UNITED STATES BANKRUPTCY COURT

DISTRICT OF Delaware

In Re. Clovis Oncology, Inc. §

Case No. 22-11292

§
§

Lead Case No. 22-11292

Debtor(s) §
☒ Jointly Administered
Monthly Operating Report Chapter 11
Reporting Period Ended: 03/31/2023 Petition Date: 12/11/2022
Months Pending: 4 Industry Classification: 3 2 5 4
Reporting Method: Accrual Basis ☒ Cash Basis ☐
Debtor's Full-Time Employees (current): 83
Debtor's Full-Time Employees (as of date of order for relief): 120

Supporting Documentation (check all that are attached):

(For jointly administered debtors, any required schedules must be provided on a non-consolidated basis for each debtor)

Statement of cash receipts and disbursements

Balance sheet containing the summary and detail of the assets, liabilities and equity (net worth) or deficit

Statement of operations (profit or loss statement)

Accounts receivable aging

Postpetition liabilities aging

Statement of capital assets

Schedule of payments to professionals

Schedule of payments to insiders

All bank statements and bank reconciliations for the reporting period

Description of the assets sold or transferred and the terms of the sale or transfer

/s/ Andrew S. Mordkoff

Andrew S. Mordkoff

Signature of Responsible Party Printed Name of Responsible Party

05/02/2023

Date

787 Seventh Avenue, New York, New York 10019-6099

Address

STATEMENT: This Periodic Report is associated with an open bankruptcy case; therefore, Paperwork Reduction Act exemption 5 C.F.R. § 1320.4(a)(2) applies.

UST Form 11-MOR (12/01/2021) 1
Debtor's Name Clovis Oncology, Inc. Case No. 22-11292

Part 1: Cash Receipts and Disbursements

Current Month Cumulative

a.

Cash balance beginning of month

$ 59,319,774

b.

Total receipts (net of transfers between accounts)

$ 6,797,000 $ 66,455,942

c.

Total disbursements (net of transfers between accounts)

$ 10,001,632 $ 24,220,374

d.

Cash balance end of month (a+b-c)

$ 56,115,142

e.

Disbursements made by third party for the benefit of the estate

$ 0 $ 0

f.

Total disbursements for quarterly fee calculation (c+e)

$ 10,001,632 $ 24,220,374

Part 2: Asset and Liability Status

(Not generally applicable to Individual Debtors. See Instructions.)

Current Month

a.

Accounts receivable (total net of allowance)

$ 10,474,649

b.

Accounts receivable over 90 days outstanding (net of allowance)

$ 0

c.

Inventory (Book ☒ Market ☐ Other ☐ (attach explanation))

$ 95,391,684

d.

Total current assets

$ 198,459,386

e.

Total assets

$ 326,231,564

f.

Postpetition payables (excluding taxes)

$ 82,904,193

g.

Postpetition payables past due (excluding taxes)

$ 5,515,923

h.

Postpetition taxes payable

$ 0

i.

Postpetition taxes past due

$ 0

j.

Total postpetition debt (f+h)

$ 82,904,193

k.

Prepetition secured debt

$ 346,993,967

l.

Prepetition priority debt

$ 0

m.

Prepetition unsecured debt

$ 496,414,933

n.

Total liabilities (debt) (j+k+l+m)

$ 926,313,093

o.

Ending equity/net worth (e-n)

$ -600,081,529

Part 3: Assets Sold or Transferred

Current Month Cumulative

a.

Total cash sales price for assets sold/transferred outside the ordinary course of business

$ 0 $ 0

b.

Total payments to third parties incident to assets being sold/transferred outside the ordinary course of business

$ 0 $ 0

c.

Net cash proceeds from assets sold/transferred outside the ordinary course of business (a-b)

$ 0 $ 0

Part 4: Income Statement (Statement of Operations)

(Not generally applicable to Individual Debtors. See Instructions.)

Current Month Cumulative

a.

Gross income/sales (net of returns and allowances)

$ 8,189,371

b.

Cost of goods sold (inclusive of depreciation, if applicable)

$ 2,425,365

c.

Gross profit (a-b)

$ 5,764,006

d.

Selling expenses

$ 21,049

e.

General and administrative expenses

$ 6,352,933

f.

Other expenses

$ 1,720,543

g.

Depreciation and/or amortization (not included in 4b)

$ 0

h.

Interest

$ 24,231

i.

Taxes (local, state, and federal)

$ 39,811

j.

Reorganization items

$ 9,265,001

k.

Profit (loss)

$ -11,611,100 $ -162,958,644
UST Form 11-MOR (12/01/2021) 2
Debtor's Name Clovis Oncology, Inc. Case No. 22-11292
Part 5: Professional Fees and Expenses
Approved
Current Month
Approved
Cumulative
Paid Current
Month

Paid

Cumulative

a. Debtor's professional fees & expenses (bankruptcy) Aggregate Total $ 3,426,022 $ 5,502,186 $ 3,426,022 $ 5,502,186
Itemized Breakdown by Firm
Firm Name Role
i Kroll Restructuring Administrat Other $ 146,429 $ 476,146 $ 146,429 $ 476,146
ii AlixPartners, LLP Financial Professional $ 770,575 $ 1,206,205 $ 770,575 $ 1,206,205
iii Willkie Farr & Gallagher LLP Lead Counsel $ 1,500,457 $ 2,811,274 $ 1,500,457 $ 2,811,274
iv Morris, Nichols, Arsht & Tunne Local Counsel $ 198,049 $ 198,049 $ 198,049 $ 198,049
v Perella Weinberg Partners Other $ 660,378 $ 660,378 $ 660,378 $ 660,378
vi Ducera Partners LLC Other $ 150,133 $ 150,133 $ 150,133 $ 150,133
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UST Form 11-MOR (12/01/2021) 3
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UST Form 11-MOR (12/01/2021) 4
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Cumulative

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b. Debtor's professional fees & expenses (nonbankruptcy) Aggregate Total
Itemized Breakdown by Firm
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UST Form 11-MOR (12/01/2021) 5
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UST Form 11-MOR (12/01/2021) 6
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c. All professional fees and expenses (debtor & committees) $ 3,426,022 $ 5,502,186 $ 3,426,022 $ 5,502,186
UST Form 11-MOR (12/01/2021) 7
Debtor's Name Clovis Oncology, Inc. Case No. 22-11292

Part 6: Postpetition Taxes

Current Month Cumulative

a.   Postpetition income taxes accrued (local, state, and federal)

$ 0 $ 0

b.  Postpetition income taxes paid (local, state, and federal)

$ 0 $ 0

c.   Postpetition employer payroll taxes accrued

$ 0 $ 0

d.  Postpetition employer payroll taxes paid

$ 0 $ 0

e.   Postpetition property taxes paid

$ 0 $ 0

f.   Postpetition other taxes accrued (local, state, and federal)

$ 0 $ 0

g.  Postpetition other taxes paid (local, state, and federal)

$ 0 $ 0

Part 7: Questionnaire - During this reporting period:

a.   Were any payments made on prepetition debt? (if yes, see Instructions)

Yes No

b.  Were any payments made outside the ordinary course of business without court approval? (if yes, see Instructions)

Yes No

c.   Were any payments made to or on behalf of insiders?

Yes No

d.  Are you current on postpetition tax return filings?

Yes No

e.   Are you current on postpetition estimated tax payments?

Yes No

f.   Were all trust fund taxes remitted on a current basis?

Yes No

g.  Was there any postpetition borrowing, other than trade credit? (if yes, see Instructions)

Yes No

h.  Were all payments made to or on behalf of professionals approved by the court?

Yes No N/A

i.   Do you have: Worker's compensation insurance?

Yes No

If yes, are your premiums current?

Yes No N/A (if no, see Instructions )

Casualty/property insurance?

Yes No

If yes, are your premiums current?

Yes No N/A (if no, see Instructions )

General liability insurance?

Yes No

If yes, are your premiums current?

Yes No N/A (if no, see Instructions )

j.   Has a plan of reorganization been filed with the court?

Yes No

k.  Has a disclosure statement been filed with the court?

Yes No

l.   Are you current with quarterly U.S. Trustee fees as set forth under 28 U.S.C. § 1930?

Yes No
UST Form 11-MOR (12/01/2021) 8
Debtor's Name Clovis Oncology, Inc. Case No. 22-11292

Part 8: Individual Chapter 11 Debtors (Only)

a.   Gross income (receipts) from salary and wages

$ 0

b.  Gross income (receipts) from self-employment

$ 0

c.   Gross income from all other sources

$ 0

d.  Total income in the reporting period (a+b+c)

$ 0

e.   Payroll deductions

$ 0

f.   Self-employment related expenses

$ 0

g.  Living expenses

$ 0

h.  All other expenses

$ 0

i.   Total expenses in the reporting period (e+f+g+h)

$ 0

j.   Difference between total income and total expenses (d-i)

$ 0

k.  List the total amount of all postpetition debts that are past due

$ 0

l.   Are you required to pay any Domestic Support Obligations as defined by 11 U.S.C § 101(14A)?

Yes No

m.   If yes, have you made all Domestic Support Obligation payments?

Yes No N/A

Privacy Act Statement

28 U.S.C. § 589b authorizes the collection of this information, and provision of this information is mandatory under 11 U.S.C. §§ 704, 1106, and 1107. The United States Trustee will use this information to calculate statutory fee assessments under 28 U.S.C. § 1930(a)(6). The United States Trustee will also use this information to evaluate a chapter 11 debtor's progress through the bankruptcy system, including the likelihood of a plan of reorganization being confirmed and whether the case is being prosecuted in good faith. This information may be disclosed to a bankruptcy trustee or examiner when the information is needed to perform the trustee's or examiner's duties or to the appropriate federal, state, local, regulatory, tribal, or foreign law enforcement agency when the information indicates a violation or potential violation of law. Other disclosures may be made for routine purposes. For a discussion of the types of routine disclosures that may be made, you may consult the Executive Office for United States Trustee's systems of records notice, UST-001, "Bankruptcy Case Files and Associated Records." See 71 Fed. Reg. 59,818 et seq. (Oct. 11, 2006). A copy of the notice may be obtained at the following link: http:// www.justice.gov/ust/eo/rules_regulations/index.htm. Failure to provide this information could result in the dismissal or conversion of your bankruptcy case or other action by the United States Trustee. 11 U.S.C. § 1112(b)(4)(F).

I declare under penalty of perjury that the foregoing Monthly Operating Report and its supportingdocumentation are true and correct and that I have been authorized to sign this report on behalf of the estate.

/s/ Daniel W. Muehl

Daniel W. Muehl

Signature of Responsible Party Printed Name of Responsible Party

Executive Vice President and Chief Financial Officer

05/02/2023

Title Date
UST Form 11-MOR (12/01/2021) 9
Debtor's Name Clovis Oncology, Inc. Case No. 22-11292
UST Form 11-MOR (12/01/2021) 10
Debtor's Name Clovis Oncology, Inc. Case No. 22-11292
UST Form 11-MOR (12/01/2021) 11
Debtor's Name Clovis Oncology, Inc. Case No. 22-11292
UST Form 11-MOR (12/01/2021) 12

In re: Clovis Oncology, Inc.

Schedule of Cash Receipts and Disbursements

Lead Case No:

Reporting Period:

22-11292 (JKS)

March 01 - March 31, 2023

Debtor Third-Party Cash Disbursements

Clovis Oncology, Inc.

$ 10,001,632

Clovis Oncology UK Limited

$ 689,916

Clovis Oncology Ireland Limited

$ 26,411

Total

$ 10,717,959
Debtor Third-Party Cash Receipts

Clovis Oncology, Inc.

$ 6,834,740

Clovis Oncology UK Limited

$ -

Clovis Oncology Ireland Limited

$ 2,279

Total

$ 6,837,019

In re: Clovis Oncology, Inc.

Bank Account Information

Lead Case No:

Reporting Period:

22-11292 (JKS)

March 01 - March 31, 2023

Debtor

Bank Last 4 Digits Description Balance as of Month End (USD)

Clovis Oncology, Inc.

JP Morgan 9101 Lockbox Account 1,969,519

Clovis Oncology, Inc.

JP Morgan 8623 Operating Account 32,487,964

Clovis Oncology, Inc.

JP Morgan 9601 Operating Account 88

Clovis Oncology, Inc.

JP Morgan 9602 Operating Account 2,165

Clovis Oncology, Inc.

JP Morgan 3424 Operating Account 541

Clovis Oncology, Inc.

JP Morgan 8157 Investment Account 6,746,118

Clovis Oncology, Inc.

JP Morgan 2038 Investment Account 100,000

Clovis Oncology, Inc.

JP Morgan 1915 Professional Fees Account 14,797,948

Clovis Oncology, Inc.

JP Morgan 7602 Utilitiy Deposits Account 10,800

Clovis Oncology UK Limited

JP Morgan 4225 Lockbox Account 1,246,095

Clovis Oncology UK Limited

JP Morgan 2330 Operating Account 7,873,486

Clovis Oncology Ireland Limited

JP Morgan 0565 Lockbox Account 3,121,565

Clovis Oncology Ireland Limited

JP Morgan 1185 Operating Account 441,080

Sub Total - Bank Accounts

68,797,368

Total

68,797,368

In re: Clovis Oncology, Inc.

Unaudited Balance Sheet as of March 31, 2023

Lead Case No:

Reporting Period:

22-11292 (JKS)

March 01 - March 31, 2023

USD Actuals Clovis Oncology, Inc. Clovis Oncology UK
Limited
Clovis Oncology Ireland
Limited

Assets

Current Assets:

Cash and Cash Equivalents

56,115,142 9,119,581 3,562,645

Trade Accounts Receivable, Net

10,474,649 9,811,246 7,022

Interco Receivables

22,207,940 337 11,757,151

Pre-Petition - Inter Company Debtor Receivables

Inventories

95,391,684 - 9,259,425

Prepayments and Deposits

14,270,245 136,440 36,006

Other Assets - Current

(276 ) 2,650,787 16,963

IC Investment in Subsidiaries

2 229,143 -

Total Current Assets

198,459,386 21,947,534 24,639,213

Non-Current Assets:

Property, Plant and Equipment, Net

144,077 121,035 -

Goodwill

63,074,218 - -

Other Intangible Assets, Net

53,657,483 - -

Other Assets - Non-current

10,896,400 173,453 30,072

Total Non-Current Assets

127,772,178 294,488 30,072

Total Assets

326,231,564 22,242,022 24,669,285

Liabilities

Current Liabilities:

DIP Financing

45,000,000 - -

Trade Accounts Payable, Net

12,444,863 6,704,074 66,816

Interco Payables

(443,365 ) 3,459,580 18,495,728

Misc. Liabilities & Accrued Expenses

25,857,193 (492,886 ) 119,519

Accrued Taxes (Income, Payroll, etc.)

(17,978 ) 2,477,017 281,548

Lease Liability - Short-term

63,480 151,665 17,579

Other Notes Payable - Current

- - -

Total Current Liabilities

82,904,193 12,299,450 18,981,190

Non-Current Liabilities

Lease Liability - Long-term

- - 10,251

Total Non-Current Liabilities

- - 10,251

Liabilities Subject to Compromise

843,408,900 10,419,901 88,508

Total Liabilities

926,313,093 22,719,351 19,079,948

Equity

Common Stock

145,469 2 141

Additional Paid in Capital

2,691,516,958 - -

Accumulated Other Comprehensive Loss

(41,905,090 ) (451,515 ) 150,265

Accumulated Deficit

(3,249,838,866 ) (25,815 ) 5,438,931

Total Equity

(600,081,529 ) (477,329 ) 5,589,337

Total Liabilities and Equity

326,231,564 22,242,022 24,669,285

Notes:

1)

The financial statements and supplemental information contained herein are limited in scope and cover a limited time period. Moreover, such information is preliminary, unaudited, and subject to change.

In re: Clovis Oncology, Inc.

Unaudited Statement of Operations for the month of March 2023

Lead Case No:

Reporting Period:

22-11292 (JKS)

March 01 - March 31, 2023

USD Actuals Clovis Oncology, Inc.

Clovis Oncology UK

Limited

Clovis Oncology Ireland

Limited

Total Revenue

8,189,371 754,165 2,115,078

Operating Expenses:

Cost of Goods Sold

820,877 728,245 1,207,545

Royalty Expense

1,604,489 - -

Research and Development

1,883,430 - -

General and Administrative

6,352,933 647,524 69,091

Selling Expenses

21,049 32,748 -

Operating Taxes

38,731 - -

Other Operating Expenses

- - -

Total Operating Expenses

10,721,508 1,408,518 1,276,635

Total Operating Profit (Loss)

(2,532,137 ) (654,353 ) 838,443

Other Income and Expenses:

Interest Income

24,231 - -

Gain/Loss from Sale of Assets

- - -

Interest Expense

- - -

Foreign Currency Translation Adjustments

(162,887 ) 51,548 (195,833 )

Gain/Loss on Available-For-Sale Securities

- - -

Reorganization Costs

9,265,001 - -

Income Tax Expense

1,080 - -

Net Other Income

(9,078,963 ) (51,548 ) 195,833

Net Income

(11,611,100 ) (705,901 ) 1,034,276

Notes:

1)

The activity reported above represents the full month of March.

2)

The financial statements and supplemental information contained herein are limited in scope and cover a limited time period. Moreover, such information is preliminary and unaudited. The financial position and results of operations contained herein are not necessarily indicative of results which may be expected for any other period or for the full year and as a result, may not reflect the consolidated financial position and results of operations of the Debtors in the future.

In re: Clovis Oncology, Inc.

Accounts Receivable Reconciliation and Aging

Lead Case No:

Reporting Period:

22-11292 (JKS)

March 01 - March 31, 2023

Clovis Oncology, Inc.

Accounts Receivable Aging

0-30 Days 31-60 Days 61-90 Days 91+ Days Total

Trade Accounts Receivable

10,128,940 712,170 34,740 - 10,875,850

Less: Prompt Pay Discounts & Returns

(371,501 ) (14,243 ) (695 ) - (386,439 )

Less: Allowance for Bad Debts

(10,932 ) (3,490 ) (340 ) - (14,762 )

Net Accounts Receivable

9,746,507 694,437 33,705 - 10,474,649

Clovis Oncology UK Limited

Accounts Receivable Aging

0-30 Days 31-60 Days 61-90 Days 91+ Days Total

Trade Accounts Receivable

4,958,790 4,916,498 - - 9,875,288

Less: Allowance for Bad Debts

(14,876 ) (49,165 ) - - (64,041 )

Net Accounts Receivable

4,943,914 4,867,333 - - 9,811,246

Clovis Oncology Ireland Limited

Accounts Receivable Aging

0-30 Days 31-60 Days 61-90 Days 91+ Days Total

Trade Accounts Receivable

7,043 - - - 7,043

Less: Allowance for Bad Debts

(21 ) - - - (21 )

Net Accounts Receivable

7,022 - - - 7,022

In re: Clovis Oncology, Inc.

Post-Petition Accounts Payable Aging

Lead Case No:

Reporting Period:

22-11292 (JKS)

March 01 - March 31, 2023

Debtor

Total Current 0-30 Days 31-60 Days 61-90 Days 91+ Days

Clovis Oncology, Inc.

9,475,157 3,959,234 4,022,630 292,819 18,675 1,181,799

Clovis Oncology UK Limited

3,812,752 3,713,583 99,168 - - -

Clovis Oncology Ireland Limited

66,816 60,656 - 6,159 - -

Net Accounts Payable

13,354,724 7,733,473 4,121,798 298,979 18,675 1,181,799

Notes:

1)

While the Debtors' AP Aging Report shows that the Debtors are past due on certain postpetition amounts owed, certain of these payments are not actually owed pursuant to various provisions of the bankruptcy code, and the Debtors do not believe that once they finish reconciling their invoices, books and records, this will be the case.

In re: Clovis Oncology, Inc.

Schedule of Capital Assets

Lead Case No:

Reporting Period:

22-11292 (JKS)

March 01 - March 31, 2023

USD Actuals Clovis Oncology, Inc.

Clovis Oncology UK

Limited

Clovis Oncology Ireland

Limited

Net Book Value

Computer Equipment

132,117 114,862 -

Furniture and Fixtures

(0 ) 5,069 -

Lab Equpment

- - -

Leasehold Improvements

- (0 ) -

Licensed Software

- - -

Manufacturing Equipment

5,016 - -

Office Equipment

- 1,104 -

Trade Booth

(0 ) - -

Net Book Value

137,133 121,035 -

Payments to Insiders

313,675 - -

In re: Clovis Oncology, Inc.

Schedule of Payments to Insiders

Lead Case No:

Reporting Period:

22-11292 (JKS)

March 01 - March 31, 2023

The Debtor, Clovis Oncology, Inc., and its affiliated Debtors, hereby submit this attestation regarding payments to insiders during the period of February 1 through February 28, 2023. With respect to insiders, all cash payments made were on account of ordinary course salaries and authorized travel and expense reimbursements. No non-cash transfers were made during this reporting period.

/s/ Daniel W. Muehl

5/02/2023
Signature of Authorized Individual Date

Daniel W. Muehl

Executive Vice President and Chief Financial Officer

Printed Name of Authorized Individual Title of Authorized Individual

Notes:

1)

The insiders included herein are consistent with those as defined by the Bankruptcy Code and as included in the Debtors' Statements of Financial Affairs. The amount listed Includes all compensation-related expenses paid by the Debtors, including salary, retirement plan contributions, health and other insurance benefits, and expense reimbursements.

In re: Clovis Oncology, Inc.

Status of Post-Petition Taxes

Lead Case No:

Reporting Period:

22-11292 (JKS)

March 01 - March 31, 2023

The Debtor, Clovis Oncology, Inc., and its affiliated Debtors, hereby submit this attestation regarding post-petition taxes. All postpetition taxes for the debtors, which are not subject to dispute or reconciliation are current; provided, however, the Debtors continue to actively reconcile other amounts owed to various taxing and governmental authorities, which may subsequently be subject to dispute.

/s/ Daniel W. Muehl

5/02/2023
Signature of Authorized Individual Date

Daniel W. Muehl

Executive Vice President and Chief Financial Officer

Printed Name of Authorized Individual Title of Authorized Individual

Attachments

Disclaimer

Clovis Oncology Inc. published this content on 03 May 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 03 May 2023 12:55:05 UTC.