/raid1/www/Hosts/bankrupt/TCR_Public/230603.mbx          T R O U B L E D   C O M P A N Y   R E P O R T E R

              Saturday, June 3, 2023, Vol. 27, No. 153

                            Headlines

SORRENTO THERAPEUTICS: Incurs $72.10 Million Net Loss in March

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SORRENTO THERAPEUTICS: Incurs $72.10 Million Net Loss in March
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Sorrento Therapeutics, Inc., filed with the U.S. Securities and
Exchange Commission its monthly operating report for March 2023.

The Debtor's statement of operations reflected a net loss of $72.10
million on $40,053 of total revenues for the period.

As of March 31, 2023, the Debtor had $755.00 million in total
assets, $547.20 million in total liabilities, and $207.80 million
in total shareholders' equity.

The Debtor started the month with $31,359,015 cash. They listed
total cash receipts of $139,038 and total disbursements of
$11,109,022. At month end, the Debtor had $20,389,031 cash.

A copy of the corporate monthly operating report is available at
the SEC at: https://shorturl.at/hjuG2

                   About Sorrento Therapeutics

Sorrento Therapeutics, Inc. -- http://www.sorrentotherapeutics.com/
-- is a clinical and commercial stage biopharmaceutical company
developing new therapies to treat cancer, pain (non-opioid
treatments), autoimmune disease and COVID-19. Sorrento's
multimodal, multipronged approach to fighting cancer is made
possible by its extensive immuno-oncology platforms, including key
assets such as next-generation tyrosine kinase inhibitors ("TKIs"),
fully human antibodies ("G-MAB(TM) library"), immuno-cellular
therapies ("DAR-T(TM)"), antibody-drug conjugates ("ADCs"), and
oncolytic virus ("Seprehvec(TM)"). Sorrento is also developing
potential antiviral therapies and vaccines against coronaviruses,
including STI-1558, COVISHIELD(TM) and COVIDROPS(TM), COVI-MSCTM;
and diagnostic test solutions, including COVIMARK(TM).

Sorrento Therapeutics, Inc., and Scintilla Pharmaceuticals, Inc.,
sought Chapter 11 protection (Bankr. S.D. Tex. Lead Case No.
23-90085) on Feb. 13, 2023. Sorrento disclosed assets in excess of
$1 billion and liabilities of about $235 million as of Feb. 10,
2023.

Judge David R. Jones oversees the cases.

The Debtors tapped Latham & Watkins, LLP as bankruptcy counsel;
Jackson Walker, LLP as local counsel; Tran Singh, LLP as conflicts
counsel; and M3 Advisory Partners, LP as financial advisor. Mohsin
Y. Meghji, managing partner at M3, serves as the Debtors' chief
restructuring officer. Stretto Inc. is the claims, noticing and
solicitation agent.

Norton Rose Fulbright US, LLP and Milbank, LLP represent the
official committee of unsecured creditors appointed in the
Debtors' Chapter 11 cases.

On April 10, 2023, the U.S. Trustee for Region 7 appointed an
official committee to represent the Debtors' equity security
holders.


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S U B S C R I P T I O N   I N F O R M A T I O N

Troubled Company Reporter is a daily newsletter co-published
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Pennsylvania, USA, and Beard Group, Inc., Philadelphia, Pa., USA.
Randy Antoni, Jhonas Dampog, Marites Claro, Joy Agravante,
Rousel Elaine Tumanda, Joel Anthony G. Lopez, Psyche A. Castillon,
Ivy B. Magdadaro, Carlo Fernandez, Christopher G. Patalinghug, and
Peter A. Chapman, Editors.

Copyright 2023.  All rights reserved.  ISSN: 1520-9474.

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