Sorrento Therapeutics, Inc.: going-concern / distress — Sorrento Therapeutics files Chapter 11 bankruptcy after $156M arbitration award enforced

Sorrento Therapeutics, Inc.

Filed voluntary Chapter 11 petitions on Feb 13, 2023 in Southern District of Texas.
Triggered by court confirmation of $156.8M award to NantCell and $16.7M to NANTibody, with $50M enforcement stay.
Company also received $125M award in separate Cynviloq arbitration against NantPharma.
Debtors include wholly-owned subsidiary Scintilla Pharmaceuticals; operations continue under Bankruptcy Code.
Bankruptcy intended to prevent asset levy and disruption to drug development pipeline.

Key facts

Extracted from this filing and checked against the source text.

Distress & Bankruptcy SEC 8-K Item 1.03 confidence 0.9

Sorrento Therapeutics, Inc. entered chapter 11 in United States Bankruptcy Court for the Southern District of Texas (petition 2023-02-13).

Proceeding: chapter 11
Court: United States Bankruptcy Court for the Southern District of Texas
Petition: 2023-02-13

Exact text from the filing

on February 13, 2023, the Company and its wholly-owned direct subsidiary, Scintilla Pharmaceuticals, Inc. (together with the Company, the “Debtors”), commenced voluntary proceedings under Chapter 11 of the United States Bankruptcy Code in the United States Bankruptcy Court for the Southern District of Texas (the “Bankruptcy Court”).

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Source: SEC EDGAR

accession 0001104659-23-018890

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