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SEC Filings

8-K
OREXIGEN THERAPEUTICS, INC. filed this Form 8-K on 10/31/2018
Entire Document
 


In re: Orexigen Therapeutics, Inc.

Debtor

  

Case No. 18-10518 (KG)

Reporting Period: September 1, 2018 - September 30, 2018

 

MOR - 2

Statement of Operations

For the Period: September 1, 2018 - September 30, 2018

(Unaudited)

 

$ USD ‘000s

  September 1, 2018 - September 30, 2018     March 12 - September 30, 2018  

Net product sales(1)

  $ 179     $ 28,050  

Cost of product sales(1)

    (32     (6,368

Operating expenses:

   

Research and development(1)

    (90     (2,764

Selling, general and administrative(1)

    (583     (32,845

Amortization expense of intangible assets

    —         (2,987
 

 

 

   

 

 

 

Total operating expenses

    (673     (38,596
 

 

 

   

 

 

 

Loss from operations

    (526     (16,915

Other income/(expense):

   

Interest income

    56       761  

Refundable tax credit(2)

    (1,300     —    

Interest expense(1)

    665       (63
 

 

 

   

 

 

 

Total other income (expenses)

    (579     698  
 

 

 

   

 

 

 

Net loss

    (1,104     (16,217

Reorganization expenses(3)

    (770     (313,035
 

 

 

   

 

 

 

Net gain/(loss)

  $ (1,875   $ (329,251
 

 

 

   

 

 

 

Notes:

 

(1)

On July 27, 2018 the Debtor closed the sale and transferred substantially all of its assets to the Buyer. Activity in these accounts was the result of prior period accruals being trued up.

(2)

Refundable tax credit includes refundable alternative minimum tax as created by the Tax Cuts and Jobs Act. As the result of an audit, the income has been reclassed to 2017. The credit in September is offsetting the amount that was previously booked as income in 2018.

(3)

Reorganization expenses include the loss on sale of assets as well as the write up of the notes to the principle balance, the elimination of the debt discount and debt costs related to the 2013 debt. The loss on sale of assets is not final and pending the completion of a valuation of the non-debtor subsidiaries.