Sorrento Therapeutics, Inc. (SRNE) Bundle
A Brief History of Sorrento Therapeutics, Inc. (SRNE)
Founding and Early Years
Founding and Early Years
Sorrento Therapeutics, Inc. was founded in 2006 by Dr. Henry Ji and a team of scientists. The company was established in San Diego, California, focusing on developing innovative therapies for cancer and other diseases.
In its early phase, Sorrento raised over $100 million from various funding rounds, including public and private investments.
Initial Public Offering (IPO)
In 2013, Sorrento Therapeutics went public, trading under the ticker symbol SRNE. The company raised approximately $15 million through its IPO.
This capital was intended to bolster its pipeline and advance its clinical programs.
Research and Development Milestones
- 2015: Sorrento initiated a clinical trial for Cerenkov radiation therapy in patients with locally advanced or metastatic solid tumors.
- 2016: The company made a significant advancement by acquiring Sorrento Therapeutics, Inc., which brought its assets and technology.
- 2017: Announced promising results from early-phase clinical studies of its lead product candidate, Abivertinib, a dual-acting kinase inhibitor.
- 2019: Sorrento expanded its focus to COVID-19 treatments by exploring monoclonal antibodies.
Financial Performance
For the fiscal year ended December 31, 2022, Sorrento reported a revenue of $84 million, driven primarily by its COVID-19 antibody development endeavors.
The total operating expenses for the same period were approximately $155 million.
By the end of Q2 2023, the company reported cash and cash equivalents amounting to $45 million.
Strategic Partnerships and Collaborations
Sorrento Therapeutics has established various strategic partnerships to enhance its research and development capabilities:
- 2020: Collaboration with Pfizer on the development of novel therapies.
- 2021: Formed a partnership with Janssen Pharmaceuticals to explore antibody-drug conjugates.
- 2022: Agreement with GSK to advance combination therapies for cancer treatment.
Regulatory Achievements
Throughout its history, Sorrento has achieved several key regulatory milestones:
- 2020: Received Emergency Use Authorization (EUA) from the FDA for its COVID-19 antibody, COVID-19 IgG/IgM Rapid Test.
- 2021: Submitted an Investigational New Drug (IND) application for SRNE-001, an innovative cancer treatment.
- 2022: Completion of Phase 1 clinical trials for its prostate cancer therapy, showing promising efficacy.
Market Position and Stock Performance
As of October 2023, Sorrento Therapeutics holds a market capitalization of approximately $350 million. The stock price has seen significant volatility, with a 52-week range varying from $0.45 to $2.00.
| Year | Revenue ($ million) | Operating Expenses ($ million) | Net Income ($ million) | Market Cap ($ million) |
|---|---|---|---|---|
| 2020 | 30 | 110 | -80 | 400 |
| 2021 | 50 | 120 | -70 | 500 |
| 2022 | 84 | 155 | -71 | 350 |
| 2023 (Q2) | 40 | 75 | -35 | 350 |
Recent Developments
In 2023, Sorrento has continued to explore clinical applications for its lead candidates and has made strides in its oncology programs. The focus remains on deploying its resources for the development of therapies targeting unmet medical needs.
A Who Owns Sorrento Therapeutics, Inc. (SRNE)
Major Shareholders
As of the latest available data, Sorrento Therapeutics, Inc. (SRNE) has several major shareholders who control significant portions of the company's stock.
| Shareholder | Ownership Percentage | Number of Shares | Type of Ownership |
|---|---|---|---|
| Institutional Ownership | 38.0% | 99,000,000 | Institutions |
| Insider Ownership | 10.5% | 26,500,000 | Executives & Board Members |
| Retail Investors | 51.5% | 129,000,000 | Individual Investors |
Institutional Investors
Institutional investors have a major stake in Sorrento Therapeutics. The following are some of the notable institutions holding shares:
| Institution | Ownership Percentage | Number of Shares |
|---|---|---|
| BlackRock, Inc. | 7.8% | 19,500,000 |
| The Vanguard Group, Inc. | 5.3% | 13,500,000 |
| State Street Corporation | 3.5% | 8,750,000 |
| Geode Capital Management, LLC | 2.1% | 5,250,000 |
Insider Transactions
Insider transactions reflect the buy and sell activities of executives and board members. The following table summarizes recent transactions:
| Name | Position | Transaction Type | Date | Shares Traded |
|---|---|---|---|---|
| Dr. Henry Ji | CEO | Buy | 2023-09-15 | 100,000 |
| Dr. Stephen E. H. Kauffman | COO | Sell | 2023-09-12 | 50,000 |
| Dr. T. J. Stinson | CFO | Buy | 2023-08-22 | 30,000 |
Sorrento's Market Capitalization
The market capitalization of Sorrento Therapeutics, as of October 2023, is approximately $300 million.
Stock Performance
The stock performance of Sorrento Therapeutics has varied significantly in 2023:
| Period | Stock Price | Market Cap | Volume (Avg. Daily) |
|---|---|---|---|
| January 2023 | $4.50 | $150 million | 1,000,000 shares |
| June 2023 | $2.00 | $75 million | 800,000 shares |
| October 2023 | $3.00 | $300 million | 1,200,000 shares |
Financial Overview
In the latest quarterly report, Sorrento Therapeutics disclosed the following financial figures:
| Financial Metric | Amount (Q3 2023) |
|---|---|
| Revenue | $10 million |
| Net Income (Loss) | -$5 million |
| Cash on Hand | $50 million |
Sorrento Therapeutics, Inc. (SRNE) Mission Statement
Overview of Sorrento Therapeutics
Overview of Sorrento Therapeutics
Sorrento Therapeutics, Inc. (NASDAQ: SRNE) is a clinical-stage biopharmaceutical company focused on delivering innovative therapies for the treatment of cancer and pain management. The company's mission is to leverage its proprietary technologies to advance its pipeline of drug candidates and improve patient outcomes.
Mission Statement Details
The mission of Sorrento Therapeutics is articulated as follows: “To provide innovative and affordable therapeutic solutions to patients with unmet medical needs while delivering significant value to our stakeholders.”
Core Values and Objectives
Sorrento Therapeutics adheres to a set of core values that guide its operations:
- Innovation: Continuously advancing research and development to discover new therapies.
- Patient Focus: Prioritizing patient needs and safety in all processes.
- Collaboration: Working with global partners to enhance therapeutic offerings.
- Integrity: Maintaining the highest ethical standards in clinical and business practices.
Financial Performance
As of the latest available financial data from Q2 2023, Sorrento Therapeutics reported:
| Financial Metric | Amount (in USD) |
|---|---|
| Total Revenue | $2.5 million |
| Net Loss | $(8.2 million) |
| Cash and Cash Equivalents | $122 million |
| Market Capitalization | $1.06 billion |
Strategic Initiatives
To fulfill its mission, Sorrento Therapeutics has outlined several strategic initiatives:
- Clinical Trials: Advancing multiple clinical trials for various drug candidates including COVID-19 therapeutics and cancer treatments.
- Partnerships: Engaging in collaborations with other biotech firms and academic institutions.
- Regulatory Approvals: Focusing on obtaining FDA approvals for lead candidates.
Product Pipeline
The company's product pipeline includes:
| Product | Status | Indication |
|---|---|---|
| COVI-MSC | Phase 2 | COVID-19 |
| ZTlido | Marketed | Pain Management |
| SCI-110 | Phase 1 | Multiple Myeloma |
| SRNE-001 | Preclinical | Various Cancers |
Commitment to Stakeholders
Sorrento Therapeutics is committed to delivering value to its stakeholders through:
- Robust financial returns.
- Transparent communication regarding clinical outcomes.
- Ethical business practices in all aspects of operations.
How Sorrento Therapeutics, Inc. (SRNE) Works
Corporate Overview
Sorrento Therapeutics, Inc., trading under the ticker symbol SRNE, is a clinical-stage biopharmaceutical company. As of October 2023, Sorrento focuses on the discovery and development of therapies for cancer and COVID-19. The company operates through multiple subsidiaries and collaborations to advance its product pipeline.
Business Model
The business model of Sorrento Therapeutics includes:
- Research and Development (R&D): Significant investment in R&D to develop novel therapeutics.
- Licensing Agreements: Collaborations with other pharmaceutical companies to share resources and expertise.
- Commercialization: Plans to market successful drug candidates in various therapeutic areas.
Key Therapeutic Areas
Sorrento focuses primarily on:
- Oncology: Targeting various types of cancers through monoclonal antibodies and cell therapies.
- COVID-19: Developing treatments and vaccines to combat the SARS-CoV-2 virus.
- Chronic Pain: Investigating therapies that address pain management.
Recent Financial Performance
For the fiscal year ended December 31, 2022, Sorrento reported:
| Financial Metric | 2022 Amount ($) |
|---|---|
| Total Revenue | 27.4 million |
| Net Loss | (257.3 million) |
| Research and Development Expenses | 174.5 million |
| General and Administrative Expenses | 51.3 million |
| Cash and Cash Equivalents (as of 12/31/2022) | 64.1 million |
Product Pipeline
Sorrento’s pipeline consists of various candidates at different stages of development:
| Product Name | Indication | Development Stage |
|---|---|---|
| SAR-442 | Multiple Myeloma | Phase 2 |
| COVID-19 mAb | COVID-19 | Phase 1 |
| ZTlido | Chronic Pain | Commercialized |
| STI-1558 | COVID-19 | Preclinical |
| CD38 Antibody | Various Cancers | Phase 1 |
Partnerships and Collaborations
Sorrento has entered several partnerships to enhance its development capabilities:
- Collaboration with Celularity for advanced cell therapies.
- Partnership with Mount Sinai for COVID-19 research.
- Licensing agreements with various pharmaceutical firms for antibody technologies.
Market Position and Competitors
Sorrento Therapeutics operates within a competitive landscape. Key competitors include:
- Amgen Inc.
- Roche Holding AG
- Novartis AG
Stock Performance
The stock performance of Sorrento Therapeutics as of October 2023:
| Metric | Value |
|---|---|
| Current Share Price | $1.25 |
| 52-week High | $3.50 |
| 52-week Low | $0.90 |
| Market Capitalization | 340 million |
Future Outlook
Going forward, Sorrento intends to:
- Advance clinical trials for lead candidates.
- Expand its portfolio through strategic acquisitions.
- Enhance commercialization efforts for launched products.
How Sorrento Therapeutics, Inc. (SRNE) Makes Money
Product Revenue
Sorrento Therapeutics generates revenue through the sale of its pharmaceutical products. The company specializes in therapeutics aimed at oncology and autoimmune diseases. For the fiscal year 2022, Sorrento reported product sales of approximately $7.3 million, driven by its lead therapeutic candidate, ZyCoV-D.
Grants and Collaborations
Sorrento forms partnerships and collaborations which contribute significantly to its revenue. In 2022, the company secured a collaboration agreement with National University of Singapore for the development of novel antibody therapies, resulting in grants totaling $2.5 million.
Licensing Agreements
Many biopharmaceutical companies, including Sorrento, license their technologies to third parties, which provides a substantial income stream. For instance, in 2022, Sorrento entered a licensing agreement for their antibody drug conjugate platform, which generated an upfront payment of $10 million and potential milestone payments of up to $50 million.
R&D Investments
In 2023, Sorrento allocated approximately $40 million to research and development, focusing on expanding its pipeline of drug candidates. The R&D expenses are crucial for attracting further investments and grants, which can later translate into revenue through successful drug development.
Recent Financial Performance
In its latest financial report for Q3 2023, Sorrento Therapeutics posted total revenues of $12.8 million, a 5% increase from the previous year. Operating expenses were approximately $25 million, leading to a net loss of $13 million for the quarter.
| Year | Product Sales ($ million) | Collaboration Revenue ($ million) | Licensing Revenue ($ million) | Total Revenue ($ million) |
|---|---|---|---|---|
| 2020 | 2.1 | 1.2 | 5.0 | 8.3 |
| 2021 | 6.0 | 0.8 | 3.5 | 10.3 |
| 2022 | 7.3 | 2.5 | 10.0 | 19.8 |
| 2023 (Q3) | 12.8 | 0.5 | 0.0 | 13.3 |
Market Opportunities
Sorrento Therapeutics is poised to capitalize on several market opportunities within the biotech industry. The global oncology therapeutics market size was valued at approximately $202 billion in 2022 and is expected to expand at a compound annual growth rate (CAGR) of 7.5% from 2023 to 2030.
Investment and Capital Raising
The company has also engaged in several capital-raising activities. In August 2023, Sorrento Therapeutics completed a $50 million public offering of common stock, which significantly bolstered its liquidity position for ongoing and future projects.
Conclusion on Revenue Diversification
Sorrento Therapeutics employs a diverse strategy to generate revenue, covering product sales, collaborations, licensing agreements, and strategic investments. As of Q3 2023, the diversification strategy has shown some resilience amidst industry challenges, with the company focusing on expanding its pipeline and market presence.
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