Sorrento Therapeutics Inc Financials
This page shows Sorrento Therapeutics Inc (SRNE) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 13 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Financial Health Signals
Based on FY2022 annual data. Scores normalized against common benchmarks. How we calculate these scores
Sorrento Therapeutics Inc has an operating margin of -802.5%, meaning the company retains $-803 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is down from -758.8% the prior year.
Sorrento Therapeutics Inc's revenue surged 18.8% year-over-year to $62.8M, reflecting rapid business expansion. This strong growth earns a score of 82/100.
Sorrento Therapeutics Inc's current ratio of 0.29 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 0/100, which could limit financial flexibility.
While Sorrento Therapeutics Inc generated -$293.9M in operating cash flow, capex of $13.7M consumed most of it, leaving -$307.5M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Sorrento Therapeutics Inc passes 3 of 9 financial strength tests. 1 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Sorrento Therapeutics Inc generates $0.51 in operating cash flow (-$293.9M OCF vs -$572.8M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Sorrento Therapeutics Inc earns $-58.8 in operating income for every $1 of interest expense (-$504.3M vs $8.6M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Sorrento Therapeutics Inc generated $62.8M in revenue in fiscal year 2022. This represents an increase of 18.8% from the prior year.
Sorrento Therapeutics Inc's EBITDA was -$491.1M in fiscal year 2022, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 26.2% from the prior year.
Sorrento Therapeutics Inc generated -$307.5M in free cash flow in fiscal year 2022, representing cash available after capex. This represents a decrease of 5.8% from the prior year.
Sorrento Therapeutics Inc reported -$572.8M in net income in fiscal year 2022. This represents a decrease of 33.7% from the prior year.
Sorrento Therapeutics Inc earned $-1.37 per diluted share (EPS) in fiscal year 2022. This represents an increase of 5.5% from the prior year.
Sorrento Therapeutics Inc held $23.6M in cash against $19.1M in long-term debt as of fiscal year 2022.
Sorrento Therapeutics Inc had 523M shares outstanding in fiscal year 2022. This represents an increase of 66.2% from the prior year.
Sorrento Therapeutics Inc's operating margin was -802.5% in fiscal year 2022, reflecting core business profitability. This is down 43.7 percentage points from the prior year.
Sorrento Therapeutics Inc's net profit margin was -911.6% in fiscal year 2022, showing the share of revenue converted to profit. This is down 102.0 percentage points from the prior year.
Sorrento Therapeutics Inc invested $221.2M in research and development in fiscal year 2022. This represents an increase of 6.9% from the prior year.
Sorrento Therapeutics Inc invested $13.7M in capex in fiscal year 2022, funding long-term assets and infrastructure. This represents an increase of 54.0% from the prior year.
SRNE Income Statement
| Metric | Q2'23 | Q1'23 | Q2'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $15.0M-7.5% | $16.3M+4.2% | $15.6M-10.4% | $17.4M+51.8% | $11.5M-37.7% | $18.4M+40.6% | $13.1M+8.4% | $12.1M |
| Cost of Revenue | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | $33.3M-24.0% | $43.8M+7.4% | $40.8M-40.0% | $68.0M+40.3% | $48.5M-24.2% | $64.0M | N/A | $49.4M |
| SG&A Expenses | $48.9M-11.0% | $55.0M+38.4% | $39.7M-20.8% | $50.2M+4.2% | $48.1M+8.6% | $44.3M | N/A | $48.5M |
| Operating Income | -$77.2M+27.4% | -$106.3M+37.3% | -$169.6M-55.0% | -$109.4M+7.5% | -$118.4M-10.7% | -$106.9M | N/A | -$101.4M |
| Interest Expense | $2.7M+135.7% | $1.1M-49.0% | $2.2M+180.2% | $792K-65.8% | $2.3M-28.8% | $3.2M | N/A | $2.9M |
| Income Tax | $671K-94.1% | $11.5M+732.2% | -$1.8M-78.7% | -$1.0M+3.3% | -$1.1M-171.8% | $1.5M | N/A | $386K |
| Net Income | -$95.2M+31.8% | -$139.6M+37.6% | -$223.7M-149.7% | -$89.6M+59.1% | -$218.8M-436.0% | -$40.8M+71.7% | -$144.4M-20.5% | -$119.8M |
| EPS (Diluted) | $-0.17+34.6% | $-0.26 | N/A | $-0.20+63.0% | $-0.54-350.0% | $-0.12+74.5% | $-0.47-17.5% | $-0.40 |
SRNE Balance Sheet
| Metric | Q2'23 | Q1'23 | Q2'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $456.7M-0.7% | $460.1M-2.7% | $472.8M-23.2% | $615.6M-2.6% | $632.1M-26.1% | $855.6M+23.1% | $694.8M-7.7% | $752.8M |
| Current Assets | $133.1M+32.1% | $100.8M+4.6% | $96.4M-45.5% | $177.0M-9.7% | $196.0M-40.8% | $331.1M+91.4% | $173.0M-13.8% | $200.7M |
| Cash & Equivalents | $69.7M+85.2% | $37.7M+59.3% | $23.6M-66.6% | $70.7M+0.5% | $70.3M-37.1% | $111.9M+205.2% | $36.7M-7.7% | $39.7M |
| Inventory | $9.7M-14.7% | $11.3M+13.4% | $10.0M-44.5% | $18.0M-13.2% | $20.7M+46.9% | $14.1M+73.8% | $8.1M+49.4% | $5.4M |
| Accounts Receivable | $32.7M+23.4% | $26.5M+8.4% | $24.5M+1.2% | $24.2M-2.1% | $24.7M+0.2% | $24.7M+31.8% | $18.7M+13.7% | $16.5M |
| Goodwill | $80.3M0.0% | $80.3M0.0% | $80.3M+0.1% | $80.2M-1.4% | $81.4M+2.3% | $79.5M0.0% | $79.5M+50.4% | $52.9M |
| Total Liabilities | $654.6M+11.4% | $587.5M+18.8% | $494.5M+1.9% | $485.4M-2.2% | $496.4M-21.1% | $629.4M+2.1% | $616.7M-0.8% | $621.5M |
| Current Liabilities | $264.9M+60.0% | $165.6M-49.5% | $327.9M+62.4% | $202.0M+39.0% | $145.3M-28.8% | $204.2M+46.5% | $139.5M-20.4% | $175.2M |
| Long-Term Debt | $21.7M+1.6% | $21.4M+11.9% | $19.1M+7.5% | $17.8M-78.6% | $83.1M-13.5% | $96.1M-13.1% | $110.6M+32.5% | $83.5M |
| Total Equity | -$205.1M-63.4% | -$125.5M-574.5% | -$18.6M-114.1% | $131.8M-0.1% | $132.0M-41.7% | $226.5M+187.7% | $78.7M-40.1% | $131.5M |
| Retained Earnings | -$2.2B-4.5% | -$2.1B-7.1% | -$2.0B-12.9% | -$1.7B-5.4% | -$1.6B-15.3% | -$1.4B-2.9% | -$1.4B-11.6% | -$1.2B |
SRNE Cash Flow Statement
| Metric | Q2'23 | Q1'23 | Q2'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$55.7M-12.5% | -$49.5M+27.6% | -$68.3M-11.7% | -$61.2M+24.5% | -$81.0M+2.8% | -$83.4M-15.6% | -$72.1M+13.2% | -$83.1M |
| Capital Expenditures | $140K+62.8% | $86K-98.1% | $4.5M+18.0% | $3.8M+41.8% | $2.7M+4.3% | $2.6M+17.4% | $2.2M+88.0% | $1.2M |
| Free Cash Flow | -$55.8M-12.6% | -$49.5M+32.0% | -$72.9M-12.1% | -$65.0M+22.3% | -$83.7M+2.6% | -$86.0M-15.6% | -$74.3M+11.8% | -$84.3M |
| Investing Cash Flow | -$140K-108.3% | $1.7M+133.5% | -$5.0M+37.8% | -$8.1M-368.3% | -$1.7M+87.4% | -$13.7M-519.7% | -$2.2M-140.9% | $5.4M |
| Financing Cash Flow | $88.8M+45.1% | $61.2M+144.0% | $25.1M-64.9% | $71.5M+71.2% | $41.8M-75.9% | $173.4M+144.7% | $70.9M+76.9% | $40.1M |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
SRNE Financial Ratios
| Metric | Q2'23 | Q1'23 | Q2'22 | Q3'22 | Q2'22 | Q1'22 | Q4'21 | Q3'21 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -514.0%+140.4pp | -654.4%+433.5pp | -1087.9%-458.9pp | -629.0%+403.7pp | -1032.7%-451.4pp | -581.4% | N/A | -840.5% |
| Net Margin | -633.7%+225.4pp | -859.1%+575.5pp | -1434.6%-919.8pp | -514.8%+1393.9pp | -1908.7%-1686.7pp | -222.0%+882.4pp | -1104.4%-111.2pp | -993.2% |
| Return on Equity | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Return on Assets | -20.8%+9.5pp | -30.3%+17.0pp | -47.3%-32.8pp | -14.5%+20.1pp | -34.6%-29.8pp | -4.8%+16.0pp | -20.8%-4.9pp | -15.9% |
| Current Ratio | 0.50-0.1 | 0.61+0.3 | 0.29-0.6 | 0.88-0.5 | 1.35-0.3 | 1.62+0.4 | 1.24+0.1 | 1.15 |
| Debt-to-Equity | -0.11+0.1 | -0.17+0.9 | -1.03-1.2 | 0.14-0.5 | 0.63+0.2 | 0.42-1.0 | 1.40+0.8 | 0.63 |
| FCF Margin | -371.4%-66.5pp | -304.9%+162.4pp | -467.3%-93.7pp | -373.6%+356.6pp | -730.2%-262.7pp | -467.5%+101.0pp | -568.6%+130.2pp | -698.8% |
Note: Shareholder equity is negative (-$18.6M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.29), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Sorrento Therapeutics Inc's annual revenue?
Sorrento Therapeutics Inc (SRNE) reported $62.8M in total revenue for fiscal year 2022. This represents a 18.8% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Sorrento Therapeutics Inc's revenue growing?
Sorrento Therapeutics Inc (SRNE) revenue grew by 18.8% year-over-year, from $52.9M to $62.8M in fiscal year 2022.
Is Sorrento Therapeutics Inc profitable?
No, Sorrento Therapeutics Inc (SRNE) reported a net income of -$572.8M in fiscal year 2022, with a net profit margin of -911.6%.
What is Sorrento Therapeutics Inc's earnings per share (EPS)?
Sorrento Therapeutics Inc (SRNE) reported diluted earnings per share of $-1.37 for fiscal year 2022. This represents a 5.5% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Sorrento Therapeutics Inc's EBITDA?
Sorrento Therapeutics Inc (SRNE) had EBITDA of -$491.1M in fiscal year 2022, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Sorrento Therapeutics Inc have?
As of fiscal year 2022, Sorrento Therapeutics Inc (SRNE) had $23.6M in cash and equivalents against $19.1M in long-term debt.
What is Sorrento Therapeutics Inc's operating margin?
Sorrento Therapeutics Inc (SRNE) had an operating margin of -802.5% in fiscal year 2022, reflecting the profitability of core business operations before interest and taxes.
What is Sorrento Therapeutics Inc's net profit margin?
Sorrento Therapeutics Inc (SRNE) had a net profit margin of -911.6% in fiscal year 2022, representing the share of revenue converted into profit after all expenses.
What is Sorrento Therapeutics Inc's free cash flow?
Sorrento Therapeutics Inc (SRNE) generated -$307.5M in free cash flow during fiscal year 2022. This represents a -5.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Sorrento Therapeutics Inc's operating cash flow?
Sorrento Therapeutics Inc (SRNE) generated -$293.9M in operating cash flow during fiscal year 2022, representing cash generated from core business activities.
What are Sorrento Therapeutics Inc's total assets?
Sorrento Therapeutics Inc (SRNE) had $472.8M in total assets as of fiscal year 2022, including both current and long-term assets.
What are Sorrento Therapeutics Inc's capital expenditures?
Sorrento Therapeutics Inc (SRNE) invested $13.7M in capital expenditures during fiscal year 2022, funding long-term assets and infrastructure.
How much does Sorrento Therapeutics Inc spend on research and development?
Sorrento Therapeutics Inc (SRNE) invested $221.2M in research and development during fiscal year 2022.
How many shares does Sorrento Therapeutics Inc have outstanding?
Sorrento Therapeutics Inc (SRNE) had 523M shares outstanding as of fiscal year 2022.
What is Sorrento Therapeutics Inc's current ratio?
Sorrento Therapeutics Inc (SRNE) had a current ratio of 0.29 as of fiscal year 2022, which is below 1.0, which may suggest potential liquidity concerns.
What is Sorrento Therapeutics Inc's debt-to-equity ratio?
Sorrento Therapeutics Inc (SRNE) had a debt-to-equity ratio of -1.03 as of fiscal year 2022, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Sorrento Therapeutics Inc's return on assets (ROA)?
Sorrento Therapeutics Inc (SRNE) had a return on assets of -121.2% for fiscal year 2022, measuring how efficiently the company uses its assets to generate profit.
What is Sorrento Therapeutics Inc's cash runway?
Based on fiscal year 2022 data, Sorrento Therapeutics Inc (SRNE) had $23.6M in cash against an annual operating cash burn of $293.9M. This gives an estimated cash runway of approximately 1 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
Why is Sorrento Therapeutics Inc's debt-to-equity ratio negative or unusual?
Sorrento Therapeutics Inc (SRNE) has negative shareholder equity of -$18.6M as of fiscal year 2022, which causes the debt-to-equity ratio to appear negative or not meaningful. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Sorrento Therapeutics Inc's Piotroski F-Score?
Sorrento Therapeutics Inc (SRNE) has a Piotroski F-Score of 3 out of 9, indicating weak financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Sorrento Therapeutics Inc's earnings high quality?
Sorrento Therapeutics Inc (SRNE) has an earnings quality ratio of 0.51x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Sorrento Therapeutics Inc cover its interest payments?
Sorrento Therapeutics Inc (SRNE) has an interest coverage ratio of -58.8x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Sorrento Therapeutics Inc?
Sorrento Therapeutics Inc (SRNE) scores 21 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.