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8-K
OREXIGEN THERAPEUTICS, INC. filed this Form 8-K on 04/02/2019
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Case 18-10518-KG     Doc 1006     Filed 03/29/19     Page 8 of 11

 

In re: Orexigen Therapeutics, Inc.

   Case No. 18-10518 (KG)

Debtor

   Reporting Period: February 1, 2019 - February 28, 2019

 

MOR-2

Statement of Operations

For the Period: February 1, 2019 - February 28, 2019

(Unaudited)

 

$ USD ‘000s    February 1, 2019 - February 28, 2019          March 12 - February 28, 2019      

 

 

Net product sales(1)

     $ -        $ 28,050    

Cost of product sales(1)

     -          (6,367)   

Operating expenses:

     

    Research and development(1)

     -          (2,804)   

    Selling, general and administrative(1)

     (1,446)        (34,835)   

    Amortization expense of intangible assets

     -          (2,987)   
  

 

 

 

Total operating expenses

     (1,446)        (40,626)   
  

 

 

 

Loss from operations

     (1,446)        (18,944)   

Other income/(expense):

     

    Interest income

     50         1,021    

    Refundable tax credit(2)

     -          -     

    Interest expense(1)

     -          (63)   
  

 

 

 

Total other income (expenses)

     50         958    
  

 

 

 

Net loss

     (1,396)        (17,986)   

Reorganization expenses(3)

     (2,251)        (318,175)   
  

 

 

 

Net gain/(loss)

     $ (3,647)      $ (336,161)   
  

 

 

 

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.

(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.