Sorrento Therapeutics, Inc. (SRNE): Business Model Canvas [Dec-2025 Updated]

You're looking for the real story on Sorrento Therapeutics' business model now that they've emerged from Chapter 11, and honestly, it's a complex picture that demands a clear breakdown. As an analyst who's seen a few restructurings, I've mapped out their nine core building blocks, focusing on what actually drives value post-reorg-think non-opioid pain candidates like Resiniferatoxin (RTX) and their immuno-oncology platforms. The numbers are key here: they are forecasting annual revenue of $416 million for fiscal year 2025, which sits right alongside their heavy R&D spend and the financial maneuvering from the Oramed debt assumption. Dive into the canvas below to see exactly how their key resources, like the proprietary G-MAB™ library, translate into potential revenue streams and what that means for their path forward.

Sorrento Therapeutics, Inc. (SRNE) - Canvas Business Model: Key Partnerships

You're looking at the structure of Sorrento Therapeutics, Inc. (SRNE) partnerships as of late 2025, which is heavily influenced by the preceding restructuring period. The core of the current model relies on established relationships, even if the financial terms are historical.

Clinical research organizations (CROs) for global trials

Specific, current contracts with Clinical Research Organizations (CROs) for global trials as of late 2025 are not publicly itemized in recent filings, so I can only point to the general strategy. Sorrento Therapeutics intends to use partnerships to balance the risks and costs associated with drug development. Partnering objectives include generating revenue through license fees, milestone-related development fees, and royalties by licensing rights to product candidates. Sorrento also looks at strategic collaborations where the partner handles certain product and clinical development responsibilities.

Academic institutions for collaborative research and development

Collaborative research has involved licensing intellectual property from academic sources. For instance, Sorrento Therapeutics entered into an option agreement on August 24, 2021, with The Texas A&M University System for exclusive rights to intellectual property covering main protease (M^Pro) inhibitors against SARS-CoV-2. This agreement bolstered a portfolio that included small molecules and antibodies targeting COVID-19.

A more recent partnership example involves the joint venture, ImmuneOncia, with Yuhan Corp. ImmuneOncia reported interim data from a phase 1b trial of IMC-002, a CD47-targeting monoclonal antibody, in combination with Lenvima (lenvatinib) at ASCO 2025. That study showed an objective response rate of 30 percent and a disease control rate of 70 percent among 10 evaluable patients.

Financial and legal advisors for post-bankruptcy restructuring

The restructuring process involved several key advisors, whose roles were critical in navigating the Chapter 11 case. The last publicly detailed advisory team included:

• M3 Partners as restructuring advisor.
• Moelis & Company LLC as financial advisor and investment banker.
• Latham & Watkins LLP and Jackson Walker LLP as legal counsel to Sorrento Therapeutics, Inc.

The company also completed a Post IPO round on April 04, 2025, raising $47.4M, which would have impacted the liquidity situation managed by these financial teams.

Oramed Pharmaceuticals for debt assumption and Scilex transaction

The relationship with Oramed Pharmaceuticals Inc. centered on the Scilex Holding Company securities during the bankruptcy. The final transaction consummated on September 21, 2023, involved Scilex acquiring the securities from Sorrento Therapeutics, Inc. The total consideration was structured around debt assumption.

Here are the key financial components of that September 2023 transaction:

This transaction resulted in Scilex ceasing to be a majority-owned subsidiary of Sorrento Therapeutics, Inc., leading to its presentation as discontinued operations on the financial statements.

Contract manufacturing organizations (CMOs) for drug production

While San Diego hosts several contract manufacturing firms, specific, current agreements for Sorrento Therapeutics, Inc.'s drug production with CMOs as of late 2025 are not detailed in recent public disclosures. The company's overall strategy involves an integrated model for drug discovery, clinical development, manufacturing, and commercialization, which implies reliance on external manufacturing capacity for scale-up.

The latest available employee count for Sorrento Therapeutics, Inc. was 949 as of December 31, 2022, and annual revenue was $62.8M as on December 31, 2022.

Finance: review Q4 2025 cash burn projections by end of next week.

Sorrento Therapeutics, Inc. (SRNE) - Canvas Business Model: Key Activities

You're looking at the core engine of Sorrento Therapeutics, Inc. post-reorganization, which means the key activities are laser-focused on advancing the most promising science while managing a significantly leaner financial structure following the Chapter 11 emergence effective April 10, 2024. The operational focus has clearly shifted to clinical execution and preserving the core intellectual assets.

Advanced clinical trials (Phase II/III) for key pipeline assets

Advancing candidates through late-stage trials is the primary value-driving activity. This requires intense operational management of trial sites, patient enrollment, and data collection. The company is heavily invested in proving out its late-stage assets to generate future revenue potential.

Key clinical activities include:

• Advancing SEMDEXA, an injectable viscous gel formulation, through a Phase III trial targeting sciatica.
• Managing the ongoing clinical development for SP-103, a non-aqueous lidocaine topical system for chronic low back pain.
• Overseeing the development of SP-104, a novel low-dose delayed-release naltrexone hydrochloride formulation for fibromyalgia.
• Continuing development for anti-CD38 CAR-T therapy across multiple indications, including multiple myeloma.

The immuno-oncology pipeline shows activity, for instance, with the PD-L1 monoclonal antibody, IMC-001, which reported a 60% objective response rate in a Phase II study for NK/T-cell lymphoma patients, achieving 100% complete remission among those who responded. This data is critical for future partnership or licensing discussions.

Drug discovery and preclinical development using proprietary platforms

Sorrento Therapeutics, Inc. continues to use its proprietary platforms-antibody, small molecule, and cell therapy-to feed the pipeline, though likely with a more constrained budget than pre-reorganization. A notable recent activity was receiving FDA clearance to initiate clinical trials for STI-1557, a next-generation mRNA vaccine against Omicron SARS-CoV-2 variants, signaling continued platform application.

The company relies on its core technology for developing:

• Monoclonal antibodies, antibody-drug conjugates, and engineered cell therapies targeting solid tumors and hematologic malignancies.
• Non-opioid analgesics, such as resiniferatoxin, for late-stage cancer and osteoarthritis pain treatment.

Regulatory filings and compliance for biopharmaceutical products

This activity is non-negotiable for any clinical-stage biopharma. It involves preparing and submitting Investigational New Drug (IND) applications, managing clinical trial protocols with regulatory bodies, and ensuring all operations adhere to Good Clinical Practice (GCP) and other mandates. The clearance for the STI-1557 mRNA vaccine trial is a direct output of successful regulatory engagement.

Intellectual property (IP) portfolio management and defense

Given the company's history, including litigation and the bankruptcy process, managing and defending the IP portfolio is a paramount activity to secure future revenue streams, especially from the Scilex subsidiary. The settlement with Virpax Pharmaceuticals, which included 6% royalties from three drugs, underscores the financial importance of these protected assets.

Post-reorganization financial and operational stabilization

The most significant recent activity was the emergence from Chapter 11 bankruptcy on April 10, 2024, following the filing on February 13, 2023. This required securing and managing $75 million in debtor-in-possession (DIP) financing to ensure continued operations, including employee wages. As of December 5, 2025, the company's market capitalization stood at approximately $2.04 million, with a stock price of $0.0037, indicating a focus on extreme fiscal discipline. The Trailing Twelve Months (TTM) Earnings Per Share (EPS) as of late 2025 was reported at -$1.08, and the P/E ratio (TTM) as of November 26, 2025, was -0.0044, showing the ongoing challenge of achieving profitability.

Here's a quick look at the financial context surrounding these stabilization efforts:

The operational activity is now centered on maximizing the value of the remaining assets, including the Scilex stake, which generated record monthly revenue in August 2023 for its subsidiary.

Sorrento Therapeutics, Inc. (SRNE) - Canvas Business Model: Key Resources

You're looking at the core assets Sorrento Therapeutics, Inc. (SRNE) held as of late 2025, post-restructuring efforts. These are the tangible and intangible things the business relies on to create value.

Proprietary G-MAB™ antibody library and DAR-T™ cell therapy platform

The foundation rests on its technology platforms. The G-MAB™ library is noted for facilitating the rapid identification of fully human therapeutic antibody candidates. The DAR-T™ platform represents its immuno-cellular therapy capability.

• G-MAB™ library: Designed for discovery of fully human therapeutic antibodies.
• DAR-T™: Platform for immuno-cellular therapies.

Clinical-stage assets like Ovydso, Sofusa, and Resiniferatoxin (RTX)

The pipeline holds several assets that have progressed through clinical stages. Ovydso (Olgotrelvir, STI-1558) completed its pivotal Phase 3 trial in China, enrolling 1,200 COVID-19 patients. Resiniferatoxin (RTX) has been cleared for Phase II trials targeting intractable cancer pain and osteoarthritis. Sofusa, an anti-PD1 drug, was in Phase II clinical trials.

Here's a snapshot of the latest reported financial and asset status, keeping in mind the context of the Chapter 11 proceedings:

Patents and exclusive rights to novel drug candidates

Intellectual property, secured through patents and exclusive rights, is a critical intangible resource. The value is tied to the scope and validity of patent protection for its platform technologies. The company also held rights to assets like SEMDEXA™ (SP-102) and ZTlido® (lidocaine topical system 1.8%) through its majority-owned subsidiary, Scilex Holding Company.

• Exclusive rights to SEMDEXA™ for lumbosacral radicular pain.
• ZTlido® registered trademark for postherpetic neuralgia.

Specialized R&D personnel and scientific expertise

The human capital, including specialized R&D personnel and scientific expertise, underpins the development of its pipeline. The company leadership, such as Dr. Henry Ji, Ph.D., Chairman and CEO, has been noted in connection with the ongoing operations and strategy. The legal and financial advisors during the Chapter 11 process also represent specialized external resources utilized: Jackson Walker LLP, Latham & Watkins LLP, and M3 Partners.

Working capital and financing secured during Chapter 11 process

Liquidity management during the Chapter 11 involved securing specific financing tranches. Sorrento received interim approval for $75 million in debtor-in-possession (DIP) financing from JMB Capital Partners in March 2023. Later, the US Bankruptcy Court authorized $100 million in Replacement DIP Financing from Oramed, which was intended to pay off existing facilities. The total cash from financing activities reported in a preview financial statement was $246.59 million. The Committee proposed common stock trading restrictions through September 25, 2025.

The company was authorized to make a single draw of the entire amount of the Replacement DIP Facility after an August 7, 2023, hearing.

Sorrento Therapeutics, Inc. (SRNE) - Canvas Business Model: Value Propositions

You're looking at the core value Sorrento Therapeutics, Inc. (SRNE) offers to its stakeholders, which is centered on developing novel therapies for areas with significant unmet medical needs. Even while navigating bankruptcy proceedings, which saw the market capitalization dip to approximately $2.76 million as of late 2025, the pipeline itself represents the potential value proposition.

Non-opioid pain management solutions (e.g., RTX) for intractable pain

For intractable pain, particularly that associated with advanced cancer, Sorrento Therapeutics offers Resiniferatoxin (RTX). This is a direct play against the massive non-opioid pain market, projected to exceed $10B by 2025. The clinical data supports its potential durability. In a Phase 2a trial for knee osteoarthritis pain, the 20mcg dose of RTX outperformed the active steroid comparator (Zilretta®) for efficacy and durability up to and past 26 weeks post-treatment. Furthermore, a Phase 2 study for intractable cancer pain started in September 2025, expecting 120 participants, with an estimated completion date of December 2027.

Multi-modal immuno-oncology therapies for solid tumors (DAR-T™, ADCs)

The immuno-oncology platform is built to deliver next-generation cancer therapeutics. A key resource underpinning this is the G-MAB™ library, boasting a diversity of more than ten trillion (>1016) fully human antibodies. This platform supports Antibody-Drug Conjugates (ADCs), which Sorrento aims to make homogenous with well-defined drug-to-antibody ratios (DAR), unlike existing heterogeneous products. For instance, the STI-6129 ADC targets CD38 with a proprietary covalent linker technology and a DAR of 3. In a specific application, interim data from a Phase 1b trial of IMC-002, a CD47-targeting monoclonal antibody combined with Lenvima for advanced liver cancer, showed an objective response rate (ORR) of 30 percent and a disease control rate (DCR) of 70 percent among 10 evaluable patients.

Rapid development of antiviral therapies (e.g., Ovydso) for infectious diseases

Sorrento Therapeutics demonstrated the capability for rapid response in infectious diseases with Ovydso (Olgotrelvir), an oral Mpro inhibitor for COVID-19. The pivotal Phase 3 trial in China enrolled and dosed 1,212 mild or moderate COVID-19 patients. The drug met its primary endpoint, shortening clinical recovery time by 2.4 days compared to placebo, and achieved a viral RNA load reduction at Day 4 of -0.80 log10. This success highlights the value proposition of quickly translating platform technology into late-stage clinical candidates.

Fully human antibodies from the extensive G-MAB™ library

The G-MAB™ library is a core asset providing high-quality, fully human antibodies. This library is leveraged across multiple therapeutic areas, not just oncology. The sheer scale of this resource-over 1016 diversity-is a significant barrier to entry for competitors and a foundation for developing targeted therapies.

Addressing significant unmet medical needs in cancer and pain

The company's pipeline is explicitly structured around high-need areas. In the immuno-oncology segment alone, the pipeline includes 37 programs targeting Neoplasms (cancers). The pain management focus, with RTX, targets patients with intractable pain who are opioid tolerant, defined in one study as consuming over 30 mg oral morphine equivalent dose daily. The value proposition is the potential to replace or significantly reduce reliance on existing, often problematic, standard-of-care treatments.

Here's a quick look at the pipeline focus:

• Neoplasms programs: 37
• Infectious Diseases programs: 18
• Top 5 Drug Types: ADC accounts for 15 programs
• RTX 20mcg dose showed durability past 26 weeks

The breadth of modalities-from small molecules (11 programs) to ADCs (15 programs) and Cell Therapy (8 programs)-shows a multi-pronged approach to tackling complex diseases. Despite the recent financial restructuring, including a Post IPO funding round of $47.4M on April 04, 2025, the scientific output remains the key value driver.

Finance: draft 13-week cash view by Friday.

Sorrento Therapeutics, Inc. (SRNE) - Canvas Business Model: Customer Relationships

You're looking at how Sorrento Therapeutics, Inc. (SRNE) manages its crucial relationships with the various stakeholders that drive its drug development and commercialization efforts as of late 2025. This isn't about selling widgets; it's about deep, often regulated, partnerships.

Collaborative relationships with principal investigators and clinical sites

The core of advancing the pipeline rests on these scientific relationships. You need top-tier investigators to run your trials effectively, especially with complex assets like CAR-T therapies. While the most recent specific operational data points to earlier engagement levels, these relationships are foundational to any near-term commercial success.

Here's a snapshot of the scale of collaboration that was in place, which informs the current relationship strategy:

These relationships are maintained through continuous research investment and a focus on patient-centric trial design, which is a major industry theme heading into 2025. If onboarding for new sites takes longer than expected, it definitely impacts trial timelines, a known risk for biotechs with leaner cash reserves.

High-touch engagement with regulatory bodies (FDA, EMA)

Engagement with the U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA) is non-negotiable and requires a highly specialized, high-touch approach. This is about navigating complex submissions and responding to feedback on novel modalities like antibody-drug conjugates (ADCs) and cell therapies.

The regulatory landscape itself is evolving, with the EMA's Regulatory Science Strategy to 2025 emphasizing the need for better clinical trial methodologies. For Sorrento Therapeutics, Inc., past interactions set the stage; for instance, one key trial (NCT04572776) had a required reporting date of March 30, 2024, highlighting the strict timelines involved. The company's commercial product ZTlido® received its FDA approval on February 28, 2018, showing prior successful navigation of the approval process.

• Focus on providing data for cross-product meta-analyses to support scientific advice.
• Utilizing EMA Innovation Task Force briefings for early-stage interaction.
• Maintaining electronic submission compliance for all required Interactive Data Files.

Direct sales/marketing teams for commercial-stage products (post-2025)

The structure here is segmented, with the Scilex segment focused on non-opioid pain management products. While the company is described as clinical and commercial-stage, the scale of the direct sales force is tied to the commercial success of products like ZTlido® and the non-opioid pain assets like SEMDEXA™. Post-reorganization, the focus is likely on lean, targeted commercialization efforts.

The most recent financial event tied to capital structure was the Post IPO funding round on April 04, 2025, raising $47.4M. This capital infusion directly impacts the ability to fund and scale any direct sales or marketing infrastructure needed for products moving toward or in the market.

Investor relations focused on transparency post-reorganization

Following significant corporate events, investor confidence hinges on clear, consistent communication. For Sorrento Therapeutics, Inc., this means detailing the progress of the two main segments: Immune-Oncology and Scilex. Transparency is key, especially given the volatility reflected in the market data as of late 2025.

The market perception, as of December 05, 2025, showed a stock price of $0.0037 and a market capitalization of 2.016M. This low valuation relative to historical figures underscores the need for investor relations to clearly articulate the path to value realization from the pipeline and commercial assets. The company's focus on its G-MAB library and CAR-T therapies must be clearly communicated to institutional investors who participated in the April 2025 funding.

Patient advocacy groups for clinical trial recruitment and support

Patient advocacy groups are essential partners in the current environment, helping to bridge the trust gap and improve recruitment for trials targeting smaller, specific patient populations. This relationship is about co-designing healthcare with patients, as industry experts noted for 2025. Sorrento Therapeutics, Inc., being a San Diego biotech, operates within a cluster where legacy patient advocacy engagement is common.

The commitment here is demonstrated by focusing on patient outcomes and ensuring trial designs are convenient for participants, not just sponsors. This patient-centric approach helps maintain the flow of participants needed for the ongoing development of their immuno-oncology and pain management pipelines.

Finance: review Q4 2025 cash burn against the $47.4M raised in April 2025 by next Tuesday.

Sorrento Therapeutics, Inc. (SRNE) - Canvas Business Model: Channels

You're looking at how Sorrento Therapeutics, Inc. gets its value propositions to its customers, which is a mix of direct sales, partnerships, and scientific outreach, especially given its clinical-stage focus and the structure involving the Scilex segment.

Direct engagement with hospitals and specialized treatment centers

Direct engagement is crucial for any clinical-stage biopharma company, particularly for specialized oncology and pain treatments. This channel involves the sales force and medical science liaisons interacting directly with key opinion leaders and treating physicians at major cancer centers and pain clinics.

• The company operates through the Sorrento Therapeutics segment, focusing on cancer and infectious disease treatments.
• The Scilex segment is organized around non-opioid pain management operations, requiring direct engagement with pain specialists.

Pharmaceutical distributors and wholesalers for commercial products

For commercial products, like those managed by the Scilex segment, distribution relies on established third-party logistics and wholesale networks. This is the standard path for getting approved drugs onto pharmacy shelves and into patient hands.

The overall TTM revenue for Sorrento Therapeutics, Inc. as of December 2025 was reported at $64.27 Million USD. This revenue is generated from license revenues, product revenues, the sale of customized reagents, and contract manufacturing/other services.

Scientific publications and medical conferences for data dissemination

Disseminating clinical data is a primary channel for building credibility and driving future partnership or adoption interest. This is a non-revenue generating channel that supports the entire pipeline.

• The company leverages its proprietary G-MAB library and various modalities like CAR-T and ADCs.
• The global clinical trial investigative site network market size was projected to be $9.36 billion in 2025.
• The oncology segment accounted for a 34% market share in the clinical trial investigative site network market in 2024.

Licensing and co-development agreements with larger pharma partners

Partnerships are a key channel for advancing the pipeline and generating non-dilutive funding through upfront payments, milestones, and royalties. The revenue structure confirms this channel's importance.

Revenue recognition explicitly includes License Revenues. The total transaction price of contracts is allocated to performance obligations, which can be recognized over the license period.

Clinical trial networks for patient access

The ability to enroll patients efficiently through established clinical trial networks is a direct channel for advancing drug candidates through development phases. This is critical for pipeline progression.

One historical Phase 2 trial for RTX involved a total of 120 participants. The company continues to advance multiple product candidates, including anti-PD-1, anti-PD-L1, and ADCs.

Institutional investor sentiment, as of November 2025, showed 9 institutional owners filing forms, holding a total of 3,951,657 shares.

The stock traded at $0.0041 as of December 3, 2025, with a reported market capitalization around $1.9M.

Sorrento Therapeutics, Inc. (SRNE) - Canvas Business Model: Customer Segments

You're looking at the customer segments for Sorrento Therapeutics, Inc. (SRNE) as of late 2025. Honestly, the landscape is defined by the company's Chapter 11 liquidation process, which started back in February 2023. This means the traditional customer segments are now viewed through the lens of asset disposition and claim resolution managed by a liquidating trustee. Still, understanding the intended segments is crucial for valuing the residual assets.

The core therapeutic focus, before the wind-down, targeted patients across three major areas: cancer, infectious disease, and pain. The company's pipeline included assets for multiple myeloma and amyloidosis. For instance, in infectious disease response, Sorrento Therapeutics invested $31.6 million in COVID-19 related programs during 2023.

Here's a breakdown of the historical and residual customer segments:

• Patients with cancer, intractable pain, and autoimmune disorders
• Oncologists and pain specialists prescribing novel therapies
• Global pharmaceutical companies seeking licensing or acquisition targets
• Government and public health organizations for infectious disease treatments
• Creditors and equity holders in the reorganized entity

The segment of oncologists and pain specialists was central to the development of assets like Resiniferatoxin for intractable cancer pain. The company previously targeted academic cancer centers, noting collaborations with 87 active cancer centers as of 2024.

For potential deal-making, Sorrento Therapeutics aimed to partner with approximately 42 pharmaceutical companies, with potential collaboration values estimated up to $127.6 million. This speaks to the value proposition once held for licensing partners.

The most immediate, post-restructuring 'customers' are the financial stakeholders. As of late 2025, the entity trades on the OTC Expert Market under SRNEQ. The company reported approximately $1 billion in assets at the time of its Chapter 11 filing, though the current market capitalization for the residual entity is small, around $2.3 million or $2.76 million.

The most concrete financial distribution involves the equity holders. Former Sorrento Therapeutics common shareholders received 7% equity in Vivasor, Inc., which acquired certain assets from Sorrento for a purchase price of $1.8 million in cash. This 7% stake represents the pro-rata distribution of value for those who were equity holders. To give you a sense of the prior operational scale, a comparison shows a Gross Revenue figure of $60.32 million, though this is against a backdrop of a Net Loss of -$572.84 million.

Here's a quick look at the segment scale and financial context based on available data, keeping in mind the company is in liquidation:

The segment of global pharmaceutical companies was historically important for leveraging the G-MAB antibody library and ADC technologies. The company also had a non-opioid pain management focus through its Scilex segment.

If onboarding takes 14+ days for any residual administrative processes managed by the trustee, claim resolution risk rises. Finance: draft 13-week cash view by Friday.

Sorrento Therapeutics, Inc. (SRNE) - Canvas Business Model: Cost Structure

You're looking at the hard costs Sorrento Therapeutics, Inc. (SRNE) faces, especially while navigating the Chapter 11 process. These aren't projections; these are the actual financial drains we see from their filings and related proceedings.

Significant R&D expenses for clinical trials and preclinical research remain a core cost, even under bankruptcy protection. For instance, total research and development expenses for the three months ended March 31, 2022, totaled $\mathbf{\$63,977 \text{ thousand}}$ across the Sorrento and Scilex segments, with the Sorrento segment alone showing $\mathbf{\$61,346 \text{ thousand}}$ in R&D costs for that period. This reflects the ongoing, high-cost nature of advancing drug candidates through development pipelines.

The legal and professional fees from the Chapter 11 bankruptcy process have been substantial, leading to disputes among stakeholders. As of mid-2024, professional firms were seeking approximately $\mathbf{\$50 \text{ million}}$ in total fees related to the case.

Here's a breakdown of those significant professional fee requests:

• Latham & Watkins LLP: Seeking $\mathbf{\$27 \text{ million}}$
• M3 Advisory Partners LP: Seeking $\mathbf{\$12.4 \text{ million}}$
• Moelis & Company LLC: Requesting $\mathbf{\$7.5 \text{ million}}$
• Jackson Walker: Requesting $\mathbf{\$2.5 \text{ million}}$
• Tran Singh LLP: Seeking $\mathbf{\$137,400}$

The manufacturing and supply chain costs for drug production are inherent to any biopharma operation, though specific 2025 figures aren't immediately available outside of general Selling, General and Administrative (SG&A) components from earlier filings. We know SG&A expenses for the three months ended March 31, 2022, totaled $\mathbf{\$44,327 \text{ thousand}}$.

Salaries and benefits for specialized scientific and clinical staff are embedded within the R&D and SG&A figures, as R&D expenses specifically include salaries and personnel-related expenses. The increase in R&D expenses in early 2022 was driven by higher headcount, showing this is a persistent cost driver.

Regarding interest expense on outstanding debt, including the $\mathbf{\$100 \text{ million}}$ Oramed loan, the structure involves significant debt service obligations. Sorrento Therapeutics, Inc. secured a $\mathbf{\$100,000,000}$ Replacement DIP Facility from Oramed Pharmaceuticals Inc. in August 2023. This facility, which replaced an earlier JMB DIP Facility, had an interest rate per annum equal to SOFR plus $\mathbf{8.5\%}$. The resulting Senior Secured Promissory Note, assumed by Scilex, was set to mature on March 21, 2025, with principal repayment installments beginning in late 2023.

Here's a summary of the key debt/financing components that drive interest costs:

Finance: draft 13-week cash view by Friday.

Sorrento Therapeutics, Inc. (SRNE) - Canvas Business Model: Revenue Streams

You're looking at how Sorrento Therapeutics, Inc. plans to bring in cash as of late 2025, which is critical given the recent restructuring. The revenue picture is a mix of projections, asset monetization, and financing activities.

The primary forward-looking metric available suggests a significant jump from prior years' actuals. Analysts are projecting the following for the current period:

• Forecasted annual revenue for the 2025 fiscal year is set at $416 million.

The company's historical revenue figures give you context for that projection, with 2022 revenue at $62.84 Million USD and 2023 (TTM) revenue at $64.27 Million USD.

One major component of recent cash generation involved divesting non-core assets, specifically the stake in Scilex Holding Company. This was a key part of the post-bankruptcy strategy.

While the Scilex transaction is largely concluded, past milestone receipts provide a template for future non-sales revenue. For example, Sorrento recuperated $125 million from NantPharma for unmet milestones. Specific, confirmed milestone payments from new licensing and collaboration agreements executed in 2025 aren't detailed in the latest available data, but the structure of pharma deals suggests this stream relies on hitting specific regulatory or sales targets for pipeline assets.

To fund ongoing operations, especially through the development pipeline, Sorrento Therapeutics has tapped capital markets. You need to track these infusions as they directly impact the cash runway.

• A recent equity financing round, described as a Post IPO event, closed on April 4, 2025, raising $47.4 million.
• Earlier, in March 2024, the company obtained a senior secured term loan facility of $5 million as part of its Debtor-in-Possession (DIP) financing to support the bankruptcy emergence process.

As for potential product sales from commercialized assets post-2025, that revenue stream is entirely contingent on successful clinical progression and regulatory approval for their pipeline candidates, such as the anti-CD47 therapies. No specific sales forecasts post-2025 are available to quantify this stream yet. Finance: draft 13-week cash view by Friday.