Sientra expects to delay 10-K, report ‘substantial doubt’ as a going concern

Sientra is filing this Notification of Late Filing on Form 12b-25 with respect to is Annual Report on Form 10-K for its fiscal year ended December 31, 2022. The company is unable to file the Annual Report within by the prescribed time period without unreasonable effort or expense because the company needs additional time to complete its financial statement preparation and review process and its assessment of internal control over financial reporting. As a result of the foregoing, the company has not yet completed its year-end reporting procedures required and consequently its independent registered public accounting firm has not yet completed its audit procedures. Based on currently available information, and although the company’s assessment has not been completed, the company expects to disclose a material weakness in its internal control over financial reporting at December 31, 2022 based on deficiencies affecting its warranty process. The company also expects to report substantial doubt exists about its ability to continue as a going concern under the standards of ASC Subtopic 205-40, Presentation of Financial Statements-Going Concern within one year after the date that the financial statements are issued. The company expects to file its Annual Report within the 15 calendar day extension provided by Rule 12b-25, but can provide no assurance that it will be able to file by such time.