Here is why Sorrento Therapeutics, Inc. (SRNE) stock turnaround in the after-hours on Thursday?

Sorrento Therapeutics Inc (SRNE) shares surged 4.24% in after-hours on Thursday, August 19, 2021, and closed the daily trading at $8.60 per share. Earlier in the regular trading session, SRNE’s stock lost 1.79%. SRNE shares have fallen 25.41% over the last 12 months, and they have moved down 10.33% in the past week. Over the past three months, the stock has gained 14.42%, while over the past six months, it has declined 37.26%.

Let’s have a look at its recent news and development.

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SRNE new details about DYAI-100

On August 19, 2021, Sorrento Therapeutics, Inc. (SRNE) provided details about preclinical vaccination studies of a new to-be-licensed and developed protein-based COVID-19 vaccination candidate, DYAI-100. The new RBD-based COVID-19 vaccination candidate demonstrated in preclinical studies the potential to elicit potent neutralizing B-cell immune responses against the original SARS-CoV-2 strain and its emerging variants, including Beta and Delta.

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The report suggests that DYAI-100 represents a promising COVID-19 vaccination candidate against COVID-19 that may potentially offer a broad protective range against emerging VOCs of the SARS-CoV-2 virus.

SRNE update about Ztlido 

On August 19, 2021, Scilex Holding Company (SCILEX) which is a subsidiary of Sorrento Therapeutics, Inc. (SRNE), announced that effective September 1, 2021, ZTlido® (lidocaine topical system) 1.8% has been added to multiple formularies, including two national PBMs (Pharmacy Benefit Managers), thereby expanding coverage by up to 33 million lives. ZTlido is indicated for relief of pain associated with post-herpetic neuralgia, also referred to as post-shingles pain.

SRNE recent financial results announcement

On August 16, 2021Sorrento Therapeutics, Inc. (SRNE) announced its financial results for the quarter ended June 30, 2021.

Q2 2021 financial highlights

  • SRNE reported revenue of 937,000 for Q2 2021 compared to $524,000 in Q2 2020.
  • Research and development expenses were 3.0 million in Q2 2021 compared to $1.7 million for Q2 2020.
  • General and administrative expenses were 1.7 million compared to $1.5 million in Q2 2020.
  • It suffered an operating loss of $3.8 million in Q2 2021 compared to $2.7 million in Q2 2020.
  • As of June 30, 2021, the company had a cash and equivalents balance totalled $25.6 million

SRNE collaboration with Dyadic International

On August 11, 2021, Sorrento Therapeutics, Inc. (SRNE) and Dyadic International, Inc signed a binding term sheet to enter into an exclusive license agreement to develop and commercialize vaccines, therapeutics, and diagnostics for coronaviruses, including Dyadic’s lead COVID-19 vaccine candidate, DYAI-100, produced using Dyadic’s proprietary and patented C1-cell protein production platform. The final terms of the license will be outlined in a definitive agreement to be entered into between the parties.

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The recent details about DYAI-100 were the reason behind its positive performance in the after-hours on Thursday. it can continue its positive momentum on Friday as well.

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