CHRS Coherus BioSciences Inc.

17.73
-0.27  -1%
Previous Close 17.99
Open 18
52 Week Low 10.8616
52 Week High 23.03
Market Cap $1,277,051,013
Shares 72,048,012
Float 58,491,763
Enterprise Value $1,187,743,252
Volume 733,618
Av. Daily Volume 888,449
Stock charts supplied by TradingView

Upcoming Catalysts

Drug Stage Catalyst Date
CHS-1420
Psoriasis
BLA Filing
BLA Filing
Premium membership is required to view catalyst dates, analyst ratings, earnings dates and cash burn data. Click here to unlock and sign up to a 14-day FREE TRIAL.
Lucentis Biosimilar
Biosimilar
BLA Filing
BLA Filing
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Quisque sapien.
Avastin (bevacizumab) biosimilar
BLA Filing
BLA Filing
Lorem ipsum dolor sit amet, consectetur adipiscing elit. Quisque sapien.

Drug Pipeline

Drug Stage Notes
CHS-1701
Pegfilgrastim biosimilar
Approved
Approved
FDA approval announced November 2, 2018.
CHS-0214
Psoriasis
Phase 3
Phase 3
Phase 3 trial met endpoint November 2015. However, commercialization not possible in US before 2029 due to patent issues
CHS-0214
Rheumatoid arthritis
Phase 3
Phase 3
Phase 3 data released January 2016. Endpoints met. However, commercialization not possible in US before 2029 due to patent issues

Latest News

  1. REDWOOD CITY, Calif., Jan. 07, 2021 (GLOBE NEWSWIRE) -- Coherus BioSciences, Inc. (("Coherus", NASDAQ:CHRS), today announced the appointments of Alan C. Mendelson and Mark D. Stolper to its Board of Directors effective January 5, 2021. 

    "We are excited to welcome Alan and Mark to the Coherus Board of Directors," said Denny Lanfear, President and CEO of Coherus. "Alan is a distinguished and highly regarded legal advisor who during his long career has supported life science and technology companies through all organizational stages and diverse corporate challenges. With broad experience in investment banking, venture capital, corporate finance and operations, Mark brings to Coherus an entrepreneurial mindset and a wealth of financial leadership…

    REDWOOD CITY, Calif., Jan. 07, 2021 (GLOBE NEWSWIRE) -- Coherus BioSciences, Inc. (("Coherus", NASDAQ:CHRS), today announced the appointments of Alan C. Mendelson and Mark D. Stolper to its Board of Directors effective January 5, 2021. 

    "We are excited to welcome Alan and Mark to the Coherus Board of Directors," said Denny Lanfear, President and CEO of Coherus. "Alan is a distinguished and highly regarded legal advisor who during his long career has supported life science and technology companies through all organizational stages and diverse corporate challenges. With broad experience in investment banking, venture capital, corporate finance and operations, Mark brings to Coherus an entrepreneurial mindset and a wealth of financial leadership experience in public and private healthcare companies."

    Mr. Mendelson served as a partner at Latham & Watkins LLP from May 2000 to December 2020, where he held several leadership roles, including Co-Chair of the Emerging Companies Practice Group and Global Co-Chair of the Life Sciences Industry Group, and advised numerous private and public companies, primarily in the life sciences industry. Prior to joining Latham & Watkins, Mr. Mendelson was a partner at Cooley LLP from February 1980 to May 2000. From November 1995 to June 1996, he served as acting General Counsel of Cadence Design Systems Inc., a public EDA software and services company. Previously, from April 1990 to April 1991, he served as secretary and acting general counsel of Amgen Inc. Mr. Mendelson previously served on the boards of directors of several public biotech companies including Aviron Inc., CV Therapeutics, Inc., QLT, Inc., and Valentis, Inc. He has served as the corporate secretary for Mellanox Technologies, Ltd., Intuitive Surgical, Inc., Corvus Pharmaceuticals, Inc., Eargo, Inc. and 4D Molecular Therapeutics, Inc. Mr. Mendelson also currently serves on the board of directors of the California Life Sciences Association and the boards of trustees of the University of California, Berkeley Foundation and The Buck Institute for Research on Aging. Mr. Mendelson received a B.A. in Political Science from the University of California, Berkeley and a J.D. from Harvard Law School.

    Mr. Stolper has served as Executive Vice President and Chief Financial Officer of RadNet, Inc., a publicly traded operator of medical diagnostic imaging centers, since July 2004. He has served on the board of directors of Surgalign Holdings, Inc., a publicly traded medical technology company, since March 2017, and Rotech Healthcare Inc., a privately held medical equipment company, since February 2016. Previously, Mr. Stolper served as a member of the board of directors of 21st Century Oncology Holdings, Inc., Surgical Solutions LLC, Physiotherapy Associates, Inc., Metropolitan Health Networks, Inc., and Compumed, Inc. Mr. Stolper graduated with a B.A. in Economics from the University of Pennsylvania and a B.S.E. in Finance from the Wharton School. Additionally, Mr. Stolper earned a postgraduate Award in Accounting from the University of California, Los Angeles.

    About Coherus BioSciences, Inc.

    Coherus is a leading commercial-stage biosimilar company dedicated to expanding access to high-quality therapeutics that can have a major impact on patients' lives and to delivering significant savings to the health care system. For additional information, please visit www.coherus.com.

    Contact

    McDavid Stilwell

    EVP of Corporate Development, IR and Financial Strategy

    Coherus BioSciences, Inc.



    +1 (650) 395-0152

    Source: Coherus BioSciences, Inc.



    Primary Logo

    View Full Article Hide Full Article
  2. REDWOOD CITY, Calif., Jan. 05, 2021 (GLOBE NEWSWIRE) -- Coherus BioSciences, Inc. (("Coherus", NASDAQ:CHRS), today announced that senior management will present at the virtual 39th Annual J.P. Morgan Healthcare Conference on Monday, January 11, 2021 at 10:50 a.m. EST / 7:50 a.m. PST.

    The audio portion of the Company presentation will be available on the investors page of the Coherus BioSciences website at https://investors.coherus.com.

    About Coherus BioSciences, Inc.

    Coherus is a leading commercial-stage biosimilar company dedicated to expanding access to high-quality therapeutics that can have a major impact on patients' lives and to delivering significant savings to the health care system. For additional information, please visit www.coherus.com

    REDWOOD CITY, Calif., Jan. 05, 2021 (GLOBE NEWSWIRE) -- Coherus BioSciences, Inc. (("Coherus", NASDAQ:CHRS), today announced that senior management will present at the virtual 39th Annual J.P. Morgan Healthcare Conference on Monday, January 11, 2021 at 10:50 a.m. EST / 7:50 a.m. PST.

    The audio portion of the Company presentation will be available on the investors page of the Coherus BioSciences website at https://investors.coherus.com.

    About Coherus BioSciences, Inc.

    Coherus is a leading commercial-stage biosimilar company dedicated to expanding access to high-quality therapeutics that can have a major impact on patients' lives and to delivering significant savings to the health care system. For additional information, please visit www.coherus.com.



    Contact
    
    McDavid Stilwell
    EVP, Corporate Development, IR and Financial Strategy 
    Coherus BioSciences, Inc.
    
    +1 (650) 395-0152

    Primary Logo

    View Full Article Hide Full Article
  3. REDWOOD CITY, Calif., Dec. 21, 2020 (GLOBE NEWSWIRE) -- Coherus BioSciences, Inc. (("Coherus" or the "Company", NASDAQ:CHRS), today announced that effective December 17, 2020, the compensation committee of the Company's board of directors granted options to purchase an aggregate of 66,000 shares of the common stock of the Company to 5 newly hired non-officer employees, with a per share exercise price of $17.78, the closing trading price on the grant date.

    The stock options were granted pursuant to the Coherus BioSciences, Inc. 2016 Employment Commencement Incentive Plan, which was approved by the Company's board of directors in June 2016 under Rule 5635(c)(4) of the Nasdaq Global Select Market for equity grants to induce new employees to…

    REDWOOD CITY, Calif., Dec. 21, 2020 (GLOBE NEWSWIRE) -- Coherus BioSciences, Inc. (("Coherus" or the "Company", NASDAQ:CHRS), today announced that effective December 17, 2020, the compensation committee of the Company's board of directors granted options to purchase an aggregate of 66,000 shares of the common stock of the Company to 5 newly hired non-officer employees, with a per share exercise price of $17.78, the closing trading price on the grant date.

    The stock options were granted pursuant to the Coherus BioSciences, Inc. 2016 Employment Commencement Incentive Plan, which was approved by the Company's board of directors in June 2016 under Rule 5635(c)(4) of the Nasdaq Global Select Market for equity grants to induce new employees to enter into employment with the Company.

    About Coherus BioSciences, Inc.

    Coherus is a leading biosimilar company that develops and commercializes its own high-quality therapeutics as well as those of others seeking capable access to the United States market. Biosimilars are intended for use in place of existing, branded biologics to treat a range of chronic and often life-threatening diseases, with the potential to reduce costs and expand patient access. Composed of a team of proven industry veterans with world-class expertise in process science, analytical characterization, protein production, sales and marketing, clinical-regulatory development and commercialization, Coherus is positioned as a leader in the global biosimilar marketplace. Coherus commercializes UDENYCA® (pegfilgrastim-cbqv) in the United States and is advancing additional product candidates including CHS-1420, a Humira® (adalimumab) biosimilar, Bioeq's Lucentis® (ranibizumab) biosimilar, Innovent's Avastin® (bevacizumab) biosimilar towards commercialization, as well as CHS-2020, an Eylea® (aflibercept) biosimilar. For additional information, please visit www.coherus.com.

    Contact

    David S. Arrington

    Investor Relations & Corporate Affairs

    Coherus BioSciences, Inc.



    +1 (650) 395-0196



    Primary Logo

    View Full Article Hide Full Article
  4. REDWOOD CITY, Calif., Nov. 20, 2020 (GLOBE NEWSWIRE) -- Coherus BioSciences, Inc. (("Coherus" or the "Company", NASDAQ:CHRS), today announced that effective November 19, 2020, the compensation committee of the Company's board of directors granted options to purchase an aggregate of 140,500 shares of the common stock of the Company to 10 newly hired non-officer employees, with a per share exercise price of $17.92, the closing trading price on the grant date.

    The stock options were granted pursuant to the Coherus BioSciences, Inc. 2016 Employment Commencement Incentive Plan, which was approved by the Company's board of directors in June 2016 under Rule 5635(c)(4) of the Nasdaq Global Select Market for equity grants to induce new employees to…

    REDWOOD CITY, Calif., Nov. 20, 2020 (GLOBE NEWSWIRE) -- Coherus BioSciences, Inc. (("Coherus" or the "Company", NASDAQ:CHRS), today announced that effective November 19, 2020, the compensation committee of the Company's board of directors granted options to purchase an aggregate of 140,500 shares of the common stock of the Company to 10 newly hired non-officer employees, with a per share exercise price of $17.92, the closing trading price on the grant date.

    The stock options were granted pursuant to the Coherus BioSciences, Inc. 2016 Employment Commencement Incentive Plan, which was approved by the Company's board of directors in June 2016 under Rule 5635(c)(4) of the Nasdaq Global Select Market for equity grants to induce new employees to enter into employment with the Company.

    About Coherus BioSciences, Inc.

    Coherus is a leading biosimilar company that develops and commercializes its own high-quality therapeutics as well as those of others seeking capable access to the United States market. Biosimilars are intended for use in place of existing, branded biologics to treat a range of chronic and often life-threatening diseases, with the potential to reduce costs and expand patient access. Composed of a team of proven industry veterans with world-class expertise in process science, analytical characterization, protein production, sales and marketing, clinical-regulatory development and commercialization, Coherus is positioned as a leader in the global biosimilar marketplace. Coherus commercializes UDENYCA® (pegfilgrastim-cbqv) in the United States and is advancing additional product candidates including CHS-1420, a Humira® (adalimumab) biosimilar, Bioeq's Lucentis® (ranibizumab) biosimilar, Innovent's Avastin® (bevacizumab) biosimilar towards commercialization, as well as CHS-2020, an Eylea® (aflibercept) biosimilar. For additional information, please visit www.coherus.com.

    Contact

    David S. Arrington

    Investor Relations & Corporate Affairs

    Coherus BioSciences, Inc.



    +1 (650) 395-0196



    Primary Logo

    View Full Article Hide Full Article
  5. – Third Quarter UDENYCA® Net Sales of $113.6 Million –
    – Net Income of $27.9 Million –
    – Non-GAAP Net Income of $39.7 Million –

    REDWOOD CITY, Calif., Nov. 05, 2020 (GLOBE NEWSWIRE) -- Coherus BioSciences, Inc. (("Coherus" or the "Company", NASDAQ:CHRS), today reviewed corporate events and reported financial results for the third quarter and nine months ended September 30, 2020.

    "In September, Coherus celebrated its ten year anniversary, and I am thrilled by what we have accomplished at this milestone," said Denny Lanfear, Coherus President and CEO. "Coherus is fully integrated with competencies in research, development, and commercialization, and we are successfully fulfilling our mission to deliver value to patients by providing them access…

    – Third Quarter UDENYCA® Net Sales of $113.6 Million –

    – Net Income of $27.9 Million –

    – Non-GAAP Net Income of $39.7 Million –

    REDWOOD CITY, Calif., Nov. 05, 2020 (GLOBE NEWSWIRE) -- Coherus BioSciences, Inc. (("Coherus" or the "Company", NASDAQ:CHRS), today reviewed corporate events and reported financial results for the third quarter and nine months ended September 30, 2020.

    "In September, Coherus celebrated its ten year anniversary, and I am thrilled by what we have accomplished at this milestone," said Denny Lanfear, Coherus President and CEO. "Coherus is fully integrated with competencies in research, development, and commercialization, and we are successfully fulfilling our mission to deliver value to patients by providing them access to cost effective drugs that can have a major impact on their lives. Moreover, our Udenyca business is generating significant cash flow, enabling investments in our pipeline of product candidates which, if approved, would expand our addressable market opportunity from $4 billion to $30 billion."

    Third Quarter 2020 and Recent Corporate Highlights

    • Net product revenue for the third quarter of 2020 was $113.6 million, and net income was $27.9 million, or $0.33 per share on a diluted basis.

    • Non-GAAP income during the third quarter of 2020 was $39.7 million, or $0.47 per share on a diluted basis.
    • Cash flow from operating activities was $47.4 million for the third quarter of 2020.

    Third Quarter 2020 Financial Results

    Net product revenue for the third quarter of 2020 was $113.6 million. Cost of goods sold for the third quarter of 2020 was $9.0 million, resulting in a gross profit margin of 92%.

    Research and development (R&D) expense for the third quarter of 2020 was $38.9 million, as compared to $21.6 million for the same period in 2019. R&D expense for the nine months ended September 30, 2020 was $98.1 million, as compared to $59.2 million for the same period in 2019. The increase in R&D expense in both periods was primarily due to preparations for the biologics license application (BLA) filing of CHS-1420, Coherus' biosimilar to Humira® (adalimumab), as well as other pipeline activities.

    Selling, general and administrative (SG&A) expense for the third quarter of 2020 was $32.0 million, as compared to $31.8 million for the same period in 2019. SG&A expense for the nine months ended September 30, 2020 was $101.4 million, as compared to $101.0 million for the same period in 2019. 

    Cash, cash equivalents and investments in marketable securities for the third quarter increased to $503.4 as of September 30, 2020, as compared to $456.5 million as of June 30, 2020 and $177.7 million as of December 31, 2019. The increase in the third quarter of 2020 is primarily due to generating $47.4 million in net cash from operating activities.

    Net income for the third quarter of 2020 was a $27.9 million, or $0.33 per share on a diluted basis, compared to $47.0 million, or $0.63 per share on a diluted basis for the same period in 2019.

    Non-GAAP net income for the third quarter of 2020 was $39.7 million, or $0.47 per share on a diluted basis, compared to non-GAAP income of $55.7 million, or $0.74 per share on a diluted basis for the same period in 2019. See "Non-GAAP Financial Measures" below for a discussion on how the Company calculates non-GAAP net income and a reconciliation to the most directly comparable GAAP measures.

    Guidance for the Next Twelve Months from September 30, 2020

    Coherus will continue to lay the foundation for long-term growth across its three therapeutic areas:

    Oncology

    • Deliver continued unit share growth with UDENYCA® against all Neulasta® dosage forms, while maintaining average selling price ("ASP") discipline, leveraging the validated branded-biosimilar strategy of offering a robust value proposition across all key customer segments.
    • Advance the Company's biosimilar candidate to Avastin® (bevacizumab) in-licensed from Innovent toward an expected 351(k) BLA submission with the U.S. FDA in 2021, depending on the outcome of the three-way pharmacokinetic ("PK") study, the timing of required interactions with the FDA, as well as completion of analytical similarity exercises.

    Ophthalmology

    • Facilitate Bioeq's resubmission of a 351(k) BLA with the FDA for the biosimilar candidate to Lucentis® (ranibizumab) in 2021.
    • Advance the Company's internally developed CHS-2020 biosimilar candidate to Eylea® (aflibercept) to a projected Phase 3 clinical trial initiation in 2021, with launch projected in 2025, if approved.

    Immunology

    • Submit the 351(k) BLA for the Company's internally developed Humira® (adalimumab) biosimilar, CHS-1420, by year end 2020, consistent with prior guidance, and continue other activities to advance toward a projected market entry in the United States on or after July 1, 2023, if approved.

    Financial Guidance

    • R&D and SG&A expenses combined for the full fiscal year 2020 are expected to come in at the low end of the previously stated range of $285 million to $310 million, excluding upfront or milestone payments from any potential new collaborations.

    Conference Call Information

    When: Thursday, November 5, 2020 starting at 4:30 p.m. ET

    Webcast: at https://investors.coherus.com.

    The conference call will be broadcast live in listen-only mode on the Company's investor relations website at https://investors.coherus.com/. If you would like to ask a question, the dial in number for the conference call is 844-452-6826 (Toll-Free U.S. and Canada) or 765-507-2587 (International).

    Conference ID: 7079429

    Please dial-in 15 minutes early to ensure a timely connection to the call.

    Third quarter 2020 financial results are posted on the Coherus website at https://investors.coherus.com/. The webcast will be archived on the Coherus website.

    About Coherus BioSciences, Inc.

    Coherus is a leading biosimilar company that develops and commercializes its own high-quality therapeutics as well as those of others seeking capable access to the United States market. Biosimilars are intended for use in place of existing, branded biologics to treat a range of chronic and often life-threatening diseases, with the potential to reduce costs and expand patient access. Composed of a team of proven industry veterans with world-class expertise in process science, analytical characterization, protein production, sales and marketing, clinical-regulatory development and commercialization. Coherus is positioned as a leader in the global biosimilar marketplace. Coherus commercializes UDENYCA® (pegfilgrastim-cbqv) in the United States and is advancing additional product candidates including CHS-1420, a Humira® (adalimumab) biosimilar, Bioeq's Lucentis® (ranibizumab) biosimilar, Innovent's Avastin® (bevacizumab) biosimilar towards commercialization, as well as CHS-2020, an Eylea® (aflibercept) biosimilar. For additional information, please visit www.coherus.com.

    Forward-Looking Statements

    Except for the historical information contained herein, the matters set forth in this press release are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995, including, but not limited to, Coherus' ability to generate cash flow from its UDENYCA® business, Coherus' ability to expand its addressable market opportunity and to lay the foundation for long-term growth across its three therapeutic areas; Coherus' ability to deliver continued unit share growth with UDENYCA® against all Neulasta® dosage forms, Coherus' ability to maintain ASP discipline, leveraging the validated branded-biosimilar strategy of offering a robust value proposition across all key customer segments; Coherus' ability to advance the Company's oncology biosimilar candidate to Avastin® (bevacizumab) in-licensed from Innovent toward an expected 351(k) BLA submission with the U.S. FDA in 2021, depending on the outcome of the three-way PK study, the timing of required interactions with the FDA, as well as completing analytical similarity exercises; Coherus' ability to submit a 351(k) BLA with the FDA in 2021 for the Innovent biosimilar candidate to Avastin®; Coherus' ability to launch Innovent's biosimilar candidate to Avastin® in the United States; Coherus' ability to facilitate Bioeq's resubmission of a 351(k) BLA with the FDA for the ophthalmology biosimilar candidate to Lucentis® (ranibizumab) in 2021 and Coherus' ability to launch the product, if approved; Coherus' ability to advance CHS-2020 an Eylea® (aflibercept) ophthalmology biosimilar currently in preclinical development by initiating an projected Phase 3 clinical trial in 2021, with launch projected in 2025, if approved; Coherus' ability to submit the 351(k) BLA for CHS-1420, a Humira® (adalimumab) biosimilar by year end 2020, and continue other activities to advance toward a projected market entry in the United States on or after July 1, 2023; and Coherus' ability to meet its R&D and SG&A expenses guidance for the full fiscal year 2020. Such forward-looking statements involve substantial risks and uncertainties that could cause Coherus' actual results, performance or achievements to differ significantly from any future results, performance or achievements expressed or implied by the forward-looking statements. Such risks and uncertainties include, among others, the risks and uncertainties inherent in the clinical drug development process; the risks and uncertainties of the regulatory approval process, including the timing of Coherus' regulatory filings; the risk that Coherus is unable to complete commercial transactions and other matters that could affect the availability or commercial potential of Coherus' biosimilar drug candidates; and the risks and uncertainties of possible patent litigation. All forward-looking statements contained in this press release speak only as of the date on which they were made. Coherus undertakes no obligation to update or revise any forward-looking statements. For a further description of the risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to Coherus' business in general, see Coherus' Annual Report on Form 10-K for the year ended December 31, 2019, filed with the Securities and Exchange Commission on February 27, 2020, its Quarterly Report on Form 10-Q for the three and nine months ended September 30, 2020, filed with the Securities and Exchange Commission on November 5, 2020 and its future periodic reports to be filed with the Securities and Exchange Commission. Our results for the quarter ended September 30, 2020 are not necessarily indicative of our operating results for any future periods.

    UDENYCA® is a trademark of Coherus BioSciences, Inc.

    Neulasta® and Onpro® are registered trademarks of Amgen Inc.

    Avastin® and Lucentis® are registered trademarks of Genentech, Inc.

    Humira® is a registered trademark of AbbVie Inc.

    Eylea® is a registered trademark of Regeneron Pharmaceuticals, Inc.





    Coherus BioSciences, Inc.
    Condensed Consolidated Statements of Operations
    (in thousands, except share and per share data)
    (unaudited)
                
     Three Months Ended Nine Months Ended
     September 30, September 30,
     2020  2019     2020     2019 
    Revenue:               
    Net product revenue$113,551  $111,684  $365,405  $232,215 
    Operating expenses:           
    Cost of goods sold 9,000   6,447   25,994   9,273 
    Research and development 38,851   21,568   98,131   59,240 
    Selling, general and administrative 31,984   31,828   101,386   100,967 
    Total operating expenses 79,835   59,843   225,511   169,480 
    Income from operations 33,716   51,841   139,894   62,735 
    Interest expense (5,656)  (4,469)  (15,495)  (13,118)
    Other income, net 56   518   548   1,887 
    Net income before income taxes 28,116   47,890   124,947   51,504 
    Income tax provision 183   847   2,411   898 
    Net income$27,933  $47,043  $122,536  $50,606 
                    
    Net income per share:               
    Basic$0.39  $0.67  $1.72  $0.73 
    Diluted$0.33  $0.63  $1.52  $0.69 
                
    Weighted-average number of shares used in computing net income per share:              
    Basic 71,649,350   69,877,693   71,138,973   69,501,835 
    Diluted 87,470,337   78,530,227   82,043,469   72,872,076 
                





    Coherus BioSciences, Inc. 
    Condensed Consolidated Balance Sheets 
    (in thousands) 
    (unaudited) 
         
     September 30, December 31, 
     2020 2019 
    Assets     
    Cash and cash equivalents$292,465 $177,668 
    Investments in marketable securities 210,966   
    Trade receivables, net 160,707  141,992 
    Inventory 85,964  55,071 
    Other assets 53,631  34,196 
    Total assets$803,733 $408,927 
    Liabilities and Stockholders' Equity    
    Accrued rebates, fees and reserve$75,961 $51,120 
    Convertible notes due 2022 79,537  78,542 
    Convertible notes due 2022 - related parties 26,512  26,181 
    Convertible notes due 2026 222,718   
    Term loan 74,267  73,663 
    Other liabilities 69,007  74,207 
    Total stockholders' equity 255,731  105,214 
    Total liabilities and stockholders' equity$803,733 $408,927 
         





    Coherus BioSciences, Inc.
    Condensed Consolidated Cash Flow
    (in thousands)
    (unaudited)
            
     Three Months Ended  Nine Months Ended
     September 30, September 30,
      2020   2019   2020   2019 
    Cash, cash equivalents and restricted cash at beginning of the period$ 225,057  $ 106,762  $ 177,908  $ 73,191 
            
    Net cash provided by operating activities$ 47,353  $ 54,951  $ 121,021  $ 10,645 
            
       Purchases of investments in marketable securities (41,981)  (5,371)  (273,845)  (20,235)
       Proceeds from maturities of investments in marketable securities 63,000   6,000   63,000   15,000 
       Upfront and milestone based license fee payments to Innovent (2,500)  -   (7,500)   
       Purchases of property and equipment and other investing activities (2,112)  (918)  (6,112)  (1,435)
    Net cash provided by (used in) investing activities$ 16,407  $ (289) $ (224,457) $ (6,670)
            
       Proceeds (payments) related to issuance of Convertible Notes due 2026, net of issuance costs (674)     222,156    
       Purchase of capped call options related to convertible notes due 2026       (18,170)   
       Proceeds (payments) related to the term loan, net of issuance costs    (106)     72,955 
       Proceeds from common stock offering, net of underwriters discounts, commissions and offering costs          8,153 
       Proceeds from issuance of common stock upon exercise of stock options 4,909   3,789   13,014   5,184 
       Proceeds from purchase under the employee stock purchase plan       2,557   1,878 
       Cash used in other financing activities (147)     (1,124)   
    Net cash provided by financing activities$ 4,088  $ 3,683  $ 218,433  $ 88,170 
            
    Effect of exchange rate changes on cash    59      (170)
            
    Net increase in cash, cash equivalents and restricted cash$ 67,848  $ 58,404  $ 114,997  $ 91,975 
            
    Cash, cash equivalents and restricted cash at end of the period$ 292,905  $ 165,166  $ 292,905  $ 165,166 
            
    Reconciliation of cash, cash equivalents, and restricted cash       
      Cash and cash equivalents$292,465  $165,116  $292,465  $165,116 
      Restricted cash – current    50      50 
      Restricted cash – non-current 440     440   
    Cash, cash equivalents and restricted cash$292,905  $165,166  $292,905  $165,166 
            



    Non-GAAP Financial Measures


    To supplement the financial results presented in accordance with GAAP, Coherus has also included in this press release non-GAAP net income, and the related per share measures, which exclude from net income, and the related per share measures, stock-based compensation expense, upfront and milestone payments under the license agreements and the related income tax effect of those non-GAAP adjustments. These non-GAAP financial measures are not prepared in accordance with GAAP, do not serve as an alternative to GAAP and may be calculated differently than similar non-GAAP financial information disclosed by other companies. Coherus encourages investors to carefully consider its results under GAAP, as well as its supplemental non-GAAP financial information and the reconciliation between these presentations set forth below, to more fully understand Coherus' business.

    Coherus believes that the presentation of these non-GAAP financial measures provides useful supplementary information to, and facilitates additional analysis by, investors. In particular, Coherus believes that these non-GAAP financial measures, when considered together with its financial information prepared in accordance with GAAP, can enhance investors' and analysts' ability to meaningfully compare Coherus' results from period to period, and to identify operating trends in Coherus' business. Coherus also regularly uses these non-GAAP financial measures internally to understand, manage and evaluate its business and to make operating decisions.



    Coherus BioSciences, Inc.
    Reconciliation of GAAP Net Income to Non-GAAP Net Income
    (in thousands, except share and per share data)
    (unaudited)
                
     Three Months Ended Nine Months Ended
     September 30, September 30,
     2020  2019     2020     2019 
    GAAP net income$27,933  $47,043  $122,536  $50,606 
    Adjustments:           
        Stock based compensation expense 9,308   8,790   28,287   26,319 
        Upfront and milestone based license fee payments to Innovent 2,500      7,500    
        Income tax effect of the above adjustments (77)  (155)  (691)  (459)
    Non-GAAP net income$39,664  $55,678  $157,632  $76,466 
                
    GAAP net income per share, basic$0.39  $0.67  $1.72  $0.73 
    GAAP net income per share, diluted$0.33  $0.63  $1.52  $0.69 
    Non-GAAP net income per share, basic$0.55  $0.80  $2.22  $1.10 
    Non-GAAP net income per share, diluted$0.47  $0.74  $1.93  $1.05 
                

     



    Contact


    David S. Arrington

    Investor Relations & Corporate Affairs

    Coherus BioSciences, Inc.



    +1 (650) 395-0196

    Primary Logo

    View Full Article Hide Full Article
View All Coherus BioSciences Inc. News