---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-079246"
form_type: "8-K"
ticker: null
cik: "0000850261"
company_name: "Sorrento Therapeutics, Inc."
filed_at: "2023-07-10T23:59:59+00:00"
generated_at: "2026-06-13T10:49:00.077720+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Sorrento obtains $20M junior DIP loan from Scilex; interim court approval granted

## Summary
- Bankruptcy court entered interim order July 5, 2023 approving $20M junior DIP loan from Scilex Holding Co.
- Loan bears 12% PIK interest, matures on earliest of Sept 30, 2023, plan effective date, asset sale, or conversion.
- Proceeds used for working capital, professional fees, and interest on senior $75M DIP facility from JMB Capital.
- Junior DIP facility is subordinated to senior $75M DIP facility under intercreditor agreement.
- Final hearing for approval of junior DIP facility is scheduled for July 24, 2023.

## SEC filing metadata
- accession: 0001104659-23-079246
- form_type: 8-K
- cik: 0000850261
- company_name: Sorrento Therapeutics, Inc.
- filed_at: 2023-07-10T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/850261/000110465923079246/0001104659-23-079246-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/850261/000110465923079246/tm2320867d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-079246
- JSON: https://secwatch.observer/filing/0001104659-23-079246.json
- Plain text: https://secwatch.observer/filing/0001104659-23-079246.txt

## Key facts
- Debt Financings
  Sorrento Therapeutics, Inc. incurred term loan of $20,000,000 (the "Base Amount") with Scilex Holding Company at 12.00% maturing September 30, 2023.
  - Instrument: term loan
  - Principal: $20,000,000 (the "Base Amount")
  - Counterparty: Scilex Holding Company
  - Rate: 12.00%
  - Maturity: September 30, 2023
  - Event: incurrence
  source text: the Debtors executed that certain Debtor-in-Possession Term Loan Facility Summary of Terms and Conditions (the "Junior DIP Term Sheet") with Scilex, pursuant to which Scilex (or its designees or its assignees) will provide the Debtors with a non-amortizing super-priority junior secured term loan facility in an aggregate principal amount not to exceed the sum of (i) $20,000,000 (the "Base Amount"), plus (ii) the amount of the commitment fee and the funding fee, each equal to 1% of the Base Amount, plus (iii) the amount of the DIP Lender Holdback (as defined in the Interim DIP Order) (the "Junior DIP Facility"), subject to the terms and conditions set forth in the Junior DIP Term Sheet.
  evidence_url: https://www.sec.gov/Archives/edgar/data/850261/000110465923079246/0001104659-23-079246-index.htm
- Material Agreements
  Sorrento Therapeutics, Inc. entered into Junior DIP Term Sheet with Scilex Holding Company valued at not to exceed $20 million (effective 2023-07-05).
  - Action: entry
  - Agreement: credit facility
  - Counterparty: Scilex Holding Company
  - Value: not to exceed $20 million
  - Effective: 2023-07-05
  source text: On July 5, 2023, the Debtors executed that certain Debtor-in-Possession Term Loan Facility Summary of Terms and Conditions (the “Junior DIP Term Sheet”) with Scilex, pursuant to which Scilex (or its designees or its assignees) will provide the Debtors with a non-amortizing super-priority junior secured term loan facility in an aggregate principal amount not to exceed the sum of (i) $20,000,000
  evidence_url: https://www.sec.gov/Archives/edgar/data/850261/000110465923079246/0001104659-23-079246-index.htm

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