Coherus BioSciences Files 10-Q for Period Ending March 31, 2024

TL;DR

<b>Coherus BioSciences filed its Q1 2024 10-Q, detailing financial activities, stock transactions, and product performance.</b>

AI Summary

Coherus BioSciences, Inc. (CHRS) filed a Quarterly Report (10-Q) with the SEC on May 9, 2024. Coherus BioSciences reported financial results for the quarter ended March 31, 2024. The company's filing includes data related to common stock and additional paid-in capital. Key dates mentioned include various stock offering events and option grants. Product-specific data for Yusimry, Udenyca, Toripalimab, and Cimerli are included for Q1 2024 and Q1 2023. Subsequent events include details on term loans as of April 30, 2024.

Why It Matters

For investors and stakeholders tracking Coherus BioSciences, Inc., this filing contains several important signals. This filing provides a quarterly update on Coherus BioSciences' financial health and operational activities, crucial for investors to assess performance and future outlook. The inclusion of specific product data and subsequent events offers insights into the company's ongoing commercialization efforts and financial commitments.

Risk Assessment

Risk Level: medium — Coherus BioSciences, Inc. shows moderate risk based on this filing. The filing contains limited specific financial performance data (revenue, net income, EPS) for the current quarter, making a full assessment of financial health challenging without additional context.

Analyst Insight

Investors should review the full 10-Q to understand the detailed financial statements and management's discussion and analysis for a comprehensive view of Coherus BioSciences' performance.

Key Numbers

• 2024-03-31 — Reporting Period End Date (10-Q filing)
• 2024-05-09 — Filing Date (10-Q filing)
• 2023-05-16 — Public Offering Date (Related to common stock)
• 2024-04-01 — Start Date for Term Loan Activity (Subsequent event)

Key Players & Entities

• Coherus BioSciences, Inc. (company) — Filer name
• 2024-03-31 (date) — Conformed period of report
• 2024-05-09 (date) — Filed as of date
• Dennis M. Lanfear (person) — Business and mail address contact
• BioGenerics, Inc. (company) — Former company name
• Yusimry (product) — Product name
• Udenyca (product) — Product name
• Cimerli (product) — Product name

FAQ

Key Dates

• 2024-03-31: Quarterly Period End — Financial reporting period for the 10-Q
• 2024-05-09: Filing Date — Date the 10-Q was officially submitted to the SEC
• 2023-05-16: Public Offering — Significant past equity event
• 2024-05-08: Term Loan Event — Subsequent event related to financing

Key Financial Figures

• $0.0001 — nge on which registered Common Stock, $0.0001 par value per share CHRS The Nasdaq

Filing Documents

• chrs-20240331x10q.htm (10-Q) — 2262KB
• chrs-20240331xex10d2.htm (EX-10.2) — 29KB
• chrs-20240331xex31d1.htm (EX-31.1) — 14KB
• chrs-20240331xex31d2.htm (EX-31.2) — 15KB
• chrs-20240331xex32d1.htm (EX-32.1) — 12KB
• 0001558370-24-007641.txt (&nbsp;) — 9946KB
• chrs-20240331.xsd (EX-101.SCH) — 76KB
• chrs-20240331_cal.xml (EX-101.CAL) — 81KB
• chrs-20240331_def.xml (EX-101.DEF) — 345KB
• chrs-20240331_lab.xml (EX-101.LAB) — 603KB
• chrs-20240331_pre.xml (EX-101.PRE) — 501KB
• chrs-20240331x10q_htm.xml (XML) — 1669KB

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 35 ITEM 3 Quantitative and Qualitative Disclosure About Market Risk 50 ITEM 4

Controls and Procedures

Controls and Procedures 51 PART II OTHER INFORMATION 52 ITEM 1.

Legal Proceedings

Legal Proceedings 52 ITEM 1A.

Risk Factors

Risk Factors 52 ITEM 2 Unregistered Sales of Equity Securities and Use of Proceeds, and Issuer Purchases of Equity Securities 109 ITEM 3 Defaults Upon Senior Securities 109 ITEM 4 Mine Safety Disclosures 109 ITEM 5 Other Information 109 ITEM 6. Exhibits 109 Exhibit Index 110

Signatures

Signatures 112 UDENYCA, UDENYCA ONBODY , YUSIMRY and LOQTORZI, whether or not appearing in large print or with the trademark symbol, are trademarks of Coherus, its affiliates, related companies or its licensors or joint venture partners, unless otherwise noted. Trademarks and trade names of other companies appearing in this Quarterly Report on Form 10-Q are, to the knowledge of Coherus, the property of their respective owners. 2 Table of Contents CAUTIONARY NOTE REGARDING FORWARD LOOKING STATEMENTS This Quarterly Report on Form 10-Q contains forward-looking statements regarding future events and our future results that are subject to the safe harbors created under the Securities Act of 1933, as amended (the "Securities Act"), and the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Any statements contained herein that are not statements of historical facts contained in this Quarterly Report on Form 10-Q may be deemed to be forward-looking statements. In some cases, you can identify forward-looking statements by words such as "aim," "anticipate," "assume," "attempt," "believe," "contemplate," "continue," "could," "due," "estimate," "expect," "goal," "intend," "may," "objective," "plan," "predict," "potential," "seek," "should," "strive," "target," "will," "would" and other similar expressions that are predictions of or indicate future events and future trends, or the negative of these terms or other comparable terminology. These forward-looking statements include, but are not limited to, statements about: whether we will be able to continue to maintain or increase sales for our products; our expectations regarding our ability to develop and commercialize our product candidates in the United States and Canada ; our ability to maintain regulatory approval for our products and our ability to obtain and maintain regulatory approval of our product candidates, if and when approved; our expectations regarding government and third-party paye

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION

Unaudited Condensed Consolidated Financial Statements

ITEM 1. Unaudited Condensed Consolidated Financial Statements Coherus BioSciences, Inc. Condensed Consolidated Balance Sheets (in thousands, except share and per share data) (unaudited) March 31, December 31, 2024 2023 Assets Current assets: Cash and cash equivalents $ 259,775 $ 102,891 Investments in marketable securities — 14,857 Trade receivables, net 251,951 260,522 TSA receivables, net (Note 6) 32,194 — Inventory 61,978 62,605 Prepaid manufacturing 7,498 23,657 Other prepaids and current assets 14,081 11,099 Total current assets 627,477 475,631 Property and equipment, net 4,188 5,119 Inventory, non-current 65,645 67,495 Intangible assets, net 57,104 71,673 Other assets, non-current 9,131 9,686 Total assets $ 763,545 $ 629,604 Liabilities and Stockholders' Deficit Current liabilities: Accounts payable $ 38,289 $ 35,219 Accrued rebates, fees and reserves 155,775 169,645 TSA payables and other accrued liabilities (Note 6) 30,770 — Accrued compensation 22,762 21,521 Accrued and other current liabilities 115,707 105,386 Term loans, current 175,000 — Total current liabilities 538,303 331,771 Term loans, non-current 72,452 246,481 Convertible notes 227,220 226,888 Lease liabilities, non-current 4,680 5,328 Other liabilities, non-current 2,734 12,561 Total liabilities 845,389 823,029 Commitments and contingencies (Note 9) Stockholders' deficit: Preferred stock ($ 0.0001 par value; shares authorized: 5,000,000 ; shares issued and outstanding: 0 at March 31, 2024 and December 31, 2023) — — Common stock ( $ 0.0001 par value; shares authorized: 300,000,000 ; shares issued and outstanding : 113,496,854 and 112,215,260 at March 31, 2024 and December 31, 2023, respectively) 11 11 Additional paid-in capital 1,395,042 1,386,312 Accumulated other comprehensive loss ( 272 ) ( 248 ) Accumulated deficit ( 1,476,625

View Full Filing

View this 10-Q filing on SEC EDGAR