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Comprehensive List Of Upcoming 2019-2020 Events - Sorrento Therapeutics (SRNE)

|About: Sorrento Therapeutics, Inc. (SRNE)
Summary

Sorrento Therapeutics has a complicated corporate structure due to multiple investments in subsidiaries, joint ventures and equity investments in other companies.

Although complicated, the structure for this small cap, clinical stage company highlights its larger vision to become a leader in developing the next generation of cancer treatments.

To that end, Sorrento is harder for investors to appreciate and understand. Read on for a list of pending events to follow.

Disclaimer

  • Information on this blog is not an offer to buy or sell, or a solicitation of any offer to buy or sell the securities mentioned herein
  • Information presented is believed to be factual and up-to-date, but I do not guarantee its accuracy and it should not be regarded as a complete analysis of the subjects discussed
  • All expressions of opinion reflect the judgment of the author as of the date of publication and are subject to change

Key events and dates have been taken from company websites, SEC filings, PR, interviews and conferences. These dates are not set and may be subject to change. As such, the purpose of this summary is to provide an overview of the direction of the company and key events to follow.

Companies reviewed

Sorrento Therapeutics (SRNE)

Ark Animal Health

Celularity

China Oncology Focus Limited

ImmuneOncia

Scilex Pharmaceuticals

Semnur Pharmaceuticals

Sofusa

Clinical trial data read outs

Sorrento Therapeutics

P1 Anti-CD38 CAR-T RRMM (retroviral program, anytime now through EOY19)

P1 RTX in OA (anytime now through EOY19)

P1 Anti-CD38 CAR-T RRMM (allogeneic program, 4Q19)

Subsidiaries, JV’s, equity investments, etc.

SP-102, repeat dose trial (Scilex 2Q19)

P1/2 ZKAB001 in cervical cancer (COFL, 4Q19)

P1/2 ZKAB001 in urothelial carcinoma (COFL, 4Q19)

P1/2 ZKAB001 in sarcomas (COFL, 4Q19)

Clinical trial starts

Sorrento Therapeutics

(pivotal) P2/3 Anti-CEA CAR-T liver metastases with pancreatic cancer (2Q19)

(pivotal) P2/3 RTX in OA (2H19)

(pivotal) P2/3 Anti-CD38 CAR-T RRMM (retroviral program, 4Q19)

(pivotal) P2/3 Anti-CD38 CAR-T RRMM (allogeneic program, 4Q19)

P1 BCMA (unknown if CAR or ADC program, 2Q19)

P1 Anti-CD38 CAR-T RRMM (allogeneic program, 2Q19)

P1 Seprehvir liver metastases (2H19)

P1 anti-PD1 w/ SOFUSA in solid tumors (3Q19)

P1 CD38 ADC (4Q19)

P1 RTX in PD (2020 *if preclinical results confirmed)

Subsidiaries, JV’s, equity investments, etc.

P2 IMC-001 in rare cancers (ImmuneOncia, global trial, 2H19)

P2 CY-NK in MM s/p autologous transplant (Celularity, 2H19)

P2 CY-NK in AML RR (Celularity, 2H19)

P1 ZTlido 5.4% in low back pain (Scilex, 1H20)

Commercial sales

ZTlido 1.8% Patch net sales numbers (at a minimum, expect quarterly reporting with 10-Q, 10-K)

Filing CTAs, MAAs, NDAs

ZTlido 1.8% Patch MAA filing (in subset of EU countries, anytime with European partner)

SP-102 NDA filing (2020/2021, anticipated, no date announced)

ZKAB001 CTA filing (1H20, anticipated, conditional filing, no date announced)

ZTlido 5.4% Patch NDA filing (1H21)

ARK-001 (2Q19)*

ARK-005 (3Q19)*

ARK-003 (4Q19)*

ARK-002 (1Q20)*

ARK-006 (2Q20)*

ARK-004 (3Q20)*

*unknown if the ARK Animal Health programs are still on track to meet these targets

IPOs

US Market

Celularity IPO (~2H19)

Scilex IPO (~1H20)

ImmuneOncia (~2021)

ARK Animal Health (TBD)

Secondary, ex-US Market

Sorrento HKEX dual list, Hong Kong (anytime)

Ongoing Litigation

Siegler v Sorrento. Case 3:18-cv-01681-GPC-MSB (full dismissal likely by May-June based on recent filings denying further review of dismissed claims, and pending final review of SACs yet to be filed) *these are my personal thoughts after review of court documents

Sorrento | NantiBody v NantCell, Patrick Soon-Shiong, Charles Kim. Case Number: 19STCV11328 (Los Angeles Superior Court, TBD)

This appears to be the complaint that was filed in the Los Angeles Superior Court

Sorrento v NantPharma, Patrick Soon-Shiong (arbitration demand with the American Arbitration Association in Los Angeles, TBD)

Scilex Citizen's Petition to the FDA. Docket ID: FDA-2019-P-0417 (review period closes Jul 29, 2019 11:59 PM ET, expect an FDA response after that)

Partnering

ZTlido 1.8% Patch with major European partner with terms (pending announcement anytime)

ImmuneOncia to co-develop IMC-001 in combo/other new drugs with partners (EOY19)

Pending Published studies

RTX in OA, P1 (likely 2H19)

RTX in PD, preclinical (likely 2H19)

IMC-001 in solid tumors, P1 (likely 2019)

Cash on hand

As of 12/31/18, Sorrento reported in their 10-K filing that they had 158.7M in cash and cash equivalents. This money is distributed between the parent account and the Scilex account and is being used accordingly. Additional potential sources for income this year include: Scilex 1.8% patch sales (NYSE:USA), European Pharma partner for the ZTlido 1.8% patch, ImmuneOncia partner, B Riley FBR 3/19 Shelf filing 100M. Of note, in the Oppenheimer 3/20/19 Conference, Jiong Shao, Sorrento CFO, mentioned that there is no need at this time to use the ATM, as the company has sufficient cash on hand.

Final Thought

I encourage all readers to do due diligence and read up on the company, the technologies/investigational drugs and the clinical outcomes around the clinical programs listed here. As of 4/12/19 Sorrento Therapeutics has a market cap of approximately 500M and I believe, is still largely undervalued.

Disclosure: I am/we are long SRNE.