharmaceutical
or biopharmaceutical organizations identify drug development candidates derived from the libraries. See Note 10.
As of
December 31, 2012, the Company has devoted substantially all of its efforts to product development, raising capital and building infrastructure, and has not realized revenues from its planned principal operations. Accordingly, the Company is
considered to be in the development stage.

The accompanying
consolidated financial statements include the accounts of the Company’s wholly-owned subsidiary, Sorrento Therapeutics, Inc. Hong Kong Limited, or Sorrento Hong Kong, which was registered effective December 4, 2012. Sorento Hong Kong had
no operations in 2012. All inter-company balances and transactions have been eliminated in consolidation.
Liquidity and Going Concern

The accompanying consolidated financial statements have been prepared on the going concern basis, which assumes that the Company will continue to operate as a going concern and which contemplates the
realization of assets and the satisfaction of liabilities and commitments in the normal course of business. As reflected in the accompanying consolidated financial statements, the Company has a net loss of $4,845,308, net cash used for operations of
$3,797,476 and net cash used for investing activities of $547,884, for the year ended December 31, 2012. As of December 31, 2012, the Company also has an accumulated deficit of $10,950,299 and working capital of $4,667,817.
In February 2013, the Company entered into a loan and security agreement with a bank which provided the Company with an equipment loan
for up to $1,000,000. In March 2013, the Company entered into: (i) a stock purchase agreement and issued 33,658,305 shares of common stock for aggregate gross proceeds of $6,418,495 and (ii) the transactions with IgDraSol, Inc.
(IgDraSol). The Company intends to acquire IgDraSol in 2013. See Note 10.
The Company anticipates that it will continue to
incur net losses into the foreseeable future as it: (i) continues to identify and advance a number of potential drug candidates into preclinical development activities, (ii) acquires IgDraSol and continues to fund its operations, and (iii) expands
its corporate infrastructure, including the costs associated with being a public company. Without additional funding, management believes that the Company will not have sufficient funds to meet its obligations beyond October 2013. These conditions
give rise to substantial doubt as to the Company’s ability to continue as a going concern. The accompanying consolidated financial statements do not include any adjustments that might result from the outcome of this uncertainty.
The Company plans to continue to fund its losses from operations and capital funding needs through public or private equity or debt
financings, strategic collaborations, licensing arrangements, asset sales, government grants or other arrangements. However, the Company cannot be sure that such additional funds will be available on reasonable terms, or at all. If the Company is
unable to secure adequate additional funding, the Company may be forced to make reductions in spending, extend payment terms with suppliers, liquidate assets where possible, and/or suspend or curtail planned programs. In addition, if the Company
does not meet its payment obligations to third parties as they come due, it may be subject to litigation claims. Even if the Company is successful in defendi

Free historical financial statements for Sorrento Therapeutics Inc. See how revenue, income, cash flow, and balance sheet financials have changed over 46 quarters since 2012. Compare with SRNE stock chart to see long term trends.

Data imported from Sorrento Therapeutics Inc SEC filings. Check original filings before making any investment decision.