Mission Statement, Vision, & Core Values (2024) of Sorrento Therapeutics, Inc. (SRNE)

An Overview of Sorrento Therapeutics, Inc. (SRNE)

General Summary of Sorrento Therapeutics, Inc.

Sorrento Therapeutics, Inc. (SRNE) is a clinical-stage biopharmaceutical company focused on the discovery and development of proprietary therapeutic antibodies for the treatment of cancers and other serious diseases. Established in 2006, the company has integrated a diverse range of technologies, including immunotherapy, small molecules, and regenerative medicine, into its product offerings.

As of 2024, Sorrento Therapeutics has positioned itself with a robust pipeline of products, particularly in the fields of oncology and autoimmune diseases. The company has a series of drug candidates in various stages of clinical development, targeting a broad spectrum of diseases.

In 2024, Sorrento's total sales reached approximately $150 million, driven primarily by its flagship product, Abivertinib, which has shown promising results in clinical trials. Additional revenue streams include licensing agreements and partnerships with other biopharmaceutical firms.

Company's Financial Performance in the Latest Financial Reports

In the latest financial report for Q1 2024, Sorrento Therapeutics highlighted a significant increase in revenue, reporting a record-breaking $45 million in product sales for the quarter, compared to $25 million in Q1 2023. This growth is attributed to the successful commercial launch of Abivertinib and increased market penetration across key therapeutic areas.

Below is a summary of the company's financial performance:

Furthermore, Sorrento has experienced a notable growth in international markets, particularly in Europe and Asia, with a reported increase of 25% in these regions compared to the previous year.

Introduction to Sorrento as a Leader in the Industry

Sorrento Therapeutics has established itself as one of the leading companies in the biopharmaceutical industry through its innovative approach to drug discovery and development. The company specializes in developing next-generation therapeutics that address unmet medical needs in oncology and autoimmune diseases.

With a strong emphasis on research and development, Sorrento has garnered attention for its cutting-edge technologies and strategic partnerships. The company's commitment to advancing science is reflected in its growing patent portfolio and collaborations with major research institutions.

Investors and stakeholders are encouraged to explore further to understand the various aspects of Sorrento Therapeutics’ operations and the factors contributing to its success in a competitive market landscape.

Mission Statement of Sorrento Therapeutics, Inc. (SRNE)

Company's Mission Statement

The mission statement of Sorrento Therapeutics, Inc. encapsulates the essence of the company’s objectives and values as it seeks to innovate within the biopharmaceutical landscape. The importance of a clear and concise mission statement lies in its ability to provide direction, align stakeholders, and communicate the company's purpose to both internal and external parties. As of 2024, Sorrento Therapeutics maintains a commitment to advancing the development of innovative therapies that significantly improve the quality of life of patients with unmet medical needs.

Core Component 1: Innovation

Innovation serves as a foundation for Sorrento Therapeutics' mission, driving the research and development of groundbreaking therapies and treatment options. The company emphasizes a multi-modal approach to therapeutics, leveraging cutting-edge technologies such as monoclonal antibodies, cell therapies, and small molecules.

As of 2023, Sorrento Therapeutics has secured over 300 patents related to its innovative technologies, underscoring its commitment to advancing science. Additionally, the company reported a research funding allocation of approximately $50 million in 2023 to support ongoing clinical trials and product development.

Core Component 2: Quality

Delivering high-quality products is integral to Sorrento Therapeutics' mission statement. The company adheres to stringent regulatory standards set by the FDA and EMA, ensuring that its therapeutic offerings undergo rigorous testing for safety and efficacy.

In 2022, Sorrento Therapeutics achieved a 100% compliance rate in FDA inspections, reflecting its dedication to maintaining the highest quality standards in manufacturing. The company also reported that approximately 85% of its products were developed in compliance with Good Manufacturing Practices (GMP).

Core Component 3: Patient-Centric Focus

A patient-centric approach is at the heart of Sorrento Therapeutics' mission, guiding its research priorities and therapeutic development strategies. The company's goal is to ensure that its innovations address the specific needs of patients suffering from various conditions, particularly cancer and autoimmune diseases.

In 2023, Sorrento Therapeutics engaged in over 200 patient advocacy partnerships, actively involving patients in the drug development process. Furthermore, the company reported that 90% of its clinical trials included feedback from patient representatives, illustrating how patient insights shape its product pipeline.

Vision Statement of Sorrento Therapeutics, Inc. (SRNE)

Vision for Innovation in Biotechnology

Sorrento Therapeutics, Inc. envisions a future where cutting-edge biotechnology transforms patient outcomes. The company aims to leverage advancements in science to create innovative therapies that address unmet medical needs.

In 2023, Sorrento allocated approximately $50 million to research and development, reflecting a strong commitment to innovation.

Global Health Impact

Sorrento's vision includes enhancing global health through accessible therapies. The company is focused on developing products that cater to a broad patient demographic.

The company projects to expand its market presence to 40 countries by 2025, targeting key therapeutic areas including oncology and autoimmune diseases.

Patient-Centric Approach

The vision incorporates a patient-centric philosophy, ensuring that the needs of patients are at the forefront of Sorrento's initiatives. This approach includes patient feedback in the development process.

In 2024, Sorrento aims to increase patient satisfaction scores by 20% through enhanced treatment paradigms.

Partnerships for Progress

Collaboration with leading institutions and organizations is a pivotal part of Sorrento's vision. The company seeks to form strategic alliances that will enhance its research capabilities.

Sorrento has engaged in partnerships that could potentially generate over $200 million in revenue through joint development programs by 2026.

Table: Financial Overview of Sorrento Therapeutics, Inc. (2024 Forecast)

Regulatory Excellence

Sorrento aims to excel in regulatory compliance and streamline the approval process for its therapies, ensuring rapid access to innovative treatments for patients.

In 2024, Sorrento is targeting an FDA approval for one of its lead assets, projected to enter the market by the end of the year.

Core Values of Sorrento Therapeutics, Inc. (SRNE)

Integrity

Integrity is the cornerstone of Sorrento Therapeutics, Inc. It emphasizes transparency and ethical practices in all business dealings.

In 2022, Sorrento reported a net loss of $216.4 million, indicating the challenges faced, yet the company remained committed to truthful financial reporting.

Innovation

Innovation drives Sorrento's mission to advance therapeutics and improve patient outcomes.

The company has invested over $60 million in R&D as of 2023, focusing on monoclonal antibodies and next-generation therapies.

Notable projects include the development of the COVID-19 monoclonal antibody therapy, which demonstrated neutralizing activity against various variants.

Collaboration

Collaboration is essential for Sorrento, fostering partnerships that enhance research and development.

In 2023, the company formed strategic alliances with leading biotech firms, resulting in a $40 million joint venture to accelerate drug development.

• Partnership with Company A for immunotherapy research.
• Collaboration with Company B for vaccine development.
• Joint project with Company C focusing on rare diseases.

Accountability

Accountability ensures that Sorrento is responsible for its actions and outcomes.

In 2023, Sorrento established a Governance, Risk, and Compliance (GRC) program, enhancing its commitment to ethics and regulatory requirements.

The company’s management undergoes regular training to ensure compliance with FDA regulations and corporate governance standards.

Excellence

Excellence represents Sorrento's commitment to high standards in research, manufacturing, and patient care.

The company has achieved ISO 9001 certification in 2023, reflecting its dedication to quality management systems.

Sorrento has received multiple accolades for its innovative approaches, including the 'Best Biotech Company' award from BioTech Digest in 2022.