---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-023902"
form_type: "8-K"
ticker: null
cik: "0000850261"
company_name: "Sorrento Therapeutics, Inc."
filed_at: "2023-02-22T23:59:59+00:00"
generated_at: "2026-06-19T06:01:11.465221+00:00"
event_type: "other_material"
sentiment: "negative"
materiality_score: 0.9
calibrated_materiality_score: 0.9
confidence: "high"
source: SEC EDGAR
---

# Sorrento Therapeutics files Chapter 11, secures $75M DIP financing with $30M initial draw

## Summary
- Filed Chapter 11 on Feb 13, 2023; jointly administered with Scintilla Pharmaceuticals.
- Entered DIP Term Sheet with JMB Capital for up to $75M super-priority senior secured term loan.
- Bankruptcy Court approved interim $30M draw on Feb 21, 2023; interest rate 14% per annum.
- DIP facility matures earliest of July 31, 2023, plan effective date, or asset sale.
- Proceeds for working capital, professional fees, and DIP expenses; no roll-up of prepetition debt.

## SEC filing metadata
- accession: 0001104659-23-023902
- form_type: 8-K
- cik: 0000850261
- company_name: Sorrento Therapeutics, Inc.
- filed_at: 2023-02-22T23:59:59+00:00
- event_type: other_material
- sentiment: negative
- materiality_score: 0.9
- calibrated_materiality_score: 0.9
- confidence: high
- sec_items: 1.03, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/850261/000110465923023902/0001104659-23-023902-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/850261/000110465923023902/tm237448d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-023902
- JSON: https://secwatch.observer/filing/0001104659-23-023902.json
- Plain text: https://secwatch.observer/filing/0001104659-23-023902.txt

## Key facts
- Distress & Bankruptcy
  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
  source text: On February 13, 2023, Sorrento Therapeutics, Inc. (“Sorrento” or 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”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/850261/000110465923023902/0001104659-23-023902-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.