Coherus BioSciences Files Q3 2024 10-Q

TL;DR

CHRS Q3 2024 10-Q filed. Financials and ops update.

AI Summary

Coherus BioSciences, Inc. filed its Q3 2024 10-Q report on November 6, 2024, for the period ending September 30, 2024. The company, formerly known as BioGenerics, Inc., is involved in the biological products sector. The filing details financial activities and operational updates for the third quarter.

Why It Matters

This filing provides investors and analysts with the latest financial performance and operational details of Coherus BioSciences, crucial for understanding the company's current standing and future prospects.

Risk Assessment

Risk Level: medium — As a biotechnology company, Coherus BioSciences faces inherent risks related to drug development, regulatory approvals, and market competition.

Key Numbers

• 115,213,407 — Selling General and Administrative Expense (Q3 2024 SG&A expense)
• 112,215,260 — Selling General and Administrative Expense (Q3 2023 SG&A expense)

Key Players & Entities

• Coherus BioSciences, Inc. (company) — Filer
• BioGenerics, Inc. (company) — Former Company Name
• Dennis M. Lanfear (person) — Contact Person
• 20240930 (date) — Reporting Period End Date
• 20241106 (date) — Filing Date

FAQ

Key Financial Figures

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

Filing Documents

• chrs-20240930x10q.htm (10-Q) — 2960KB
• chrs-20240930xex31d1.htm (EX-31.1) — 14KB
• chrs-20240930xex31d2.htm (EX-31.2) — 15KB
• chrs-20240930xex32d1.htm (EX-32.1) — 12KB
• 0001558370-24-014648.txt ( ) — 12079KB
• chrs-20240930.xsd (EX-101.SCH) — 85KB
• chrs-20240930_cal.xml (EX-101.CAL) — 91KB
• chrs-20240930_def.xml (EX-101.DEF) — 385KB
• chrs-20240930_lab.xml (EX-101.LAB) — 663KB
• chrs-20240930_pre.xml (EX-101.PRE) — 547KB
• chrs-20240930x10q_htm.xml (XML) — 2210KB

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 38 ITEM 3 Quantitative and Qualitative Disclosure About Market Risk 54 ITEM 4

Controls and Procedures

Controls and Procedures 55 PART II OTHER INFORMATION 56 ITEM 1.

Legal Proceedings

Legal Proceedings 56 ITEM 1A.

Risk Factors

Risk Factors 56 ITEM 2 Unregistered Sales of Equity Securities and Use of Proceeds, and Issuer Purchases of Equity Securities 112 ITEM 3 Defaults Upon Senior Securities 112 ITEM 4 Mine Safety Disclosures 112 ITEM 5 Other Information 113 ITEM 6. Exhibits 114 Exhibit Index 114

Signatures

Signatures 116 UDENYCA, UDENYCA ONBODY 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 ; 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 payer coverage and reimbursement; our abilit

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) September 30, December 31, 2024 2023 Assets Current assets: Cash and cash equivalents $ 97,690 $ 102,891 Investments in marketable securities — 14,857 Trade receivables, net 167,559 260,522 TSA receivables, net (Note 6) 31,241 — Inventory 47,640 62,605 Prepaid manufacturing 10,718 23,657 Other prepaids and current assets 14,176 11,099 Total current assets 369,024 475,631 Property and equipment, net 2,911 5,119 Inventory, non-current 71,375 67,495 Intangible assets, net 54,313 71,673 Other assets, non-current 7,377 9,686 Total assets $ 505,000 $ 629,604 Liabilities and Stockholders' Deficit Current liabilities: Accounts payable $ 21,893 $ 35,219 Accrued rebates, fees and reserves 163,315 169,645 TSA payables and other accrued liabilities (Note 6) 33,637 — Accrued compensation 15,756 21,521 Accrued and other current liabilities 60,965 105,386 Total current liabilities 295,566 331,771 Term loans, non-current 36,618 246,481 Convertible notes 227,891 226,888 Lease liabilities, non-current 3,737 5,328 Other liabilities, non-current 29,161 12,561 Total liabilities 592,973 823,029 Commitments and contingencies (Note 9) Stockholders' deficit: Preferred stock ($ 0.0001 par value; shares authorized: 5,000,000 ; shares issued and outstanding: 0 at September 30, 2024 and December 31, 2023) — — Common stock ( $ 0.0001 par value; shares authorized: 300,000,000 ; shares issued and outstanding : 115,213,407 and 112,215,260 at September 30, 2024 and December 31, 2023, respectively) 12 11 Additional paid-in capital 1,412,587 1,386,312 Accumulated other comprehensive loss ( 275 ) ( 248 ) Accumulated deficit ( 1,500,297 ) ( 1,579,500 ) Tot

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View this 10-Q filing on SEC EDGAR