Full Press Release Details
Coherus BioSciences Reports Corporate Highlights and First Quarter 2018 Financial
REDWOOD CITY, Calif.,
May 10, 2018 Coherus BioSciences, Inc. (Nasdaq: CHRS), today reviewed corporate highlights and reported financial results for the quarter ended March 31, 2018.
First Quarter 2018 Corporate Highlights Include:
Oncology therapeutic franchise:
First Quarter 2018 Financial Results:
CHS-1701 (pegfilgrastim (Neulasta ) biosimilar)
CHS-3351 (ranibizumab (Lucentis ) biosimilar) and CHS-2020 (aflibercept (Eylea ) biosimilar)
CHS-1420 (adalimumab (Humira ) biosimilar)
Conference Call Information
When: Thursday, May 10, 2018 at 4:30 p.m. ET
Dial-in: (844) 452-6826 (toll free) or (765) 507-2587 (International)
Conference ID: 2767588
Please join the conference call at least 10 minutes early to register. The webcast will be archived on the Coherus
About Coherus BioSciences, Inc.
a U.S. based integrated development and commercialization biologics company, focused on biosimilars. 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. Our team is composed of proven industry veterans with world-class expertise in process science, analytical characterization, protein production, sales & marketing and
clinical-regulatory development. Coherus is advancing CHS-1701 (pegfilgrastim biosimilar) towards commercialization, and has completed Phase 3 clinical programs for two
anti-TNF product candidates, CHS-1420 (adalimumab biosimilar) and CHS-0214 (etanercept biosimilar). Coherus is also developing an
early stage pipeline of ophthalmology biosimilar product candidates. For additional information, please visit www.coherus.com.
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 expectations regarding acceptance of the BLA and the FDA s action date; Coherus
expectations regarding market approval in the U.S. and Europe; Coherus ability to enter into commercial collaborations in ex-U.S. territories; Coherus plan to initiate U.S. commercial launch for CHS-1701; Coherus plan to initiate the clinical development of CHS-3351; Coherus expectation to continue the preclinical development of CHS-2020; Coherus ability to pursue manufacturing objectives of CHS-1420 in support of a BLA; Coherus plan to continue to develop partnering options of CHS-1420; and Coherus ability to anticipate cash use for the second quarter of 2018. 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 Quarterly Report on Form 10-Q for the three months ended March 31, 2018, filed with the
Securities and Exchange Commission on May 10, 2018 and its future periodic reports to be filed with the Securities and Exchange Commission. Our results for the quarter ended March 31, 2018 are not necessarily indicative of our operating
results for any future periods.
Neulasta are registered trademarks of Amgen Inc.
Humira is a registered trademark of AbbVie Inc.
Lucentis is a registered trademark of Genentech, 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)
| Three Months Ended March 31, | ||||||||
| 2018 | 2017 | |||||||
| (unaudited) | ||||||||
| Revenue: | ||||||||
| Collaboration and license revenue | $ | $ | 161 | |||||
| Operating expenses: | ||||||||
| Research and development | 25,455 | 53,775 | ||||||
| General and administrative | 16,577 | 18,803 | ||||||
| Total operating expenses | 42,032 | 72,578 | ||||||
| Loss from operations | (42,032 | ) | (72,417 | ) | ||||
| Interest expense | (2,408 | ) | (2,376 | ) | ||||
| Other income (expense), net | 138 | (29 | ) | |||||
| Net loss | (44,302 | ) | (74,822 | ) | ||||
| Net loss attributable to non-controlling interest | 5 | 44 | ||||||
| Net loss attributable to Coherus | $ | (44,297 | ) | $ | (74,778 | ) | ||
| Net loss per share attributable to Coherus, basic and diluted | $ | (0.74 | ) | $ | (1.54 | ) | ||
| Weighted-average number of shares used in computing net loss per share attributable to Coherus, basic and diluted | 60,122,050 | 48,711,958 |
Coherus BioSciences, Inc.
Condensed Consolidated Balance Sheets
| March 31, 2018 | December 31, 2017 | |||||||
| (unaudited) | ||||||||
| Assets | ||||||||
| Cash and cash equivalents | $ | 82,021 | $ | 126,911 | ||||
| Investments in marketable securities - short-term | 13,143 | |||||||
| Other assets | 33,298 | 35,700 | ||||||
| Total assets | $ | 128,462 | $ | 162,611 | ||||
| Liabilities and Stockholders Equity (Deficit) | ||||||||
| Convertible notes | $ | 76,474 | $ | 76,206 | ||||
| Convertible notes -related parties | 25,492 | 25,402 | ||||||
| Other liabilities | 29,584 | 30,468 | ||||||
| Total stockholders equity (deficit) | (3,088 | ) | 30,535 | |||||
| Total liabilities and stockholders equity (deficit) | $ | 128,462 | $ | 162,611 |
Senior Vice President, Investor Relations